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graving, statue,  coin,  model,  apparatus,  or  other  work 
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V 

t 

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o 


THE  LIBRARY 

OF 

THE  UNIVERSITY 

OF  CALIFORNIA 

RIVERSIDE 


LAWS  OF  THE  UNITED  STATES  CONCERNING  MONEY,  BANK- 
ING, AND  LOANS,  1778-1909.  Compiled  by  A.  T.  Hunt- 
ington,  Chief  of  Division  of  Loans  and  Currency,  United 
States  Treasury,  and  Robert  J.  Mawhinney,  law  clerk, 
office  of  the  Solicitor  of  the  Treasury.  (£34  pages.) 
Senate  Document  580.  Price,  70  cents. 

This  compilation  contains  all  of  the  federal  laws  pertinent  to  these  subjects 
which  have  been  passed  since  the  institution  of  the  Federal  Government.  It 
is  divided  into  four  parts:  Finance,  Banking,  Coinage,  and  Paper  Money,  and 
has  been  edited  with  marginal  summaries,  references,  explanatory  notes,  and  a 
complete  index. 


( -  S, 


PUBLICATIONS  OF 
NATIONAL  MONETARY  COMMISSION 


VOL.  II 


FINANCIAL  LAWS 


OF  THE 


UNITED  STATES 


1778-1909 


WASHINGTON 

1911 


I0!! 


61ST  CONGRESS  \  SENATE  -I 

Sd  Session     I  \   No.  580 


NATIONAL  MONETARY  COMMISSION 


LAWS  OF  THE 

UNITED  STATES  CONCERNING 

MONEY,  BANKING,  AND 

LOANS,  1778-1909 


COMPILED  BY 

A.  T.  HUNTINGTON 

CHIEF   OF    DIVISION   OF   LOANS   AND   CURRENCY 
UNITED   STATES   TREASURY 


ROBERT  J.  MAWHINNEY 

LAW   CLERK.   OFFICE   OF   SOLICITOR   OF   TREASURY 


If 


Washington  :  Government  Printing  Oilier  :  1910 


NATIONAL  MONETARY  COMMISSION. 


NELSON  W.  ALDRICH,  Rhode  Island,  Chairman. 

EDWARD  B.  VREELAND,  New  York,  Vice-Chairman. 

JULIUS  C.  BURROWS,  Michigan.  JOHN  W.  WEEKS,  Massachusetts. 

EUGENE  HALE,  Maine.  ROBERT  W.  BONYNGE,  Colorado. 

PHILANDER  C.  KNOX,  Pennsylvania.  SYLVESTER  C.  SMITH,  California. 

THEODORE  E.  BURTON,  Ohio.  LEMUEL  P.  PADGETT,  Tennessee. 

HENRY  M.  TELLER,  Colorado.  GEORGE  F.  BURGESS,  Texas. 

HERNANDO  D.  MONEY,  Mississippi.  ARSKNE  P.  PUJO,  Louisiana. 

JOSEPH  W.  BAILEY,  Texas.  ARTHUR  B.  SHELTON,  Secretary. 

A.  PIATT  ANDREW,  Special  Assistant  to  Commission. 

ii 


~R  3  3  2  -  \ 


TABLE  OF  CONTENTS. 


Pages. 
FINANCE .__  1-266 

BANKING —  269^70 

COINAGE 471-624 

PAPER  MONEY 625-725 

INDEX 727-812 

ill 


FINANCE. 


Under  this  subject  are  grouped  the  statutes  relating  to  loans  and  other  interest- 
bearing  obligations,  the  subtreasury  system,  the  status  of  foreign  coins,  and  other 
statutes  not  relating  specifically  to  banking,  paper  money,  or  coinage. 


ARTICLES  OF  CONFEDERATION  OF  JULY  9,  1778.      i  stat.  L.,  i. 


ARTICLE  9. 

SEC.  5.  The  United  States,  in  Congress  assembled,  shall 
have  authority  *  *  *  to  borrow  money  or  emit  bills 
on  the  credit  of  the  United  States,  transmitting  every 
half  year  to  the  respective  States  an  account  of  the  sums 
of  money  so  borrowed  or  emitted ;  *  *  *. 

SEC.  6.  The  United  States,  in  Congress  assembled,  shall     i  stat.  L.,  s. 
never  engage  in  a  war,     *     *     *     ,  nor  coin  money,  nor 
regulate  the  value  thereof,    *    *    *    ,  nor  emit  bills,  nor 
borrow  money  on  the  credit  of  the  United  States,    *    *    *, 
unless  nine  States  assent  to  the  same,     *     *     *. 

ARTICLE  12. 

All  bills  of  credit  emitted,  moneys  borrowed,  and  debts  i  stat.  L.,  s. 
contracted  by  or  under  the  authority  of  Congress,  before 
the  assembling  of  the  United  States,  in  pursuance  of  the 
present  confederation,  shall  be  deemed  and  considered 
as  a  charge  against  the  United  States,  for  payment  and 
satisfaction  whereof  the  said  United  States  and  the  pub- 
lic faith  are  hereby  solemnly  pledged. 


THE  CONSTITUTION  OF  THE  UNITED  STATES. 


ARTICLE  1. 

SEC.  8.  The  Congress  shall  have  power  —  i  stat.  L.,  is. 

To  lay  and  collect  taxes,  duties,  imposts,  and  excises,  to    TO  lay  taxes, 

,  •  -I       <•  i  T  and  Provide  for 

pay  the  debts,  and  provide  tor  the  common  defence  and  the  common  de 

fcncG  find  wcl- 

general  welfare  of  the  United  States  ;  but  all  duties,  im-  fare.  Duties  to 
posts,  and  excises  shall  be  uniform  throughout  the  United 
States  : 

e 


To  borrow  money  on  the  credit  of  the  United  States  :  mj£e*?  °  r  r  °  w 


To  regulate  commerce  with  foreign  nations,  and  among  co' 
the  several  States,  and  with  the  Indian  tribes  : 

To  establish     *     *     *     uniform  laws  on  the  subject    Bankruptcies. 
of  bankruptcies  throughout  the  United  States: 

To  coin  monev,  regulate  the  value  thereof,  and  of  for-    To  coin  mpn- 

•>  '        =  ey.     To  fix  the 

eign  coin,  and  fix  the  standard  of  weights  and  measures  :  standard  of 

weights      and 


measures. 

ish 


To  provide  for  the  punishment  of  counterfeiting  the    TO  p  u  n  i  s  i 

.  \  •          »  counterfeiters. 

securities  and  current  coin  of  the  United  States : 

To  make  all  laws  which  shall  be  necessary  and  proper    TO  make  laws 
for  carrying  into  execution  the  foregoing  powers,  and  all  into  Execution 
other  powers  vested  by  this  Constitution  in  the  govern-  vested  °nWGovS 
ment   of  the   United   States,  or  in   any  department   or  unkeVstates0 
officer  thereof. 

SEC.  10.  No  State  shall  *  *  * ;  coin  money ;  emit 
bills  of  credit;  make  any  thing  but  gold  and  silver  coin 
a  tender  in  payment  of  debts;  *  *  *. 

ACT  OF  JULY  31,  1789. 

CHAP.  V. — An  act  to  regulate  the  collection  of  the  duties    i  stat.  L.,  29. 
imposed  by  law  on  the  tonnage  of  ships  or  vessels,  and 
on  goods,  wares  and  merchandises  imported  into  the 
United  States. 

*  *  *  *  * 

SEC.  18.  And  be  it  further  enacted.  That  all  foreign     Rates  of  for- 

,       elfjn    coin    and 

coins  and  currencies  shall  be  estimated  according  to  the  currency. 
following  rates:  Each  pound  sterling  of  Great  Britain, 
at  four  dollars  forty-four  cents;  each  livre  tournois  of 

3 


4  NATIONAL   MONETARY  COMMISSION. 

France,  at  eighteen  cents  and  a  half;  each  florin  or 
guilder  of  the  United  Netherlands,  at  thirty-nine  cents; 
each  mark  banco  of  Hamburgh,  at  thirty-three  cents  and 
one  third;  each  rix  dollar  of  Denmark,  at  one  hundred 
cents;  each  rix  dollar  of  Sweden,  at  one  hundred  cents; 
each  ruble  of  Russia,  at  one  hundred  cents;  each  real 
plate  of  Spain,  at  ten  cents;  each  milree  of  Portugal,  at 
one  dollar  and  twenty-four  cents;  each  pound  sterling 
of  Ireland,  at  four  dollars  ten  cents ;  each  tale  of  China, 
at  one  dollar  forty-eight  cents;  each  pagoda  of  India, 
at  one  dollar  ninety-four  cents;  each  rupee  of  Bengal, 
at  fifty-five  cents  and  a  half;  and  all  other  denomina- 
tions of  money  in  value  as  near  as  may  be  to  the  said 
invoices  to  be  rates ;  and  the  invoices  of  all  importations  shall  be  made 

in   currency   of  .         ,  _c  -i  i  p  u 

the  place  from  out  in  the  currency  of  the  place  or  country  from  whence 
P  o  r  t  a  1 1  o  n  the  importation  shall  be  made,  and  not  otherwise. 

comes. 

***** 

Rates  of  coins  SEC.  30.  And  be  it  further  enacted,  That  the  duties 
duties  and  fees,  and  fees  to  be  collected  by  virtue  of  this  act,  shall  be 
received  in  gold  and  silver  coin  only,  at  the  following 
rates,  that  is  to  say,  the  gold  coins  of  France,  England, 
Spain  and  Portugal,  and  all  other  gold  coin  of  equal 
fineness,  at  eighty-nine  cents  for  every  pennyweight.  The 
Mexican  dollar  at  one  hundred  cents ;  the  crown  of  France 
at  one  dollar  and  eleven  cents;  the  crown  of  England  at 
one  dollar  and  eleven  cents ;  and  all  silver  coins  of  equal 
fineness  at  one  dollar  and  eleven  cents  per  ounce. 

*  *  *  *  * 

Approved,  July  31,  1789. 

[Further  provisions  fixing  the  rates  and  status  of  for- 
eign coins  and  currency  are  as  follows:  1  Stat.  L.,  167, 
173,  215,  262,  300,  539,  073,  080;  2  Stat.  L.,  121,  173,  374; 
3  Stat.  L.,  322,  525,  G45,  777,  779;  4  Stat.  L.,  593,  681, 
699,  700;  5  Stat.  L.,  496,  607,  625,  740;  9  Stat.  L.,  14;  11 
Stat.  L.,  163.  Former  acts  making  foreign  coins  a  cur- 
rency or  legal  tender,  repealed,  11  Stat.  L.,  163;  12  Stat. 
L.,  207;  17  Stat.  L.,  602  (sees.  3564-3565,  R.  S.)] 

ACT  OF  SEPTEMBER  2,  1789. 

i  stat.  L., 05.  CHAP.  XII. — An  act  to  establish  the  Treasury  Depart- 
ment. 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  tit,aten  of  America  in  Con- 
axttenibled,  That  there  shall   be  a  Department  of 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS. 

Treasury,  in  which  shall  be  the  following  officers,  namely  : 
A  Secretary  of  the  Treasury,  to  be  deemed  head  of  t 
department ;  a  Comptroller,  an  Auditor,  a  Treasurer,  a  T 
Register,  and  an  Assistant  to  the  Secretary  of  the  Treas-  totesecretartant 
ury,  which  assistant    shall    be    appointed  by  the  said 
Secretary. 

SECT.  2.  And  be  it  further  enacted,  That  it  shall  be  Se^^yof  the 
the  duty  of  the  Secretary  of  the  Treasury  to  digest  and 
prepare  plans  for  the  improvement  and  management  of 
the  revenue,  and  for  the  support  of  public  credit ;  to  pre- 
pare and  report  estimates  of  the  public  revenue,  and  the 
public  expenditures ;  to  superintend  the  collection  of  the 
revenue;  to  decide  on  the  forms  of  keeping  and  stating 
accounts  and  making  returns,  and  to  grant  under  the 
limitations  herein  established,  or  to  be  hereafter  provided, 
all  warrants  for  monies  to  be  issued  from  the  Treasury, 
in  pursuance  of  appropriations  by  law;  to  execute  such 
services  relative  to  the  sale  of  the  lands  belonging  to  the 
United  States,  as  may  be  by  law  required  of  him;  to 
make  report,  and  give  information  to  either  branch  of 
the  legislature,  in  person  or  in  writing  (as  he  may  be 
required),  respecting  all  matters  referred  to  him  by  the 
Senate  or  House  of  Representatives,  or  which  shall  ap- 
pertain to  his  office;  and  generally  to  perform  all  such 
services  relative  to  the  finances,  as  he  shall  be  directed  to 
perform. 

SEC.  3.   (Prescribes  the  duties  of  the  Comptroller.) 

SEC.  4.  And  l>e  it  further  enacted.  That  it  shall  be  the    Dutles  of  the 

'  _  Treasurer. 

duty  of  the  Treasurer  to  receive  and  keep  the  monies  of 
the  United  States,  and  to  disburse  the  same  upon  war- 
rants drawn  by  the  Secretary  of  the  Treasury,  counter- 
signed by  the  Comptroller,  recorded  by  the  Register,  and 
not  otherwise;  he  shall  take  receipts  for  all  monies  paid 
by  him,  and  all  receipts  for  monies  received  by  him  shall 
be  endorsed  upon  Avarrants  signed  by  the  Secretary  of  the 
Treasury,  without  which  warrant,  so  signed,  no  acknowl- 
edgment for  money  received  into  the  public  Treasury 
shall  be  valid.  And  the  said  Treasurer  shall  render  his 
accounts  to  the  Comptroller  quarterly  (or  oftener  if  re- 
quired), and  shall  transmit  a  copy  thereof,  when  settled, 
to  the  Secretary  of  the  Treasury.  He  shall  moreover, 
on  the  third  day  of  every  session  of  Congress,  lay  before 
the  Senate  and  House  of  Representatives,  fair  and  ac- 
curate copies  of  all  accounts  by  him  from  time  (to  time) 
rendered  to,  and  settled  with  the  Comptroller  as  afore- 


6  NATIONAL    MONETARY    COMMISSION. 

said,  as  also,  a  true  and  perfect  account  of  the  state  of 
the  Treasury.  He  shall,  at  all  times,  submit  to  the  Secre- 
tary of  the  Treasury,  and  the  Comptroller,  or  either  of 
them,  the  inspection  of  the  monies  in  his  hands;  and  shall, 
prior  to  the  entering  upon  the  duties  of  his  office,  give 
bond,  with  sufficient  sureties,  to  be  approved  by  the  Secre- 
tary of  the  Treasury  and  Comptroller,  in  the  sum  of  one 
hundred  and  fifty  thousand  dollars,  payable  to  the  United 
Act  of  Mar.  3,  States,  with  condition  for  the  faithful  performance  of 

1800      ch      28 

sec.'i.  'the  duties  of  his  office,  and  for  the  fidelity  of  the  persons 

to  be  by  him  employed,  which  bond  shall  be  lodged  in 
the  office  of  the  Comptroller  of  the  Treasury  of  the 
United  States. 

(For  additional  duties  imposed  on  the  Treasurer  see 
1  Stat.  L.,  280.) 

SEC.  5.   (Prescribes  the  duties  of  the  Auditor.) 

Duties  of  the  SEC.  6.  And  l>e  it  further  enacted,  That  it  shall  be  the 
duty  of  the  Register  to  keep  all  accounts  of  the  receipts 
and  expenditures  of  the  public  money,  and  of  all  debts 
due  to  or  from  the  United  States;  to  receive  from  the 
Comptroller  the  accounts  which  shall  have  been  finally 
adjusted,  and  to  preserve  such  accounts  with  their  vouch- 
ers and  certificates;  to  record  all  warrants  for  the  receipt 
or  payment  of  monies  at  the  Treasury,  certify  the  same 
thereon,  and  to  transmit  to  the  Secretary  of  the  Treasury, 
copies  of  the  certificates  of  balances  of  accounts  adjusted 
as  is  herein  directed. 

(Section  7  provides  that  the  Assistant  Secretary  shall 
have  charge  of  the  records,  etc.,  in  case  of  vacancy  in  the 
office  of  the  Secretary.) 

(Section  8  forbids  any  person  appointed  to  any  office 
instituted  by  this  act  to  be  concerned  in  trade,  commerce, 
navigation,  or  the  purchase  of  public  property  or  public 
securities,  or  to  take  any  emolument  for  transacting  busi- 
ness in  the  department,  other  than  is  allowed  by  law.) 

Approved.  September  2,  178!)  (1  Stat.  L.,  05). 

ACT  OF  MARCH  2(5,  1700. 

istat.L.,105.  ('HAP.  IV. — An  <ict  intik'tny  appropriation*  foi-  the  sup- 
port of  yoi'ernment  for  tlic  year  one  thousand  xert;/i 
hundred  and  ntin'ti/. 

***** 

Jfon?p"!vid,Hi      SK('-  5-  A  "f/  h<>  'f  f">'tt«'i'  enacted,  That  out  of  the  afore- 
aulh'oriztd!  forsa^  appropriation  of  one  hundred  and  forty-seven  thoii- 

eertain      p  u  r  - 
poses. 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS. 

sand  one  hundred  and  sixty-nine  dollars  and  fifty-four 
cents,  the  payment  of  the  following  sums,  not  heretofore 
provided  for  by  law,  and  estimated  in  the  aforesaid  re- 
port of  the  Secretary  of  the  Treasury  of  the  first  of  March 
instant,  is  hereby  authorized  and  intended  to  be  made,  to 
wit  :  *  *  *  :  For  paying  the  interest  due  on  the  loans 
made  by  the  Secretary  of  the  Treasury,  two  thousand 
four  hundred  and  fourteen  dollars,  and  sixty-one  cents. 


SEC.  7.  And  be  it  further  enacted,  That  the  President  of 
the  United  States  be  authorized  to  empower  the  Secretary  t"  t^nake  'good 
of  the  Treasury,  if  he  shall  deem  it  necessary,  to  niake  *  ^  ®t?0ensappro' 
such  loans  as  may  be  requisite  to  carry  into  effect  the 
foregoing  appropriations,  for  the  repayment  of  which 
the  aforesaid  duties  on  imports  and  tonnage  shall  be,  and 
are  hereby  pledged. 

Approved,  March  20,  1790. 

ACT  OF  AUGUST  4,  1790. 

CHAP.  XXXIV.  —  An  act  making  provision  for  the  [po>y-\$&.  Stat'    L'' 
ment  of  the]  debt  of  the  United  States. 


Whereas,  justice  and  the  support  of  public  credit  re- 
quire,  that  provision  should  be  made  for  fulfilling  the 
engagements  of  the  United  States,  in  respect  to  their 
foreign  debt,  and  for  funding  their  domestic  debt  upon 
equitable  and  satisfactory  terms: 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled,  That  reserving  out  of  the  monies  which 
have  arisen  since  the  last  day  of  December  last  past,  and 
which  shall  hereafter  arise  from  the  duties  on  goods, 
wares  and  merchandise  imported  into  the  United  States, 
and  on  the  tonnage  of  ships  or  vessels,  the  yearly  sum  of  5°°  annually 

for   support   of 

six  hundred  thousand  dollars,  or  so  much  thereof  as  may  Government. 

be  appropriated  from  time  to  time,  towards  the  support 

of  the  Government  of  the  United  States,  and  their  com- 

mon defence,  the  residue  of  the  said  monies,  or  so  much 

thereof,  as  may  be  necessary,  as  the  same  shall  be  received 

in  each  year,  next  after  the  sum  reserved   as  aforesaid, 

shall  be.  and  is  hereby  appropriated  to  the  payment  of 

the  interest  which  shall  from  time  to  time  become  due  on 

the  loans  heretofore  made  by  the  United  States  in  foreign 

countries:   and   also  to  the  payment   of  interest  on  such 


8  NATIONAL,   MONETARY  COMMISSION. 

further  loans  as  may  be  obtained  for  discharging  the 
arrears  of  interest  thereupon,  and  the  whole  or  any  part 
of  the  principal  thereof ;  to  continue  so  appropriated  until 
the  said  loans,  as  well  those  already  made  as  those  which 
may  be  made  in  virtue  of  this  act,  shall  be  fully  satisfied, 
pursuant  to  the  contracts  relating  to  the  same,  any  law  to 
the  contrary  notwithstanding.  And  provided,  That  noth- 
ing herein  contained,  shall  be  construed  to  annul  or  alter 
any  appropriation  by  law  made  prior  to  the  passing  of 
this  act. 

For  payment     And  as  new  loans  are  and  will  be  necessary  for  the  pay- 
instaiiments  of  ment  of  the  aforesaid  arrears  of  interest,  and  the  instal- 
ments of  the  principal  of  the  said  foreign  debt  due  and 
growing  due,  and  may  also  be  found  expedient  for  effect- 
ing an  entire  alteration  in  the  state  of  the  same : 

(Section  2  authorizes  the  President  of  the  United  States 
to  cause  not  exceeding  twelve  millions  of  dollars  to  be  bor- 
rowed, for  the  discharge  of  said  arrears  and  installments 
or  for  paying  off  the  whole  foreign  debt,  and  to  make 
such  further  contracts  respecting  said  debts  as  may  be 
expedient,  provided  that  no  contrac^  shall  preclude  the 
United  States  from  reimbursing  within  fifteen  years  any 
sum  borrowed.) 
Domestic  debt  SEC.  3.  Be  it  therefore  further  enacted.  That  a  loan  to 

to  he  loaned  to  . 

its  fun  amount,  the  full  amount  of  the  said  domestic  debt  be,  and  the  same 

and      subsrrip-  .  /  . 

tions    thereto,  is  hereby  proposed ;  and  that  books  for  receiving:  subscrip- 

howtobemade;  J    J        L 

tions  to  the  said  loan  be  opened  at  the  Treasury  of  the 
United  States,  and  by  a  commissioner  to  be  appointed  in 
each  of  the  said  States,  on  the  first  day  of  October  next,  to 
continue  open  until  the  last  day  of  September  following, 
inclusively;  and  that- the  sums  which  shall  be  subscribed 
in  what  pay- thereto,  be  payable  in  certificates  issued  for  the  said  debt, 

able.  . 

according  to  their  specie  value,  and  computing  the  interest 
upon  such  as  bear  interest  to  the  last  day  of  December 
next,  inclusively;  which  said  certificates  shall  be  of  these 
several  descriptions,  to  wit: 

Those  issued  by  the  Register  of  the  Treasury. 

Those  issued  by  the  commissioners  of  loans  in  the  sev- 
eral States,  including  certificates  given  pursuant  to  the 
act  of  Congress  of  the  second  of  January,  one  thousand 
seven  hundred  and  seventy-nine,  for  bills  of  credit  of  the 
several  emissions  of  the  twentieth  of  May,  one  thousand 
seven  hundred  and  seventy-seven,  and  the  eleventh  of 
April,  one  thousand  seven  hundred  and  seventy-eight. 


LAWS   CONCERNING   MONEY,   BANKING,  AND  LOANS.  9 

Those  issued  by  the  commissioners  for  the  adjustment 
of  the  accounts  of  the  quartermaster,  commissary,  hos- 
pital, clothing,  and  marine  departments. 

Those  issued  by  the  commissioners  for  the  adjustment 
of  accounts  in  the  respective  States. 

Those  issued  by  the  late  and  present  Paymaster-Gen- 
eral, or  commissioner  of  Army  accounts. 

Those  issued  for  the  payment  of  interest,  commonly 
called  indents  of  interest. 

And  in  the  bills  of  credit  issued  by  the  authority  of  the 
United  States  in  Congress  assembled,  at  the  rate  of  one 
hundred  dollars  in  the  said  bills,  for  one  dollar  in  specie. 

SEC.  4.  And  be  it  further  enacted,  That  for  the  whole     subscribers 
or  any  part  of  any  sum  subscribed  to  the  said  loan,  by  cipai  of  domes- 

IT  V.L-  1     '     1          1,      11    1  •  J    tiC     deM>     What 

any  person  or  persons,  or  body  politic,  which  shall  be  paid  proportions  of 

* 


in  the  principal  of  the  said  domestic  debt,  the  subscriber  of  interest,  and 
or  subscribers  shall  be  entitled  to  a  certificate,  purporting  m  e  n  t  entitled 
that  the  United  States  owe  to  the  holder  or  holders  there- 
of, his,  her,  or  their  assigns,  a  sum  to  be  expressed  there- 
in, equal  to  two-thirds  of  the  sum  so  paid,  bearing  an 
interest  of  six  per  centum  per  annum,  payable  quarter 
yearly,  and  subject  to  redemption  by  payments  not  ex- 
ceeding in  one  year,  on  account  both  of  principal  and 
interest,  the  proportion  of  eight  dollars  upon  a  hundred 
of  the  sum  mentioned  in  such  certificate;  and  to  another 
certificate  purporting  that  the  United  States  owe  to  the 
holder  or  holders  thereof,  his,  her,  or  their  assigns,  a  sum 
to  be  expressed  therein,  equal  to  the  proportion  of  thirty- 
three  dollars  and  one-third  of  a  dollar  upon  a  hundred 
of  the  sum  so  paid,  which  after  the  year  one  thousand 
eight  hundred  shall  bear  an  interest  of  six  per  centum 
per  annum,  payable  quarter  yearly,  and  subject  to  re- 
demption by  payments  not  exceeding  in  one  year,  on  ac- 
count both  of  principal  and  interest,  the  proportion  of 
eight  dollars  upon  a  hundred  of  the  sum  mentioned  in 
such  certificate:  Provided,  That  it  shall  not  be  under- 
stood that  the  United  States  shall  be  bound  or  obliged  to 
redeem  in  the  proportion  aforesaid ;  but  it  shall  be  under- 
stood only  that  they  have  a  right  so  to  do. 

SEC.  5.  And  be  it  further  enacted,  That  for  the  whole 
or  any  part  of  any  sum  subscribed  to  the  said  loan  by 
any  person  or  persons,  or  body  politic,  which  shall  be 
paid  in  the  interest  of  the  said  domestic  debt,  computed  >r interest. and 
to  the.  said  last  day   of  December  next,  or  in   the  said  nent    entitled 


laying  in  inter- 

>st  of  domestic 
)or'tio'n's  of 


10  NATIONAL    MONETARY    COMMISSION. 

certificates  issued  in  payment  of  interest,  commonly  called 
indents  of  interest,  the  subscriber  or  subscribers  shall  be 
entitled  to  a  certificate  purporting  that  the  United  States 
owe  to  the  holder  or  holders  thereof,  his,  her,  or  their 
assigns,  a  sum  to  be  specified  therein,  equal  to  that  by  him, 
her,  or  them  so  paid,  bearing  an  interest  of  three  per  centum 
per  annum,  payable  quarter  yearly,  and  subject  to  re- 
demption by  payment  of  the  sum  specified  therein,  when- 
ever provision  shall  be  made  by  law  for  that  purpose. 
erC<to1DbeS9laI)~  SEC.  ^'  ^n(^  ^e  ^  fur^er  ^nacted^  That  a  commissioner 
§te°e^o  receive  bfi  aPP°mted  for  each  State,  to  reside  therein,  whose  duty 
subscriptions,  ^  shall  be  to  superintend  the  subscriptions  to  the  said 
loan;  to  open  books  for  the  same;  to  receive  the  certifi- 
cates which  shall  be  presented  in  payment  thereof;  to 
liquidate  the  specie  value  of  such  of  them  as  shall  not 
have  been  before  liquidated ;  to  issue  the  certificates  above 
mentioned  in  lieu  thereof,  according  to  the  terms  of  each 
subscription ;  to  enter  in  books  to  be  by  him  kept  for  that 
purpose,  credits  to  the  respective  subscribers  to  the  said 
loan  for  the  sums  to  which  they  shall  be  respectively  en- 
titled; to  transfer  the  said  credits  upon  the  said  books 
from  time  to  time  as  shall  be  requisite ;  to  pay  the  interest 
thereupon  as  the  same  shall  become  due,  and  generally  to 
observe  and  perform  such  directions  and  regulations  as 
shall  be  prescribed  to  him  by  the  Secretary  of  the  Treas- 
ury, touching  the  execution  of  his  office. 

(Section  7  provides  that  the  stock  created  in  pursuance 
of  this  act  shall  be  transferable  only  on  the  books  of  the 
Treasury  or  of  the  commissioners  in  which  it  is  recorded 
at  the  time  of  transfer,  by  the  owner  or  by  his  attorney; 
but  stock  may  be  transferred  by  the  Secretary  of  the 
Treasury  from  the  books  of  one  office  to  those  of  another, 
by  request  of  the  owner.) 

(Section  8  provides  for  the  payment  of  the  interest, 
to  be  made  quarterly  on  the  last  days  of  March,  June, 
September,  and  December  in  each  year. 

(Sections  <)  and  10  provide  that  nothing  in  this  act 
shall  impair  the  rights  of  creditors  who  do  not  subscribe 
to  the  loan,  but  that  they  shall  receive  to  the  end  of  1791 
the  same  rate  of  interest  as  is  paid  to  subscribing  cred- 
itors, and  payable  at  the  same  times  and  places.  Hut 
as  some  of  the  certificates  outstanding  have  not  t)een 
liquidated  to  specie  value,  and  as  some  have  been  coun- 
terfeited, such  creditors  as  do  not  hold  certificates  issued 
by  the  Register  of  the  Treasury,  in  order  to  be  entitled 


LAWS    CONCEBNING   MONEY,    BANKING,   AND    LOANS.  11 

to  interest,  are  required  to  present  them  before  June  1, 
1791,  to  be  exchanged  .for  new  certificates  specifying 
the  specie  amounts  of  debt  and  otherwise  like  those 
heretofore  issued  by  the  Register,  and  made  transferable 
like  those  issued  to  subscribers  under  this  act. 

(Sections  11  and  12  prescribe  the  salaries  to  be  paid 
to  the  commissioners,  and  provide  for  their  oath  of  office 
and  official  bonds.) 

SEC.   12    (2nd   paragraph).  And  whereas  a  provision    state  debts 
for  the   debts  of  the  respective   States  by   the   United 
States,  would  be  greatly  conducive  to  an  orderly,  eco- 
nomical and  effectual  arrangement  of  the  public  finances: 

SEC.  13.  Be  it  therefore  further  enacted,  That  a  loan  be  amount  of  ?2i° 
proposed  to  the  amount  of  twenty-one  million  and  five  a  i  o  a  n  pV^  - 
hundred  thousand  dollars,  and  that  subscriptions  to  the Pn^certffieates 
said  loan  be  received  at  the  same  times  and  places,  and  ° 
by  the  same  persons,  as  in  respect  to  the  loan  herein 
before   proposed   concerning   the   domestic   debt    of   the 
United  States.     And  that  the  sums  which  shall  be  sub- 
scribed to  the  said  loan,  shall  be  payable  in  the  principal 
and  interest  of  the  certificates  or  notes,  which  prior  to  the 
first  day  of  January  last,  were  issued  by  the  respective 
States,   as   acknowledgments   or   evidences   of   debts   by 
them  respectively  owing,  except  certificates  issued  by  the 
commissioners  of  Army  accounts  in  the  State  of  North 
Carolina,  in  the  year  one  thousand  seven  hundred  and 
eighty-six. 

Provided,  That  no  greater  sum  shall  be  received  in  the  ""r'tah 
certificates  of  any  State  than  as  follows ;  that  is  to  say : each- 

In  those  of  New  Hampshire,  three  hundred  thousand 
dollars. 

In  those  of  Massachusetts,  four  million  dollars. 

In  those  of  Rhode  Island  and  Providence  Plantations, 
two  hundred  thousand  dollars. 

In  those  of  Connecticut,  one  million  six  hundred  thou- 
sand dollars. 

In  those  of  Xew  York,  one  million  two  hundred  thou- 
sand dollars. 

In  those  of  Xew  Jersey,  eight  hundred  thousand 
dollars. 

In  those  of  Pennsylvania,  two  million  two  hundred 
thousand  dollars. 

In  those  of  Delaware,  two  hundred  thousand  dollars. 

In  those  of  Maryland,  eight  hundred  thousand  dollars. 
1573  2 '—10 2 


12  NATIONAL   MONETAKY   COMMISSION. 

In  those  of  Virginia,  three  million  five  hundred  thou- 
sand dollars. 

In  those  of  North  Carolina,  two  million  four  hundred 
thousand  dollars. 

In  those  of  South  Carolina,  four  million  dollars. 
In  those  of  Georgia,  three  hundred  thousand  dollars, 
what  certm-     And  provided,  That  no  such  certificate  shall  be  received, 

cates  shall  not 

be  received.  which  from  the  tenor  thereof,  or  from  any  public  record, 
act,  or  document,  shall  appear  or  can  be  ascertained  to 
have  been  issued  for  any  purpose,  other  than  compensa- 
tions and  expenditures  for  services  or  supplies  towards 
the  prosecution  of  the  late  war,  and  the  defence  of  the 
United  States,  or  of  some  part  thereof  during  the  same. 
Subscriptions  gEC>  14.  Provided  also,  and  be  it  further  enacted.  That 

exceeding     the  '  /  ' 

sum  allowed  to  if  the  total  amount  of  the  sums  which  shall  be  subscribed 

any  State,  what 

proportion  to  the  said  loan  in  the  debt  of  any  State,  within  the  time 

shall  be  paid.  .      .    J 

limited  for  receiving  subscriptions  thereto,  shall  exceed 
the  sum  by  this  act  allowed  to  be  subscribed  within  such 
State,  the  certificates  and  credits  granted  to  the  respective 
subscribers,  shall  bear  such  proportion  to  the  sums  by 
them  respectively  subscribed,  as  the  total  amount  of  the 
said  sums  shall  bear  to  the  whole  sum  so  allowed  to  be 
subscribed  in  the  debt  of  such  State  within  the  same. 
And  every  subscriber  to  the  said  loan  shall,  at  the  time 
of  subscribing,  deposit  wTith  the  commissioner  the  certifi- 
cates or  notes  to  be  loaned  by  him. 
Subscribers  SEC.  15.  And  l>e  it  further  enacted^  That  for  two-thirds 

to  said  loan,  '  •  -i   i 

what  proper- or  any  sum  subscribed  to  the  said  loan,  by  anv  person  or 

tion  of  prlnci-  .  "  .      ; 

pai,  rate  of  in-  persons,  or  boclv  politic,  which  shall  be  paid  in  the  prm- 

t  e  r  e  s  t ,    and     .,',.*'„ 

torms  of  pay-cipal  and  interest  or  the  certificates  or  notes  issued  as 

m  e  n  t  entitled      *  . 

to.  aforesaid  by  the  respective  States,  the  subscriber  or  sub- 

scribers shall  be  entitled  to  a  certificate,  purpor/ting  that 
the  United  States  owe  to  the  holder  or  holders  thereof, 
or  his,  her  or  their  assigns,  a  sum  to  be  expressed  therein, 
equal  to  two-thirds  of  the  aforesaid  two-thirds,  bearing 
an  interest  of  six  per  centum  per  annum,  payable  quarter 
yearly,  and  subject  to  redemption  by  payments,  not  ex- 
ceeding in  one  year,  on  account  both  of  principal  and 
interest,  the  proportion  of  eight  dollars  upon  a  hundred 
of  the  sum  mentioned  in  such  certificate;  and  to  another 
certificate,  purporting  that  the  United  States  owe  to  the 
holder  or  holders  thereof,  his.  her  or  their  assigns,  a  sum 
to  be  expressed  therein,  equal  to  the  proportion  of  thirty- 
three  dollars  and  one  third  of  a  dollar  upon  a  hundred 
of  the  said  two  thirds  of  such  sum  so  subscribed,  which 


LAWS    CONCERNING    &EONEY,    BANKING,    AND   LOANS.  13 

after  the  year  one  thousand  eight  hundred  shall  bear  an 
interest  of  six  per  centum  per  annum,  payable  quarter 
yearly,  and  subject  to  redemption  by  payments,  not  ex- 
ceeding in  one  year,  on  account  both  of  principal  and 
interest,  the  proportion  of  eight  dollars  upon  a  hundred 
of  the  sum  mentioned  in  such  certificate;  and  that  for 
the  remaining  third  of  any  sum  so  subscribed,  the  sub- 
scriber or  subscribers  shall  be  entitled  to  a  certificate,  pur- 
porting that  the  United  States  owe  to  the  holder  or  hold- 
ers thereof,  his,  her  or  their  assigns,  a  sum  to  be  expressed 
therein,  equal  to  the  said  remaining  third,  bearing  an  in- 
terest of  three  per  cent,  per  annum,  payable  quarter 
yearly,  and  subject  to  redemption  by  payment  of  the  sum 
specified  therein  whenever  provision  shall  be  made  by 
law  for  that  purpose. 

SEC.  16.  And  be  it  further  enacted,  That  the  interest    interest,  how 

.  „  '     .  .  to    be    comput- 

upon  the  certificates  which  shall  be  received  in  payment  ed,  and  payable 
of  the  sums  subscribed  towards  the  said  loan,  shall  be 
computed  to  the  last  day  of  the  year  one  thousand  seven 
hundred  and  ninety-one,  inclusively;  and  the  interest 
upon  the  stock  which  shall  be  created  by  virtue  of  the 
said  loan,  shall  commence  or  begin  to  accrue  on  the  first 
day  of  the  year  one  thousand  seven  hundred  and  ninety- 
two,  and  shall  be  payable  quarter  yearly,  at  the  same  time, 
and  in  like  manner  as  the  interest  on  the  stock  to  be 
created  by  virtue  of  the  loan  above  proposed  in  the  do- 
mestic debt  of  the  United  States. 

SEC.  IT.  And  Tie  it  further  enacted.  That  if  the  whole     Sum  allowed 

.  .  to    anv    State, 

sum  allowed  to  be  subscribed  in  the  debt  or  certificates  of  not  being  sub- 

scribed     the 

any  State  as  aforesaid,  shall  not  be  subscribed  within  the  state  to  receive 

.          »  , .      .       ,  interest  on 

time  for  that  purpose  limited,  such  State  shall  be  entitled  amount  of  defi- 
ciency. 
to  receive,  and  shall  receive  from  the  United  States,  an 

interest  per  centum  per  annum,  upon  so  much  of  the  said 
sum  as  shall  not  have  been  so  subscribed,  equal  to  that 
which  would  have  accrued  on  the  deficiency,  had  the  same 
been  subscribed  in  trust  for  the  non-subscribing  creditors 
of  such  State,  who  are  holders  of  certificates  or  notes  is- 
sued on  account  of  services  or  supplies  towards  the  prose- 
cution of  the  late  war,  and  the  defence  of  the  United 
States  or  of  some  part  thereof,  to  be  paid  in  like  manner 
as  the  interest  on  the  stock  which  may  be  created  by  vir- 
tue of  the  said  loan,  and  to  continue  until  there  shall  be 
a  settlement  of  accounts  between  the  United  States  and 
the  individual  States;  and  in  case  a  balance  shall  then 


14  NATIONAL,   MONETARY  COMMISSION. 

appear  in  favour  of  such  State,  until  provision  shall  be 
made  for  the  said  balance. 

But  as  certain  States  have  respectively  issued   their 
own  certificates,  in   exchange  for  those  of  the  United 
States,  whereby  it  might  happen  that  interest  might  be 
twice  payable  on  the  same  sums  : 
state  certifl-      SEC.  18.  Be  it  further  enacted,  That  the  payment  of 


neiof  8thUose  of  interest  whether  to  States  or  to  individuals,  in  respect  to 
sht%  tLes!  pay-  the  debt  of  any  State,  by  which  such  exchange  shall  have 
£stnt  cm,  lnsus-  been  made,  shall  be  suspended,  until  it  shall  appear  to  the 
satisfaction  of  the  Secretary  of  the  Treasury,  that  certifi- 
cates issued  for  that  purpose  by  such  State,  have  been  re- 
exchanged  or  redeemed,  or  until  those  which  shall  not 
have  been  re-exchanged  or  redeemed,  shall  be  surrendered 
to  the  United  States. 

states      SEC.  19.  And  be  it  further  enacted,  That  so  much  of 

with  amount  of  the  debt  of  each  State  as  shall  be  subscribed  to  the  said 

loan,  and  the  monies  (if  any)  that  shall  be  advanced  to 

the  same  pursuant  to  this  act,  shall  be  a  charge  against 

such  State,  in  account  with  the  United  States. 

Further    ap-      SEC.  20.  And  be  it  further  enacted,  That  the  monies 
monies  arising  arising  under  the  revenue  laws,  which  have  been  or  during 

from   the  reve- 

nue  laws  to  the  the  present  session  or  Congress  may  be  passed,  or  so  much 

purposes      of.  „  ,  i   '  n     i  j  i          i 

this  act;  thereof  as  may  be  necessary,  shall  be  and  are  hereby 
pledged  and  appropriated  for  the  payment  of  the  interest 
on  the  stock  which  shall  be  created  by  the  loans  aforesaid, 
pursuant  to  the  provisions  of  this  act,  first  paying  that 
which  shall  arise  on  the  stock  created  by  virtue  of  the  said 
first  mentioned  loan,  to  continue  so  pledged  and  appro- 
priated. until  the  final  redemption  of  the  said  stock,  any 
law  to  the  contrary  notwithstanding,  subject  nevertheless 
to  such  reservations  and  priorities  as  may  be  requisite  to 
satisfy  the  appropriations  heretofore  made,  and  which 
during  (he  present  session  of  Congress  may  be  made  by 
law.  including  the  sums  herein  before  reserved  and  appro- 
priated :  and  to  the  end  that  the  said  monies  may  be  in- 
violably applied  in  conformity  to  this  act.  and  may  never 
be  diverted  to  any  other  purpose,  an  account  shall  be  kept 
of  the  receipts  and  disposition  thereof,  separate  and  dis- 
tinct from  the  product  of  any  other  duties,  imposts,  ex- 
cises and  taxes  whatsoever,  except  such  as  may  be  here- 
after laid,  to  make  good  any  deficiency  which  may  be 
found  in  the  product,  thereof  towards,  satisfying  the 
interest  aforesaid. 


LAWS  CONCERNING  MONEY,   BANKING,  AND  LOANS.  15 

SEC.  21.  And  be  it  further  enacted.  That  the  faith  of  the  ?Tn(L  la\$h    ot 

'  United   States 

United  States  be,  and  the  same  is  hereby  pledged  to  pro-  pledged    to 

'  .  J    r        to  make  good  defl- 

vide  and  appropriate  hereafter  such  additional  and  per- 
manent  funds  as  may  be  requisite  towards  supplying  any 
such  deficiency,  and  making  full  provision  for  the  pay- 
ment of  the  interest  which  shall  accrue  on  the  stock  to  be 
created  by  virtue  of  the  loans  aforesaid,  in  conformity  to 
the  terms  thereof  respectively,  and  according  to  the  tenor 
of  the  certificates  to  be  granted  for  the  same  pursuant  to 
this  act. 

SEC.  22.  And  'be  it  further  enacted,  That  the  proceeds  of  tr       sg  o 
the  sales  which  shall  be  made  of  lands  in  the  western  ter-  £,e^™  a] |^s, 
ritory,  now  belonging,  or  that  may  hereafter  belong  to  the  insfun<*. 
United   States,   shall   be,   and   are   hereby   appropriated 
towards  sinking  or  discharging  the  debts,  for  the  pay- 
ment whereof  the  United  States  now  are,  or  by  virtue  of 
this  act  may  be  holden,  and  shall  be  applied  solely  to  that 
use  until  the  said  debts  shall  be  fully  satisfied. 

Approved,  August  4,  1790. 

NOTE — By  a  series  of  acts,  beginning  with  that  of  May  8,  1792 
(1  Stat.  L.,  279),  the  time  allowed  for  subscriptions  under  sections 
above  was  extended  to  December  31,  1797,  giving  to  nonsubscrib- 
ing  creditors  a  rate  of  interest  equal  to  that  which  would  be  pay- 
able to  them  as  subscribing  creditors.  (See  the  act  of  March  3, 
1797,  1  Stat.  L.,  510.) 

The  time  for  receiving  upon  loan  the  debts  of  the  States  under 
section  13  above  was  also  extended  by  the  act  of  May  8,  1792,  to 
March  1,  1793,  ''Provided  always,  That  the  commissioners  of  loans 
for  North  Carolina  shall  not  be  allowed  to  receive  any  certificate 
issued  by  Patrick  Travers,  commissioner  of  Cumberland  County, 
or  by  the  commissioners  of  army  accounts  at  Warrenton." 

ACT  OF  AUGUST  5,  1790. 

CHAP.  XXXVIII. — An  act  to  provide  more  effectually     i  s  t  a  t .  L., 
for  the  settlement  of  the  accounts  between  the  United 
State*  and  the  individual  States. 

SECTION  1.  Be  it  enacted,  *  *  *,  That  a  board,  to 
consist  of  three  commissioners,  be,  and  hereby  is  estab- 
lished to  settle  the  accounts  between  the  United  States, 
and  the  individual  states;  and  the  determination  of  u 
majority  of  the  said  commissioners  on  the  claims  sub- 
mitted to  them,  shall  be  final  and  conclusive;  and  they 
shall  have  power  to  employ  such  number  of  clerks  as  they 
may  find  necessary. 


16  NATIONAL   MONETARY   COMMISSION. 

(Section  2  provides  for  the  oath  of  office  to  be  taken 

by  the  commissioners,  and  for  their  payment,  at  the  rate 

of  two  thousand  two  hundred  and  fifty  dollars  per  annum 

for  each.) 

Mode  of  pro-     §EC   3    And  be  it  further  enacted.  That  it  shall  be  the 

cedure    i  n    ex-  ' 

amining  claims,  duty  of  the  said  commissioners  to  receive  and  examine 
all  claims  which  shall  be  exhibited  to  them  before  the 
first  day  of  July,  one  thousand  seven  hundred  and  ninety- 
one,  and  to  determine  on  all  such  as  shall  have  accrued 
for  the  general  or  particular  defense  during  the  war,  and 
on  the  evidence  thereof,  according  to  the  principles  of 
general  equity  (although  such  claims  may  not  be  sanc- 
tioned by  the  resolves  of  Congress,  or  supported  by  regu- 
lar vouchers),  so  as  to  provide  for  the  final  settlement  of 
all  accounts  between  the  United  States  and  the  states 
individually;  but  no  evidence  of  a  claim  heretofore  ad- 
mitted by  a  commissioner  of  the  United  States  for  any 
state  or  district,  shall  be  subject  to  such  examination ;  nor 
shall  the  claim  of  any  citizen  be  admitted  as  a  charge 
against  the  United  States  in  the  account  of  any  state, 
unless  the  same  was  allowed  by  such  state  before  the 
twenty-fourth  day  of  September,  one  thousand  seven 
hundred  and  eighty-eight. 

to Tpe"euvaful     SEC.  4'  Aml  ^'  ^  f'/r^er  enacted,  That  it  shall  be  the 

debus' It  cerd^ut^  °^  ^ie  sa"l  commissioners  to  examine  and  liquidate 

tain  states.      (o  specie  value,  on  principles  of  equity,  the  credits  and 

debits  of  the  states  already  on  the  books  of  the  treasury 

for  bills  of  credit  subsequent  to  the  eighteenth  of  March, 

one  thousand  seven  hundred  and  eighty. 

set?iei£t.fl™!  kSEC'  5'  Af>d  *"''  ^  f'/rther  enacted,  That  the  commis- 
thegbaTanoesato  si°ners  shall  debit  each  state  with  all  advances  which 
!fetaw)eetu°ItLeIiave  1)0('U'  or  nia>r  l')e  ma(le  to  ^  ky  tne  United  States, 
states.  JU1(]  wjth  the  interest  thereon  to  the  last  day  of  the  year 

one  thousand  seven  hundred  and  eighty-nine,  and  shall 
credit  each  state  for  its  disbursements  and  advances  on  the 
principles  contained  in  the  third  section  of  this  act,  with 
interest  to  the  day  aforesaid,  and  having  struck  the  bal- 
ance due  to  each  state,  shall  find  the  aggregate  of  all  the 
balances,  which  aggregate  shall  be  apportioned  between 
the  states  agreeably  to  the  rule  hereinafter  given;  and  the 
difference  between  such  apportionments,  and  the  respec- 
tive balances,  shall  be  carried  in  a  new  account  to  the 
debit  or  credit  of  the  states  respectively,  as  the  case 
may  be. 


LAWS  CONCEBNING   MONEY,   BANKING,   AND  LOANS.  17 

SEC.  6.  And  be  it  further  enacted,  That  the  rule  for  apJ0^.etlor^een0t( 
apportioning  to  the  states  the  aggregate  of  the  balances 
first  above  mentioned,  shall  be  the  same  that  is  prescribed 
by  the  constitution  of  the  United  States,  for  the  appor- 
tionment of  representation  and  direct  taxes,  and  accord- 
ing to  the  first  enumeration  which  shall  be  made. 

SEC.  7.  And  ~be  it  further  enacted,  That  the  states  who  sta^etQ  l^°vl 
shall  have  balances  placed  to  their  credit  on  the  books  ^edbalances 
of  the  treasury  of  the  United  States,  shall,  within  twelve 
months  after  the  same  shall  have  been  so  credited,  be 
entitled  to  have  the  same  funded  upon  the  same  terms 
with  the  other  part  of  the  domestic  debt  of  the  United 
States ;  but  the  balances  so  credited  to  any  state  shall  not 
be  transferable. 

(Section  8  relates  to  the  compensation  of  the  clerks 
employed  by  the  commissioners.) 

SEC.  9.  And  be  it  further  enacted.  That  the  powers  of      Continuance 

•  11/1  °f  the  commis- 

the  said  commissioners  shall  continue  until  the  first  day  sioners'powers. 
of  July,  one  thousand  seven  hundred  and  ninety-two,  un- 
less the  business  shall  be  sooner  accomplished. 

Approved,  August  5,  1790. 

NOTE. — The  time  for  settling  the  accounts  under  this  act  was 
extended  to  July  I,  1793,  by  the  act  of  January  23,  1792  (1  Stat 
L.,  229). 

ACT  OF  AUGUST  12,  1790. 

CHAP.  XLVII. — An  act  making  provision  for  the  reduc-  lg|   stat    L-> 
tion  of  the  public  debt. 

It  being  desirable  by  all  just  and  proper  means,  to  effect  3  f-gj0^1*-' 
a  reduction  of  the  amount  of  the  public  debt,  and  as  the   -^  of  May  8, 

J.  (  \iZ,  CD.   oo. 

application  of  such  surplus  of  the  revenue  as  may  remain  Recital. 
after  satisfying  the  purposes  for  which  appropriations 
shall  have  been  made  by  law.  will  not  only  contribute  to 
that  desirable  end,  but  will  oe  beneficial  to  the  creditors  of 
the  United  States,  by  raising  the  price  of  their  stockc 
and  be  productive  of  considerable  saving  to  the  United 
State : 

SECTIOX  1.  Be  it  enacted  by  the  Senate  and  House  of  t 
Representative*  of  the  United  States  of  America  in  Oon-* 
grew  assembled,  That  all  such  surplus  of  the  product  of 
the   duties  on   goods,  wares  and   merchandise  imported, 
and  on  the  tonnage  of  ships  or  vessels  to  the  last  day  of 
December  next,  inclusively,  as  shall  remain  after  satisfy- 


18  NATIONAL   MONETARY  COMMISSION. 

ing  the  several  purposes  for  which  appropriations  shall 
have  been  made  by  law  to  the  end  of  the  present  session, 
shall  be  applied  to  the  purchase  of  the  debt  of  the  United 
States,  at  its  market  price,  if  not  exceeding  the  par  or 
true  value  thereof. 
By  whose  di-  SEC.  2.  And  be  it  further  enacted.  That  the  purchases 

rection      pur-  '.  ini 

chases  are  to  to  be  made  of  the  said  debt,  shall  be  made  under  the 
direction  of  the  President  of  the  Senate,  the  Chief  Jus- 
tice, the  Secretary  of  State,  the  Secretary  of  the  Treasury, 
and  the  Attorney-General  for  the  time  being;  and  who, 
of  any  three  of  whom,  with  the  approbation  of  the  Presi- 
dent of  the  United  States,  shall  cause  the  said  purchases 
to  be  made  in  such  manner,  and  under  such  regulations 
as  shall  appear  to  them  best  calculated  to  fulfill  the  intent 

iinerwhat  man"of  this  act:  Provided,  That  the  same  be  made  openly, 
and  with  due  regard  to  the  equal  benefit  of  the  several 
States:  And  provided  further.  That  to  avoid  all  risk  or 
failure,  or  delay  in  the  payment  of  interest  stipulated 
to  be  paid  for  and  during  the  year  one  thousand  seven 
hundred  and  ninety-one,  by  the  act,  intituled  "An  act 
making  provision  for  the  debt  of  the  United  States," 
such  reservations  shall  be  made  of  the  said  surplus  as 
may  be  necessary  to  make  good  the  said  payments,  as  they 
shall  respectively  become  due,  in  case  of  deficiency  in  the 
amount  of  the  receipts  into  the  Treasury  during  the  said 
year,  on  account  of  the  duties  on  goods,  wares  and  mer- 
chandise imported,  and  the  tonnage  of  ships  or  vessels, 
after  the  last  day  of  December  next. 

ofT1l?urS"ns  SEC-  3-  Anfl  l)e  tt  further  enacted,  That  accounts  of 
"*  tne  application  of  the  said  monies  shall  be  rendered  for 
settlement  as  other  public  accounts,  accompanied  with 
returns  of  the  amount  of  the  said  debt  purchased  there- 
with, at  the  end  of  every  quarter  of  a  year,  to  be  com- 
puted from  the  time  of  commencing  the  purchases  afore- 

c&ed?nK8  °foplbe  sa^ '  an(^  that  a  ^u^  anc^  exact  report  of  the  proceedings 

1'\'-i'.s.s><fure<  °n  °^  *no  sa^  n'V('  l)orsons?  °r  any  three  of  them,  including 
a  statement  of  the  disbursements  and  purchases  made 
under  their  direction,  specifying  the  times  thereof,  the 
prices  at  which,  and  the  parties  from  whom  the  same 
may  be  made,  shall  be  laid  before  Congress,  within  the 
first  fourteen  days  of  each  session  which  may  ensue  the 
present,  during  the  execution  of  their  said  trust. 

ii^/I'dToi","-      SK('-  4<  All(l  l>1'  lt  f"'>'th('r  enacted,  That  the  President 

powia.000,000.  Of  t]u.   (;,,it(.,l  States  be,  and  he  is  hereby  authorized  to 

cause  to  be  borrowed,  on  behalf  of  the  United  States,  a 


LAWS  CONCERNING   MONEY,   BANKING,   AND  LOANS.  10 

sum  or  sums  not  exceeding  in  the  whole  two  millions  of 
dollars,  at  an  interest  not  exceeding  five  per  cent,  and  that 
the  sum  or  sums  so  borrowed,  be  also  applied  to  the *°be app,lied  4° 

'  _  *~  the  purchase  of 

purchase  of  the  said  debt  of  the  United  States,  under  th<^teb£-f  Ma 
the  like  direction,  in  the  like  manner,  and  subject  to  the  ^1792,  eh.  38, 
like  regulations  and  restrictions  with  the  surplus  afore- 3  ^Eg^  *£a  "^ 
said:  Provided,  That  out  of  the  interest  arising  on  thesec-7. 
debt  to  be  purchased  in  manner  aforesaid,  there  shall  be 
appropriated  and  applied  a  sum  not  exceeding  the  rate 
of  eight  per  centum  per  annum  on  account  both  of  prin- 
cipal and   interest  towards  the  repayment  of  the  two 
millions  of  dollars  so  to  be  borrowed. 
Approved,  August  12,  1790. 

ACT  OF  DECEMBER  27,  1790. 

CHAP.  I. — An  act  supplementary  to  the  act  intitled  "An^   stat>    L<> 
act  making  further  provision  for  the  payment  of  the 
debts  of  the  United  States." 

Whereas  no  express  provision  has  been  made  for  ex-  Recf^f*6'-1 
tending  the  act,  intitled  "An  act  to  provide  more  effect- 
ually for  the  collection  of  the  duties  imposed  by  law  on 
goods,  wares  and  merchandise  imported  into  the  United 
States,  and  on  the  tonnage  of  ships  or  vessels,"  to  the 
collection  of  the  duties  imposed  by  the  said  "Act  making 
further  provision  for  the  payment  of  the  debts  of  the 
United  States,"  doubts  concerning  the  same  may  arise: 
Therefore, 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  act,  intitled  "An  act  to  provide  more  Provisions  of 

the  act  for  col- 

effectually  for  the  collection  of  the  duties  imposed  bvlection  °f  du- 

.         .  .  ties,      extended 

law  on  goods,  wares  and  merchandise  imported  into  the  to  the  act  mak- 

TT    •      j    o  i  •  •    ing  further  pro- 

United  States,  and  on  the  tonnage  of  ships  or  vessels,    vision  for  the 

doth  and  shall  extend  to,  and  be  in  force  for  the  collec-  debts  of  the 
tion  of  the  duties  specified  and  laid  in  and  by  the  act, 
intitled  "An  act  making  further  provision  for  the  pay- 
ment of  the  debts  of  the  United  States,"  as  fully  and 
effectually,  as  if  every  regulation,  restriction,  penalty, 
provision,  clause,  matter  and  thing  therein  contained, 
had  been  inserted  in  and  reenacted  by  the  act  last 
aforesaid. 

Approved.  December  27,  1790. 


20  NATIONAL   MONETARY  COMMISSION. 

ACT  OF  FEBRUARY  25,  1791. 

191    Stat'    L"  CHAP.  X. — An  act  to  incorporate  the  subscribers  to  the 

Bank  of  the  United  States. 


gEC>  2.  And  ~be  it  further  enacted,  That  it  shall  be  law- 
ful for  any  person,  co-partnership,  or  body  politic,  to  sub- 
scribe for  such  or  so  many  shares,  as  he,  she,  or  they  shall 
think  fit,  not  exceeding  one  thousand,  except  as  shall  be 
0fPrgoidtiandnerea^ter  directed  relatively  to  the  United  States;  and 
public  d°btltotnat  ^ie  Sums5  respectively  subscribed,  except  on  behalf  of 
b  e^  subscribed  tne  United  States,  shall  be  payable  one  fourth  in  gold  and 
silver,  and  three  fourths  in  that  part  of  the  public  debt, 
which,  according  to  the  loan  proposed  in  the  fourth  and 
fifteenth  sections  of  the  act,  entitled  "An  act  making  pro- 
vision for  the  debt  of  the  United  States,"  shall  bear  an 
accruing  interest,  at   the  time  of  payment,  of  six  per 
centum  per  annum,  and  shall  also  be  payable  in  four  equal 
parts,  in  the  aforesaid  ratio  of  specie  to  debt,  at  the  dis- 
whentobepaid.  tance  of  six  calendar  months  from  each  other;  the  first 
whereof  shall  be  paid  at  the  time  of  subscription. 

***** 
Articles    of     SEC.  7.  And  l)e  it  further  enacted.  That  the  follow- 

constitution.        _  ..... 

ing  rules,  restrictions,  limitations  and  provisions,  shall 
form  and  be  fundamental  articles  of  the  constitution  of 
the  said  corporation,  viz. 

***** 

HOW  and  for      XL  Xo  loan  shall  be  made  by  the  said  corporation,  for 

what  objects  to  •> 

make  loans.  the  use  or  on  account  of  the  government  of  the  United 
States,  to  an  amount  exceeding  one  hundred  thousand  dol- 
lars, or  of  any  particular  state,  to  an  amount  exceeding 
fifty  thousand  dollars,  or  of  any  foreign  prince  or  state, 
unless  previously  authorized  by  a  law  of  the  United 
States. 


uJy"Vn0ady  SEC-  9-  An<?  1>(>  '<t  further  enacted,  That  if  the  said  cor- 
vanr.-d  <T  i»''it.  p0rat}011  s}mj]  advance  or  lend  any  sum,  for  the  use  or  on 
account  of  the  government  of  the  United  States,  to  an 
amount  exceeding  one  hundred  thousand  dollars;  or  of 
any  particular  state  to  an  amount  exceeding  fifty  thou- 
sand dollars;  or  of  any  foreign  prince  or  state  (unless 
previously  aiithorixed  thereto  by  a  law  of  the  Tinted 
States),  all  and  every  person  and  persons,  by  and  with 


LAWS  CONCERNING   MONEY,   BANKING,   AND   LOANS.  21 

whose  order,  agreement,  consent,  approbation,  or  con- 
nivance, such  unlawful  advance  or  loan  shall  have  been 
made,  upon  conviction  thereof,  shall  forfeit  and  pay,  for 
every  such  offence,  treble  the  value  or  amount  of  the  sum 
or  sums  which  shall  have  been  so  unlawfully  advanced  or 
lent  ;  one  fifth  thereof  to  the  use  of  the  informer,  and  the 
residue  thereof  to  the  use  of  the  United  States  ;  to  be  dis- 
posed of  by  law  and  not  otherwise. 


SEC.  11.  And  be  it  further  enacted,  That  it  shall  be  la 
ful  for  the  President  of  the  United  States,  at  any  time  orSt^tes^  how  to 
times,  within  eighteen  months  after  the  first  day  of  April 
next,  to  cause  a  subscription  to  be  made  to  the  stock  of  the 
said  corporation,  as  part  of  the  aforesaid  capital  stock  of 
ten  millions  of  dollars,  on  behalf  of  the  United  States,  to 
an  amount  not  exceeding  two  millions  of  dollars;  to  be 
paid  out  of  the  monies  which  shall  be  borrowed  by  virtue 
of  either  of  the  acts,  the  one  entitled  "An  act  making     i^so,  eh.  34. 
provision  for  the  debt  of  the  United  States;"  and  the 
other  entitled  "An  act  making  provision  for  the  reduction 
of  the  public  debt  ;  "  borrowing  of  the  bank  an  equal  sum,     1790,  ch.  47. 
to  be  applied  to  the  purposes,  for  which  the  said  monies 
shall  have  been  procured;  re-imbursable  in  ten  years,  by 
equal  annual  instalments  ;  or  at  any  time  sooner,  or  in  any 
greater  proportions,  that  the  Government  may  think  fit. 

Approved,  February  25,  1791. 

(For  the  full  text  of  this  act,  see  p.  209). 

ACT    OF    MARCH    3,  1791. 

CHAP.  XV.  —  Ait    act   repealing,   after   the    last   day   of     1    stat.    L., 
June  next,   the  duties  heretofore  laid  upon   distilled 
spirits  imported  from,  abroad,  and  laying  others  in  their 
stead  ;  and  also  upon  spirits  distilled  within  the  United 
8tates,  and  for  appropriating  the  same. 


SEC.  00.  An.d  be  it  further  enacted.  That  the  nett  prod-    Net  product  of 

.  '    .  .  .  duties     pledged 

net  or  the  duties  hereinbefore  specified,  which  shall  bef»r  payment  of 

.  x.  ',.  Interest  on 

raised,  levied  and  collected  by  virtue  of  this  act,  or  solans; 
much  thereof  as  may  be  necessary,  shall  be,  and  is  hereby 
pledged   and   appropriated   for  the  payment   of  the   in- 
terest of  the  several  and  respective  loans  which  had  been 
made  in  foreign  countries,  prior  to  the  fourth  day  of 


£2  NATIONAL   MONETARY   COMMISSION. 

August  last;  and  also  upon  all  and  every  the  loan  and 
loans  which  have  been  and  shall  be  made,  and  obtained 
1790,  ch.  34.  pursuant  to  the  act,  intituled  "  An  act  making  provision 
for  the  debt  of  the  United  States;"  and  according  to  the 
true  intent  and  meaning  of  the  said  act,  and  of  the  several 
provisions  and  engagements  therein  contained  and  ex- 
pressed, and  subject  to  the  like  priorities  and  reserva- 
tions as  are  made  and  contained  in  and  by  the  said  act, 
in  respect  to  the  monies  therein  appropriated,  and  sub- 
ject to  this  farther  reservation,  that  is  to  say — Of  the  nett 
amount  or  product  during  the  present  year,  of  the  duties 
laid  by  this  act.  in  addition  to  those  heretofore  laid  upon 
spirits  imported  into  the  United  States,  from  any  foreign 
port  or  place,  and  of  the  duties  laid  by  this  act  on  spirits 
distilled  within  the  United  States,  and  on  stills;  to  be 
disposed  of  towards  such  purposes  for  which  appropri- 
v'ioiu0!}!1*  aD- a^ons  snaH  be  made  during  the  present  session.  And 
piled  thereto,  to  the  end  that  the  said  monies  may  be  inviolably  applied 
in  conformity  to  the  appropriation  hereby  made,  and 
may  never  be  diverted  to  any  other  purpose  until  the  final 
redemption,  or  reimbursement  of  the  loans  or  sums  for 
the  payment,  of  the  interest  whereof  they  are  appropri- 
ated, an  account  shall  be  kept  of  the  receipts  and  dis- 
position thereof,  separate  and  distinct  from  the  product 
of  any  other  duties,  impost,  excise,  and  taxes  whatsoever, 
except  those  heretofore  laid  and  appropriated  to  the  same 
purposes, 
rnappropri-  SEC.  01.  And  l>8  it  further  enacted,  That  the  unappro- 

ated    surplus,        .          ,  ,          .  „  .  ,      ,,  ,       '     .     . 

how  to  be  ap-pnated  surplus,  it  any  there  shall  be,  ot  the  revenue  aris- 
ing under  this  act,  at  the  end  of  this  and  every  succeed- 
ing year,  shall  be  applied  to  the  reduction  of  the  public 
debt,  in  like  manner  as  is  directed  by  the  act,  intituled 
1790,  ch.  34.  '•  An  act  making  provision  for  the  reduction  of  the  pub- 
mo,  ch.  47.  lie:  debt,"  arid    provided   by  the   act.   intituled   "  An   act 
making  provision  for  the  debt  of  the  United  States;"  un- 
less the  said  surplus,  or  any  part  thereof,  shall  be  required 
for  the  public  exigences  of  the  United  States,  and  shall, 
by  special  acts  of  Congress,  be  appropriated  thereto. 
inI$S,hhrolw      SE(''  (;-'  A''"f  h('  'f  f ">'*!"'''  fii'-arted.  That   the  several 
tinue8  *°  <ron~  duties  imposed  by  this  act.  shall  continue  to  be  collected 
and   paid,  until   the  debts  and   purposes  for  which  they 
are  pledged  and  appropriated,  shall  be  fully  discharged 
and   satisfied,   and  no  longer.     Provided  always,  That 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  23 

nothing  herein  contained,  shall  be  construed  to  prevent 
the  legislature  of  the  United  States  from  substituting 
other  duties  or  taxes  of  equal  value  to  all  or  any  of  the 
said  duties  and  imposts. 
Approved,  March  3,  1791. 

ACT  OF  MARCH  3,  1791. 

CHAP.  XXV. — An  act  supplementary  to  the  act  making  ^  stat-  L-» 
provision  for  the  reduction  of  the  public  debt. 

Whereas  it  hath  been  made  known  to  Congress  that  the  ia^d a°f '3  ooo1- 
President  of  the  United  States,  in  consequence  of  "An  5°Jerfloc^' P*J 
act   making  provision   for  the  reduction  of  the  public  annum, 
debt,"  hath  caused  a  certain  loan  to  be  made  in  Holland, 
on  account  of  the  United  States,  to  the  amount  of  three 
millions  of  florins,  bearing  an  interest  of  five  per  centum 
per  annum,  and  reimbursable  in  six  yearly  instalments, 
commencing  in  the  year  one  thousand  eight  hundred,  and     1790,  en.  47. 
ending  in  the  year  one  thousand  eight  hundred  and  six, 
or  at  any  time  sooner,  in  whole  or  in  part,  at  the  option 
of  the  United  States; 

And   whereas  it   hath  been   also   stated  to   Congress,  c'haVg'e's  are 
that  the  charges  upon  the  said  loan  have  amounted  to  4^  per  cent 
four  and  a  half  per  centum,  whereby  a  doubt  hath  arisen, 
whether  the  said  loan  be  within  the  meaning  of  the  said 
last  mentioned  act,  which  limits  the  rate  of  interest  to  five 
per  centum  per  annum; 

And  whereas  it  is  expedient  that  the  said  doubt  be 
removed ; 

Be  it  enacted  and  declared  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled,  That  the  loan  aforesaid  shall  be  deemed  w  i  A  i  n°tne 
and  construed  to  be  within  the  true  intent  and  meaning  a^T  providing 

<•   ,1  •  n  •    .L'J     i     i    "  *  i  •  ••         £       for   the    reduc- 

ot  the  said  act,  intituled     An  act  making  provision  tor  tion  of  the  pub- 
the  reduction  of  the  public  debt,"  and  that  any  farther  also  fVr  t'lf?  r 
loan,  to  the  extent  of  the  principal  sum  authorized  to  be  likete/ms? 
borrowed  by  the  said  act,  the  interest  whereof  shall  be 
five  per  centum  per  annum,  and  the  charges  whereof  shall     1T90>  cn-  4(- 
not  exceed  the  said  rate  of  four  and  a  half  per  centum, 
shall,  iu  like  manner,  be  deemed  and  construed  to  be  with- 
in the  true  intent  and  meaning  of  the  said  act. 
Approved,  March  3,  1791. 


24  NATIONAL   MONETARY   COMMISSION. 

22i  s  t  a  t .  L.,  ACT  OF  MARCH  3,  1791. 

Repealed.  CHAP.  XXVIII. — An  act  for  raising  and  adding  another 
regiment  to  the  military  establishment  of  the  United 
States,  and  for  making  farther  provision  for  the  pro- 
tection of  the  frontiers. 

***** 

which  may  be     gEC.  16.  Be  it  further  enacted.  That  it  shall  be  lawful 

borrowed  If  .  ' 

necessary.  for  the  President  to  take  on  loan  the  whole  sum  by  this 
act  appropriated,  or  so  much  thereof  as  he  may  judge 
requisite,  at  an  interest  not  exceeding  six  per  centum  per 
annum ;  and  the  fund  established  for  the  above-mentioned 
appropriation,  is  hereby  pledged  for  the  repayment  of 
the  principal  and  interest  of  any  loan  to  be  obtained  in 
manner  aforesaid ;  and  in  case  of  any  deficiency  in  the 
said  fund,  the  faith  of  the  United  States  is  hereby  also 
pledged  to  make  good  such  deficiency. 
Approved,  March  3,  1791. 

ACT  OF  MAY  2,  1792. 

06£  stat-  L-CHAP.  XXVII. — An  act  for  raising  a  farther  sum  of 
money  for  the  protection  of  the  frontiers,  and  for  other 
purposes  therein  mentioned. 

***** 

T'nuredsl(setnates  ^EC'  16'  An(l  be  ^  further  enacted,  That  the  President 
fromktehenba°nakn  °^  ^ie  United  States  be  empowered  to  take  on  loan,  on 
sum  of  money1  accolint  °^  the  United  States,  from  the  President,  direct- 
ors and  company  of  the  bank  of  the  United  States,  who 
arc  hereby  authorized  and  empowered  to  lend  the  same, 
from  any  other  body  politic  or  corporate  within  the 
United  States,  or  from  any  other  person  or  persons,  the 
whole  or  any  part  of  the  aforesaid  sum  of  five  hundred 
and  twenty-three  thousand  five  hundred  dollars,  to  be 
applied  to  the  purpose  to  and  for  which  the  same  is 
above  appropriated,  and  to  be  reimbursed  out  of  the 
aforesaid  surplus  of  the  duties  by  this  act  imposed,  which 
surplus  is,  accordingly,  appropriated  to  the  said  reim- 
bursement. Provided,  That  the  rate  of  interest  of  such 
loan  shall  not  exceed  five  per  centum  per  annum,  and  that 
the  principal  thereof  may  be  reimbursed  at  the  pleasure 
of  the  United  States. 

***** 

Approved.  May  2,  1792. 


LAWS  CONCEKNING  MONEY,  BANKING,  AND  LOANS.       25 

ACT  OF  MAY  8,  1792. 

CHAP.    XXXVIII. — An  act  supplementary   to   the  act     i  s  t  a  t .  L., 
making  provision  for  the  debt  of  the  United  States. 

(Sections  1,  2,  3,  and  4  provide  for  extending  the  time 
allowed  for  receiving  on  loan  the  domestic  debt  of  the 
United  States  and  the  debt  of  the  respective  States  under 
the  act  of  August  4,  1T90.) 

(Section  5  authorizes  the  President  of  the  United  States 
to  discharge  the  principal  and  interest  of  the  debt  due 
to  foreign  officers  out  of  any  monies  borrowed  under  the 
aforesaid  act  and  not  needed  to  fulfil  its  purposes.) 

SEC.  6.  And  be  it  further  enacted.  That  the  President     certain  per- 

'  .  .  sons  appointed 

of  the  Senate,  the  Chief  Justice,  the  Secretary  of  State,  commissioners 

'  ^  '  to    pu  r  c  base 

the  Secretary  of  the  Treasury,  and  the  Attorney-General,  debt  of  the 
for  the  time  being,  shall  be  commissioners,  who,  or  anyetc- 
three  of  whom,  are  hereby  authorized,  with  the  approba- 
tion of  the  President  of  the  United  States,  to  purchase 
the  debt  of  the  United  States,  at  its  market  price,  if  not 
exceeding  the  par  or  true  value  thereof;  for  which  pur- 
chase the  interest  on  so  much  of  the  public  debt,  as  has 
already  been,  or  may  hereafter  be  purchased  for  the 
United  States,  or  as  shall  be  paid  into  the  Treasury,  and 
so  much  of  the  monies  appropriated  for  the  payment  of 
the  interest  on  the  foreign  and  domestic  debt,  as  shall 
exceed  what  may  be  sufficient  for  the  payment  of  such 
interest  to  the  creditors  of  the  United  States,  shall  be 
and  are  hereby  appropriated.  And  it  shall  be  the  duty  Account  to 

~    , ,  .  -,  .  ,  .        ,       .   ,  be  rendered  an- 

or  the  said  commissioners  to  render  to  the  legislature,  nuaiiy. 
within  two  months  after  the  commencement  of  the  first 
session  thereof  in  every  year,  a  full  and  precise  account 
of  all  such  purchases  made,  and  public  debt  redeemed,  in 
pursuance  of  this  act, 

SEC.  7.  And  whereas  it  is  expedient  to  establish  a  fund    Ol]ti>f,afuJJd 

created  for  the 

for  the  gradual  reduction  of  the  public  debt:  Be  it  fur- purpose; 
ther  enacted,  That  the  interest  on  so  much  of  the  debt  of 
the  United  States,  as  has  been  or  shall  be  purchased  or  re- 
deemed for  or  by  the  United  States,  or  as  shall  be  paid 
into  the  Treasury  thereof  in  satisfaction  of  any  debt  or 
demand,  and  the  surplus  of  any  sum  or  sums  appropri- 
ated for  the  payment  of  the  interest  upon  the  said  debt, 
which  shall  remain  after  paying  such  interest,  shall  be. 
and  hereby  are  appropriated  and  pledged  firmly  and  in- 
violably for  and  to  the  purchase  and  redemption  of  the 


26  NATIONAL  MONETAKY  COMMISSION. 


pned  to  **  ai>  sa*d  debt,  to  be  applied  under  the  direction  of  the  Presi- 
dent of  the  Senate,  the  Chief  Justice,  the  Secretary  of 
State,  the  Secretary  of  the  Treasury  and  the  Attorney 
General  for  the  time  being,  or  any  three  of  them,  with  the 
approbation  of  the  President  of  the  United  States,  for  the 
time  being,  in  manner  following,  that  is  to  say  :  First,  to 
the  purchase  of  the  several  species  of  stock  constituting  the 
debt  of  the  United  States,  at  their  respective  market 
prices,  not  exceeding  the  par  or  true  value  thereof,  and  as 
nearly  as  may  be,  in  equal  proportions,  until  the  annual 
amount  of  the  said  funds,  together  with  any  other  pro- 
visions which  may  be  made  by  law,  shall  be  equal  to  two 
per  centum  of  the  whole  amount  of  the  outstanding 
funded  stock  bearing  a  present  interest  of  six  per  centum. 
Thenceforth,  secondly,  to  the  redemption  of  the  said  last 
mentioned  stock,  according  to  the  right  for  that  purpose 
reserved  to  the  United  States,  until  the  whole  amount 
thereof  shall  have  been  redeemed.  And  lastly,  after  such 
redemption,  to  the  purchase,  at  its  market  price,  of  any 
other  stock  consisting  of  the  debt  of  the  United  States, 
which  may  then  remain  unredeemed  :  and  such  purchase, 
as  far  as  the  fund  shall  at  any  time  extend,  shall  be  made 
within  thirty  days  next  after  each  day,  on  which  a  quar- 
terly payment  of  interest  on  the  debt  of  the  United  States 
*hall  become  due,  and  shall  be  made  by  a  known  agent,  to 
be  named  by  the  said  commissioners. 
Purchases,  k^ECp  g.  And  be  it  further  enacted.  That  all  future  pur- 

h  o  w    to    be 

chases  of  public  debt  on  account  of  the  United  States, 
shall  be  made  at  the  lowest  price,  at  which  the  same  can 
be  obtained  by  open  purchase,  or  by  receiving  sealed  pro- 
posals, to  be  opened  in  the  presence  of  the  commissioners, 
or  persons  authorized  by  them  to  make  purchases,  and  the 
persons  making  such  proposals. 

.•oun?srr,7app£  ^EC-  9'  Anfl  be  it  further  enacted,  That  quarter  yearly 
funrtVbe  ron1  »(1<-«»"ts  of  the  application  of  the  said  fund  shall  be  ren- 
dered for  settlement,  as  other  public  accounts,  accompanied 
with  returns  of  the  sums  of  the  said  debt,  which  shall 
have  been  from  time  to  time  purchased  or  redeemed;  and 
a  full  and  exact  report  of  the  proceedings  of  the  said 
commissioners,  including  a  statement  of  the  disburse- 
ments, which  shall  have  been  made,  and  of  the  sums 
which  shall  have  been  purchased  or  redeemed  under  their 
direction,  and  specifying  dates,  prices,  parties,  and  places, 
shall  be  laid  before  Congress,  within  the  first  fourteen 


LAWS   CONCERNING   MONEY,    BANKING,    AND   LOANS.  27 

days  of  each  session  which  may  ensue  the  present,  during 
the  execution  of  the  said  trust. 
Approved,  May  8,  1792. 

ACT  OF  MAY  8,  1792. 

CHAP.     XLI. — An    act    making    certain    appropriations     i    stat.    L., 
therein  specified. 

***** 

SEC.  3.  And  be  it  further  enacted,  That  a  sum  of  fi%c?ur°seifthforr: 
thousand  dollars  in  addition  to  the  provision  heretofore  eisn  nations- 
made  be  appropriated  to  defray  any  expense  which  may 
be  incurred  in  relation  to  the  intercourse  between  the 
United  States  and  foreign  nations,  to  be  paid  out  of  any 
monies,  which  may  be  in  the  treasury,  not  otherwise  ap- 
propriated, and  to  be  applied  under  the  direction  of  the 
President  of  the  United  States  who,  if  necessary,  is  au-    President 
thorized  to  borrow,  on  the  credit  of  the  United  States,  the  $50,000. 
said  sum  of  fifty  thousand  dollars;  an  account  of  the 
expenditure  whereof  as  soon  as  may  be,  shall  be  laid  be- 
fore Congress. 

Approved,  May  8,  1792. 

ACT  OF  FEBRUARY  28,  1793. 

CHAP.  XVIII. — An  act  making  appropriations  for  the   ti  stat.  L., 
support   of   Government  for   the   year   one    thousand 
seven  hundred  and  ninety-three. 

***** 
SEC.  3.  And  be  it  further  enacted,  That  the  President  of  ma£  V^r  onw 
the  United  States  be  authorized  to  borrow,  on  account  of  J?gy0  QQ0eeding 
the  said  States,  any  sum  or  sums,  not  exceeding,  in  the 
\vhole,  eight  hundred  thousand  dollars,  at  a  rate  of  in- 
terest not  exceeding  five  per  centum  per  annum,  and  reim- 
bursable at  the  pleasure  of  the  United  States,  to  be  ap- 
plied for  the  purposes  aforesaid,  and  to  be  repaid  out  of 
the  said  surplus  of  the  duties  on  imports  and  tonnage,  to      on    what 

*  terms     and     of 

the  end  of  the  present  year,  one  thousand  seven  hundred  whom. 

and  ninety-three:  And  that  it  shall  be  lawful  for  the  th£°j£nr£f ^ 

Bank  of  the  United  States  to  lend  the  said  sum.     And  the  t()  bc  liaid  <)IT- 

President  of  the  United  States  shall  cause  so  much  of  the 

loan,  made  of  the  Bank  of  the  United  States,  pursuant  to 

the  eleventh  section  of  the  act,  by  which  it  is  incorporated, 

to  be  paid  off,  in  sums  not  less  than  fifty  thousand  dollars, 

as,  in  liis  opinion,  the  state  of  the  Treasury  may,  from 


28  NATIONAL   MONETARY   COMMISSION. 

time  to  time,  admit,  out  of  any  monies  which  may  be  in 
the  Treasury,  having  clue  regard  to  the  exigencies  of  Gov- 
ernment, and  the  appropriations  made  and  to  be  made  by 
law. 

Approved.  February  28,  1793. 

ACT  OF  MARCH  2,  1793. 

338  St!lt'  L"'CH,\p.  XXV. — An  act  providing  for  the  payment  of  the 
[Obsolete.]        fi^f  instalment  due  on  a  loan  made  of  the  Bank  of  the 
United  States. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 

tircs  of  the  United  States  of  Ameriea  in  Congress  as- 

vresiaentxembled.  That  the  President  of  the  United  States  be.  and 

ta?n  moneysYo  he  hereby  is  authorized  and  empowered  to  apply  two 

mentr?o  *Bank  hundred    thousand    dollars,   of   the    monies   which    may 

states"  have  been  borrowed,  in  pursuance  of  the  fourth  section 

''of  the  act,  intituled  "An  act  making  provision  for  the 

reduction  of  the  public  debt/'  in  payment  of  the  first 

instalment,  due  to  the  Bank  of  the  United  States,  upon 

a  loan  made  of  the  said  bank,  in  pursuance  of  the  eleventh 

section  of  the  act  for  incorporating  the  subscribers  to  the 

said  bank. 

Approved,  March  2,  1793. 

ACT  OF  MARCH  2,  1793. 
i  stnt.  L.,  CHAP.  XXVI. — An  act  for  extending  the  time  for  reeeiv- 

B38. 
[Obsolete.] 

ui'j  "it  loan  tlmt  part  of  the  domestic  debt  of  the  United 

States,  ti'hich  may  not  he  subscribed,  prior  to  the  first- 
day  of  March,  one  thousand  seren  hundred  and  ninety- 
three. 

SECTION   1.  Be  it  enacted  l>y  the  Senate  and  House  of 

Representatives  of  t/ie  United  States  of  America  in  C'on- 

DO  most  i  c  y/Y-.sx  (/xxr//i/ded.  That  the  term  for  receiving  on  loan  that 

reiving  '""  part    of  the  domestic  debt   of  the   United   States,  which 

;i  n    extended 

June,  1794.  shall  not  have  been  subscribed,  in  pursuance  of  the  act. 
•I'of ' Ma V'K'  intituled  "An  act  supplementary  to  the  act  making  pro- 
vision for  the  debt  of  the  United  States,"  be  extended, 
from  and  after  the  first  day  of  March,  one  thousand  seven 
hundred  and  ninety-three,  until  the  last  day  of  June,  one 
thousand  seven  hundred  and  ninety-four  inclusively,  on 
the  same  terms  and  conditions,  as  are  contained  in  the  act, 
intituled  uAn  act  making  provision  for  the  debt  of  the 
United  Slates:  I'rocidcd,  That  the  books  for  receiving  the 


LAWS  CONCERNING   MONEY,   BANKING,   AND   LOANS.  29 

said  subscriptions  shall  be  opened  only  at  the  Treasury 
of  the  United  States. 

SEC.  2.  And  be  it  further  enacted,  That  such  of  the      Pm-iiese  of 
creditors  of  the  United  States,  as  have  not  subscribed,  and  creditors, 
shall  not  subscribe  to  the  said  loan,  shall  nevertheless  re- 
ceive, during  the  year  one  thousand  seven  hundred  and 
ninety-three,  a  rate  per  centum  on  the  amount  of  such  of 
their  demands,  as  shall  have  been  registered,  conformable 
to  the  directions  contained  in  the  said  act,  on  or  before 
the  last  day  of  June,  one  thousand  seven  hundred  and 
ninety-four,  equal  to  the  interest,  which  would  be  payable 
to  them,  as  subscribing  creditors. 

Approved,  March  2,  1793. 

ACT  OF  MARCH  20,  1794. 
CHAP.  VIII. — An  act  authorizing  a  loan  of  one  'million     \  stat.  L., 

£    J     77  '545- 

Of  dollars.  [Obsolete.] 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  President  of  the  United  States  be,  and  he     President  of 
hereby  is  authorized  and  empowered  to  borrow,  on  the  authorized'  t  o 

-,.,       £  ,1       T-    -4.    J    04.  '£    •      i  •  •     •          ji  iv     borrow  if  1,000,- 

credit  or  the  united  States,  if,  in  his  opinion,  the  public ooo. 
service  shall  require  it,  a  sum  not  exceeding  one  million 
of  dollars,  at  an  interest  not  exceeding  five  per  centum 
per  annum,  reimbursable  at  the  pleasure  of  the  United 
States,  to  be  applied  to  such  public  purposes,  as  are 
authorized  by  law,  and  to  be  repaid  out  of  the  duties  on 
imports  and  tonnage  to  the  end  of  the  present  year :  And 
that  it  shall  be  lawful  for  the  Bank  of  the  United  States, 
and  the  said  bank  hereby  is  authorized  and  empowered 
to  make  the  loan  aforesaid. 
Approved,  March  20,  1794. 

ACT  OF  APRIL  21,  1794. 

CHAP.   XXI. — An.   act  limiting  the  time  for  presenting  ^i  s  t  n  t .  L., 
claim*  for  destroyed  certificates  of  certain  descriptions.         [Obsolete.] 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representative*  of  the  United  States  of  America  in,  Con- 
gress assembled.  That  all  claims  for  the  renewal  of  cer-    Limitation  of 
lificates  of  the  unsubscribed  debt  of  the  United  States,  ^f  ,?f>r  ."i: 
of  the  descriptions  commonly  called  "Loan  Office  Cer-  [.jltes.  COI>1 


30  NATIONAL   MONETARY   COMMISSION. 

tificates,''  or  "  Final  Settlements,"  which  may  have  been 
accidentally  destroyed,  shall  be  forever  barred  and  pre- 
cluded from  settlement  or  allowance,  unless  the  same 
shall  be  presented  at  the  treasury,  on  or  before  the  first 
day  of  June,  in  the  year  one  thousand  seven  hundred 
and  ninety-five. 
Proceedings  SEC.  2.  And  be  it  further  enacted.  That  no  claim  shall 

to    be    had    for 

establishing  be  allowed  for  the  renewal  of  loan  office  certificates  de- 
stroyed before  the  fourth  day  of  March,  one  thousand 
seven  hundred  and  eighty-nine,  unless  the  destruction 
of  the  same  was  advertised,  according  to  the  resolution 
of  Congress,  of  the  tenth  day  of  May,  one  thousand  seven 
hundred  and  eighty;  or  before  that  time,  was  notified 
to  the  office  from  which  the  same  was  issued,  nor  shall 
claims  be  allowed  for  the  renewal  of  loan  office  certifi- 
cates destroyed  on  or  after  the  said  fourth  day  of  March, 
one  thousand  seven  hundred  and  eighty-nine,  nor  of 
final  settlement  certificates  destroyed  at  any  time,  unless 
the  destruction  of  the  same  was  so  far  made  public,  as 
to  be  known  to  at  least  two  credible  witnesses,  soon  after 
it  happened,  and  shall  have  been  before  the  presentation 
of  the  claim,  as  hereinafter  provided,  advertised  for  at 
least  six  weeks  successively,  in  some  one  of  the  news- 
papers of  the  state  in  which  the  destruction  happened; 
and  also,  in  some  one  of  the  newspapers  of  the  state  in 
which  the  certificate  issued,  if  that  was  another  state; 
the  advertisement  or  advertisements,  in  such  case,  ex- 
pressing with  as  much  precision  as  possible,  the  number, 
date  and  amount  of  the  certificate  alleged  to  have  been 
destroyed,  and  the  name  of  the  person  to  whom  the 
same  was  issued,  together  with  the  time  when,  the  place 
where,  and  the  moans  by  which  the  same  was  destroyed. 
By  whom  and  SKC.  •}.  And  l>c  it  further  enacted,  That  all  claims  for 

received?*  betlie  renewal  of  destroyed  certificates,  of  either  of  the 
descriptions  aforesaid,  not  precluded  by  this  act,  shall 
be  receivable,  with  the  evidence  in  support  of  the  same, 
by  the  Auditor  of  the  Treasury,  until  the  said  first  day 
of  June,  one  thousand  seven  hundred  and  ninety-five,  and 
shall,  by  the  accounting  officers  of  the  treasury,  be  duly 
examined;  and  if  satisfactorily  supported,  the  claimants 
shall  be  entitled  to  receive  certificates  of  registered  debt, 
equal  to  the  specie  value  of  the  loan  office  or  final  settle- 
ment certificates  .-o  proved  to  have  been  destroyed. 
Approved.  April  iM.  175)4. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  31 

ACT  OF  MAY  30,  1794. 

CHAP.  XXXVI. — An  act  further  extending  the  time  for  3/0  s  * a  *  •  L- 
receiving   on   loan   the   domestic   debt   of   the    United    [Obsolete.] 
States. 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled.  That  the  term  for  receiving  on  loan  that ,  Domestic 

y  .  debt,    term   for 

part  of  the  domestic  debt  of  the  United  States  which  shall  subscribing  ex 

tended   to   31st 

not  have  been  subscribed  in  pursuance  of  the  act,  entituled  D?c.,  1794. 

*  '  1(93,   oh.    20. 

"An  act  for  extending  the  time  for  receiving  on  loan  that  i7j>5,  ch.  13. 
part  of  the  domestic  debt  of  the  United  States  which  may 
not  be  subscribed  prior  to  the  first  day  of  March,  one 
thousand  seven  hundred  and  ninety-three,"  be,  and  the 
same  is  hereby  further  extended  from  and  after  the  last 
day  of  June  ensuing,  until  the  last  day  of  December  next 
inclusively,  on  the  same  terms  and  conditions  as  are  con-  o  n  what 

terms. 

tained  in  the  act,  intituled  "An  act  making  provision  for 
the  debt  of  the  United  States."  Provided,  That  the  books 
for  receiving  the  said  subscriptions  shall  be  opened  only 
at  the  treasury  of  the  United  States. 

SEC.  2.  And  be  it  further  enacted,  That  such  of  the     Provisions 
creditors  of  the  United  States  as  have  not  subscribed  and  scribing    cred- 
shall  not  subscribe  to  the  said  loan,  shall  nevertheless  re-  _ 
ceive  during  the  year  one  thousand  seven  hundred  and 
ninety-four,  a  rate  per  centum  on  the  amount  of  such  of 
their  demands,  as  have  been  registered  or  as  shall  be  reg- 
istered at  the  treasury  conformable  to  the  directions  in 
the  act,  intituled  "An  act  making  provision  for  the  debt     1790' ch-  34- 
of  the  United  States,"  equal  to  the  interest  which  would 
be  payable  to  them  as  subscribing  creditors. 

Approved,  May  30,  1794. 

ACT  OF  MAY  31,  1794. 

CHAP.  XXXVII. — An  act  making  provision  for  the  pay-  n^    stat.    L.  , 
ment  of  the  interest  on  the  balances  due   to   certain 
States,  upon  a  final  settlement  of  the  accounts  between 

the  United  States  and  the  individual  States. 

« 

SECTION  1.  Be  it  enacted,  *  *  *,  That  interest  upon 
the  balances  reported  to  be  due  to  certain  states,  by  the 
commissioners  for  settling  accounts  between  the  United 
States  and  individual  states,  be  allowed,  from  the  last 
day  of  December,  one  thousand  seven  hundred  and  eighty- 


32  NATIONAL   MONETARY   COMMISSION. 

nine,  and  to  be  computed  to  the  last  day  of  December,  one 
thousand  seven  hundred  and  ninety-four,  at  the  rate  of 
four  per  centum  per  annum :  And  that  the  amount  of  such 
interest  be  placed  to  the  credit  of  the  state,  to  which  the 
same  shall  be  found  due,  upon  the  books  of  the  treasury 
of  the  United  States,  and  shall  bear  an  interest  of  three 
per  centum  per  annum,  from  and  after  the  said  last  day 
of  December,  one  thousand  seven  hundred  and  ninety-four. 

(Section  *2  provides  for  the  quarterly  payment  of  the 
interest  due  to  any  state,  beginning  on  the  last  day  of 
March,  1795;  and  pledges  for  the  payment  of  the  interest 
so  much  of  the  duties  arising  from  imports  and  tonnage, 
after  December  31,  1794,  as  may  be  necessary  and  not 
otherwise  appropriated,  also  pledging  the  faith  of  the 
United  States  to  provide  for  any  deficiency.) 

Approved,  May  31,  1794. 

NOTE.— By  the  act  of  January  2,  1795  (1  Stat.  L.,  409),  any 
State  is  authorized,  within  two  years,  to  transfer  stock  thus  cre- 
ated to  creditors  of  the  State  who  were  such  prior  to  July  1,  1793. 
This  authority  was  continued  to  March  4,  1799,  by  the  act  of  July 
6,  1797. 

ACT  OF  JUNE  4,  1794. 

i    stat.    L.,  CHAP.  XL.— .In  act  proridiiKj  for  the  payment  of  the 
[obsolete.]         xeco»d  instalment  due  on  <t  loan  made  of  the  Bank  of 
the  I' n'ded  States. 

SECTION  1.  Be  it  cnaete-d  l)ij  the  Senate  and  House  of 

Representatives  of  the  United  State*  of  America-  in  Con- 

President  of  f/ress  assembled,  That  the  President  of  the  United  States 

T  nited    States  J  • 

to  pay  second  be,  and  he  hereby  is  authorized  and  empowered  to  apply 

instalment  to  •'  ,          ,  . 

the  bank  out  of  two  hundred  thousand  dollars  of  the  proceeds  ol  foreign 

foreign  loans. 

loans  heretofore  transferred  to  the  United  States,  in  pay- 
ment of  the  second  instalment  due  to  the  Hank  of  the 
United  States,  upon  a  loan  of  the  said  bank,  made  pur- 
suant to  the  eleventh  section  of  the  act  for  incorporating 
A  nn  uai  pp-the  subscribers  to  the  said  bank:  and  that  the  annual 

riod    for    pay-  . 

incut  of  each  period  ior  tlie  payment  or  each  instalment  or  the  said 
loan,  shall  be  deemed  to  be  the  last  day  of  December  in 
each  year. 

•i-,"!liIrorr0nr-iln-'     ^Kr>  "'  ^"^  ^c  ^  fl/r^tcr  enacted,  That  a  sufficient  sum 
Jo'.1,',',1'''*1  ""  sahl  °f  tn(>  dividends,  which  have  accrued,  or  which  shall  here- 
after accrue,  on  the  stock  owned  by  the  United  States,  in 
the  Hank  of  the  United  States,  be.  and  the  same  is  hereby 
appropriated  to  the  payment  of  the  interest,  which  has. 
or  shall  become  due,  on  the  loan  obtained,  as  aforesaid. 
Approved,  June  4,  1794. 


LAWS  CONCERNING   MONEY,   BANKING,   AND   LOANS.  33 

ACT  OF  JUNE  5,  1794. 

CHAP.  XLVI. — An  act  to  authorize  the  President  of  the  37|    stat-    Li> 
United  States  during  the  recess  of  the  present  Congress, 
to  cause  to  be  purchased  or  built  a  number  of  vessels 
to  be  equipped  as  Galleys,  or  otherwise,  in  the  service 
of  the  United  States. 

***** 
SEC.  3.  And  be  it  further  enacted,  That  there  be  appro-  t4prBrIatIon 
priated  for  the  purpose  aforesaid,  the  sum  of  eighty  thou- 
sand dollars  to  be  paid  out  of  the  proceeds  of  any  revenue 
of  the  United  States,  which  now  are,  or  hereafter  during 
the  present  session  shall  be  provided,  not  being  otherwise 
appropriated.     And  that  the   President  of  the  United  i^.^^££. 
States  be  authorized  to  take  on  loan  of  the  Bank  of  the  row  $80,000. 
United  States,  or  of  any  other  body  politic  or  corporate, 
person  or  persons,  the  said  sum  of  eighty  thousand  dol- 
lars, to  be  reimbursed,  principal  and  interest,  out  of  the 
said   proceeds,  appropriated   as  aforesaid,   according  to 
such  contract  or  contracts,  which  shall  be  made  concern- 
ing the  same. 

Approved,  June  5,  1794. 

ACT  OF  JUNE  9,  1794. 

CHAP.  LXIII. — An  act  making  appropriations  for  cer-     i    stat.    L., 

tain  purposes  therein  expressed. 
*  *  *  *  * 

SEC.  2.  And  be  it  further  enacted,  That  the  President     President  of 
of  the  United  States  be  empowered  to  borrow,  on  behalf  states  to  bor- 

row  a  sum. 

of  the  United  States,  of  the  Bank  of  the  United  States 

(which  is  hereby  authorized  to  lend  the  same),  or  of  any 

other  body  or  bodies  politic,  person  or  persons,  any  sum 

not  exceeding  in  the  whole,  one  million  of  dollars,  to  be    Not exceeding 

applied  to  the  purposes  aforesaid,  and  to  be  reimbursed, 

as  well  interest  as  principal,  out  of  the  proceeds  of  the 

said  revenues. 

SEC.   3.  Provided  always,  and  be  it   further  enacted,     certain  sum 

•7    '  J  •  to   be  reserved. 

That  there  shall  be  reserved  out  of  the  proceeds  of  the 
said  revenues,  a  sum  sufficient  to  pay  the  interest  of  what- 
ever monies  may  be  borrowed  pursuant  to  the  act,  inti- 
tuled "An  act  making  further  provision  for  the  expenses  1794,  c-b.  i 
attending  the  intercourse  of  the  United  States  with  for- 
eign nations;  arid  further  to  continue  in  force  the  act, 


34  NATIONAL   MONETARY   COMMISSION. 

intituled  "  An  act  providing  the  means  of  intercourse  be- 
tween the  United  States  and  foreign  nations;"  and  such 
sum  is  hereby  pledged  and  appropriated  for  that  purpose, 
according  to  the  terms  of  the  contract  or  contracts  which 
shall  or  may  be  made  concerning  the  said  monies.  And 
the  faith  of  the  United  States  is  hereby  pledged  to  make 
such  further  provision  therefor,  as  may  be  necessary. 
Approved,  June  9,  1794. 

ACT  OF  DECEMBER  18,  1794. 

^i    stat.    L.,  CHAP.  IV. — An  act  authorizing  a  loan  of  two  million  of 
[Expired.]  dollars, 

SECTION  1.  Be  it  enacted  ~by  the  Senate  and  House  of 

Representatives  of  the  United  States  of  America  in  Con- 

rresident  otgress  assembled,  That  the  President  of  the  United  States 

T'nited     States' 

to     borrow  be  empowered  to  borrow,  on  behall  of  the  United  States, 

$2,000,000. 

any  sum  not  exceeding  two  million  or  dollars,  at  an  in- 
terest not  exceeding  five  per  cent,  per  annum,  reimburs- 
able at  the  pleasure  of  the  United  States,  to  be  applied  to 
such  public  purposes,  as  are  authorized  by  law,  and  to  be 
repaid  out  of  the  duties  on  impost  and  tonnage,  to  (he 
end  of  the  year  one  thousand  seven  hundred  and  ninety- 
five. 

un?tedn  stateJ     SEC-  ~  And  ^  'd  father  enacted,  That  it  shall  be  law- 
may  loan  saidfui  for  t}ie  ]}ank  of  tne  United  States,  and  the  said  bank 

hereby  is  authorized  and  empowered  to  loan  the  said  sum, 
or  any  part  thereof. 

Approved.  December  18,  1794. 

ACT  OF  JANUARY  8,  1795. 

40»  8tat  L"  CHAP.  XT. — An  act  pro  riding  for  the  payment  of  certain, 
instalments  of  foreign  debts,'  and  of  tlie  third  instal- 
ment due  on  a  loan  made  of  the  Bank  of  the  United 
States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  asxem- 

fvrtain   in-/,<W   That  the  President  of  the  United  States  be,  and  he 
Ktalments      of 

debt,  how  to  be  hereby  is  authorized  and  empowered  to  cause  any  mstal- 

I'aid.  " 

ments  of  the  foreign  debts,  which  may  fall  due  in  the 
year  one  thousand  seven  hundred  and  ninety-live,  and 
also  the  third  instalment  due  on  a  loan  made  of  the  Bank 


LAWS   CONCEENING   MONEY,   BANKING,   AND   LOANS.  35 

of  the  United  States,  in  pursuance  of  the  eleventh  section     1791>  ch-  i°- 
of  the  act  for  incorporating  the  subscribers  to  the  said 
bank,  to  be  paid  out  of  the  proceeds  of  any  foreign  loans 
heretofore  made. 

Approved,  January  8,  1795. 

ACT  OF  JANUARY  28,  1795. 

CHAP.  XIII.  —  An  act  further  extending  the*  time  for  re-     1    stat.    L., 
ceiving    on   loan    the   domestic   debt   of   the    United    [Obsolete.] 
States. 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America,  in  Con- 
gress assembled,  That  the  term  for  receiving  on  loan  that     Time  for  re- 
part  of  the  domestic  debt  of  the  United  States  which  has  the    domestic 

,-,-!•  e    .-.  .    .  -.  debt     extended 

not  been  subscribed  in  pursuance  or  the  provisions  here-  tin    the    sist 
tofore  made  by  law  for  that  purpose,  be  and  the  same  is    ^1790,  ch.  34! 
hereby  further  extended  until  the  thirty-first  day  of  De- 
cember next,  on  the  same  terms  and  conditions  as  are  con- 
tained in  the  act,  entitled  "An  act  making  provision  for 
the   debt   of   the   United    States."     Provided,   That    the 
books  for  receiving  the  said  subscriptions  shall  be  opened 
only  at  the  Treasury  of  the  United  States. 

SEC.  2.  And  be  it  further  enacted,  That  such  of  the.  Non-snbscrib- 

'  .  injj  creditors  of 

creditors  of  the  United  States  as  have  not  subscribed  and  United    states 

to    receive    for 

shall  not  subscribe  to  the  said  loan  shall  nevertheless  re-ono    year    five 

.  11-11  l'el-     cent,      on 

ceive  during  the  year  one  thousand  seven  hundred  ana  their  demands. 
ninety-five  a  rate  per  centum  on  the  amount  of  such  of 
their  demands  as  have  been  registered  or  as  shall  be  reg- 
istered at  the  Treasury  conformable  to  the  directions  in 
the  act,  entitled  "An  act  making  provision  for  the  debt     1700,  ch.  34. 
of  the  United  States,"  equal  to  the  interest  which  would 
be  payable  to  them  as  subscribing  creditors. 
Approved,  January  28,  1795. 

ACT  OF  FEBRUARY  21,  1795. 
CHAP.  XXV.  —  An  act  for  the  reimbursement  of  a  loan  41jJ,    Sfnt-    L- 


authorized  by  an  act  of  the  last  session  of  Congress. 


SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled,  That  the  Bank  of  the  United  States  be,  rn^'dn  |t 
and  the  same  is  hereby  authorized  to  lend  to  the  United  i1l(:;it,1,lori/CHl 


36  NATIONAL   MONETARY   COMMISSION. 

States,  the  whole,  or  any  part  of  the  sum  of  eight  hun- 
dred thousand  dollars  (remaining  unapplied)  in  'pur- 
suance of  the  authority  granted  to  borrow  one  million 
1-94,  ch.  7.  dollars,  by  the  act,  intituled  "  An  act  making  further 
provision  for  the  expenses  attending  the  intercourse  of 
the  United  States  with  foreign  nations;  and  further  to 
continue  in  force  the  act,  intituled  "  An  act  providing 
the  means  of  intercourse  between  the  United  States  and 
foreign  nations. 

fnuM  &KC'  -•  Ai><1  1>C  ^  father  enacted.  That  after  reserving 
ed.  ^ndi  simis  as  in;1y  be  sufficient  to  satisfy  prior  appropria- 
tions, there  be  further  appropriated,  in  aid  of  the  provision 
heretofore  made,  out  of  the  proceeds  of  the  duties  which 
have  arisen,  or  may  arise  upon  carriages  for  the  convey- 
ance of  persons:  upon  licenses  for  selling  wines  and  for- 
eign distilled  spirituous  liquors  by  retail;  upon  snuff  and 
refined  sugar;  and  upon  property  sold  at  auction;  which 
were  imposed  by  acts  passed  during  the  last  session,  and 
which  may  be  further  continued,  the  present  session  of 
Congress,  or  from  the  proceeds  of  such  duties  or  revenues 
as  may  be  established  in  lieu  thereof,  a  sum  sufficient  to 
the  reimbursement,  before  the  year  one  thousand  eight 
hundred  and  one,  of  any  loan  or  loans,  which  have  been, 
or  which  may  hereafter  be  made,  in  virtue  of  the  act 
aforesaid:  And  that  the  faith  of  the  United  States  be, 
and  the  same  is  hereby  pledged,  to  make  good  any  defi- 
ciency of  the  said  duties. 

Approved.  February  'Jl,  175)5. 

ACT  OF   AIAKCII   :*.   1795. 

'  I'-(1n.\r.  XLV.— J/>  act  making  fiirtlicr  provision  for  the 
Hii/>j>ort  of  public  credit,  and  for  the  redemption  of  the 
public  debt. 

(Section  1  authorizes  the  commissioners  of  the  sinking 
fund  to  borrow  not  exceeding  one  million  dollars  in  any 
one  year,  in  anticipation  of  the  revenue,  for  the  payment 
of  interest  on  (lie  public  debt,  and  appropriates  for  the 
interest  on  >uch  temporary  loan  the  proceeds  of  duties  on 
^oods  imported,  on  tonnage,  and  upon  spirits  distilled 
within  the  I'nited  States,  and  stills. 

(Sections  -2.  '>'>,  and  1  authorize  a  loan  to  be  issued  in  ex- 
change for  equal  amounts  of  tlu£  foreign  debt,  to  bear 
an  interest  equal  to  the  interest  payable  on  the  foreign 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  37 

debt  exchanged,  with  an  addition  of  one-half  of  1  per  cent 
per  annum,  and  the  principal  to  be  reimbursable  at 
pleasure.  The  new  loan  is  to  be  entered  on  the  books  of 
the  treasury  in  like  manner  as  the  domestic  funded  debt, 
and  to  be  transferable  in  like  manner;  and  the  interest 
and  principal  of  loans  authorized  by  this  act  are  to  be 
payable  at  the  treasury  only,  so  far  as  relates  to  the  prin- 
cipal and  interest  of  the  domestic  debt. 

(Section  5  provides  that  so  much  of  the  duties  on 
goods  imported,  on  tonnage,  and  upon  spirits  distilled 
and  stills  as  may  be  set  free  by  subscriptions  to  the  new 
loan,  with  such  further  part  of  the  proceeds  as  may  be 
necessary,  shall  remain  appropriated  for  the  payment  of 
interest  on  the  said  loan  until  the  principal  thereof  is 
reimbursed;  provided  that  nothing  herein  contained  shall 
alter  any  existing  contract  concerning  the  foreign  debt 
except  as  to  such  holders  as  may  subscribe  to  the  new 
loan.) 

SEC.  6.  And  be  it  further  enacted.  That  the  several  and  dut^|  \^  ^.f 
respective  duties  laid  and  contained  in  and  by  the  act,  in-  00  be  col~ 
tituled  "  An  act  laying  additional  duties  on  goods,  wares 
and  merchandise  imported  into  the  United  States."  passed 
the  seventh  day  of  June,  one  thousand  seven  hundred  and 
ninety-four,  shall,  together  with  the  other  duties  hereto- 
fore charged  with  the  payment  of  interest  on  the  public 
debt,  continue  to  be  levied,  collected  and  paid,  until  the 
whole  of  the  capital  or  principal  of  the  present  debt  of 
the  United  States,  and  future  loans  which  may  be  made, 
pursuant  to  law,  for  the  exchange,  reimbursement  or  re- 
demption thereof,  or  of  any  part  thereof,  shall  be  reim- 
bursed or  redeemed,  and  shall  be,  and  hereby  are,  pledged 
and  appropriated  for  the  payment  of  interest  upon  the 
said  debt  and  loans,  until  the  same  shall  be  so  reimbursed 
or  redeemed. 

(Section  7  annuls  the  reservation  made  by  section  4  of 
the  act  of  August  12.  1790,  and  makes  other  provision  for 
the  same  purpose.) 

SEC.  8.  And  be  it  further  enacted.  That  the  following 
appropriations,  in  addition  to  those  heretofore  made,  be  ('( 
made  to  the  fund  constituted  by  the  seventh  section  of 
the  act.  intituled  ';  An  act  supplementary  to  the  act  m;ik- 
ing  provision  for  the  debt  of  the  United  States,"  passed 
the  eighth  day  of  May.  one  thousand  seven  hundred  and 
ninety-two,  to  be  hereafter  denominated  "The  sinking c 


38  NATIONAL   MONETAKY   COMMISSION. 

fund,"'  to  wit :  First,  so  much  of  the  proceeds  of  the  duties 
on  goods,  wares  and  merchandise  imported;  on  the  ton- 
nage of  ships  or  vessels,  and  on  spirits  distilled  within 
the  United  States  and  stills,  as,  together  with  the  monies 
which  now  constitute  the  said  fund,  and  shall  accrue  to  it, 
by  virtue  of  the  provisions  herein  before  made,  and  by 
the  interest  upon  each  instalment,  or  part  of  principal, 
which  shall  be  reimbursed,  will  be  sufficient,  yearly  and 
every  year,  commencing  the  first  day  of  January  next,  to 
reimburse  and  pay  so  much  as  may  rightfully  be  reim- 
bursed and  paid,  of  the  principal  of  that  part  of  the  debt 
or  stock,  which,  on  the  said  first  day  of  January  next, 
shall  bear  an  interest  of  six  per  centum  per  annum,  re- 
deemable by  payments  on  account  both  of  principal  and 
interest,  not  exceeding,  in  one  year,  eight  per  centum, 
excluding  that  which  shall  stand  to  the  credit  of  the  com- 
missioners of  the  sinking  fund,  and  that  which  shall  stand 
to  the  credit  of  certain  States,  in  consequence  of  the 
balances  reported  in  their  favour,  by  the  commissioners 
for  settling  accounts  between  the  United  States  and  indi- 
vidual States :  Secondly,— The  dividends,  \vhich  shall  be, 
from  time  to  time,  declared  on  so  much  of  the  stock  of 
the  Bank  of  the  United  States,  as  belongs  to  the  United 
States  (deducting  thereout  such  sums,  as  will  be  requi- 
site to  pay  interest  on  any  part  remaining  unpaid  of  the 
loan  of  two  millions  of  dollars,  had  of  the  Bank  of  the 
United  States,  pursuant  to  the  eleventh  section  of  the  act, 
Appropria-by  which  the  said  bank  is  incorporated)  :  Thirdly,— So 

tlons    made    f°     ',„,,.  .        . 

certain  funds,  much  of  the  duties  on  goods,  wares  and  merchandise  im- 
ported, on  the  tonnage  of  ships  or  vessels,  and  on  spirits 
distilled  within  the  United  States  and  stills,  as,  with  the 
said  dividends,  after  such  deduction,  will  be  sufficient, 
yearly  and  every  year,  to  pay  the  remaining  instalments 
of  the  principal  of  the  said  loan,  as  they  shall  become  due, 
and  as,  together  with  any  monies,  which,  by  virtue  of  pro- 
visions in  former  acts,  and  herein  before  made,  shall,  on 
the  first  day  of  January,  in  the  year  one  thousand  eight 
hundred  and  two,  belong  to  the  said  sinking  fund,  not 
otherwise  specially  appropriated;  and  with  the  interest 
on  each  instalment,  or  part  of  principal,  which  shall,  from 
time  (o  time,  be,  reimbursed,  or  paid,  of  that  part  of  the 
debt  or  stock,  which,  on  the  first  day  of  January,  in  the 
year  one  thousand  eight  hundred  and  one,  shall  begin  to 
bear  an  interest  of  six  per  centum  per  annum,  will  be 
sufficient,  yearly  and  every  year,  commencing  on  the  first 


LAWS    CONCERNING    MONEY,    BANKING,   AND   LOANS.  39 

day  of  January,  in  the  year  one  thousand  eight  hundred 
and  two,  to  reimburse  and  pay  so  much,  as  may  rightfully 
be  reimbursed  and  paid,  of  the  said  principal  of  the  said 
debt  or  stock,  which  shall  so  begin  to  bear  an  interest  of 
six  per  centum  per  annum,  on  the  said  first  "day  of  Jan- 
uary, in  the  year  one  thousand  eight  hundred  and  one,  ex- 
cluding that,  which  shall  stand  to  the  credit  of  the  com- 
missioners of  the  sinking  fund,  and  that,  which  shall 
stand  to  the  credit  of  certain  States  as  aforesaid: 
Fourthly, — The  net  proceeds  of  the  sales  of  lands  belong- 
ing, or  which  shall  hereafter  belong  to  the  United  States, 
in  the  western  territory  thereof:  Fifthly, — All  monies, 
which  shall  be  received  into  the  Treasury,  on  account  of 
debts  clue  to  the  United  States,  by  reason  of  any  matter 
prior  to  their  present  constitution :  And  lastly. — All  sur- 
pluses of  the  revenues  of  the  United  States,  which  shall 
remain,  at  the  end  of  any  calendar  year,  beyond  the 
amount  of  the  appropriations  charged  upon  the  said  rev- 
enues, and  which,  during  the  session  of  Congress  next 
there  after,  shall  not  be  otherwise  specially  appropriated 
or  reserved  by  law. 

SEC.  9.  And  be  it  further  enacted,  That  as  well  the   Moneys acom- 

11  •-!•!•  /»  illS    t0    the  Slnk' 

monies  which  shall  accrue  to  the  said  sinking  iiind.  by  ing  fund,  to  he 

„     ,  .  ,  .    ,  „  under     the    di- 

virtue  of  the  provisions  of  this  act,  as  those  which  shall rection      and 

.  .    .  management  of 

have  accrued  to  the  same,  by  virtue  or  the  provisions  otthecommissioa- 
any  former  act  or  acts,  shall  be  under  the  direction  and 
management  of  the  commissioners  of  the  sinking  fund, 
or  the  officers  designated  in  and  by  the  second  section  of 
the  act,  intituled  ''An  act  making  provision  for  the  re- 
duction of  the  public  debt,"  passed  the  twelfth  day  of 
August,  one  thousand  seven  hundred  and  ninety,  and  1790  ch  4T 
their  successors  in  office;  and  shall  be,  and  continue  appro- 
priated to  the  said  fund,  until  the  whole  of  the  present 
debt  of  the  United  States,  foreign  and  domestic,  funded 
and  unfunded,  includinc:  future  loans,  which  may  be  made  now  ions  to 

,.  .     ,          .  '  i          •  .    i  <• b  e      appropri- 

tor  reimbursing  or  redeeming  any  instalments  or  parts  orated. 

principal  of  the  said  debt,  shall  be  reimbursed  and  re- 
deemed; and  shall  be.  and  are  hereby  declared  to  be 
vested  in  the  said  commissioners,  in  trust,  to  be  applied, 
according  to  the  provisions  of  the  aforesaid  act  of  the 
eighth  day  of  May.  in  the  year  one  thousand  seven  hun- 
dred and  ninety-two,  and  of  this  act,  to  the  reimburse- 
ment and  redemption  of  the  said  debt,  including  the  loans 
aforesaid,  until  the  same  shall  be  fully  reimbursed  and  re- 
deemed. And  the  faith  of  the  United  States  is  hereby 


40  NATIONAL   MONETARY   COMMISSION. 

pledged,  that  the  monies  or  funds  aforesaid,  shall  invio- 
lably remain  and  be  appropriated  and  vested,  as  afore- 
said, to  be  applied  to  the  said  reimbursement  and  re- 
demption, in  manner  aforesaid,  until  the  same  shall  be 
fully  and  completely  effected. 

m?ntlmbofrstho     ^EC>  10.  And  l>e  it  further  enacted,  That  all  reimburse- 
apitai  of  debtments  of  tiie  capital,  or  principal  of  the  public  debt,  for- 

o  be  under  the  L  '          "  *  ~ 


to 


ico   of  "the  e^n  anc^  domestic,  shall  be  made  under  the  superintend- 
commissioners,  ence  of  the  commissioners  of  the  sinking  fund,  who  are 

who    may    bor- 

row. hereby  empowered  and  required,  if  necessary,  with  the 

approbation  of  the  President  of  the  United  States,  as  any 
instalments  or  parts  of  the  said  capital  or  principal  be- 
come due,  to  borrow,  on  the  credit  of  the  United  States, 
the  sums  requisite  for  the  payment  of  the  said  instalments 
or  parts  of  principal:  Provided.  That  any  loan  which 
may  be  made  by  the  said  commissioners,  shall  be  liable 
to  reimbursement  at  the  pleasure  of  the  United  States: 
and  that  the  rate  of  interest  thereupon,  shall  not  exceed 
six  per  centum  per  annum  ;  and  for  greater  caution,  it  is 
n  WoodS^xecuhnere^y  declared,  that  it  shall  be  deemed  a  good  execution 
'•owe"  "to  Vor^0^  ^ie  sa'^  Power  *()  borrow,  for  the  said  commissioners, 
row-  with  the  approbation  of  the  President,  to  cause  to  be  con- 

stituted certificates  of  stock,  signed  by  the  Register  of  the 
Treasury  for  the  sums  to  be  respectively  borrowed,  bear- 
ing an  interest  of  six  per  centum  per  annum,  and  re- 
deemable at  the  pleasure  of  the  United  States;  and  to 
cause  the  said  certificates  of  stock  to  be  sold  in  the  market 
forppfhprlai!i°°  °f  the  r»iterl  States,  or  elsewhere;  Provided,  That  no 
mont  ucr-  sllcn  stock  be  sold  under  par.  And  for  the  payment  of 
interest  on  any  sum  or  sums  which  ma}7  be  so  borrowed, 
either  by  direct  loans,  or  by  the  sale  of  certificates  of 
stock,  the  interest  on  the  sum  or  sums  which  shall  be  reim- 
bursed by  the  proceeds  thereof  (except  that  upon  the 
funded  stock,  bearing  and  to  bear  an  interest  of  six  per 
centum,  redeemable  by  payments,  not  exceeding  in  one 
year,  eight  per  centum  on  account  both  of  principal  and 
interest),  and  so  much  of  the  duties  on  goods,  wares 
and  merchandise  imported,  on  the  tonnage  of  ships  or 
vessels,  and  upon  spirits  distilled  within  the  United 
-•  States,  and  upon  stills,  as  may  be  necessary,  shall  be,  and 

hereby  arc  pledged  and  appropriated. 

Mu^lmYnSY      s™'-  H-  Ami  be  it  further  enarted,  That  it  shall  be  the 

I'lll'ya'niiuji'iiy!  'duty  of  the  commissioners  of  the  sinking  fund,  to  cause  to 

be  applied   and    paid,  out  of  the  said   fund,  yearly  and 

everv  vear,  at  the  Treasury  of  the  United  States,  the  sev- 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  41 

eral  and  respective  sums  following,  to  wit:  First,  such 
sum  and  sums  as,  according  to  the  right  for  that  purpose 
reserved,  may  rightfully  be  paid  for,  and  towards  the 
reimbursement  or  redemption  of  such  debt  or  stock  of  the 
United  States,  as,  on  the  first  day  of  January  next,  shall 
bear  an  interest  of  six  per  centum  per  annum,  redeemable 
by  payments,  not  exceeding  in  one  year,  eight  per  centum, 
on  account  both  of  principal  and  interest,  excluding  that 
standing  to  the  credit  of  the  commissioners  of  the  sinking 
fund,  and  that  standing  to  the  credit  of  certain  States,  as 
aforesaid,  commencing  the  said  reimbursement  or  redemp- 
tion, on  the  said  first  day  of  January  next :  Secondly,  such 
sum  and  sums  as,  according  to  the  conditions  of  the  afore- 
said loan,  had  of  the  Bank  of  the  United  States,  shall  be 
henceforth  payable  towards  the  reimbursement  thereof, 
as  the  same  shall  respectively  accrue :  Thirdly,  such  sum 
and  sums  as,  according  to  the  right  for  that  purpose  re- 
served, may  rightfully  be  paid  for  and  towards  the  reim- 
bursement or  redemption  of  such  debt  or  stock  of  the 
United  States  as,  on  the  first  day  of  January,  in  the  year 
one  thousand  eight  hundred  and  one,  shall  begin  to  bear 
an  interest  of  six  per  centum  per  annum,  redeemable  by 
payments,  not  exceeding  in  one  year,  eight  per  centum,  on 
account  both  of  principal  and  interest,  excluding  that 
standing  to  the  credit  of  the  commissioners  of  the  sinking 
fund,  and  that  standing  to  the  credit  of  certain  States,  as 
aforesaid,  commencing  the  said  reimbursement  or  redemp- 
tion, on  the  first  day  of  January,  in  the  year  one  thousand 
eight  hundred  and  two ;  and  also  to  cause  to  be  applied  all 
such  surplus  of  the  said  fund,  as  may  at  any  time  exist, 
after  satisfying  the  purposes  aforesaid,  towards  the  fur- 
ther and  final  redemption  of  the  present  debt  of  the 
United  States,  foreign  and  domestic,  funded  and  un- 
funded, including  loans  for  the  reimbursement  thereof,  by 
payment  or  purchase,  until  the  said  debt  shall  be  com- 
pletely reimbursed  or  redeemed. 

SEC.  12.  Provided  always,  and  be  if  further  enacted, 
Thnt  nothing  in  this  act  shall  be  construed  to  vest  in  the     fommipsion- 

•         •  £    .Ll  •       1     •  £  1  •       1    ^  Jl          elS     11<jl      '"     pa-V 

commissioners  or  the  sinking  fund,  a  right  to  pav,  in  the  more    for    iho 
1-1  i  -i        i  -11        ..tin fund od  do- 

purchase  or  discharge  of  the  unfunded  domestic  debt  ofmcstic  debt, 

TT        •  1     '        1  •  (  ll!ln       11l('  '- 

the  United  States,  a  higher  rate  than  the  market  price  orket-  i>rico< 
value  of  the  funded  debt  of  the  United  States:  And  pro-      iovoYn 
vided  also,  That  if,  after  all  the  debts  and  loans  aforesaid, i> 
now  due,  and  that  shall  arise  under  this  act,  except  ing  Ihen'i 

(;i 

said  debt  or  slock,  bearing  an  interest  of  three  per  cent. 


42  NATIONAL   MONETAEY   COMMISSION. 

shall  be  fully  paid  and  discharged,  any  part  of  the  prin- 
cipal of  the  said  debt  or  stock  bearing  an  interest  of  three 
per  cent,  as  aforesaid,  shall  be  unredeemed,  the  Govern- 
ment shall  have  liberty,  if  they  think  proper,  to  make 
other  and  different  appropriations  of  the  said  funds. 
Priorities  in  SEC.  13.  And  be  it  further  enacted,  That  all  priorities 


*  heretofore  established  in  the  appropriations  by  law,  for 
™tnto0ceasnoe?rsthe  interest  on  the  debt  of  the  United  States,  as  between 
itors!  °  the  different  parts  of  the  said  debt,  shall,  after  the  year 

one  thousand  seven  hundred  and  ninety-six,  cease  with  re- 
gard to  all  creditors  of  the  United  States,  who  do  not, 
before  the  expiration  of  the  said  period,  signify,  in  writ- 
ing, to  the  Comptroller  of  the  Treasury,  their  dissent 
therefrom  ;  and  that  thenceforth,  with  the  exception  only 
of  the  debts  of  such  creditors  who  shall  so  signify  their 
dissent,  the  funds  or  revenues  charged  with  the  said  ap- 
propriations, shall,  together,  constitute  a  common  or  con- 
solidated fund,  chargeable  indiscriminately,  and  without 
priority,  with  the  payment  of  the  said  interest. 

(Section  1-i  requires  that  all  outstanding  loan-office 
certificates,  final  settlements,  and  indents  of  interest  shall 
be  presented  before  January  1,  1707,  to  the  Auditor  of 
the  Treasury,  to  be  exchanged  for  new  certificates,  or 
registered  and  returned,  at  the  option  of  the  holder;  and 
all  certificates  not  so  presented  shall  be  forever  barred. 
(Section  15  enacts  that  any  transfer  of  stock  standing 
to  the  credit  of  a  State,  made  after  December  31,  1795, 
shall  be  upon  condition  that  it  shall  be  lawful  to  reim- 
burse so  much  of  the  principal  of  the  stock  transferred 
as  will  make  its  reimbursement  equal  to  that  of  the  same 
stock  transferred  previous  to  the  said  day.) 

sum  of  money      SKC.  1(5.  And  l>c  it  further  enacted,  That  in  regard  to 
I'MK  remaining  any  sum  which  shall  have  remained  unexpended  upon  any 
''     rtain  appropriation  other  than  for  the  payment  of  interest  on 
\  "to  f  the  the  funded  debt;  for  the  payment  of  interest  upon,  and 
reimbursement,   according  to  contract,  of   any   loan   or 
loans  made  on  account  of  the  United  States;  for  the  pur- 
poses of  the  sinking  fund;  or  for  a  purpose,  in  respoci 
to  which,  ;i  longer  duration  is  specially  assigned  by  law. 
for  more  than  two  years  after  the  expiration  of  the  calen- 
dar year  in  which  the  act  of  appropriation  shall  have  been 
parsed.  M;''h  appropriation  shall  be  deemed  to  have  ceased 
and  been  determined;  and  the  sum  so  unexpended  shall 
be  earned   to  ;m   account   <>n  the  books  of  the  Treasury, 
to  be  denominated  "Tin-;  Suuru  s  FUND."     I3ul   no  ap- 


LAWS  CONCERNING   MONEY,   BANKING,   AND   LOANS.  43 

propriation  shall  be  deemed  to  have  so  ceased  and  been 
determined,  until  after  the  year  one  thousand  seven  hun- 
dred and  ninety-five,  unless  it  shall  appear  to  the  Secre- 
tary of  the  Treasury,  that  the  object  thereof  hath  been 
fully  satisfied,  in  which  case,  it  shall  be  lawful  for  him 
to  cause  to  be  carried  the  unexpended  residue  thereof,  to 
the  said  account  of  "  the  surplus  fund." 

(By  sections  IT,  18,  and  19  the  Treasury  is  required  to 
establish  rules  for  the  execution  of  this  act;  all  restric- 
tions and  regulations  heretofore  imposed  by  law  upon 
the  commissioners  of  the  sinking  fund  are  made  appli- 
cable in  analogous  cases  under  this  act,  and  an  account  of 
all  sales  of  stock  or  loans  made  is  required  to  be  laid 
before  Congress  within  fourteen  days  after  its  next  meet- 
ing; and  in  every  case  it  is  made  lawful  to  borrow  from 
the  Bank  of  the  United  States,  whatever  the  amount  of 
the  loan. 

(Section  20  continues  acts  laying  duties  on  carriages, 
licenses  for  selling  wines  and  liquors,  duties  on  snuff 
and  sugar,  and  property  sold  at  auction.) 

Approved,  March  3,  1795. 

ACT  OF  FEBRUARY  19,  1796. 

CHAP.  II.  —  An  act  further  extending  the  time  for  receiv-     i  stat.  L., 
ing  on  loan  the  domestic  debt  of  the  United  States.          [Obsolete.] 


SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of  3 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled.  That  the  term  for  receiving  on  loan  that     Extension  of 

the  term  for  re- 

part  of  the  domestic  debt  of  the  United  States,  which  has  ceiving  on  loan 

.  „  .    .  the    domestic 

not  been  subscribed,  in  pursuance  of  the  provisions  here-  debt. 
tofore  made  by  law  for  that  purpose,  be,  and  the  same  is 
hereby  further  extended,  until  the  thirty-first  day  of  De- 
cember next,  on  the  same  terms  and  conditions,  as  are  con- 
tained in  the  act.  intituled  "An  act  making  provision  for 
the  debt  of  the  United  States  :  "  Provided,  That  the  books     Proviso. 
for  receiving  the  said  subscriptions  shall  be  opened  only 
at  the  Treasury  of  the  United  States. 

SEC.  2.  And  be  it  further  enacted.  That  it  shall  be  law-     Rpimburse- 
.  •     •     ••     »    i  ment  ?f  i?art  of 

till  to  reimburse  so  much  or  the  principal  or  the  debt  or  the  principal. 

stock,  which  may  be  subscribed,  pursuant  to  this  act,  as 
will  make  the  reimbursement  thereof  equal  in  proportion 
and  degree,  to  that  of  the  same  stock  subscribed  ante- 
cedent to  the  present  year;  and  the  said  reimbursement 
shall  be  made  at  the  expiration  of  the  quarter  in  which 
15712°—  10  -  4 


44  NATIONAL   MONETARY   COMMISSION. 

1795,  ch.  45.  sucn  debt  or  stock  shall  be  subscribed,  and  pursuant  to 
the  rules  and  conditions  prescribed  by  the  act,  intituled 
uAn  act  making  further  provision  for  the  support  of 
public  credit,  and  for  the  redemption  of  the  public  debt." 

Provision  for  SEC.  3.  And  be  it  further  endcted,  That  such  of  the 
interest  to  non- creditors  of  the  United  States,  as  have  not  subscribed, 
and  shall  not  subscribe  to  the  said  loan,  shall,  neverthe- 
less, receive,  during  the  year  one  thousand  seven  hundred 
and  ninety-six,  a  rate  per  centum  on  the  amount  of  such 
of  their  demands  as  have  been  registered,  or  as  shall  be 
registered  at  the  Treasury,  conformably  to  the  directions 
in  the  act,  intituled,  "An  act  making  provision  for  the 
debt  of  the  United  States,"  equal  to  the  interest  which 
would  be  payable  to  them  as  subscribing  creditors. 
Approved.  February  19,  1796. 

ACT  OF  APRIL  28,  1796. 

_i  stat .  L.,  CHAP.  XVI.— An  act  in  addition  to  an  act  intituled  "An 
[Obsolete.]        act  i/t/iL'iiif/  further  provision  for  the  support  of  public 
credit*  and  for  the  redemption  of  the  public  debt" 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 

Representatives  of  the  United  States  of  America  in  Con- 

com mission-  qress  assembled.  That  it  shall  be  lawful  for  the  commis- 

ers  of  the  sink- '  .  .  . 

ins  fund  to  pay  sinners  ot  the  sinking  tuna,  ana  they  are  hereby  required, 

the     funded  „        ,     ,  i        «  , i       TT  *  •       -in 

stock   bearing  to  cause  the  luiided  stock  or  the  United  States  bearing  a 

an    interest    of  „     .  P 

(j  per  cent  by  present  interest  ot  six  per  centum  per  annum,  to  be  renn- 

dividends.  .        .  /•  n        •  v      T--  i 

bursed  and  paid,  in  manner  following,  to  Avit :  rirst,  by 
dividends  to  be  made  on  the  last  days  of  March.  June 
and  September  for  the  present  year,  and  from  the  year 
one  thousand  seven  hundred  and  ninety-seven,  to  the  year 
one  thousand  eight  hundred  and  eighteen  inclusive,  at 
the  rate  of  one  and  one  half  per  centum  upon  the  original 
capital.  Secondly,  by  dividends  to  be  made  on  the  last 
day  of  December  for  the  present  year,  and  from  the  year 
one  thousand  seven  hundred  and  ninety-seven,  to  the  year 
one  thousand  eight  hundred  and  seventeen  inclusive,  at 
the  rate  of  three  and  one  half  per  centum  upon  the  orig- 
inal capital :  and  by  a  dividend  to  be  made  on  the  last  day 
of  December,  in  the  year  one  thousand  eight  hundred  and 
eight"ci:.  of  such  a  sum.  as  will  be  then  adequate,  accord- 
ing to  {]>••>  contract,  for  the  final  redemption  of  the  said 
stock. 


LAWS    CONCERNING    MONEY,    BANKING,   AND   LOANS.  45 

(Section  2  makes  similar  provision  for  the  reimburse- 45|  stat.  L., 
ment  of  the  stock  bearing  six  per  cent  after  the  year  1800, 
by  a  like  series  of  dividends  beginning  March  31,  1801, 
and  ending  December  31,  1824. 

(Section  3  extends  these  provisions  to  all  balances  of 
stock,  bearing  a  present  or  deferred  interest  of  six  per 
cent,  standing  to  the  credit  of  the  States,  under  the  act 
of  May  31,  1794;  and  section  4  appropriates,  in  addi- 
tion to  sums  already  appropriated,  such  a  sum  of  the 
duties  on  goods  imported,  on  tonnage,  and  on  spirits 
distilled  in  the  United  States  and  on  stills,  as  shall  be 
sufficient,  with  monies  already  applicable,  to  reimburse 
the  said  balances,  in  the  manner  directed.) 

SEC.  5.  And  be  it  further  enacted,  That  it  shall  be     The  commis- 

i         *_  i      •         j.i  •      •  f     ,i  •     i  •  f        i  sioners  may  ap- 

lawrul   for  the  commissioners  or   the   sinking  fund,  to  point  a  secre- 

appoint   a  secretary,  whose  duty  it  shall  be,  to  record 

and  preserve  their  proceedings  and  documents,  and  to 

certify   copies   thereof,   when   thereunto   duly   required; 

and  the  said  secretary  shall  be  allowed  a  compensation 

not  exceeding1  two  hundred  and  fifty  dollars,  annually,     His  compen- 

.fc  J  ^'sation. 

tor  his  services. 

Approved,  April  28,  1796. 

ACT  OF  MAY  6,  1790. 

CHAP.  XXI. — An  act  authorizing  a  loan  for  the  use  of  4611stilt-  L-> 
the  city  of   Washington,  in  the  District  of  Columbia, 
and  for  other  purposes  therein  mentioned. 

(XoTE. — This  act  provided  that  the  Commissioners  of 
the  city  of  Washington  might  borrow  certain  sums  of 
mone}T  to  carry  into  effect  the  act  establishing  the  seat  of 
government;  certain  lots  were  made  chargeable  with  the. 
repayment  of  such  Joans,  and  if  the  proceeds  of  the  lots 
should  be  insufficient  the  United  States  should  be  liable 
for  the  balance:  and  the  act  of  April  18,  1798  (1  Stat.  L., 
551)  authorized  the  President  to  cause  to  be  loaned  to 
said  commissioners  the  sum  of  one  hundred  thousand  dol- 
lars; which  sum  was  declared  to  be  in  full  of  the  monies 
which  the  said  commissioners  were  authorized  to  borrow 
under  the  act  of  May  0,  1790.) 


46  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  MAY  30,  1796. 

48^  stat-  L"  CHAP.  XLL  —  An  act  making  further  provision  for  the 
expense  attending  the  intercourse  of  the  United  States 
icith  foreign  nations;  and  to  continue  in  force  the  act, 
intituled  "An  act  providing  the  means  of  inter- 
course betiveen  the  United  States  and  foreign  nations" 


President  of     gEC>  5.  ^nci  ^e  {f  further  enacted.  That  the  President 

the     t  n  i  t  e  u  .  ' 

roawSnto°t')ex  °^  *ne  United  States  be  authorized  to  borrow,  on  the 
53odoes  $32^'~  credit  of  the  United  States,  if,  in  his  opinion,  the  public 
service  shall  require  it,  a  sum  not  exceeding  three  hun- 
dred and  twenty-four  thousand  five  hundred  and  thirty- 
nine  dollars  and  six  cents,  at  an  interest  not  exceeding 
six  per  centum  per  annum,  reimbursable  at  the  pleasure 
of  the  United  States,  to  be  applied  to  the  purposes  of 
this  act.  and  to  be  repaid  out  of  the  duties  on  imports 
and  tonnage  accruing  during  the  present  year,  and  not 
otherwise  appropriated  :  and  it  shall  be  lawful  for  the 
Bank  of  the  United  States  to  lend  the  same. 
Approved,  May  30,  1790. 

ACT  OF  MAY  31,  1796. 

48|  s  l  a  t  •  L--  CHAP.   XLIV.  —  An  act  making  provision  for  the  pay- 
[Expired.]  ment  of  certain  debts  of  the  United  States. 

(Sections  1  and  2  authorize  the  commissioners  of  the 
sinking  fund  to  borrow  a  sum  not  exceeding  five  millions 
of  dollars,  to  be  used  in  paying  the  capital  of  any  debt 
due  by  the  United  States  to  the  Bank  of  the  United 
States,  or  to  the  Bank  of  New  York,  or  any  instalment 
of  foreign  debt,  the  loan  to  bear  an  interest  of  six  per 
rent,  payable  quarter  yearly,  and  to  be  redeemable  at 
the  pleasure  of  the  United  States  after  the  close  of  the 
year  1819.  The  Bank  of  the  United  States  is  authorized 
to  lend  the  whole  sum  and  to  sell  the  stock  received 
therefor.  Credits  for  the  sums  borrowed  are  to  be 
entered  on  the  books  of  the  Treasury,  and  certificates 
'•for  sums  not  less  than  one  hundred  dollars"  are  to  be 
issued  by  the  Register,  and  are  to  be  transferable  and 
the  interest  thereon  is  to  be  payable,  as  provided  in  sec- 
tions 7  and  8  of  the  act  of  August  4,  1790.) 

SK('-  3-  •  !  "(/  l>(>  !f  f>"'^<^'  enacted.  That  it  shall  bo 
fl(>e'Tied  a  good  execution  of  the  power  to  borrow,  herein 


LAWS   CONCERNING  MONEY,   BANKING,   AND   LOANS.  47 

granted,  for  the  said  commissioners  of  the  sinking  fund, 

to  cause  to  be  constituted,  certificates  of  stock  of  the 

description  herein  mentioned,  and  to  cause  the  same  to  be 

sold  in  the  United  States,  or  elsewhere:  Provided,  That 

no  more  than  one  moiety  of  the  said  stock  shall  be  sold 

under  par :  And  it  shall  be  lawful  for  the  commissioners 

of  the  sinking  fund,  if  they  shall  find  the  same  to  be 

most  advantageous,  to  sell  such  and  so  many  of  the  shares 

of  the  stock  of  the  Bank  of  the  United  States,  belonging 

to  the  United  States,  as  they  may  think  proper ;  and  that 

they  apply  the  proceeds  thereof  to  the  payment  of  the  said 

debts,  instead  of  selling  certificates  of  stock,  in  the  manner 

prescribed  in  this  act.     And  such  of  the  revenues  of  the     Appropria- 

United  States,  heretofore  appropriated  for  the  payment  pent  °of  Ptife 

of  interest  of  debts,  thus  discharged,  shall  be,  and  the  m 

same  are  hereby  pledged  and  appropriated,  towards  the 

payment  of  the  interest,  and  instalments  of  the  principal, 

which  shall  hereafter  become  due,  on  the  loan  obtained 

of  the  Bank  of  the  United  States,  pursuant  to  the  eleventh 

section  of  the  act  for  incorporating  the  subscribers  to  the 

said  bank. 

SEC.  4.  And  be  it  further  enacted.  That  such  of  the    Funds  appro- 

f     -t       TT    •      i    rt  1  f  •  priated  for  pay- 

revenues  or  the  United  States,  heretofore  appropriated  ment  of  mter- 
for  the  payment  of  interest  on  such  debts  as  may  be  pal. 
liberated  or  set  free,  by  payments  from  the  proceeds  of 
the  loan  herein  proposed,  together  with  such  further  sums 
of  the  proceeds  of  the  duties  on  goods,  wares  and  mer- 
chandise imported;  on  the  tonnage  of  ships  or  vessels; 
and  upon  spirits  distilled  in  the  United  States,  and  stills ; 
as  may  be  necessary,  shall  be,  and  the  same  are  hereby 
pledged  and  appropriated  for  the  payment  of  the  interest 
which  shall  be  payable  upon  the  sums  subscribed  to  the 
said  loan;  and  shall  continue  so  pledged  and  appropri- 
ated, until  the  principal  of  the  said  loan  shall  be  fully 
reimbursed  and  redeemed. 

SEC.  5.  And  be  it  further  enacted,  That  the  principal  of  ^emlS1  uu- 
the  said  loan,  bearing  interest  as  aforesaid,  shall  remain  jlj19the  y  e  a  r 
fixed  and  irredeemable  by  the  United  States,  until  the 
close  of  the  year  one  thousand  eight  hundred  and  nine- 
teen; after  which  period,  the  said  loan  shall  be  redeemed, 
at  the  pleasure  of  the  United  States:  and  the  funds  which 
shall  be  liberated  by  the  discharge  of  the  stock  of  the 
United  States,  bearing  a  present  interest  of  six  per  cen- 
tum, or  so  much  thereof,  as  may  be  necessary,  shall  be, 


48  NATIONAL   MONETARY   COMMISSION. 

and  the  same  are  hereby  pledged  and  appropriated  for 
the  said  redemption. 


treasur/  de*     SEC.  6>  ^n^  ^e  lt  father  enacted,  That  the  department 
partment  here-  of  the  treasury,  according  to  the  respective  duties  of  the 
officers  thereof,  shall,  and  they  are  hereby  directed  to 
establish  such  forms  and  rules  of  proceeding,  touching 
the  execution  of  this  act,  as  shall  be  conformable  with 
the  provisions  thereof. 
Approved,  May  31,  1796. 

ACT  OF  JUNE  1,  1T96. 

*  stat-  L-«CHAP.  LI.  —  An  act  making  appropriations  for  the  sup- 
[Obsoiete.]        port  of  the  military  and  naval  establishments  for  the 
year  one  thousand  seven  hundred  and  ninety  -six. 


Out  of  what      (Section  2  makes  reference  to  authority  of  Bank  of 

funds  payable.  .  •* 

the  United  States  to  make  a  loan.) 
President  of     SEC.  3.  And  be  it  further  enacted,  That  the  President  of 

I  nited  States  J 

?}?-y  l'°1:rowthe  United  States  be  empowered  to  borrow,  at  an  interest 

$650,000  to  sat-  ' 

isfy  this  act.  j)Ot  exceeding  six  per  centum,  of  the  Bank  of  the  United 
States,  which  is  hereby  authorized  to  lend  the  same;  or  of 
any  body  or  bodies  politic,  person  or  persons,  any  sum  or 
sums  not  exceeding  in  the  whole,  six  hundred  and  fifty 
thousand  dollars,  and  to  be  applied  to  the  purposes  afore- 
said, and  to  be  reimbursed,  as  well  interest  as  principal, 
out  of  the  funds  aforesaid. 


Approved,  June  1,  1796. 

ACT  OF  MAliCH  3,  1797. 

_( i  s  t  a  t .  L.,  CHAP.  X. — An  act  for  raising  a  further  sum  of  money,  by 
additional  duties  on  certain  articles  imported,  and  for 


ti..nl(frr'.iutiij!s"  ^E< '  (>>'  ^n<^  ^)C  ^  further  enacted,  That  the  proceeds  of 
(lie  duties  laid  by  this  act,  shall  be  solely  appropriated  to 
the  following  purpose;  that  is  to  say:  First,  for  the  pay- 
ment of  the  principal  of  the  present  foreign  debt  of  the 
United  States :  Secondly,  for  the  payment  of  the  principal 
of  the  debt  now  due  by  the  United  States  to  the  Bank  of 
the  United  States. 

Approved,  March  )i,  1797. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  49 

ACT  OF  MARCH  3,  1797. 

CHAP.  XIV. — An  act  to  authorise  the  receipt  of  evidence*     i  s  t  a  t .  L., 
of  the  public  debt,  in  payment  for  the  lands  of  the     [Obsolete.] 
United  States. 

Be  it  enacted  by  tlie  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled,  That  the  evidences  of  the  public  debt  of  the  United 
States,  shall  be  receivable  in  payment  for  any  of  the  lands 
which  may  be  hereafter  sold  in  conformity  to  the  act,  em  lands, 
intituled  "An  act  providing  for  the  sale  of  the  lands  of 
the  United  States,  in  the  territory  northwest  of  the  river 
Ohio,  and  above  the  mouth  of  Kentucky  River.''  at  the 
following  rates,  viz. :  the  present  foreign  debt  of  the 
United  States,  and  such  debt,  or  stock,  as,  at  the  time  of 
payment,  shall  bear  an  interest  of  six  per  centum  per 
annum,  shall  be  received  at  their  nominal  value ;  and  the 
other  species  of  debt,  or  stock,  of  the  United  States,  shall 
be  received  at  a  rate  bearing  the  same  proportion  to  their 
respective  market  price,  at  the  seat  of  Government,  at  the 
time  of  payment,  as  the  nominal  value  of  the  above  men- 
tioned six  per  centum  stock  shall,  at  the  same  time,  bear 
to  its  market  price  at  the  same  place;  the  Secretary  of  the 
Treasury,  in  all  cases,  determining  what  such  market 
price  is. 

Approved.  March  3,  1797. 

(Section  5  of  the  act  of  May  10.  1800,  chapter  55  (2 
Stat.  L.,  73),  contains  a  similar  provision. 

(Section  1  of  the  act  of  April  18. '  180(5,  chapter  50  (2 
Stat.  L.,  405),  repeals  the  acts  authorizing  the  receipt  of 
evidences  of  the  public  debt  in  payment  for  land  after  the 
30th  of  April,  1800.) 

NOTE. — This  provision  is  also  made  applicable  under  the  act  of 
May  10,  1800,  amending  the  acts  providing  for  the  sale  of  public 
lauds.  (2  Stat.  L.,  74.) 

ACT  OF  MARCH  3,  1797. 

CHAP.  XXV. — An  act  extending  the  time  for  receiving  rA®i&t-  L- 

on  loan  t/ie  domestic  debt  of  the  f'nitcd  States.  [obsolete. i 

Be  it  enacted  by  the  Senate  and  Hoiixe  of  ttt'prcxentit- 
tires  of  the  United  State*  of  America  in  Contjrcxx  ^W'//'-C(]T/"1Pi,£f,{CdJJ! 
bled,  That  all  the  several  provisions  of  the  act.  intituled  mt'stlc  (lobt- 


50 


NATIONAL   MONETARY   COMMISSION. 


"An  act  further  extending  the  time  for  receiving  on  loan 
the  domestic  debt  of  the  United  States,"  passed  the  nine- 
1796,  ch.  2.    teenth  day  of  February,  one  thousand  seven  hundred  and 
ninety-six,  be,  and  they  are  hereby  continued  in  force, 
until  the  thirty-first  day  of  December  next,  and  no  longer  : 
Provided,  That  nothing  herein  contained,  shall  be  con- 
strued to  extend  to  any  evidence  of  public  debt,  which 
may  be  barred  by  any  act  of  limitation. 
Approved,  March  3,  1797. 

ACT  OF  JULY  8,  1797. 


i  s  t  a  t  .  i. 

'  [Obsolete.] 


CHAP.  XVI.  —  An  act  authorizing  a  loan  of  money. 


$80oooo  >an 


paid. 


SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled,  That  the  President  of  the  United  States 
be,  and  he  is  hereby  empoAvercd  to  borrow  on  the  credit  of 
the  United  States,  a  sum  not  exceeding  eight  hundred 
thousand   dollars,  at  an  interest  not   exceeding  six  per 
centum  per  annum,  reimburseable  at  the  pleasure  of  the 
United  States,  or  at  such  period  as  may  be  stipulated  by 
contract  not  exceeding  five  }Tears  from  the  time  of  obtain- 
ing the  loan,  to  be  applied  to  such  public  purposes  as  are 
w  to  be  or  may  be  authorized  by  law,  and  to  be  repaid  out  of  the 
revenues  accruing  to  the  end  of  the  present  year  and  such 
further  revenues  as  have  been,  or  may  be  provided  during 
the  present  session  of  Congress;  and  it  shall  be  lawful 
for  the  Bank  of  the  United  States  to  lend  the  said  sum. 
fichMu-vTaiu^of     SEC.  2.  And  be  it  further  enacted,  That  in  case  the  ex- 
st'j/t.-s-  "iwisfed  isting  revenues  of  the  United  States,  together  with  such 
sk»n"!for  \""yl'  further  revenues  as  have  been  or  may  be  provided,  during 
the  present  session,  shall  be  insufficient  to  discharge  and 
reimburse  the  said  loan,  the  faith  of  the  United  States  is 
hereby  pledged  to  make  such  further  provision  therefor, 
as  may  be  necessary. 
Approved,  July  8,  1797. 

ACT  OF  JUXE  12,  1798. 

rlC>.}  Slat  ^'('H.M'.  LT. — -An  act  respecting  loan  office  and  final  settle- 
ment certificate*,  indents  of  interest^  and  the  unfunded 
or  registered  debt  credited  in  the  books  of  the  Treasury. 

(By  section    1   the  time  fixed  by  section  14  of  the  act 
of  March  8.  1705,  for  the  presentation  of  loan  office  cer- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  51 

tificates,  final  settlements,  and  indents  of  interest,  is  ex- 
tended for  one  year. 

( Sections  2  and  3  provide  that  on  the  settlement  of  such 
certificates  and  indents  of  interest,  the  creditors  may  re- 
ceive three  per  cent  stock  of  the  United  States,  to  the 
amount  of  the  indents  and  of  arrearages  of  interest  on 
certificates  accruing  prior  to  January  1,  1791;  and  that 
the  principal  sums  of  the  certificates,  with  interest  since 
January  1,  1791,  shall  be  discharged  by  reimbursement 
equal  to  the  sum  which  would  have  been  payable  if  the 
certificates  had  been  subscribed,  and  by  payment  of  the 
market  value  of  the  remaining  funded  stock  which  would 
have  been  created  by  such  subscription. 

(The  remaining  sections  forbid  the  officers  of  the  Treas- 
ury to  issue  any  further  certificates  of  registered  or  un- 
funded debt ;  require  the  commissioners  of  the  sinking- 
fund  to  reimburse  the  principal  sums  of  the  unfunded  or 
registered  debt;  and  authorize  the  creditors  of  the  un- 
funded or  registered  debt  to  receive  three  per  cent  stock 
equal  to  the  arrearages  of  interest  due  to  them  prior  to 
January  1,  1791.) 

Approved,  June  12,  1798. 

ACT  OF  JULY  9,  1798. 

CHAP.  LXIX. — An  act  limiting  the  time,  within  which  530. 
claims  against  the   United  States,  for  credits  on  the 
books  of  the  Treasury,  may  be  presented  for  allowance. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  Am.erica  in  Congress  as- 
sembled, That  all  credits  on  the  books  of  the  Treasury  of 
the  United  States,  for  transactions  during  the  late  war, 
which,  according  to  the  course  of  the  Treasury,  have 
hitherto  been  discharged  by  issuing  certificates  of  regis- 
tered debt,  shall  be  forever  barred  and  precluded  from 
settlement  or  allowance,  unless  claimed  by  the  proper 
creditors,  or  their  legal  representatives  on  or  before  the 
first  day  of  March,  in  the  year  one  thousand  seven  hun- 
dred and  ninety-nine.  And  the  Secretary  of  the  Treas- 
ury is  hereby  required  to  cause  this  act  to  be  published 
in  one  or  more  of  the  public  papers  of  each  State. 

Approved.  July  9,  1798. 


52  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  JULY  16,  1798. 

i  s  t  n^t .  L.,  CHAP.  LXXIX. — An  act  to  enable  the  President  of  the 
[Obsolete.]        United  States  to  borrow  money  for  the  public  service. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
T  h  e    r™*i- semblcd,  That  the  President  of  the  United  States  shall  be, 

dent    may    bor-  .  • 

row    five   mil- anci    herebv  is  authorized  to  borrow,  on    behalf  of    the 

lions  of  dollars.  -  '     . 

United  States,  from  the  Bank  of  the  United  States,  which 
is  hereby  authorized  to  lend  the  same,  or  from  any  other 
body  or  bodies  politic  or  corporate,  or  from  any  person 
or  persons  and  upon  such  terms  and  conditions  as  he  shall 
judge  most  advantageous  for  the  United  States,  a  sum 
not  exceeding  five  millions  of  dollars,  in  addition  to  the 
monies  to  be  received  into  the  Treasury  of  the  United 
States,  from  taxes,  for  making  up  any  deficiency  in  any 
appropriation  heretofore  made  by  law,  or  to  be  made 
during  the  present  session  of  Congress;  and  defraying  the 
expenses  which  may  be  incurred,  by  calling  into  actual 
service,  any  part  of  the  militia  of  the  United  States,  or 
by  raising,  equipping  and  calling  into  actual  service  any 
regular  troops,  or  volunteers,  pursuant  to  authorities 
vested  or  to  be  vested  in  the  President  of  the  United 
Rpservati  o  n  States,  by  law:  Pronded,  that  no  engagement  nor  con- 
reimburse  after  tract  shall  be  entered  into,  which  shall  preclude  the 

fifteen  years.  . 

United  States  from  reimbursing  any  sum  or  sums  bor- 
rowed at  any  time  after  the  expiration  of  fifteen  years 
from  the  date  of  such  loan. 
surplus    o  f     SEC.  2.  And  be  it  further  enacted.  That  so  much  as  mav 

the    duties    on  '  ' 

imports     and  he  necessary  of  the  surplus  of  the  duties  on  imports  and 

I     o    n    n    a    x   e  -  . 

pledged  for  the  tonnage,   beyond   the  permanent   appropriations  hereto- 

l>  a  y  in  e  n  t    of 

principal  a  n  d  fore  charged  upon  them  by  law,  shall  be  and  hereby  is 
pledged  and  appropriated  for  paying  the  interest  of  all 
such  monies  as  may  be  borrowed,  pursuant  to  this  act. 
according  to  the  terms  and  conditions  on  which  the  loan 
or  loans,  respectively,  may  be  effected;  and  also  for  pay- 
ing and  discharging  the  principal  sum  or  sums  of  any 
-udi  loan  or  loans,  according  to  the  terms  and  conditions 

~ 

perm:,  ne  n  r  („  })(>  fixed,  ns  aforesaid.     And  the  faith  of  the  United 

revenues        I  n  r 

,'-'"^^1^  i  instates  shall  be  and  hereby  is  pledged,  to  establish  suffi- 
esiai.iished.       dent   permanent  revenues  for  making  up  any  deficiency 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  53 

that  may  hereafter  appear  in  the  provisions  for  paying 
the  said  interest  and  principal  sums,  or  any  of  them,  in 
manner  aforesaid. 

SEC.  3.  And  be  it  further  enacted,  That  the  sums  to  be  ro|eTsto  °be 
borrowed,  pursuant  to  this  act,  shall  be  paid  into  the  T^Lury?  et^e 
Treasury  of  the  United  States,  and  there  separately  ac-  Approp  r  i  a  - 

J  f  ,  tionofthe 

counted  for ;  and  that  the  same  shall  be  and  hereby  are  same. 
appropriated  in  manner  following:  First,  to  make  up 
any  deficiency  in  any  appropriation  heretofore  made  by 
law,  or  to  be  made,  during  the  present  session  of  Con- 
gress; and,  secondly,  to  defray  the  expenses  which  may 
be  incurred  before  the  end  of  the  next  session  of  Congress, 
by  calling  into  actual  service,  any  part  of  the  militia  of 
the  United  States,  or  by  raising,  equipping  and  calling 
into  actual  service,  any  regular  troops,  or  volunteers, 
pursuant  to  authorities  vested  or  to  be  vested  in  the  Presi- 
dent of  the  United  States,  by  law. 
Approved,  July  16,  1798.  * 

ACT  OF  JULY  16,  1798. 

CHAP.   LXXXIV. — An  act  making  certain  appropria-     istat.b., 
tions-  and  to  authorize  the  President  to  obtain  a.  loan 
on  the  credit  of  the  direct  tax. 


SEC.  2.  And  be  It  farther  enacted,  That  the  President  de£th£.,  r\^: 
of  the  United  States  shall  be,  and  he  is  hereby  authorized  ™w  two  m\i  - 

lions    on    the 

to  borrow  of  the  Bank  of  the  United  States,  who  are  e';edlt  pf  the 

direct  tax. 

hereby  enabled  to  lend  the  same,  or  of  any  other  corpora- 
tion, persons  or  person,  the  sum  of  two  millions  of  dollars, 
upon  the  credit,  and  in  anticipation  of  the  direct  tax, 
laid  and  to  be  collected  within  the  United  States;  which 
tax  shall  be,  and  is  hereby  pledged  for  the  repayment  of 
any  loan  w-hich  shall  be  obtained  thereon,  as  aforesaid; 
and  the  faith  of  the  United  States  shall  be,  and  is  hereby 
pledged  to  make  good  any  deficiency :  Provided,  that  the 
interest  to  be  allowed  for  such  loan,  shall  not  exceed  six 
per  centum  per  annum;  and  that  the  principal  shall  be 
reimbursed  at  the  pleasure  of  the  United  States. 
Approved,  July  16,  1798. 


54  NATIONAL   MONETARY   COMMISSION. 

ACT   OF   FEBRUARY   15,  1799. 

i  stat.  L.,  CHAP.  III. — An  act  respecting  balances  reported  against 
[Expired.]         certain  States,  by  the  commissioners  appointed  to  settle 

the  accounts  between  the  United  States  and  the  several 

States. 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 

Representatives  of  the  United  States  of  America  in  Con- 

Debtor  states  qress  assembled.  That  if  any  state,  against  which  a  balance 

assuming    to*'  * 

pay  or  to  ex-  was  reported  bv  the  commissioners  appointed  to  settle  the 

pend  in  fortifl-  •  A 

cations  a  sumaccOunts  between  the  United  States  and  the  several  states, 

in  money  or  in  . 

stock  equal  to  shall,  on  or  before  the  first  day  of  April,  one  thousand  eight 

their    debts,  .  •  7i 

may  obtain  a  hundred,  by  a  legislative  act,  engage  to  pay  into  the 
'  treasury  of  the  United  States  within  five  years  after  pass- 
ing such  legislative  act,  or  to  expend,  within  the  time  last 
mentioned,  in  erecting,  enlarging  or  completing  any  forti- 
fications for  the  defence  of  the  United  States  at  such 
place  or  places  the  jurisdiction  whereof,  having  been, 
previously  to  such  expenditure,  ceded  by  such  state  to  the 
United  States,  with  reservation  that  process  civil  and 
criminal  issuing  under  authority  of  such  state,  may  be 
served  and  executed  therein,  and  according  to  such  plan 
or  plans  as  shall  be  approved  by  the  President  of  the 
United  States,  a  sum  in  money,  or  in  stock  of  the  United 
States,  equal  to  the  balance  reported  as  aforesaid,  against 
such  state,  or  to  the  sum  assumed  by  the  United  States  in 
the  debt  of  such  state,  such  payment  or  expenditure,  when 
so  made,  shall  be  accepted  by  the  United  States  as  a  full 
discharge  of  all  demands  on  account  of  said  balance ;  and 
the  President  of  the  United  States,  shall  be,  and  hereby 
i>  authorized  to  cause  credit  to  be  given  to  such  state  on 
the  books  of  the  treasury  of  the  United  States  accord - 

Limitation  ingly;    Provided  however,  that  no  more  than  one  third 
of  the  descrlp-  „ 

tions  of  stock  part  or  the  whole  payment  or  expenditure  that  mav  be 

to    be    paid    or  L  . 

expended.         made  by  any  such  state  shall  be  made  in  three  per  cent 

stock,  nor  more  than  one  third  part  of  the  remaining  two 

may11  obtafnata thirds  shall  be  made  in  deferred  stock:    And  provided 

?neCpnymentbor  !^so?  that  any  such  state  may  obtain  a  full  discharge,  as 

expenditure  o°*  afOresaid,  by  the  payment  or  expenditure  of  a  sum  of 

money,  sufficient  in  the  opinion  of  the  Secretary  of  the 

Treasury,    to    purchase,   at    market    price,   the    different 

species  of  stock,  the  payment  or  expenditure  of  which 

would  b<-  accepted  as  a  full  discharge,  as  aforesaid. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  55 


SEC.  2.  Provided  always,  and  be  it  further  enacted,  Inc^ingsle0xn 
That  if  any  such  state  as  is  aforesaid  shall  have  expended,  ^ortlflcat^ons 
since  the  establishment  of  the  present  Government  of  the  ^eessf^nr  etoth^, 
United  States,  any  sum  of  money  in  fortifying  any  place  united  states, 
since  ceded  by  such  state  to  the  United  States,  or  which 
may  be  so  ceded,  within  one  year  after  the  passing  of  this 
act,  such  expenditure  having  been  ascertained  and  proved 
to  the  satisfaction  of  the  Secretary  of  the  Treasury,  shall 
be  taken  and  allowed  as  part  of  the  expenditure  intended 
by  this  act. 

Approved.  February  15,  1799. 

ACT  OF  MARCH  2,  1799. 

CHAP.  XXXI. — An  act  (jiving  eventual  authority  to  the  _  i  stat.  L., 
President  of  the  United  States  to  augment  the  army.       "Repealed 

1802,  ch.  9. 

(Sections  1  to  8  provide  for  augmenting  the  military 
force,  including  volunteers,  etc.) 

SEC.  9.  And  be  it  further  enacted,  That  for  the  execu-    Appropria- 
tion of  this  act,  if  it  shall  be  found  necessary  to  carry  it.pur poses  of 

»'  .  n>  •!!    'this    act,    and 

or  any  part  of  it  into  effect,  there  be  appropriated  the  authority     to 

„  .     .  i>        -i  i  •  -i          i      borrow    money. 

sum  of  two  millions  of  dollars,  and  that  the  President  be 
authorized  to  borrow,  on  behalf  of  the  United  States,  the 
said  sum.  or  so  much  thereof  as  he  shall  deem  necessary 
(which  the  Bank  of  the  United  States  is  hereby  em- 
powered to  lend)  and  upon  such  terms  and  conditions  as 
he  shall  judge  most  advantageous  to  the  United  States. 
Provided,  That  such  terms  and  conditions  shall  not  re- 
strain the  United  States  from  paying  off  the  sum  which 
may  be  borrowed,  after  the  expiration  of  fifteen  years. 

SEC.  10.  And  be  it  further  enacted.  That  so  much  as    certain  d  u  - 

ties  ol  edged   to 

mav  be  neeessarv  of  the  surplus  of  the  duties  on  imports  r  e  d  e  e  m  the 

loan. 

and  tonnage,  beyond  the  permanent  appropriations  here- 
tofore charged  upon  them  by  law,  shall  be,  and  hereby 
is  pledged  and  appropriated  for  paying  the  interest  of  all 
such  monies  as  may  be  borrowed  pursuant  to  this  act,  ac- 
cording to  the  terms  and  conditions  on  which  the  loan  or 
loans,  respectively,  may  be  effected;  and  also  for  paying, 
by  discharging  the  principal  sum  or  sums  of  any  such 
loan  or  loans,  according  to  the  terms  and  conditions  to  be 
fixed  as  aforesaid. 

Approved.  March  2.  1799. 


56  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  MAY  7,  1800. 
2  stat.  L.,  60.  CHAP.   XLII. — An  act  to  enable  the  President  of  the 

[Obsolete.]  , 

United  states  to  borrow  money  for  the  public  service. 

SECTION  1.  Be  it  enacted  ~by  the  Senate  and  House  of 

Representatives  of  the  United  States  of  America  in  Con- 

rrosident  an- rm?.y,9  assembled,  That  the  President  of  the  United  States 

thorlzed  to  bor-  -111-  1-1 

row $3,500,000.  shall  be,  and  hereby  is  authorized  to  borrow  on  behalf  of 
Vol.  i,  194.  the  United  States,  from  the  Bank  of  the  United  States, 
which  is  hereby  authorized  to  lend  the  same,  or  from  any 
other  body  or  bodies  politic  or  corporate,  or  from  any  per- 
son or  persons,  and  upon  such  terms  and  conditions,  as  he 
shall  judge  most  advantageous  for  the  United  States,  a 
sum  not  exceeding  three  millions  five  hundred  thousand 
dollars,  in  addition  to  the  monies  to  be  received  into  the 
Treasury  of  the  United  States  from  taxes,  for  making  up 
any  deficiency  in  any  appropriation  heretofore  made  by 
law,  or  to  be  made  during  the  present  session  of  Congress, 
and  defraying  the  expenses  which  may  be  incurred  by 
calling  into  actual  service  any  part  of  the  militia  of  the 
United  States,  or  by  raising,  equipping  and  calling  into 
actual  service  any  regular  troops  or  volunteers,  pursuant 
to  authorities  vested,  or  to  be  vested  in  the  President  of 
the  United  States  by  law:  Provided,  That  no  engagement 
nor  contract  shall  be  entered  into,  which  shall  preclude 
the  United  States  from  reimbursing  any  sum  or  sums 
borrowed,  at  any  time  after  the  expiration  of  fifteen  years 
from  the  date  of  such  loan. 
Appropria  SEC.  2.  And  be  it  further  enacted,  That  so  much  as  may 

paympnt  of  in- be  necessary  of  the  surplus  of  the  duties  on  imports  and 

tpmst.    ami    ox-  ^  . 

t  i  n  f-'iiisiimcnt  tonnage,  beyond  the  permanent  appropriations  heretofore 

of    tlio     princi-  J  ,        . 

pal.  charged  upon  them  by  Jaw,  shall  be  and  hereby  is  pledged 

and  appropriated  for  paying  the  interest  of  all  such 
monies  as  may  be  borrowed  pursuant  to  this  act,  accord- 
ing to  the  terms  and  conditions  on  which  the  loan  or  loans 
respectively  may  be  effected;  and  also  for  paying  and  dis- 
charging the  principal  sum  or  sums  of  any  such  loan  or 
loans,  according  to  the  terms  and  conditions  to  be  fixed  as 
aforesaid.  And  the  faith  of  the  United  States  shall  be, 
and  hereby  is  pledged  to  establish  sufficient  permanent 
revenues  for  making  up  any  deficiency,  that  may  here- 
after appear  in  the  provisions  for  paying  the  said  interest 
and  principal  sums,  or  any  of  them,  in  manner  aforesaid, 
t  ionPof°pIihV.  SK('-  ;>K  Alt(J  J>e  *t  further  enacted,  That  the  sums,  to  be 
kl"-l>neefls  "f  ''"'''f'l't'owed  pursuant  to  this  act,  shall  be  paid  into  the  Treas- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  57 

ury  of  the  United  States,  and  there  separately  accounted 
for;  and  that  the  same  shall  be,  and  hereby  are  appro- 
priated in  the  manner  following: 

First,  to  make  up  any  deficiency  in  any  appropriation 
heretofore  made  by  law,  or  to  be  made  during  the  present 
session  of  Congress :  and,  secondly,  to  defray  the  expenses 
which  may  be  incurred  before  the  end  of  the  next  session 
of  Congress,  by  calling  into  actual  service  any  part  of  the 
militia  of  the  United  States,  or  by  raising,  equipping  and 
calling  into  actual  service  any  regular  troops  or  volunteers, 
pursuant  to  authorities  vested  or  to  be  vested  in  the  Presi- 
dent of  the  United  States  by  law. 

Approved,  May  7.  1800. 

ACT  OF  MAY  10,  1800. 

CHAP.  LVIII. — An  act  supplementary  to  the  act  entitled    2  stat.  L.,  79. 
"An  act  to  establish  the  Treasury  Department ."  a 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  assem- 
bled, That  it  shall  be  the  duty  of  the  Secretary  of  the  Duty  of  the 

,  ~  Secretary  of  the 

Treasury  to  digest,  prepare  and  lay  before  Congress  at  Treasury  to 

J  .        J  lay  before  Con- 

tile  commencement  of  every  session,  a  report  on  the  sub-gress  estimates 

£G  ...  .  *  ,,  UT  of  the  revenue. 

ject  or  nuance,  containing  estimates  or  the  public  revenue 
and  public  expenditures,  and  plans  for  improving  or 
increasing  the  revenues,  from  time  to  time,  for  the  pur- 
pose of  giving  information  to  Congress  in  adopting 
modes  of  raising  the  money  requisite  to  meet  the  public 
expenditures. 

Approved,  May  10,  1800. 

ACT  OF  APRIL  29,  1802. 

CHAP.   XXXII. — An  act  making  provision  for  the  re- 16|    stat    L- 
dcmption  of  the  whole  of  the  public  debt  of  the  United     [Obsolete.] 
States. 

P>e  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  so  much  of  the  duties  on  merchandise  and  ton-     Appropria- 
tions   for    the 


nage  as,  together  with  the  monies,  other  than  surplusesextin£uishment 

,,fe  .  .    ,  .  of    the    public 

or  revenue,  which  now  constitute  the  sinking;  fund,  or  debt. 

See  vol.  I,  p. 

shall  accrue  to  it  by  virtue  of  any  provisions  heretofore  138,  21 «.  270, 

J       .  J    L  338,    370,    -110, 

made,  and  together  with  the  sums  annually  required  to  432,  4ss,  r,i:>, 

•  .  .  ">'!-•      Debts   to 

discharge  the  annual    interest   and   charges  accruing  on  ind  i  vid  u  ai 

States,  vol.  i,  p. 


QAct  of  September  2,  17S9,  chan.  12. 


-W,  17.S,  Glfi. 


58  NATIONAL   MONETARY  COMMISSION. 

the  present  debt  of  the  United  States,  including  tempo- 
rary loans  heretofore  obtained,  and  also  future  loans 
which  may  be  made  for  reimbursing,  or  redeeming,  any 
instalments,  or  parts  of  the  principal  of  the  said  debt, 
will  amount  to  an  annual  sum  of  seven  millions  three  hun- 
dred thousand  dollars,  be,  and  the  same  hereby  is  yearly  ap- 
propriated to  the  said  fund ;  and  the  said  sums  are  hereby 
declared  to  be  vested  in  the  commissioners  of  the  sinking 
fund,  in  the  some  manner  as  the  monies  heretofore  appro- 
priated to  the  said  fund,  to  be  applied  by  the  said  com- 
missioners to  the  payment  of  interest  and  charges,  and 
to  the  reimbursement  or  redemption  of  the  principal  of 
the  public  debt,  and  shall  be  and  continue  appropriated 
until  the  whole  of  the  present  debt  of  the  United  States, 
and  the  loans  which  may  be  made  for  reimbursing  or 
redeeming  any  parts  or  instalments  of  the  principal  of 
the  said  debt  shall  be  reimbursed  and  redeemed :  Pro- 
Baiances  of  ridecL  That  after  the  whole  of  the  said  debt,  the  old  six 

unexpended  ap- 

nropriation,  per  cent,  stock,  the  deferred  stock,  the  seventeen  hundred 

how  d  i  s  p  osed  L  ' 

ot-  and  ninety-six  six  per  cent,  stock  and  three  per  cent,  stock 

excepted,  shall  have  been  reimbursed  or  redeemed,  any 
balance  of  the  sums  annually  appropriated  by  this  act, 
which  may  remain  unexpended  at  the  end  of  six  months 
next  succeeding  the  end  of  the  calendar  year  to  which 
such  annual  appropriation  refers,  shall  be  carried  to  the 
surplus  fund,  and  cease  to  be  vested  by  virtue  of  this  act  in 
the  commissioners  of  the  sinking  fund,  and  the  appropria- 
tion, so  far  as  relates  to  such  unexpended  balance,  shall 
cease  and  determine. 

tionspa°moru1nat      SEC.  2.  And  be  it  further  enacted,  That  it  shall  be  the 
eaW  and* every  duty  °^  *ne  Secretary  of  the  Treasury  annually,  and  in 
sTc'Venirv^of  eacn  year,  to  cause  to  be  paid  to  the  commissioners  of  the 
thV1  c6o m VnVs- s^n^i]1^  full(l  the  said  sum  of  seven  millions  three  hundred 
siukinK  fimdhe  thousand  dollars,  in  such  payments,  and  at  such  times, 
in  each  year  as  the  situation  of  the  Treasury  will  permit: 
Provided,  That  all  such  payments  as  may  be  necessary  to 
enable  the  said  commissioners  to  discharge,  or  reimburse, 
any  demands  against  the  United  States,  on  account  of 
the  principal  or  interest  of  the  debt,  which  shall  be  actu- 
ally due.  in  conformity  to  the  engagements  of  the  said 
States,  shall  be  made 'at  such  time  and  times,  in  each  year 
as   will    enable    the    said    commissioners    faithfully    and 
punctually  lo  comply  with  such  engagement. 

SEC.  ?>.  And  be  it  further  enacted,  That  all  reimburse- 
ments of  the  capital,  or  principal  of  the  present  debt  of 


LAWS   CONCERNING   MONEY,    BANKING,    AND   LOANS.  59 


the  United  States,  including  future  loans  which  may 
made  for  reimbursing  or  redeeming  any  instalments,  or  Resent  d°btthf 
parts  of  the  same,  and  all  payments  on  account  of  the|^tefi 
interest  and  charges  accruing  upon  the  said  debt  shall  kethatutl 
made  under  the  superintendence  of  the  commissioners 


sinking  fund.     And  it  shall  be  the  duty  of  the  said  ^mtetf  i£tebre 
commissioners  to  cause  to  be  applied  and  paid  out  of  the  J^^t  h^e  ^di- 
said  fund,  yearly  and  every  year,  at  the  Treasury  of  the  £ommi8s^on«  rs 
United  States,  the  several  and  respective  sums  following,  fu°dj-eclflc 
to  wit:  first,  such  sum  and  sums  as  by  virtue  of  any  a-ctP^0Pria1tii^nsu^ 
or  acts,  they  have  heretofore  been  directed  to  apply  an^df0rnotf  t^ecom- 
to  pay  :  secondly,  such  sum  and  sums  as  may  be  annually  missioners. 
wanted  to  discharge  the  annual  interest  and  charges  ac- 
cruing on  any  other  part  of  the  present  debt  of  the  United 
States,   including  the  interest   and   charges  which   may 
accrue  on  future  loans  which  may  be  made  for  reimburs- 
ing or  redeeming  any  instalments,  or  parts  of  the  prin- 
cipal of  the  said  debt  :  thirdly,  such  sum  and  sums  as  may 
annually  be  required  to  discharge  any  instalment  or  part 
of  the  principal  of  the  present  debt  of  the  United  States, 
and  of  any  future  loans  which  may  be  made  for  reim- 
bursing, or  discharging  the  same,  which  shall  be  actually 
due  and  demandable,  and  which  shall  not  by  virtue  of 
this,  or  any  other  act.  be  renewed  or  prolonged,  or  reim- 
bursed, out  of  the  proceeds  of  a  new  loan  :  and  also  it  shall 
be  the  duty  of  the  said  commissioners  to  cause  to  be  ap- 
plied the  surplus  of  such  fund  as  may  at  any  time  exist, 
after  satisfying  the  purposes  aforesaid,  towards  the  fur- 
ther and  final  redemption,  by  payment,  or  purchase,  of 
the  present  debt  of  the  United  States,  including  loans  for 
the  reimbursement  thereof,  temporary  loans  heretofore 
obtained  from  the  Bank  of  the  United  States,  and  those 
demands  against  the  United  States,  under  any  treaty,  or 
convention,  with  a  foreign  power,  for  the  payment  of 
which  the  faith  of  the  United  States  has  been,  or  may 
hereafter  be  pledged   by  Congress:  Provided,  however.    Demands  un- 
That  the  whole,  or  any  part,  of  such  demands,  arising  etc.,  m^y  Ife 
under  a  treaty,  or  convention,  with  a  foreign  power,  and  othe^moneys0* 
of  such  temporary  loans,  may,  at  any  time,  be  reimbursed, 
either  out  of  the  sinking  fund,  or,  if  the  situation  of  the 
Treasury  will  permit,  out  of  any  other  monies  which  have 
been,  or  may  hereafter  be,  appropriated  to  that  purpose. 
(Section  4  empowers  the  commissioners  to  borrow,  at 
home  or  abroad,  the  sums  requisite  for  payment  of  the 
15712'—  10  -  5 


60  NATIONAL    MONETARY    COMMISSION. 

instalments  of  the  Dutch  debt,  falling  due  in  the  years 
from  1803  to  1806,  and  requires  that  a  like  sum  shall  be 
laid  out  in  the  payment  or  redemption  of  the  present  debt 
of  the  United  States,  so  as  to  effect  the  annual  payment 
of  seven  million  three  hundred  thousand  dollars,  agree- 
ably to  the  provision  made  above ;  but  any  loan  thus  made 
shall  be  reimbursable  within  six  years  from  its  date,  and 
the  rule  of  interest  thereon  shall  not  exceed  five  per  cent, 
nor  shall  the  charges  exceed  five  per  cent  of  the  capital 
borrowed.  The  power  thus  given  is  not  to  diminish  or 
affect  the  power  to  borrow  given  to  the  commissioners  by 
section  10  of  the  act  of  March  3,  1795,  or  the  power  to  sell 
the  shares  of  the  Bank  of  the  United  States  belonging  to 
the  Government,  given  by  section  3  of  the  act  of  May 
31.  17DG. 

(Sections  5  and  6  authorize  the  commissioners,  with  the 
approbation  of  the  President,  to  contract  with  any  bank 
or  individual  for  the  payment,  in  Holland,  of  any  part 
of  the  Dutch  debt  and  its  interest,  or  to  employ  an  agent 
for  procuring  remittances  for  the  discharge  of  said  debt 
or  its  interest,  allowing  therefor  a  compensation  not  ex- 
ceeding one-fourth  of  one  per  cent  on  the  remittances  pro- 
cured. And  the  commissioners  are  empowered,  in  like 
manner,  to  employ  an  agent  in  Europe,  for  the.  trans- 
action of  any  business  relative  to  the  discharge  of  the 
Dutch  debt,  or  of  any  loan  authorized  for  the  discharge 
thereof.) 

this*°actnfo  a"      SEC.  T-  An(1  1}C  it  further  enacted,  That  nothing  in  this 
v?sit<>nshof  'for- at't  contained  shall  be  construed  to  repeal,  alter,  or  affect 
ingrthCet8fait1?of  an.v  °^  *ne  provisions  of  any  former  act  pledging  the  faith 
suucs.1  'niteilof  the  United  States  to  the  payment  of  the  interest,  or 
principal,  of  the  public  debt;  and  that  all  such  payments 
shall   continue   to  be  made   at   the  time  heretofore   pre- 
scribed by  law;  and  the  surplus  only  of  the  appropria- 
tions made  by  this  act  beyond  the  sums  payable  by  virtue 
of  the  provisions  of  any  former  act,  shall  be  applicable  to 
the  reimbursement,  redemption,  or  purchase  of  the  pub- 
lic debt  in  the  manner  provided  by  this  act. 

;uHh^ui'monsS  >SKC.  8-  And  !><>  it  further  enacted,  That  all  the  restric- 
™?SiBrh<?ct3i[tions  !iml  mruh.tioiis  heretofore  established  by  law.  for 
riH-'romni'ission0  i'<'g"lat  i  rig  the  execution  of  the  duties  enjoined  upon  the 
pr8.under'thlH;  commissioners  of  the  sinking  fund,  shall  applv  to  and  be 

Account       of  .  . 

the    sales    of  jn  as  full  force  for  the  execution  of  the  analogous  duties 

stocks,    etc..    to         .     . 

i.<-  in  id   before  on  joined  bv  this  ad,  as  if  the.v  were  herein  particularly 

<  onirross.  '  •  ' 

1705,  cii.  -45.  repented  and  reenacted.  Provided,  however,  That  the  par- 


LAWS   CONCERNING   MONEY,    BANKING,    AND   LOANS.  61 

ticular  annual  account  of  all  sales  of  stock,  of  loans,  and 
of  payments,  by  them  made,  shall,  hereafter,  be  laid  be- 
fore Congress  on  the  first  week  of  February,  in  each  year; 
and  so  much  of  any  former  act  as  directed  such  account 
to  be  laid  before  Congress  within  fourteen  days  after  their 
meeting,  is  hereby  repealed. 
Approved,  April  29,  180-2. 

ACT  OF  FEBRUARY  -46,  1803. 

CHAP.  VIII. — An  act  making  further  provision  for  the  ^    stat.    L., 
expenses  attending  the  intercourse  between  the  United     [obsolete.] 
States  and  foreign  nation*. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  a  sum  of  two  millions  of  dollars,  in  addition  Further  ap- 

•  .    propriation  for 

to  the  provision  heretofore  made,  be,  and  the  same  is  foreign    inter- 

course 

hereby  appropriated  for  the  purpose  of  defraying  any 
extraordinary  expenses  which  may  be  incurred  in  the 
intercourse  between  the  United  States  and  foreign  na- 
tions, to  be  paid  out  of  any  money  in  the  treasury,  not 
otherwise  appropriated,  and  to  be  applied  under  the  direc- 
tion of  the  President  of  the  United  States,  who  shall 
cause  an  account  of  the  expenditure  thereof  to  be  laid 
before  Congress,  as  soon  as  may  be. 

SEC.  2.  And  be  it  further  enacted,  That  the  President    President   au- 

^  .  „  '  tnorized  tobor- 

of  the  United  States  may,  if  he  shall  deem  it  necessary,  row  the  money. 

.'  The   terms 

and  he  hereby  is  authorized  to  borrow  the  whole,  or  any  <ind  time  of  re- 

.    ,  .  .  '    .  imbursement. 

part  of  the  said  sum,  at  an  interest  not  exceeding  six  per 

centum  per  annum,  reimbursable  before  the  year  one 
thousand  eight  hundred  and  eleven :  and  it  shall  be  law- 
ful for  the  Bank  of  the  United  States  to  lend  the  whole, 
or  any  part  of  the  same. 

SEC.  3.  And  be  it  further  enacted.  That  so  much  as  may  dut^'pl,'m  imf 
be  necessary  of  the  surplus  of  the  duties  on  imports  and  \\"'}*  " "/^^"j 
tonnage,  beyond  the  permanent  appropriation  heretofore  ^/^  ;,{££ 
charged  upon  them  by  law,  shall  be,  and  hereby  is  pledged  j^.J1^;^1'0'^ 
and  appropriated  for  the  payment  of  the  interest,  and  re- 
imbursement of  the  principal  of  all  such  monies  as  may 
be  borrowed  in  pursuance  of  this  act.  according  to  the 
terms  and  conditions  on  which  the,  loan  or  loans  may  be 
effected. 

Approved.  February  20,  1808. 


62  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  NOVEMBER  10,  1803. 

24|  stat-  L-  CHAP.  II. — An  act  authorizing  the  creation  of  a  stock,  to 
[Obsolete.]  fjle  amount  of  eleven  millions  two  hundred  and  fifty 
thousand  dollars,  for  the  purpose  of  carrying  into  effect 
the  convention  of  the  thirtieth  of  April,  one  thousand 
eight  hundred  and  three,  'between  the  United  States  of 
America  and  the  French  Republic;  and  making  pro- 
vision, for  the  payment  of  the  same. 

Be  it  enacted  1>i/  the  Senate  and  House  of  Representa- 
tive* of  tJic  United  States  of  America  in  Congress  assem- 
ofThtheeCTerea£  f'l('<!,  That  for  the  purpose  of  carrying  into  effect  the  con- 
l^\a\"seh°toixbe  veiition  of  the  thirtieth  day  of  April,  one  thousand  eight 
stocYfol-eievIn  hundred  and  three,  between  the  United  States  of  America 
hundred     Lnd111"1  tho  French  Republic,  the  Secretary  of  the  Treasury 
doViars.housand  ')e?  ant^  ne  *s  hereby  authorized,  to  cause  to  be  constituted, 
certificates  of  stock,  signed  by  the  Register  of  the  Treas- 
ury, in  favour  of  the  I^rench  Republic,  or  of  its  assignees, 
for  the  sum   of  eleven  millions  two  hundred   and   fifty 
thousand  dollars,  bearing  an  interest  of  six  per  centum 
per  annum,  from  the  time  when  possession  of  Louisiana 
shall  have  been  obtained,  in  conformity  with  the  treaty 
at7oe,,rmand  "c-  of  the  thirtieth  day  of  April,  one  thousand  eight  hundred 
and  three,  between  the  United  States  of  America  and  the 
French  Republic,  and  in  other  respects  conformable  with 
the  tenor  of  the  convention  aforesaid:  and  the  President 
of  the  United  States  is  authorized  to  cause  the  said  certifi- 
The    rot-tin-  rates   of    stock    to    be    delivered    to    the   Government    of 

rates    of    stock 

to  IK>  delivered  France,  or  to  such  person  or  persons  as  shall  be  author- 
to  the  (Jovern-  .  .  ; 

men  t  of  France,  i  zed  to  receive  them,  in  three  months  at  most,  after  the 
exchange  of  the  ratifications  of  the  treaty  aforesaid,  and 
after  Louisiana  shall  be  taken  possession  of  in  the  name  of 
stork'"1  t!,s    be  *ne   Government    of   the    I'nited    States;    and   credit,   or 
JliH'ooii!0  of '-i^dits,   to    the    proprietors   thereof,   shall    thereupon   be 
the  Tn.-asury.    (>ntemi  an({  <riveii  on  the  books  of  the  Treasury,  in  like 
manner  as  for  the  present  domestic  funded  debt,  which 
said  credits  or  stock  shall  thereafter  be  transferable  only 
on  the  books  of  the  Treasury  of  the  United  States,  by  the 
proprietor  or  proprietors  of  such  stock,  his.  her  or  their 
attorney:  and   the  faith   of  the   Fnited   States  is  hereby 
pledged  for  the  payment  of  the  interest,  and  for  the  re- 
imbursement of  the   principal  of  the  said  stock,  in  con- 
dem'ption  "ina°v  foi'mitv  with  (he  provisions  of  the  said  convention:    /V>- 
i>e  shortened.  '   ^ded' however,  That  the  Secretary  of  the  Treasury  may. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  63 

with  the  approbation  of  the  President  of  the  United 
States,  consent  to  discharge  the  said  stock  in  four  equal 
annual  instalments,  and  also  shorten  the  periods  fixed 
by  the  convention  for  its  reimbursement  :  And  provided 
also,  That  every  proprietor  of  the  said  stock  may,  until 
otherwise  directed  by  law,  on  surrendering  his  certifi- 
cate of  such  stock,  receive  another  to  the  same  amount, 
and  bearing  an  interest  of  six  per  centum  per  annum, 
payable  quarter-yearly  at  the  Treasury  of  the  United 
States. 

SEC.  2.  And  be  it  further  enacted.  That  the  annual  in-     interest  pay- 

'  .  .  able  in  Europe. 

terest  accruing  on  the  said  stock,  which  may,  in  conform- 

ity with  the  convention  aforesaid,  be  payable  in  Europe,  cha^f  ^^ 

shall  be  paid  at  the  rate  of  four  shillings  and  sixpence  at  ^j^  and 

sterling  for  each  dollar,  if  payable  in  London,  and  at  the 

rate  of  two  guilders  and  one  half  of  a  guilder,  current 

money  of  Holland,  for  each  dollar,  if  payable  in  Amster- 

dam. 

SEC.  3.  And  be  it  further  enacted,  That  a  sum  equal  to  vi^n^er^r  P0r°t 
what  will  be  necessary  to  pay  the  interest  which  may  ^  ^n^ryin 
accrue  on  the  said  stock  to  the  end  of  the  present  year, 
be,  and  the  same  is  hereby  appropriated  for  that  purpose, 
to  be  paid  out  of  any  monies  in  the  Treasury  not  other- 
wise appropriated. 

SEC.  4.  And  be  it  further  enacted,  That  from  and  after  29A  ct1800f2,Apcr" 
the  end  of  the  present  year,  (in  addition  to  the  annual  ^d  seven  hu^ 


sum  of  seven  millions  three  hundred  thousand  dollars         8  to°  the 


yearly  appropriated  to  the  sinking  fund,  by  virtue  of  sinking  fund. 

the  act,  intituled  "  An  act  making  provision  for  the  re- 

demption of  the  whole  of  the  public  debt  of  the  United 

States,'')   a  further  annual  sum  of  seven  hundred  thou- 

sand dollars,  to  be  paid  out  of  the  duties  on  merchandise 

and  tonnage,  be.  and  the  same  hereby  is,  yearly  appropri- 

ated to  the  said  fund,  making  in  the  whole,  an  annual 

sum  of  eight  millions  of  dollars,  which  shall  be  vested  in  e  r^om^fissifhe 

the  commissioners  of  the  sinking  fund  in  the  same  man-  to^redeem"  the 

ner,  shall  be  applied  by  them  for  the  same  purposes,  andstock- 

shall  be,  and  continue  appropriated,  until  the  whole  of 

the  present  debt  of  the  United  States,  inclusively  of  the 

stock  created  by  virtue  of  this  act,  shall  be  reimbursed 

and  redeemed,  under  the  same  limitations  as  have  been 

provided  by  the  first  section  of  the  above-mentioned  act, 

respecting   the   annual    appropriation   of   seven    millions 

three  hundred  thousand  dollars,  made  by  the  same. 


64  NATIONAL   MONETARY   COMMISSION. 

...  secretary  ?f      SEC.  5.  And  be  it  further  enacted.  That  the  Secretary 

the  1  reasury  to  '  J 

pay  to  commis-  of  {ne  Treasury  shall  cause  the  said  further  sum  of  seven 

s  i  o  n  e  r  s  .   w  h  o 


hundred  thousand  dollars  to  be  paid  to  the  commissioners 
charge  of  debt.  of  tjie  sinking  fund,  in  the  same  manner  as  was  directed 
by  the  above-mentioned  act  respecting  the  annual  appro- 
priation of  seven  millions  three  hundred  thousand  dol- 
lars; and  it  shall  be  the  duty  of  the  commissioners  of  the 
sinking  fund  to  cause  to  be  applied  and  paid  out  of  the 
said  fund,  yearly,  and  every  year,  at  the  Treasury  of  the 
United  States,  such  sum  and  sums  as  may  be  annually 
wanted  to  discharge  the  annual  interest  and  charges  ac- 
cruing on  the  stock  created  by  virtue  of  this  act,  and  the 
several  instalments,  or  parts  of  principal  of  the  said  stock. 
as  the  same  shall  become  due  and  may  be  discharged,  in 
conformity  to  the  terms  of  the  convention  aforesaid,  and 
of  this  act. 

Approved,  November  10,  1803. 

ACT  OF  NOVEMBER  10,  1803. 

-  stat.  L-  CHAP.  ITT.  —  An  act  making  prorision  for  the  payment  of 
[obsolete.]  claims  of  citizens  of  the  United  States  on  the  Govern- 
'incnt  of  France,  the  payment  of  u-hich  ha*  been  ax- 
sumed  by  the  United  States,  by  rirtue  of  the  convention 
of  the  thirtieth  of  April,  one  thousand'  eight  hundred 
and  three,  between  the  United  State*  and  tlie,  French 
Republic. 

H=  *  *  #  # 

^  jYosijioin  or  Si-:c.  3.  And  be  'it  further  enacted.  That  the  President 
*'s  '  '"'  "f  l'1(1  United  States  be.  and  he  hereby  is  authorized  to 
l"'iTo\v,  on  the  credit  of  the  United  States,  to  be  applied 
to  the  purposes  authorized  by  this  act,  a  sum  not  exceed- 
ing one  million  seven  hundred  and  fifty  thousand  dollars. 
;it  a  rate  of  interest,  not  exceeding  six  per  centum  per 
annum:  reimbursable  out  of  the  appropriation  made  by 
virtue  of  the  first  section  of  this  act.  at  the  pleasure  of 
the  I'niled  States,  or  at  such  period,  not  exceeding  live 
y<-ar>  from  the  time  of  obtaining  the  loan,  as  may  be 
stipulated  by  contract:  and  it  shall  be  lawful  for  the  Bank 
of  the  I'nited  States  to  lend  the  same. 

J      Sr.r.  -1.  And  lie  il  further  enacted.  That  so  much  of  the 
,  duties  on  merchandise  and  tonnage  as  may  lie  necessary. 
."be,  and  the  same  hereby  is  appropriated  for  the  purpose 
paying  the  interest  which  shall 

*  *  :): 

Approved.  November  K).  1S03. 


row 


:iiii|    liflv    thoi 


t«-r< 
iil.ii 
loni.s. 


:ii.i«-     on     cus-0f  paying  the  interest  which  shall  accrue  on  the  said  loan. 


LAWS   CONCERNING   MONEY,    BANKING,    AND   LOANS.  65 

ACT  OF  FEBRUARY  24,  1804. 

CHAP.  XIII. — An  act  for  laying  and  collecting  duties  on  _2  stat.  L., 
imports  and  tonnage  within  the  territories  ceded  to  the 
United  States,  ~by  the  treaty  of  the  thirtieth  of  April, 
one  thousand  eight  hundred  and  three,  between  the 
Ignited  States  and  the  French  Republic,  and  for  other 
purposes. 

SEC.   1.     *     *     *     and  the   following  acts,  that  is  to    Act  of  sept. 

'2,  1789    ch   12 

say,  the  act,  intituled,  ''An  act  to  establish  the  treasury"' 
department." 

***** 

''An  act  to  establish  a  mint  and  to  regulate  the  coins  of  2  A7r,oofcAp1r" 
the  United  States." 

"An  act  regulating  foreign  coins,  and  for  other  pur-     Act  of  Feb- 
ruary  9,   1793, 
poses.  ch.  5. 

And  the  act  supplementary  to,  and  amendatory  of  the 
two  last-mentioned  acts,  or  so  much  of  the  said  acts  as 
is  now  in  force,     *     *     *,  shall  extend  to,  and  have  full 
force  and  effect  in  the  above-mentioned  territories: 
***** 

Approved.  February  24,  1804. 

ACT  OF  MARCH  2(5,  1804. 

CHAP.  XLVI. — -An  act  further  to  protect  the  commerce  ^2    stat.    L., 
(md  seamen,  of  the  United  States  af/ahtst  the  Barbary     [Expired.] 
powers. 


SEC.  4.     *  or  if  necessary  the  President  of  the     President  nu- 

-r    •       i    n  -11  i         •     '  -i  thorlzed  to  hor- 

United  States  is  hereby  authorized  to  borrow  the  said  row  this  sum. 

sum,  or  such  part  thereof  as  he  may  think  proper,  at  a 

rate  of  interest  not  exceeding  six  per  centum  per  annum, 

from   the  Bank  of  the   United   States,  which   is   hereby     i*ank  of  the 

iii  ..  .       ,     I'nited   States 

empowered  to  lend  the  same,  or   ironi  any  other  body  authorized   to 

ITT,-  ,.  "   lend. 

or  bodies  politic  or  corporate,  or  rrom  any  person  or 
persons;  and  so  much  of  the  proceeds  of  the  duties  laid 
by  this  act.  as  may  be  necessary,  shall  be  and  is  hereby 
pledged  for  replacing  in  the  treasury,  the  said  sum  of  t  *'(')''( 
one  million  of  dollars,  or  so  much  thereof  ;is  shall  have  j^.1,  ' 
been  thus  expended,  and  for  paying  the  principal  and 
interest  of  the  said  sum,  or  so  much  thereof  as  may  be 
borrowed,  pursuant  to  the  authority  given  in  this  section ; 


66  NATIONAL   MONETARY   COMMISSION. 

beAiSd  "before  an(^  an  accoun^  °^  tne  several  expenditures  made  under 
congress.          fais  ac^  shall  be  laid  before  Congress  during  their  next 
session. 

Approved,  March  26,  1804. 

ACT  OF  FEBRUARY  13,  1806. 

2    stnt.    L.,  CHAP.  V.  —  An  act  making  provision  for  defraying  any 
[Obsolete.]         extraordinary  expenses  attending  the  intercourse   be- 
f  tree/i  the  United  States  a/id  foreign  nations. 

***** 
President  au-      SEC.  2.  And  l)e  it  further  enacted,  That  the  President 
ca°ursee    the  of  the  United   States  be,  and  hereby  is  authorized,  if 

money      to     be  .  ,,  •  -,  ,  ,  ,. 

borrowed.          necessary,  to  borrow  the  said  sum,  or  any  part  thereot, 

Rates  of  in-  in  behalf  of  the  United  States,  at  a  rate  of  interest  not 

exceeding  six  per  centum,  per  annum,  redeemable  at  the 

will  of  the  Congress  of  the  United  States.    And  it  shall 

be  lawful  for  the  Bank  of  the  United  States  to  lend  the 

whole,  or  any  part  of  the  same. 

Fund  made      SEC.  3.  And  be  it  further  cwcted.  That  so  much  as 

subject    to    the  .  ,     ,  ,  „     ,  '      ,       . 

reimbursement  may  be  necessary  ot  the  surplus  or  the  duties  on  imports 

of    princi  p  a  1         ,    1  .     '          .      ,  ... 

and  tiie  paying  and  tonnage,  beyond  the  permanent  appropriation  nere- 
tofore  charged  upon  them,  by  law,  shall  be,  and  hereby 
is  pledged  and  appropriated  for  the  payment  of  the  inter- 
est, and  reimbursement  of  the  principal,  of  all  such 
monies  as  may  be  borrowed  in  pursuance  of  this  act. 
according  to  the  terms  and  conditions  on  which  the  loan 
di'  loans  may  be  effected. 

Approved,  February  13,  1SO<>. 

ACT  OF  APRIL  18,   1800. 

2    st:it.    L.,  ('MAP.  L.  —  An  (i<-t  to  r<'j>cal  NO  much  of  an;/  act  or  acts  as 
authorize,  the  receipt  of  evidences  of  the  public  debt,  in 
t  for  /(OH/*  of  tJie  I  'ulted  titatc.*;  and  for  other 
xcx,  relative  to  the  public  debt. 


lie  it  enacted  by  tlie  ticnate  and  House  of  Representa- 
tive^ <>f  tlie  I  nited  XtatcN  of  America  in  Congress  asNein- 
/y/rY/5  Tliat   S()  lllll(>l1  ()i'  all.v  :lct  ()1"  acts  as  authorize  the 
•'<'«'  i'l't^of  '<.viP  11(1('('ipt   °f  evidences  of  the   public  debt,  in  payment   for 
;»;•'•«;;[  i"|J;>;.';  the    lands   of   the    Unite,!    Slates,   shall    from    and    after 
!!ri"r  [»','.  ••mi!11"'  l»>i'l'''ll»  (l;'.v  of  April,  one  thousand  eight   hundred 
"™"'  !lll(l   six'   be  1'q^al^:  I'rocidcd,  That   the  riht  uf  all 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  67 

persons  who  may  have  purcliasecl  public  lands  previous 
to  the  passage  of  this  act,  to  pay  for  the  same  in  stock, 
shall  in  no  wise  be  affected  or  impaired:  And  provided 
further.  That  there  shall  be  allowed  on  every  payment 
made  in  money,  at  or  before  the  same  shall  fall  due,  for 
lands  purchased  before  the  thirtieth  day  of  April,  one 
thousand  eight  hundred  and  six.  in  addition  to  the  dis- 
counts now  allowed  by  law,  a  deduction  equal  to  the 
difference  at  the  time  of  such  payment,  between  the  mar- 
ket price  of  six  per  cent,  stock  and  the  nominal  value  of 
its  unredeemed  amount,  which  market  price  shall,  from 
time  to  time,  be  stated  by  the  Secretary  of  the  Treasury 
to  the  officers  of  the  several  land-offices. 

SEC.  "2.  And  lie  it  further  enacted,  That  the  commis-  Wh£he  pu** 
sioners  of  the  sinking  fund  shall  not  be  authorized  to^f^8  ^aytbl 
purchase  any  of  the  several  species  of  the  public  debt,^1^1^^6^^ 
at  a  higher  price  than  at  the  rates  following,  that  is  to  states- 
say;  they  shall  not  pay  more  for  three  per  cent,  stock 
than  sixty  per  cent,  of  its  nomjnal  value;  nor  for  any 
other  species  of  the  public  debt  more  than  the  nominal 
value   of   its   unredeemed   amount,   the   eight    per   cent, 
stock  only  excepted;  for  which  they  shall  be  authorized, 
in  addition  thereto,  to  give  at  the  rate  of  one  half  of  one 
per  cent,  on  the  said  nominal  value,  for  each  quarterly 
dividend  which  may  be  payable  on  such  purchased  stock, 
from  the  time  of  such  purchase  to  the  first  day  of  Janu- 
ary, one  thousand  eight  hundred  and  nine. 

SEC.  3.  And  be  it  further  enacted.  That  so  much  of  any^.^6^6;;11^* 
act  as  directs  that   (purchasers)   purchases  of  the  public "tHctimT'  thee 
debt,  by  the  commissioners  of  the  sinking  fund,  shall  be asUt™tlie°raode 
made  within  the  thirty  days  next  ensuing  after  each  day  j^rchas™*1    °f 
on  which  a  quarterly  payment  of  interest  on  the  debt  of 
the  United  States  shall  become  due;  and  also  so  much  of 
any  act  as  directs  that  the  said  purchases  shall  be  made  by 
open  purchase  or  by  sealed  proposals,  be,  and  the  same 
hereby    is   repealed.      And    the    said    commissioners    are 
hereby  authorized  to  make  such  purchases,  under  the  re- 
strictions laid  by  the  preceding  section,  in  such  manner, 
and   at  such   times  and   places  as  they  shall   deem  most     177n^f  clK  ;{S- 
eligible;  and  for  that  purpose  to  appoint  a  known  agent 
or  agents,  to  whom  they  may  allow  a  commission,  not  ex- 
ceeding one- fourth   of  one   per   cent,   on    the   respective 
purchases  of  such  agents. 

Approved,  April  18.  1800. 


68  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  FEBRUARY  11,  1807. 

2  stat.  L.,  CHAP.  XII. — An-  act  supplementary  to  the  act,  intituled 
"An  act  making  provision  for  the  redemption  of  the 
"•hole  of  the  pi/Hie  debt  of  the  United  States.'' 

tionoef  t'he'pTib-  Choreas  it  is  desirable  to  adapt  the  nature  of  the  pro- 
oni  bebdoneCf)v  yisi°n  f°r  the  redemption  of  the  public  debt  to  the  present 
voluntary  sub-  circumstances  of  the  United  States,  which  can  only  be 

scription. 

done  by  a  voluntary  subscription  on  the  part  of  the  cred- 
itors : 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tive* of  the  United  States  of  America  in  Congress  assem- 
^^isu^cii1  Mi'd-:  That  a  subscription  to  the  full  amount  of  the  old  six 
per  cent,  deferred  and  three  per  cent,  stocks  be,  and  the 

Subscription  * 

books    to    thesame  is  hereby  proposed:  for  which  purpose  books  shall 

full  amount  of  J    L       i  J.        i 

the  old  <;  per  ke  opened  at  the  Treasury  of  the  United  States,  and  by 

cent,  deferred  l  _ 

and  3  per  cent,  the  several  commissioners  of  loans,  on  the  first  day  of 

stock,    to   be 

opened  at  thejuly  next,  to  continue  open  until  the  seventeenth  day  of 

I  reasury    and1  ... 

the   several  March  next  following,  inclusively,  the  fourteen  last  days 

loan  offices.  '  •   ' 

Mode  of  ef-of  each  quarter  excepted,  for  such  parts  of  the  above  meu- 

fectinj,'  the  sub-    .  .       .  * 

scription.  tioned  descriptions  or  stock,  as  shall,  on  the  day  of  sub- 
scription.  stand  on  the  books  of  the  Treasury,  and  of  the 
several  commissioners  of  loans,  respectively;  which  sub- 
scription shall  be  effected  by  a  transfer  to  the  United 
States,  in  the  manner  provided  by  law  for  such  transfers, 
of  the  credit  or  credits  standing  on  the  said  books,  and  by 
a  surrender  of  the  certificates  of  the  stock  subscribed. 
Credits  to  bo  SKC.  '2.  .  I  ltd  l>e  it  fnri JKT  enacted,  That  for  the  whole  or 

given     for    any  ' 

sumssubsrribed any  part  of  any  sum  which  shall  thus  be  subscribed,  in  old 

in     old     <!     per         -    ' 

cent,  stock,  and  six  per  cent,  or  deferred  stock,  credits  shall  be  entered  to 

new  cert  ideates 

given  in  p  per  the  respective  subscribers,  and  the  subscriber  or  sub- 
cent,  stock.  . 

seribers  shall   be  entitled   to  a   certificate,  or  certificates, 

purporting  thai  the  {  nited  States  owe  to  the  holder  or 
holder-  thereof,  hi-,  her.  or  their  assigns,  a  sum  to  be 
e.\pre--ed  therein,  equal  to  the  amount  of  principal  of  the 
stock  Ihu^  subscribed,  which  shall  remain  unredeemed  on 
uch  subscription,  bearing  an  interest  of  six 
per  annum,  payable  quarter  yearly,  from  the 
fir-l  day  of  the  quarter,  during  which  such  subscription 
shall  have  been  made,  transferable  in  the  same  manner 
;:s  is  provided  by  hiw  for  the  transfers  of  the  stock  sub- 
na'i't'he^'1''^0'''  :II1<'  sll''.i(1<1'  (()  ret leiii |)t  ion  at  the  pleasure  of  the 
stales''  l"i»it«-'l  States:  I'mr'nlrd.  That  no  single  cert  ificate  shall 
be  issued  foi-  an  amount  ^ivatei'  than  ten  thousand  dol- 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  69 

lars:  And  provided  further,  That  no  reimbursement  shall  T£™F^°  as  to 
be  made  except  for  the  whole  amount  of  any  such  new  .  Notice  to  be 

J  given    previous 

certificate,   nor  till   after  at  least   six  months    previous to  reimburse- 
ment. 

public  notice  of  such  intended  reimbursement. 

SEC.  3.  And  be  it  further  enacted,  That  for  the  whole ^^^[./"to 
or  any  part  of  any  sum  which  shall  thus  be  subscribed  inbe  siven  for  :* 

•     •  J  _  per  cent,  stock 

three  per  cent,  stock,  credits  shall  likewise  be  entered  to  subscribed. 
the   respective  subscribers;   and  the  subscriber,  or  sub- 
scribers, shall  be  entitled  to  a  certificate,  purporting  that 
the  United  States  owe  to  the  holder  or  holders  thereof, 
his.  her,  or  their  assigns,  a  sum  to  be  expressed  therein, 
equal  to  sixty-five  per  centum  of  the  amount  of  the  prin- 
cipal of  the  stock  thus  subscribed,  bearing  an  interest  of  ^{J™^8^]^ 
six  per  centum,  per  annum,  payable  quarter  yearly,  from  *P  ^t^**  of 
the  first  day  of  the  quarter,  during  which  such  subscrip- 
tion shall  have  been  made,  and  transferable  and  subject  to 
redemption  in  the  same  manner,  and  under  the  same  regu- 
lations and  restrictions,  as  the  stock  created  by  the  pre- 
ceding section  of  this  act:  Provided,  That  no  part  of  thebu^^   reim" 
stock  thus  created,  shall  be  reimbursable  without  the  as- 
sent of  the  holder,  or  holders  of  such  stock,  until  after 
the  whole  of  the  eight  per  cent,  and  four  and  a  half  per 
•cent,  stocks,  as  well  as  all  the  six  per  cent,  stock  which 
may  be  created  by  virtue  of  the  preceding  section,  shall 
have  been  redeemed. 

(Section  4  authorizes  the  commissioners  of  the  sinking 
fund  to  appoint  an  agent  in  London  and  another  in 
Amsterdam  to  receive  subscriptions  and  transfers  and  to 
issue  new  certificates  in  favor  of  stockholders  residing  in 
Europe. 

(Section  5  provides  that  stockholders  subscribing  either 
in  the  United  States  or  in  Europe,  but  resident  in  Europe, 
may  at  their  option  receive  the  interest  on  the  new  stock 
either  in  the  United  States  or  in  London  or  Amsterdam; 
if  in  London,  at  the  rate  of  four  shillings  and  six  pence 
sterling  for  the  dollar,  and  if  in  Amsterdam  at  the  rate 
of  two  and  a  half  guilders  for  the  dollar,  credits  therefor 
being  entered  and  transferable  only  on  the  books  of  the 
treasury;  provided,  that  the  interest  thus  payable  abroad 
shall  not  be  payable  until  six  months  after  the  day  for 
payment  in  the  United  States,  and  shall  be  subject  to  a 
deduction  of  one-half  of  1  per  cent  on  its  amount  for  com- 
mission; and  provided  also,  that  the  certificates  of  stock 
thus  held  may  be  exchanged  for  others  bearing  interest, 
payable  in  the  United  States,) 


70  NATIONAL    MONETARY    COMMISSION. 


iedUedSfor  the     ^EC.  ®'  ^nd  b?<  it  further  enacted,  That  the  same  funds 
payment  of  in-  which  heretofore  have  been,  and  now  are,  pledged,  by  law, 

terest   and   the  .  '  r  . 

reimbursement  for  the  payment  of  the  interest,  and  for  the  redemption 

of  principal  of  "    ./  '  _  i 

the  public  debtor  reimbursement  of  the  stock  which  may  be  subscribed  by 

toremain 

pledged  for  'the  virtue  of  the  provisions  of  this  act,  shall  remain  pledged 

payment  of  in-  '  ' 

terest  and  re-  for  the  payment  of  interest  accruing  on  the  stock  created 

imbursement  of  ° 

principal  o  f  foy  reason  of  such  subscription,  and  for  the  redemption  or 

stock     sub* 

scribed.  reimbursement  of  the  principal  of  the  same.     It  shall  be 

the  duty  of  the  commissioners  of  the  sinking  fund  to 
cause  to  be  applied,  and  paid  out  of  the  said  fund,  yearly, 
and  every  year,  such  sum,  and  sums,  as  may  be  annually 
wanted  to  discharge  the  annual  interest  and  charges 
accruing  on  the  stock  which  may  be  created  by  virtue 
C(of  msinSk?ng  of  this  act.  The  said  commissioners  are  hereby  author- 
to  apply,  from  time  to  time,  such  sum  and  sums,  out 


lms*    may  of  the  said  fund,  as  they  may  think  proper,  towards  re- 
theTnter^sta'nd  deeming,  by  purchase,  or  by  reimbursement,  in  conform- 
somuch  as'they  ity  with  the  provisions  of  this  act,  the  principal  of  the 
proper  *toward  said  stock.     And  the   annual  sum  of  eight  .millions  of 
eeming,  etc.  (]o]iarRj  vested  by  law  in  the  said  commissioners,  shall 
be,  and  continue  appropriated  to  the  payment  of  interest 
and  redemption  of  the  public  debt,  until  the  whole  of 
the  stock  which  may  be  created  by  the  preceding  sections 
of  this  act,  shall  have  been  redeemed,  or  reimbursed. 

(Section  7  provides  compensation  of  agents,  clerk  hire, 
etc.) 

intSd^to*  ta      ^Ef.   8.  Anil  Ic    'tt  further  enacted,  That   whensoever 

"''"ipsiKnated.0  notice  of  reimbursement  shall  be  given,  as  prescribed  by 

imburseln^e  nt  the  second  and  third  sections  of  this  act,  the  certificates 

toebepIKivonn(to  intended  to  be  reimbursed,  shall  be  designated  therein. 

(•ertifthcatesrs  a'  ^n  every  reimbursement  the  preference  shall  be  given  to 

Votlceaof  their  sucn  holders  of  certificates  as,  previous  to  the  said  notice, 

imbi'irsod.b0  "''"shall  have  notified  in  writing  to  the  Treasury  Department 

ii^Tre^sury  to^heir  wish  to  be  reimbursed.     Tf  there  should  not  be  ap- 

iot''etcne    by  plications  to  the  Treasury  sufficient  to  require  the  pay- 

ment of  the  whole  sum  to  be  applied  to  that  purpose,  the 

Secretary  of  the  Treasury,  after  paying  off  all  sums  for 

the  payment  of  which  application  shall  have  been  made, 

shall   determine,  by  lot.   what   other  certificates  shall  be 

reimbursed  so  ns  to  make  up  the  whole  amount  to  be  dis- 

charged; and   in  case  the  applications  shall  exceed   tho 

amount  to  be.  discharged,  the  Secretary  of  the  Treasury 

shall    proceed    to    determine,   by    lot,   what   applications 

shall  be  entitled  to  priority  of  payment. 


LAWS   CONCERNING   MONEY,    BANKING,    AND   LOANS.  71 

SEC.  9.  And  be  it  further  enacted.  That  the  agents  ap-     Agents   and 

'          .  ?     commissioners 

pointed  by  virtue  of  this  act,  and  the  several  commis-°f  Ioans  to  per- 

~:  J  form  such  reg- 

sioners  of  loans,  shall  observe  and  perform  such  directions"1  at  to  n  s  as 

L  shall     be     pre- 

and  regulations,  as  shall  be  prescribed  to  them  bv  the|cribed  by  the 

'  *•  .  Secretary  of  the 

Secretary  of  the  Treasury,  touching  the  execution  of  this  Treasury. 
act. 

SEC.  10.  And  be  it  further  enacted.  That  nothing  in     Saying  «* 

the     rights     of 

this  act  contained   shall  be   construed,   in   any  wise,  tononsubscribers 

-  to      the      loan 

alter,  abridge,  or  impair  the  rights  of  those  creditors  of  created  by  this 
the  United  States,  who  shall  not  subscribe  to  the  loan 
created  by  virtue  of  this  act. 
Approved.  February  11,  1807. 

ACT  OP"  MARCH  3,  1809. 
CHAP.  XXVIII. — An.  act  further  to  amend  the  several  r£    stat-    L- 

53o. 

acts  for  the  establishment  and  regulation  of  the  Treas- 
ury, War.  and  Xary  Departments. 


(Section  -t  provides  that  disbursing  agents  for  the 
army  and  navy,  *  *  *  ';  shall,  whenever  practicable, 
keep  the  public  monies  in  their  hands,  in  some  in- 
corporated bank,  to  be  designated  for  the-  purpose  by  the 
President  of  the  United  States,"  and  shall  make  monthly 
returns  thereof.) 

***** 

Approved,  March  3,  1809. 

ACT  OF  JUNE  28.  1809. 
CHAP.   X. — An  act  supplementary  to   the  act,  entitnled  __-    stat.    L., 

•  »  • ' •  i OOl . 

An  act  making  further  provision  for  the  support  of 
public  credit,  and  for  the  redemption  of  the  public, 
debt:' 

'Re  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled. That  the  powers  vested  in  the  commissioners  of.,  ArX-of -M?i'- 

.?.  1  i  9;>.  ch.  4.>. 

the  sinking  fund,  by  the  tenth  section  of  the  act  to  which,  ,IVw(1''s     ?  f 

the       comniis 

this  act  is  a  supplement,  shall  extend  to  all  the  cases  of*j™<^  (j-fn '^ 
reimbursement  of  any  instalments  or  parts  of  ihe  capital.  ('xtended- 
<>r  principal,  of  (he  public  debt  now  existing,  which  may 
become,  payable  according  to  law.     And  in  every  case  in 
which  a  loan  may  be  made  accordingly,  it  shall  be  lawful 


72 


NATIONAL    MONETARY    COMMISSION. 


for  such  loan  to  be  made  of  the  Bank  of  the  United 
States,  any  thing  in  any  act  of  Congress  to  the  contrary 
notwithstanding. 

Approved,  June  28,  1809. 

ACT  OF  MAY  1,  1810. 


•2   stat. 
[Obsolete.] 


ize^oan 


L..  CHAP.  XLV.  —  An  act  authorizing  a  loan  of  money,  for  a 
x""1'  n°t  exceeding  the  amount  of  the  principal  of  the 
public  debt,  reimbursable  during  the  year  one  thousand 

cif  /Jit  h>t  /t  (I  red  and  ten. 


Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  ax- 
KemlAcd.  That  the  President  of  the  United  States  be,  and 
he  is  hereby  empowered  to  borrow,  on  the  credit  of  the 
United  States,  a  sum  not  exceeding  the  amount  of  the 
principal  of  the  public  debt,  which  will  be  reimbursed, 
according  to  law.  during  the  present  year,  by  the  com- 
missioners of  the  sinking  fund,  at  a  rate  of  interest,  pay- 
able quarter  yearly,  not  exceeding  six  per  centum  per 
annum,  and  reimbursable  at  the  pleasure  of  the  United 
States,  or  at  such  period  as  may  be  stipulated  by  contract. 
not  exceeding  six  years  from  the  first  day  of  January 
next;  to  be  applied,  in  addition  to  the  monies  now  in  the 
Treasury,  or  which  may  be  received  therein  from  other 
sources  during  the  present  year,  to  defray  any  of  the 
public  expenses  which  are.  or  may  be  authorized  by  law. 
Tne  st()rk  thereby  created,  shall  be  transferable  in  the 
same  manner  as  is  provided  by  law  for  the  transfer  of  the 
Guided  debt.  It  shall  be  lawful  for  the  Bank  of  the 
|ynjtec]  States  to  lend  the  said  sum,  or  any  part  thereof; 
an(j  jt  js  f,irth<>r  hereby  declared,  that  it  shall  be  deemed 
a  good  execution  of  the  said  power  to  borrow,  for  the 
1790,  ch.  34.  Secretary  of  the  Treasury,  with  the  approbation  of  the 
President  of  the  United  States,  to  cause  to  be  constituted 
certificates  of  stock,  signed  by  the  Register  of  the  Treas- 
ury. or  by  a  commissioner  of  loans,  for  the  sum  to  be 
borrowed,  or  for  any  part  thereof,  bearing  an  interest  of 
six  per  cent,  per  annum,  transferable  and  reimbursable  as 
aforesaid;  and  to  cause  the  said  certificates  of  stock  to  be 
sold  :  I'rni'!<l<'<!  .  That  no  such  stock  be  sold  under  par. 

(By  section  -1  the  Secretary  of  the  Treasury  is  author- 
ized. with  the  approbation  of  the  President,  to  give  the 
preference,  among  subscribers  to  the  loan  here  provided 
for.  to  the  holder:-  of  exchanged  six  per  cent  stock"  issued 


author 

money. 


izec 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  73 

under  the  act  of  February  11,  1807,  to  an  amount  not  ex- 
ceeding for  any  stockholder  the  amount  of  such  exchanged 
stock  held  by  him :  provided,  that  the  sum  thus  borrowed 
from  holders  of  the  exchanged  stock  shall  be  reimbursable 
at  the  pleasure  of  the  Unitfed  States.) 

SEC.  3.  And  l)e  it  further  enacted.  That  so  much  of  the     v  u  n  a  s 

,  .      .  pledged  for  the 

funds  constituting  the  annual  appropriation  or  eight  mil-  payment  of 

„  .     i  .       .       ,          ,    .       principal  and 

lions  of  dollars  lor  the  payment  or  the  principal  and  in- interest, 
terest  of  the  public  debt  of  the  United  States,  as  may  be 
wanted  for  that  purpose,  is  hereby  pledged  and  appro- 
priated for  the  payment  of  the  interest  and  for  the  reim- 
bursement of  the  principal  of  the  stock,  which  may  be 
created  by  virtue  of  this  act.  It  shall  accordingly  be  the 
duty  of  the  commissioners  of  the  sinking  fund,  to  cause  to 
be  applied  and  paid  out  of  the  said  fund  yearly,  and  every 
year,  such  sum  and  sums  as  may  be  annually  wanted  to 
discharge  the  interest  accruing  on  the  said  stock,  and  to 
reimburse  the  principal,  as  the  same  shall  become  due.  and 
may  be  discharged  in  conformity  with  the  terms  of  the 
loan:  and  they  are  further  authorized  to  apply,  from 
time  to  time,  such  sum  or  sums  out  of  the  said  fund  as  they 
may  think  proper,  towards  redeeming  by  purchase,  and  at 
a  price  not  above  par,  the  principal  of  the  said  stock  or 
any  part  thereof.  And  the  faith  of  the  United  States  is 
hereby  pledged  to  establish  sufficient  revenues  for  making 
up  any  deficiency  that  may  hereafter  take  place  in  the 
funds  hereby  appropriated  for  paying  the  said  interest 
and  principal  sums,  or  any  of  them,  in  manner  aforesaid. 
Approved.  May  1.  1810. 

ACT  OF  MARCH  -2.  1811. 

CHAP.  XXXII. — An  act  authorizing  a  loan  of  money,  for     2  stat.  L., 
a  sum  not  exceeding  five  millions  of  dollar*.  [Obsolete.] 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  President  of  the  United  States  be.  and  ho  ^re.sid/"( 

'  author!  zed   to 

is  hereby  empowered  to  borrow,  on  the  credit  of  the^1'1'0""  ?5-000-' 
United  States,  a  sum  not  exceeding  five  millions  of  dol- 
lars, at  a  rate  of  interest,  payable  quarter  yearly,  not  ex- 
ceeding six  per  centum  per  annum,  and  reimbursable  at 
the  pleasure  of  the  United  States,  or  at  such  periods  as 
may  be  stipulated  by  contract,  not  exceeding  six  years 


74  NATIONAL   MONETARY   COMMISSION. 

from  the  first  day  of  January  next;  to  be  applied  in  addi- 
tion to  the  monies  now  in  the  Treasury,  or  which  may  be 
received  therein  from  other  sources  during  the  present 
year,  to  defray  any  of  the  public  expenses  which  are  or 
may  be  authorized  by  law.-  The  stock  thereby  created 
shall  be  transferable  in  the  same  manner  as  is  provided  by 

Proviso.  law  for  the  transfer  of  the  funded  debt :  And  it  is  further 
hereby  declared*  That  it  shall  be  deemed  a  good  execution 
of  the  said  power  to  borrow,  for  the  Secretary  of  the 
Treasury,  with  the  approbation  of  the  President  of  the 
United  States,  to  cause  to  be  constituted  certificates  of 
stock,  signed  by  the  Register  of  the  Treasury,  or  by  a  com- 
missioner of  loans  for  the  sum  to  be  borrowed,  or  for  any 
part  thereof,  bearing  an  interest  of  six  per  cent,  per  an- 
num, transferable  and  reimbursable  as  aforesaid;  and  to 
cause  the  said  certificates  of  stock  to  be  sold  at  auction, 
after  having  given  thirty  days'  public  notice  of  the  time 
and  place  of  such  sale:  Provided,  That  no  such  stock  be 
sold  under  par. 

Funds      SEC.  2.  And  le  it  further  enacted,  That  so  much  of  the 

p  1  e  d  g  e  d    for  .         .  ,     . 

paying  interest,  funds  constituting  the  annual  appropriation  of  eight  mil- 
lions of  dollars,  for  the  payment  of  the  principal  and  in- 
terest of  the  public  debt  of  the  United  States,  as  may  be 
wanted  for  that  purpose,  is  hereby  pledged  and  appro- 
priated for  the  payment  of  the  interest,  and  for  the  reim- 
bursement of  the  principal  of  the  stock,  which  may  be 
created  by  virtue  of  this  act.  It  shall  accordingly  be  the 
duty  of  the  commissioners  of  the  sinking  fund  to  cause  to 
be  applied  and  paid  out  of  the  said  fund  yearly,  and  every 
year,  such  sum  and  sums  as  may  be  annually  wanted  to 
discharge  the  interest  accruing  on  the  said  stock,  and  to 
reimburse  the  principal  as  the  same  shall  become  due.  and 
may  be  discharged  in  conformity  with  the  terms  of  the 
loan;  and  they  are  further  authorized  to  apply,  from  time 
to  time,  such  sum  or  sums  out  of  the  said  fund,  as  they 
may  think  proper,  towards  redeeming  by  purchase,  and  at 
a  price  riot  above  par.  the  principal  of  the  said  stock  or 
any  part  thereof.  And  the  faith  of  the  United  States  is 
hereby  pledged  to  establish  sufficient  revenues  for  making 
up  any  deficiency  that  may  hereafter  take  place  in  the 
funds  herein'  appropriated  for  paying  the  said  interest 
and  principal  sums,  or  any  of  them  in  manner  aforesaid. 
Approved,  March  2,  1811. 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  75 

ACT  OF  MARCH  14,  1812. 

CHAP.  XL/I. — An  act  authorizing  a  loan  for  a  sum  not     2    stat.   L., 
exceeding  eleven  millions  of  dollars. 

(By  sections  1  and  2  the  President  is  authorized  to  bor- 
row on  the  credit  of  the  United  States,  in  order  to  defray 
expenses  authorized  by  law  during  the  present  session  of 
Congress,  a  sum  not  exceeding  eleven  millions  of  dollars, 
at  an  interest  not  exceeding  six  per  cent  per  annum,  pay- 
able quarter  yearly.  No  contract  is  to  be  made  preclud- 
ing reimbursement  at  any  time  after  the  expiration  of 
twelve  years  from  January  1,  1813,  and  none  of  the  stock 
is  to  be  sold  under  par.) 

SEC.  3.  And  be  it  further  enacted.  That  so  much  of  the  ,  F  u  n  d  s 

...          pledged  for  pay- 

funds   constituting  the   annual    appropriation    of   eighths  principal 

'  L  •       •       i          i  and  interest. 

millions  of  dollars,  for  the  payment  of  the  principal  and 
interest  of  the  public  debt  of  the  United  States,  as  may  be  . 
wanted  for  that  purpose,  after  satisfying  the  sums  nec- 
essary for  the  payment  of  the  interest  and  such  part  of 
the  principal  of  the  said  debt  as  the  United  States  are 
now  pledged  annually  to  pay  or  reimburse,  is  hereby 
pledged  and  appropriated  for  the  payment  of  the  inter- 
est, and  for  the  reimbursement  of  the  principal  of  the 
stock  which  may  be  created  by  virtue  of  this  act ;  it  shall 
accordingly  be  the  duty  of  the  commissioners  of  the  sink- 
ing fund,  to  cause  to  be  applied  and  paid  out  of  the  said 
fund  yearly,  such  sum  and  sums  as  may  be  annually 
wranted  to  discharge  the  interest  accruing  on  the  said 
stock,  and  to  reimburse  the  principal  as  the  same  shall 
become  due,  and  may  be  discharged  in  conformity  with 
the  terms  of  the  loan ;  and  they  are  further  authorized 
to  apply,  from  time  to  time,  such  sum  or  sums  out  of  the 
said  fund  as  they  may  think  proper,  towards  redeeming 
by  purchase,  and  at  a  price  not  above  par,  the  principal 
of  the  said  stock,  or  any  part  thereof.  And  the  faith  of  ^uedVtates 
the  United  States  is  hereby  pledged  to  establish  sufficient ^^  for j;he 
revenues  for  making  up  any  deficiency  that  mav  here-  )f  sufficient. 

•;  -  _    •  •  K  v  e  n  u  e     to 

after  take  place  in  the  funds  hereby  appropriated  for  n:lko.  "f  defi" 

Mencies. 

paying  the  said   interest   and  principal  sums,  or  any  of 
them,  in  manner  aforesaid. 

SEC.    4.  And  le  it  further  enacted,  That    it    shall   be  (J'a^;;J< 
lawful  for  any  of  the  banks  in  the  District  of  Columbia  J!^//^1:'.; 
to    lend    any    part    of    the    sum    authorized    to    be    bor-jjj;11'!-  n"|(' 
rowed  by  virtue  of  this  act,  any  thing  in  any  of  their tlicrcof • 
15712°— 10— 0 


76  NATIONAL    MONETARY    COMMISSION. 

charters  of  incorporation  to  the  contrary  nothwithstand- 
ing. 

Approved.  March  14,  1812. 

NOTE. — By  the  act  of  July  6,  1812,  authority  is  given  for  the 
employment  of  agents  for  the  purpose  of  selling  any  part  of  the 
stock  authorized  above,  and  a  commission  not  exceeding  one-eighth 
of  one  per  cent  is  allowed.  (2  Stat.  L.,  7S4.) 

ACT  OF  JUNE  30,  1812. 
1-    stnt.    L.,  CHAP.  CXI. — An  u<t  to  authorize  the  issuing  of  Treas- 

760.  , 

[Obsolete.]  nry  notes. 

I>c  it  enacted  ~by  the  ticn-cite  and  House  of  Representa- 
tives of  the  United  Xtate*  of  America  in  Congress  assem- 
president  to  /fc(f    That  the  President  of  the  United  States  be.  and 

cause  Treasury 

notes  to  issue.  ]ie  js  hereby  authorized  to  cause  Treasury  notes  for  such 
sum  or  sums  as  he  may  think  expedient,  but  not  ex- 
ceeding- in  the  whole  the  sum  of  five  millions  of  dollars,  to 
be  prepared,  signed  and  issued  in  the  manner  herein 
after  provided. 

t<,Saii!oB°reimS      Srx'-  -•  A  n'J  fi<>  '**  /"'''*?"'''  cuftctcff.  That  the  said  Treas- 
bursed.  U1.y  I10t(..s  shall   be  reimbursed  by  the  United   States,  at 

such  places,  respectively,  as  may  be  expressed  on  the 
face  of  the  said  notes,  one  year,  respectively,  after  the 
day  on  which  the  same  shall  have  been  issued  :  from  which 
day  of  issue  they  shall  bear  interest,  at  the  rate  of  five 
and  two-fifths  per  centum  a  year,  payable  to  the  owner 
and  owners  of  such  notes,  at  the  Treasury,  or  by  the 
proper  commisisoner  of  loans,  at  the  places  and  times 
respectively  designated  on  the  face  of  said  notes  for  the 
payment  of  principal. 

(Section  •}  provides  for  the  signing  and  countersign- 
ing of  the  notes,  and  for  the  compensation  of  the  persons 
employed  for  this  purpose.) 

tiH*Tr°<>-!s"urvf      ^KC-    ^  ' ^ "^  ^("'f  l"1'^"'1'  deleted.  That  the  Secretary 
un<i<;r   tiif-   <ii-0f  tiu>  Treasury  be.  and  he  is  hereby  authorized,  with  the 

rcctioti    of    the  •' 

I'rcsi.i.-nt.     I  "Approbation   of  the   President   of  the  United   States,  to 

cause  a  port  ion     ' 

<>r  said  notes  «> cause  to  be  issued  such  portion  of  the  said  Treasury  notes 

he  Issued,  etc.  •' 

as  the  President  may  think  expedient  in  payment  of  sup- 
plies, or  debts  due  by  the  United  States,  to  such  public 
creditors,  or  other  person^,  as  may  choose  to  receive  such 
note-  in  payment,  as  aforesaid,  at  par:  and  the  Secretary 
of  the  Treasury  is  further  authorized,  with  the  appro- 
bation of  the  President  of  the  I'nited  States,  to  borrow. 


LAWS    CONCERNING   MONEY,    BANKING,    AND    LOANS.  77 

from  time  to  time,  not  under  par,  such  sums  as  the  Presi- 
dent may  think  expedient,  on  the  credit  of  such  notes. 
And  it  shall  be  a  good  execution  of  this  provision  to  pay 
such  notes  to  such  bank  or  banks  as  will  receive  the  same 
at  par  and  give  credit  to  the  Treasurer  of  the  United 
States  for  the  amount  thereof,  on  the  day  on  which  the 
said  notes  shall  thus  be  issued  and  paid  to  such  bank  or 
banks  respectively. 

SEC.  5.  And  be  it  further  enacted,  That  the  said  Treas-  tr^|er°bie  by 
ury  notes  shall  be  transferable  by  delivery  and  assign-  als/gnment an^ 
ment  endorsed  thereon  by  the  person  to  whose  order  the 
same  shall,  on  the  face  thereof,  have  been  made  payable. 

SEC.  6.  And  le  it  further  enacted,  That  the  said  Treas-  Jpayment^of 
ury  notes,  wherever  made  payable,  shall  be  every  where  taxes! e  s  a  n 
received  in  payment  of  all  duties  and  taxes  laid  by  the 
authority  of  the  United  States,  and  of  all  public  lands 
sold  by  the  said  authority.  On  every  such  payment, 
credit  shall  be  given  for  the  amount  of  both  the  principal 
and  the  interest  which,  on  the  day  of  such  payment,  may 
appear  due  on  the  note  or  notes  thus  given  in  payment. 
And  the  said  interest  shall,  on  such  payments,  be  com- 
puted at  the  rate  of  one  cent  and  one  half  of  a  cent  per 
day  on  every  hundred  dollars  of  principal,  and  each 
month  shall  be  computed  as  containing  thirty  days. 

(Section  7  provides  that  any  public  officer  who  may 
receive  such  Treasury  notes  shall,  on  payment  of  the  same 
into  the  Treasury  or  into  any  bank  where  public  monies 
are  deposited,  be  credited  with  the  principal  of  the  notes 
so  paid  in,  and  the  interest  which  may  then  have  accrued, 
and  shall  be  charged  with  the  interest  accruing  on  the 
notes  while  in  his  hands.  But  no  such  charge  for  accru- 
ing interest  shall  be  made  against  any  bank  receiving 
payment  for  the  United  States  from  individuals  or  pub- 
lic officers,  which  shall  receive  such  notes  as  specie  and 
shall  credit  the  Treasurer  of  the  United  States  with  the 
amount  thereof,  including  the  interest  due  on  the  day  of 
receipt.) 

SEC.  8.  And  l>e  it  further  enacted.  That  the  commis-  ..^"^'S^ 

(IS      <>!_       S 1 II K 1 II J^ 

sioners  of  the  sinking  fund  be,  and  they  are  hereby  an-  [..""o'prim'lpai 

thori/ed  and  directed  to  cause  to  be  reimbursed  and  paid  :!."',',  j"/t'^st  of 

the  principal   and   interest   of  the  Treasury  notes  which 

may  be  issued  by  virtue  of  this  act,  at  the  several  time 

and  times  when  the  same,  according  to  the  provisions  of 

this  art.  should  be  thus  reimbursed  and   paid.     And  the. 

said  commissioners  are  further  authorized  to  make  pur- 


78  NATIONAL   MONETAKY   COMMISSION. 

chases  of  the  said  notes,  in  the  same  manner  as  of  other 
evidences  of  the  public  debt,  and  at  a  price  not  exceeding 
par,  for  the  amount  of  the  principal  and  interest  due 
tion  ?oPrrs°a?dire  a*  *ne  ^me  °^  purchase  on  such  notes.  So  much  of  the 
imbursement.  funds  constituting  the  annual  appropriation  of  eight  mil- 
lions of  dollars,  for  the  principal  and  interest  of  the  pub- 
lic debt  of  the  United  States,  as  may  be  wanted  for  that 
purpose,  after  satisfying  the  sums  necessary  for  the  pay- 
ment of  the  interest  and  such  part  of  the  principal  of  the 
said  debt  as  the  United  States  are  now  pledged  annually 
to  pay  and  reimburse,  is  hereby  pledged  and  appropriated 
for  the  payment  of  the  interest,  and  for  the  reimburse- 
ment or  purchase  of  the  principal  of  the  said  notes.  And 
so  much  of  any  monies  in  the  Treasury  not  otherwise  ap- 
propriated as  may  be  necessary  for  that  purpose  is  hereby 
appropriated  for  making  up  any  deficiency  in  the  funds 
thus  pledged  appropriated  for  paying  the  principal  and 
interest  as  aforesaid. 

(Sections  9  and  10  provide  for  the  expense  of  prepar- 
ing the  notes  for  issue,  and  fix  the  penalties  for  counter- 
feiting and  for  uttering  counterfeited  notes.) 
Approved,  June  30.  1812. 

ACT  OF  JULY  1.  181-2. 

_2  stat.  L.,  CIIAP.  CXV.— Ait  act  to  facilitate  the  transfer  of  the 
ntock  create fJ  under  an  act  pawd  on  the  tenth  of 
November^  one  thousand  eight  hundred  and  three. 

Be  it  enacted  l>y  the  Senate  and  Honxc  of  Representa- 
tives of  the   T^nited  States  of  America  in   Congress  a$- 
lo*i»(&t,<5?l'.8emWed,  That  the  stock  created  under  the  act,  entitled 
feraWe as^ther " An  act  authorizing  the  creation  of  a  stock  to  the  amount 
bo'ok  s°o?  tile  of  eleven  millions  t\vo  hundred  and  fifty  thousand  dol- 
thoseSUof5  anylars«  for  the  purpose  of  carrying1  into  effect  the  convention 
andmifrom0nthreof  the   thirtieth   of  April, 'one  thousand   eight  hundred 
commissioner  and  three1,  between  the  United  States  of  America  and  the 
o?her?Setc!     °  French  Republic,  and  making  provision  for  the  payment 
of  the  same.''  from  and  after  the  passing  of  this  act  shall 
be  transferable  in  the  same  manner  as  the  other  stocks  of 
the  United  States  arc  or  shall  be  transferable  from  the 
books  of  the  treasury  to  the  hooks  of  any  commissioner, 
and    from    the    books   of   one    commissioner   to   those   of 
another  commissioner  or  to  those  of  the  treasury. 
Approved.  July  1.  1812. 


LAWS   CONCERNING  MONEY,   BANKING,   AND  LOANS.  79 

ACT  OF  JULY  6,  1812. 

CHAP.  CXXXV. — An  act  authorising  a  subscription  for  __  2   stat.   L., 
the  old  six  per  cent,  and  deferred  stocks,  and  providing 
for  an  exchange  of  the  same. 

(By  section  1  a  subscription  to  the  full  amount  of  the 
old  six  per  cent  and  deferred  stocks  is  proposed,  to  remain 
open  from  October  1,  1812,  to  March  17,  1813,  inclusively, 
the  last  fourteen  days  of  each  quarter  excepted,  in  terms 
identical  with  those  of  section  1  of  the  act  of  February 
11,  1807.) 

SEC.  2.  And  l>e  it  further  enacted.  That  for  such  part     Terms  upon 

'  •  L          which  subscrip- 

of  the  amount  of  old  six  per  cent,  or  deferred  stock,  thus  tions   may   be 

made. 

subscribed,  as  shall  remain  unredeemed  on  the  day  of 
such  subscription,  credits  shall  be  entered  to  the  respective 
subscribers,  on  the  books  of  the  Treasury  or  of  the  com- 
missioners of  loans  where  such  subscription  shall  have 
been  made,  and  the  subscriber  or  subscribers  shall  be  enti- 
tled to  receive  a  certificate  or  certificates  purporting  that 
the  United  States  owe  to  the  holder  or  holders  thereof, 
his,  her,  or  their  assigns,  a  sum  to  be  expressed  therein, 
equal  to  the  unredeemed  amount  of  the  principal  of  the 
old  six  per  cent,  or  deferred  stocks,  subscribed  as  afore- 
said, bearing  an  interest  of  six  per  centum  per  annum, 
payable  quarter  yearly,  from  the  first  day  of  the  quarter 
during  which  such  subscription  shall  have  been  made, 
transferable  in  the  same  manner  as  is  provided  by  law 
for  the  transfers  of  the  stock  subscribed,  and  subject  to 
redemption  at  the  pleasure  of  the  United  States  at  any 
time  after  the  thirty-first  day  of  December,  one  thousand 
eight  hundred  and  twenty-four':  Prodded,  That  no  reim-  Proviso. 
bursement  shall  be  made  except  for  the  whole  amount 
of  the  stock  standing  at  the  time,  to  the  credit  of  any 
proprietor,  on  the  books  of  the  Treasury  or  of  the  com- 
missioners of  loans  respectively,  nor  till  after  at  least 
six  months'  previous  public  notice  of  such  intended  re- 
imbursement. 

(Section  '•}  is  identical  with  section  0  of  the  act  of  Feb- 
ruary 11.  1807.  except  that,  in  the  concluding  sentence, 
only  "  such  part  of  the  annual  sum  of  eight  millions  as 
may  be  necessary  and  wanting  for  the  above1  purposes/' 
to  wit.  the  payment  of  interest  and  reimbursement  of 
principal  of  the  stock  now  to  be  created,  is  to  continue 
appropriated  until  the  redemption  of  the  stock.) 


80  NATIONAL   MONETAKY   COMMISSION. 

SEC.  4.  And  be  it  further  enacted,  That  nothing  in  this 
act  contained  shall  be  construed  in  anywise  to  alter, 
abridge  or  impair  the  rights  of  those  creditors  of  the 
United  States  who  shall  not  subscribe  to  the  loan  to  be 
opened  by  virtue  of  this  act. 

Approved,  July  0,  1812. 

ACT  OF  JULY  6,  1812. 

2    stat.    i...  CHAP.  CXXXVL — An  act  supplementary  to  the  act  en- 
"lObsoiete.j         titled  "An  act  authorizing  a  loan  for  a  sum  not  exceed- 
ing eleren  millions  of  dollars" 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assent - 
beafpointedaby  bled.  That  the  Secretary  of  the  Treasury  be,  and  he  is 
of Ihe  Treasury  hereby  authorized  to  employ,  with  the  approbation  of 
g'tVc  k  of  ethe  the  President  of  the  United  States,  an  agent  or  agents  f  or 
Act  of  Mal-c'h  the  purpose  of  selling,  in  conformity  with  the  provisions 
41;         ~"    c  '  of  the  act,  entitled  "An  act  authorizing  a  loan  for  a  sum 
not  exceeding  eleven  millions  of  dollars."  any  part  of  the 
stock  created  by  virtue  of  the  said  act.     A  commission 
not  exceeding  one-eighth  of  one  per  cent,  on  the  amount 
thus  sold,  may  by  the  Secretary  of  the  Treasury  be  al- 
lowed to  such  agent  or  agents;  and  a  sum  not  exceeding 
five  thousand  five  hundred  dollars,  to  be  paid  out  of  any 
monies  in  the  Treasury  not  otherwise  appropriated,  is 
hereby    appropriated    for    paying   the    amount    of    such 
commission  or  commissions  as  may  be  thus  allowed. 
Approved,  July  0.  1812. 

ACT  OF  FEBRUARY  8.  P813. 

i..,  CHAT.  XXI. — An  act  authorizing  a  loan   for  a  sum  not 
exceeding  sixteen  millions  of  dollars. 

(Section  1  empowers  the  President  to  borrow,  on  the 
credit  of  the  I'nited  States,  a  sum  not  exceeding  sixteen 
millions  of  dollars,  to  be  applied  to  defray  expenses  au- 
thorized during  the  present  session  of  Congress;  but  no 
engagement  is  to  be  entered  into 'which  shall  preclude  the 
reimbursement  of  the  loan  at  any  time  after  twelve  years 
from  January  1.  181-1.) 

iid  SEC-  -•  - '  "<]  l('  ;f  f  "*!"•'•  enacted,  That  the  President  of 
Hn0ao'om;Tof th('  United  States  do  cause  to  be  laid  before  Congress,  on 
obtaYncTU°by  tll(>  first  Monday  in  February,  eighteen  hundred  and  four- 
cSut<V'eu.-f''im "teen,  or  as  soon  thereafter  as  Congress  may  be  in  .-ession. 


LAWS    CONCERNING   MONEY,    BANKING,    AND    LOANS.  81 

an  account  of  all  the  monies  obtained  by  the  sale  of  the 
certificates  of  stock,  by  virtue  of  the  power  given  him  by 
the  preceding  section,  together  with  a  statement  of  the 
rate  at  which  the  same  may  have  been  sold. 

(Section  3  authorizes  the  employment  of  agents  to  pro- 
cure subscriptions  to  the  stock  or  to  sell  the  same  and 
allows  a  commission  not  exceeding  one-quarter  of  one  per 
cent  on  the  amount  disposed  of  by  them. 

(Section  -i  pledging  for  the  support  of  this  loan  the 
requisite  amount  of  the  sinking  fund,  and  prescribing  the 
duties  of  the  commissioners  of  the  sinking  fund,  is  iden- 
tical with  section  3  of  the  act  of  March  14,  1812.) 

SEC.  5.  And  ~be  it  further  enacted,  That  it  shall  be  law-  D  Banks  hi  the 
ful  for  any  of  the  banks  in  the  District  of  Columbia,  toiumw^aut^ 
lend  anv  part  of  the  sum  authorized  to  be  borrowed  by  money  under 

•-'  f  ^LulbUCt. 

virtue  of  this  act,  any  thing  in  any  of  their  charters  or 
incorporation  to  the  contrary  notwithstanding. 
Approved.  February  8,  1813. 

ACT   OF   FEBRUARY   25,  1813. 

CHAP.  XXVII. — An  act  authorizing  the  issuing  of  Treas-      2    stat.    L., 
ury  notes  for  the  service  of  the  year  one  thousand  eight    [obsolete.] 
h  undred  and  thirteen. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  President  of  the  United  States  be,  and  he     Act  of  May 
is  hereby  authorized  to  cause  Treasury  notes  for  such   'TY"e"aCsiiry 
sum  or  sums  as  he  may  think  expedient,  but  not  exceed-  ooo?ooo°tov  be 
ing  in  the  whole  the  sum  of  five  millions  of  dollars,  to  Issued.16 
be  prepared,  signed,  and  issued,  in  the  manner  herein 
after  provided. 

SEC.  2.  And  be  it  further  enacted,  That  the  President      Additional 
of  the  United  States  be,  and  he  is  hereby  authorized,  in  ooo  to  be  bor- 
addition  to  the  amount  authorized  by  the  next  preceding  T  r  e  a's  u  r  y 
section  of  this  act,  to  cause  Treasury  notes,  for  such  sum 
or  sums  as  he  may  think  expedient,  but  not  exceeding  in 
(he  whole  the  further  sum  of  five  millions  of  dollars,  to 
be  prepared,  signed,  and  issued  in  the  manner  herein  after 
provided:   Provided,  that  the  amount  of  money  borrowed      Proviso. 
or  obtained,  by  virtue  of  the  notes  which  may  be  issued  by 
virtue  of  this  section,  shall  be  deemed  and  held  to  be  in 
part  of  the  sum  of  sixteen  millions  of  dollars,  authorized     1*1:;,  ch.  _i. 


82  NATIONAL   MONETARY  COMMISSION. 

to  be  borrowed  by  virtue  of  the  act  to  that  effect,  passed 
during  the  present  session  of  Congress. 
Terms  and      SEC.  3.  And  be  it  further  enacted.  That  the  said  Treas- 

places  of  reim-  ini  •      i  11          i        TT    •       -i    o 

bursement.  ury  notes  shall  be  reimbursed  by  the  United  States,  at 
such  places  respectively  as  may  be  expressed  on  the  face 
of  the  said  notes,  one  year  respectively  after  the  day  on 
which  the  same  shall  have  been  issued;  from  which  day 
of  issue  they  shall  bear  interest,  at  the  rate  of  five  and 
two-fifths  per  centum  a  year,  payable  to  the  owner  and 
owners  of  such  notes,  at  the  Treasury,  or  by  the  proper 
commissioner  of  loans,  or  by  the  officer  designated  for  that 
purpose,  at  the  places  and  times  respectively  designated 
on  the  face  of  said  notes,  for  the  payment  of  principal. 

(Sections  4  and  5,  providing  for  the  signing  of  the 
notes  and  authorizing  their  issue  in  any  of  several 
methods,  are  nearly  identical  with  sections  3  and  4  of 
the  Treasury  note  act  of  June  30,  1812;  but  to  section 
f>  of  the  present  act  is  added  a  provision  that  the  Secre- 
tary may  "  sell,  not  under  par.  such  portion  of  the  said 
notes  as  the  President  may  think  expedient." 

(Section  G  authorizes  the  employment  of  agents  for 
the  purpose  of  selling  any  of  the  notes  now  to  be  issued, 
and  allows  a  commission  not  exceeding  one-quarter  of 
one  per  cent  on  the  amount  thus  sold. 

(Sections  7,  8.  and  1).  relating  to  the  transfer  of  the 
notes,  their  receipt  for  public  clues,  and  the  manner  of 
crediting  public  officers  and  banks  with  the  interest  ac- 
cruing on  them,  are  identical  with  the  sections  5.  (>,  and 
7  of  the  act  of  June  30,  1812.) 

commission-      SK(  .   10.  A  ad    l>c    'it    fi.'/'f/icr    c/n/rffd.    That    the    corn- 
ers of  the  sink-       .  ... 

iim  fund  m  a  y  HI issioiHTs  of  the  sinking  fund  he.  and  tlu'V  are  hereby 

cause    the    re- 
imbursement to  Authorized   and    directed   to  cause   to   be   reimbursed   and 
be    made,    and        .  .       .  . 

purchases   of  paid   the  principal   ami   interest   oi  the    1  reasurv   notes 

t  li  e    Treasury         .  .  .  „ 

notes  to  be  ef-  which  uiav  be  issued  l>v  virtue  or  this  act,  at  the  several 

feeted.  .  '   .  • 

time  and  times  when  the  same,  according  to  the  provi- 
sions of  this  act.  -hould  be  thus  reimbursed  and  paid ;  and 
the  said  commissioners  are  further  authorized  to  make 
purchases  of  the  said  note-,  in  the  same  manner  as  of 
other  evidences  of  the  public  debt,  and  at  a  price  not  ex- 
ceeding par,  for  the  amount  of  the  principal  and  interest 
due  at  the  time  of  purcha>c  of  such  notes  So  much  of 
the  funds  constituting  the  annual  appropriation  of  eight 
millions  of  dollars,  for  the  payment  of  the  principal  and 
interest  of  the  public  debt  of  the  Knited  States,  as  may 
be  wanted  for  that  purpube.  after  satisfying  the  sums 


LAWS    CONCERNING    MONEY,    BANKING,    AND   LOANS.  83 

necessary  for  the  payment  of  the  interest  and  such  part 
of  the  principal  of  the  said  debt,  as  the  United  States  are 
now  pledged  annually  to  pay  and  reimburse,  including 
therein  the  interest  and  principal  which  may  become 
payable  upon  any  loan  or  loans  which  may  be  contracted 
by  virtue  of  any  law  passed  during  the  present  session 
of  Congress,  is  hereby  pledged  and  appropriated  for  the 
payment  of  the  interest,  and  for  the  reimbursement  or 
purchase  of  the  principal  of  the  said  notes;  and  so  much 
of  any  monies  in  the  Treasury  not  otherwise  appropri- 
ated, as  may  be  necessary  for  that  purpose,  is  hereby  ap- 
propriated for  making  up  any  deficiency  in  the  funds 
thus  pledged  and  appropriated,  for  paying  the  principal 
and  interest  as  aforesaid ;  and  the  Secretary  of  the  Treas- 
ury is  hereby  authorized  and  directed  for  that  purpose 
to  cause  to  be  paid  to  the  commissioners  of  the  sinking 
fund  such  sum  or  sums  of  money,  and  at  such  time  and 
tidies  as  will  enable  the  said  commissioners  faithfully 
and  punctually  to  pay  the  principal  and  interest  of  the 
said  notes. 

(Sections  11  and  12  providing  for  the  expense  of  pre- 
paring the  notes  for  issue,  and  fixing  the  penalties  for 
counterfeiting,  and  for  uttering  counterfeited  notes,  fol- 
low closely  the  corresponding  sections  of  the  act  of  June 
80,  1812.)' 

Approved,  February  25,  1813. 

ACT  OF  AUGUST  2,  1813. 

CHAP.  LI. — An  act  authorizing  a  loan  for  a  sum  not  ex- 
ceeding seven  millions  five  hundred  thousand  dollars. 

(Section  1  empowers  the  President  to  borrow  on  the,..3  stat  L-> 
credit  of  the  United  States  a  sum  not  exceeding  seven 
million  five  hundred  thousand  dollars,  to  be  applied  to 
defray  expenses  for  the  years  1813  and  1814.  but  provides 
that  no  contract  shall  be  entered  into  precluding  the  re- 
imbursement of  the  sum  thus  borrowed,  at  any  time  after 
twelve  years  from  January  1,  1814. 

(Section  2  authorizes  the  sale  of  certificates  of  the 
stock  thus  to  be  created:  "Provided,  That  no  such  certifi- 
cate shall  be  sold  at  a  rate  less  than  eighty-eight  per  cen- 
tum, or  eighty-eight  dollars  in  money  for  one  hundred 
dollars  in  stock;"  and  requires  that  an  account  of  moneys 
obtained  by  such  sales  and  a  statement  of  the  rate  ob- 
tained shall  be  laid  before  Congress  on  the  first  Monday 


84  NATIONAL    MONETARY   COMMISSION. 

in  February,  1814.  or  as  soon  thereafter  as  Congress  shall 
be  in  session. 

(Section  3,  authorizing  the  employment  of  agents  in 
disposing  of  the  stock,  follows  the  terms  of  section  3  of 
the  act  of  February  8,  1813. 

(Section  4,  pledging  for  the  support  of  this  loan  the 
requisite  amount  of  the  sinking  fund  and  prescribing  the 
duties  of  the  commissioners  of  the  sinking  fund,  is  iden- 
tical with  section  3  of  the  act  of  March  14,  1812.) 
B a  n  k  s   in      SEC.  5.  And  l>e  it  further  enacted,  That  it  shall  be  law- 
i  u  m  i)  i  a  may  ful  for  anv  of  the  banks  in  the  District  of  Columbia  to 

lend  the  money,  ,  „     .  .         .        -.  ,        ,  ,    , 

or  any  part  lend  any  part  or  the  sum  authorized  to  be  borrowed  by 
virtue  of  this  act.  any  thing  in  any  of  their  charters  of 
incorporation  to  the  contrary  notwithstanding. 
Approved.  August  2,  1813. 

ACT  OF  MARCH  4,  1814. 

KM?    Stat'    L"Ci-iAr.  XVIII. — An  act  to  authorize  the  issuing  of  Treas- 
[ obsolete.]         ,,r,j  nof(Jf!  jor  f/ie  .yctTtce  of  the  year  one  thousand  eight 
hundred  and  fourteen. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the   United  States  of  America  in  Cony  re,™  ax- 
A    sum    notsembled.  That  the  President  of  the  United  States  be.  and 

exceeding..7  . 

$~i.ooo.uoo    inhe  is  hereby  authorized  to  cause   Ireasury  notes,  tor  a 

Treasury  notes,  /-in" 

to  be  prepared, sum  not  exceeding  Jive  millions  or  dollars,  to   be  pre- 
pared, signed,  and  issued,  in  the  manner  hereinafter  pro- 
vided. 
Additional      SEC.  i>.  And  be  it  further  enacted.  That  the  President 

S'l.OOO.OOO     In.  .  i        •       n 

Treasury  notes  of  the  United  States  be,  and  lie  is  hereby  authorized  to 

n  <tv   lie   issued,  r  ,  ,  ' '        ,.    .          . 

bit  to  be  con- cause   Ireasury  notes  tor  a  further  and  additional  sum 
of  the  sum  au- not   exceeding  in   the   whole  five  millions  of  dollars,  or 

1  iori/ocl    to    be          ,  ,   '  ..  ,  ,      n      .  , .  . 

b Crowed,  such  part  thereof  as  he  shall  deem  expedient,  to  be  pre- 
pared, signed,  and  issued,  in  the  manner  hereinafter  pro- 
vided :  but  the  amount  of  money  borrowed  or  obtained 
for  the  notes  which  may  be  issued  by  virtue  of  this  sec- 
tion, shall  be  deemed  and  held  to  be  in  part  of  the  sum 
which  may  be.  authorized  to  be  borrowed  bv  virtue  of  an 
art  authorizing  a  loan  which  may  be  passed  during  the 
present  ses>ion  of  Congress. 
wiuTp,  wbon,  SF.C.  '•'>.  A /id  be  it  furl  her  enacted.  That  the  said  Treas- 

,-ind     terms     on  i      11     i  •  i     i          ,1         TT     •,      i     oj 

which  to  be  re- ury   notes  shall    be   reimbursed   by  the    United   States  at 

imliurscd.  (         ,  •       ,  ,'  ,  .        ,, 

such  places  respectively,  as  may  be  expressed  on  the  face 
of  such  note-,  one  year  respectively  after  the  day  on 
which  the  same  shall  have  been  issued;  from  which  day 


LAWS    CONCEBNING    MONEY,    BANKING,    AND   LOANS.  85 

of  issue  they  shall  bear  interest  at  the  rate  of  five  and 
two-fifths  per  centum  a  year,  payable  to  the  owner  or 
owners  of  such  notes,  at  the  Treasury,  or  by  the  proper 
commissioner  of  loans,  or  by  the  officer  designated  for 
that  purpose,  at  the  places  and  times  respectively  desig- 
nated on  the  face  of  said  notes  for  the  payment  of  prin- 
cipal. 

(Sections  4.  5.  and  6,  providing  for  the  signing  of  the 
notes  and  for  their  issue  or  sale,  and  for  the  employment 
and  compensation  of  agents  in  their  sale,  follow  the  lan- 
guage of  the  corresponding  sections  4.  5.  and  6  of  the  act 
of  February  25.  1813. 

(Sections  7,  8,  and  !).  relating  to  the  transfer  of  the 
notes,  their  receipt  for  public  dues,  and  the  manner  of 
crediting  public  officers  and  banks  with  interest  accruing 
on  them,  are  identical  with  the  sections  5,  6.  and  7  of  the 
Act  of  June  30.  1812. 

(Section  10,  containing  the  sinking  fund  provisions,  is 
identical  with  section  10  of  the  Treasury  note  act  of  Feb- 
ruary 25.  1813. 

(Sections  11  and  12,  providing  for  the  expense  of  pre- 
paring the  notes  for  issue  and  fixing  the  penalties  for 
counterfeiting  and  for  uttering  counterfeited  notes,  fol- 
low the  language  of  the  corresponding  sections  of  the  act 
of  June  30.  1812.) 

Approved.  March  4.  1814. 

ACT  OF  MARCH  24.  1814. 


(Section  1  empowers  the  President  to  borrow,  on  the 
credit  of  the  United  States,  a  sum  not  exceeding  twenty- 
five  millions  of  dollars,  to  be  applied  to  defray  any  ex- 
penses authorized  by  law,  during  the  present  year:  Pr<>- 
I'/f/ed,  that  no  contract  shall  be  made  to  preclude  the  re- 
imbursement of  the  sum  thus  borrowed,  at  any  time  after 
twelve  years  from  December  31.  1814. 

(Section  2  authorizes  the  sale  of  the  stock  thus  to  be 
created,  but  fixes  no  limit  as  to  the  rate,  and  require-  the 
Secretary  of  the  Treasury  to  lay  before  Congress  during 
the  fii>t  week  of  February,  IS] 5.  an  account  of  the  moneys 
procured  by  sale  of  the  stock  and  a  statement  of  the  rate 
obtained. 


86  NATIONAL   MONETARY   COMMISSION. 

(Section  3,  authorizing  the  employment  of  agents  in 
disposing  of  the  stock,  follows  the  terms  of  section  3  of 
the  act  of  February  8,  1813. 

(Section  4,  containing  the  sinking  fund  provisions,  is 
identical  with  section  3  of  the  act  of  March  14,  1812.) 

Approved,  March  24,  1814. 

ACT  OF  NOVEMBER  15,  1814. 
r.    stat.    L.,  CHAP.  IV. — An  act  to  authorize  a  loan  for  a  sum  not  ex- 

144. 

ceeding  three  millions  of  dollars. 

(Section  1  authorizes  the  President  to  borrow,  on  the 
credit  of  the  United  States,  a  sum  not  exceeding  three 
millions  of  dollars,  to  be  applied  to  defray  any  expenses 
authorized  by  law  during  the  present  year:  Provided*  that 
no  contract  shall  be  entered  into  precluding  the  reim- 
bursement of  the  sum  thus  borrowed  at  any  time  after 
twelve  years  from  December  31.  1814. 

(Section  2  authorizes  the  Secretary  of  the  Treasury  to 
sell  the  stock  thus  to  be  created,  but  fixes  no  limit  as  to  the 
rate  of  sale,  requiring  him  to  lay  before  Congress  an  ac- 
count of  the  moneys  thus  procured  and  the  rate  obtained. 

(Section  3,  authorizing  the  employment  of  agents  in 
disposing  of  the  stock,  follows  the  terms  of  section  3  of 
the  act  of  February  8.  1813.) 

Treasury      SEC.  4.  And  le  it  further  enacted,  That  it  shall  be  law- 
notes    due    be- 
fore January  ful  to  receive  in   payment   of  anv   loan   obtained   under 

r  e  c  e  Ivable   in 

payment  of  this  this  act,  or  under  any  other  act  of  Congress  authorizing 

or    any    other  '  J  °  * 

loan-  a  loan,  Treasury  notes  which  have  been  issued  according 

to  law,  and  which  shall  become  due  and  payable  on  or 
before  the  first  day  of  January  next,  at  the  par  value  of 
such  Treasury  notes,  together  with  the  interest  thereon 
accrued,  at  the  time  of  the  payment  on  account  of  the 
loan. 
.F«nd  appro-  SEC.  5.  And  l>e  it  further  enacted.  That  so  much  of 

priated  for  the 

payment  of  in- the  lunds  constituting  the  annual  appropriation  of  eie;ht 

terest    and    re- 
imbursement of  nilllions  of  dollars,  for  the  pavment  of  the  principal  and 

p  r  i  n  c  ipal    of 

stock  created  interest  of  the  public  debt  of  the  United  States  as  may 

by      virtue      ol 

this  act.  be  wanted   for  that    pnrpo.se,   after  satisfying  the  sums 

necessary  for  the  payment  of  the  interest  and  such  part 
of  the  principal  of  said  debt,  as  the  United  States  are 
now  pledged  annually  to  pay  or  reimburse,  is  hereby 
pledged  and  appropriated  for  the  payment  of  the  inter- 
est, and  for  the  reimbursement  of  the  principal  of  the 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  87 

stock  which  mav  be  created  by  virtue  of  this  act.     It    Pu,t?  ot  com- 

•'  missioners     o  t 

shall  accordingly  be  the  duty  of  the  commissioners  ofsinkins  fund 

°  "  .  accordingly. 

the  sinking  fund,  to  cause  to  be  applied  and  paid  out  of 
the  said  fund,  yearly,  such  sum  and  sums  as  may  be 
annually  wanted  to  discharge  the  interest  accruing  on 
the  said  stock,  and  to  reimburse  the  principal,  as  the 
same  shall  become  due,  and  may  be  discharged  in  con- 
formity with  the  terms  of  the  loan;  and  they  are  further 
authorized  to  apply,  from  time  to  time,  such  sum  or 
sums  out  of  the  said  fund,  as  they  may  think  proper, 
towards  redeeming,  by  purchase,  and  at  a  price  not  above 
par,  the  principal  of  the  said  stock,  or  any  part  thereof. 

SEC.  6.  And  be  it  further  enacted,  That  in  addition  Permanent 
to  the  annual  sum  of  eight  millions  of  dollars,  heretofore  provided  and 
appropriated  to  the  sinking  fund,  adequate  and  perma-  in  addition  to 
nent  funds  shall  during  the  present  session  of  Congress,  ready  appro- 
be  provided  and  appropriated,  for  the  payment  of  the  sinking  fund.  e 
interest  and  reimbursement  of  the  principal  of  said 
stock  created  by  this  act. 

SEC.  7.  And  be  it  further  enacted.  That  an  adequate  .  AU  adequate 

'  '  sinking    fund 

and  permanent  sinking  fund,  gradually  to  reduce  and  f«r  paying  the 

.  *=>  J  war  debt  to  be 

eventually  to  extinguish  the  public  debt,  contracted  and  created. 
to  be  contracted  during  the  present  war.  shall  also  be 
established  during  the  present  session  of  Congress. 

SEC.  8.  And  be  it  further  enacted.  That  it  shall  be  T  .B  a n  k  s    *n 

'  '  District  of  Co- 

lawful  for  any  of  the  banks  in  the  District  of  Columbia,  lumbia  author- 

1  z  e  d    to    con- 
to  lend  anv  part  of  the  sum  authorized  to  be  borrowed  by  tribute  to  the 

•    loan. 

virtue  of  this  act,  any  thing  in  any  of  their  charters  to 
the  contrary  notwithstanding. 
Approved,  November  15,  1814. 

ACT  OF  DECEMBER  15,  1814. 

CHAP.  XII. — An  Act  to  provide  additional  revenues  for  14|    stat-    L" 
defraying  the  expenses  of  government,  and  maintain- 
ing the  public  credit,  by  duties  on  carriages,  and  the 
harness  i/scd  therefor. 


e  n  u  e  s 


SEC.   10.  And  be  it  further  enacted,  That  towards  en-    ,!{,.ov.' 
tablishing  an  adequate  revenue  to  provide  for  the  pav-ti>'« 

~  (  'plied...  ,,..., 

nient  of  the  expenses  of  government,  for  the  punctual  men  t  of  ex- 

]i  <>  n  s  o  s     1  n  - 

payment  of  the  public  debt,  principal  and  interest,  con-  cun-ed    during 

.  .  ,,  present,  war. 

tracted  and  to  be  contracted,  according  to  the  terms  or 


88  NATIONAL    MONETARY   COMMISSION. 

the  contracts  respectively,  and  for  creating  an  adequate 
sinking  fund,  gradually  to  reduce  and  eventually  to  ex- 
tinguish the  public  debt,  contracted  and  to  be  contracted, 
the  internal  duties  laid  and  imposed  by  this  act,   (and 
°4Acisi3  Jcbyth°se  ^i^   an(^  imposed  by  the  "Act  laying  duties  on 
carriages  for  the  conveyance  of  persons,"  passed  twenty- 
fourth  July,  one  thousand  eight  hundred  and  thirteen, 
so  far  as  the  name  are  not  hereby  abolished.)   shall  be 
laid,  levied,  and  collected,  during  the  present  war  between 
the  United  States  and  Great  Britain,  and  until  the  pur- 
ir     with-poses  aforesaid   shall   be   completely   accomplished,   any 
adequate  rele^ thing  in  any  act  of  Congress  to  the  contrary  thereof  in 
tute'd?  any   wise   notwithstanding.     And   for   effectual   applica- 

tion of  the  revenue  to  be  raised  by  and  from  the  said  in- 
ternal duties  to  the  purposes  aforesaid,  in  due  form  of 
law.  the  faith  of  the  United  States  is  hereby  pledged ; 
Proviso.  Provided  ahrayx.  That  whenever  Congress  shall  deem  it 
expedient  to  alter,  reduce,  or  change  the  said  internal 
duties,  or  any  or  either  of  them,  it  shall  be  lawful  so  to 
do.  upon  providing  and  substituting  by  law,  at  the  same 
lime,  and  for  the  same  purposes,  other  duties  which  shall 
be  equally  productive  Avith  the  duties  so  altered,  reduced, 
or  changed:  And.  Provided  further.  That  nothing  in 
this  act  contained  shall  be  deemed  or  construed  in  any 
wise  to  rescind  or  impair  any  specific  appropriation  of  the 
said  duties,  or  any  or  either  of  them,  heretofore  made  by 
law.  but  such  appropriation  shall  remain  and  be  carried 
into  effect  according  to  the  true  intent  and  meaning  of 
the  laws  making  the  same,  any  thing  in  this  act  to  the 
contrary  thereof  in  any  Avise  notwithstanding. 

-;:  »:-  :<:  ;k  ;fc 

Approved.  December  l-">.  ISM. 

XOTK. — This  provision,  willioul  substantial  change,  is  embodied 
in  section  i;:;  of  the  act  of  December  L.M.  1x14.  chapter  1.~  ( :>  Slat. 
J...  1 .")!_')  :  in  section  .".  of  the  act  of  December  I'.",.  1x14.  chapter  1C, 
05  Stat.  L..  I.V.n  :  in  section  41  of  the  act  of  January  '.».  1X1  r,. 
chapter  L'1  <  '.'>  Slat.  L..  KM):  and  in  all  these  cases  was  made 
applicable  to  previous  ads  on  (he  same  subject-matter.  It  is  also 
embodied  in  section  u:;  ni"  th(»  net  uf  .January  1.x.  l.xir,.  chapter  '2- 
(.'!  Stat.  I,..  Ixiii  ;  ;ind  in  section  'IT,  of  another  act  of  the  same 
day.  chapter  >u  ((j  Slut.  L., 


LAWS    CONCERNING   MONEY,    BANKING,    AND   LOANS.  89 

ACT  OF  DECEMBER  21,  1814. 
CHAP.  XV. — An  act  to  provide  additional  revenues  for     s  stat.  L., 

158 

defraying  the  expenses  of  government  and  maintaining 
the  public  credit,  by  laying  duties  on  spirits  distilled 
icithin  the  United  States,  and  Territories  thereof,  and 
by  amending  the  act  laying  duties  on  licenses  to  distil- 
lers of  spirituous  liquors. 

(Section  25  authorizes  the  anticipation  of  the  duties 
laid  by  this  act,  by  a  loan  upon  the  pledge  of  the  said 
duties  for  its  reimbursement,  for  an  amount  not  exceed- 
ing six  millions  of  dollars  and  at  a  rate  not  above  six  per 
cent,  the  money  so  obtained  to  be  applied  only  to  the  pur- 
poses to  which  the  duties  pledged  are  applicable  by  law. 
The  same  provision  is  embodied  in  the  act  of  January  9, 
1815.  laying  a  direct  tax.  See  3  St.  L.,  179.) 

Approved,  December  21,  1814. 

ACT  OF  DECEMBER  20.  1814. 

CHAP.  XVII. — An-  act  supplementary  to  the  acts  author-     -|  stat.  i... 
izing  a  loan  for  the  several  sums  of  firenty-fre  million*     [obsolete.] 
of  dollars  and  three  millions  of  dollar*. 

Be  it  enacted  by  the  Senate  and  Ilouxe  of  Represent'!-  no'rre!!  eto  sb"  l\l 
fives  of  the  United  States  of  America*  in   Congress  #s- deficient1' in8™ 
sembled,  That  the  Secretary  of  the  Treasury  be  and  he  is*0an.horlzed 
hereby  authorized,  with  the  approbation  of  the  President 
of  the  United  States,  to  cause  Treasury  notes  to  be  pre- 
pared, signed  and  issued,  for  and  in  lieu  of  so  much  of  the 
sum  authorized  to  be  borrowed  on  the  credit  of  the  United 
States,  by  the  act  of  Congress,  entitled  "An  act  to  author-  M;^.,.h  £4.1814* 
ize  a  loan  for  a  sum  not  exceeding  twenty-five  millions  of  Hl- 
dollars.''  passed  on  the  twenty-fourth  day  of  March,  in 
the  year  one  thousand  eight  hundred  and  fourteen,  and 
also  for.  and  in  lieu  of  so  much  of  the  sum  authorized  to 
be  borrowed  on   the  credit  of  the  United   States  by  the 
act  of  Congress,  entitled  "An  act  authorizing  a  loan  for   _A<-t  <>r  NOV. 
|a)    sum    of   three    millions   of   dollars."    passed    on    the 
fifteenth  day  of  November,  in  the  year  one  thousand  eight 
hundred  and  fourteen,  as  has  not  been  borrowed  or  other- 
wise employed  in  the  issue  of  Treasury  notes  according  to 
law:  Provided  alirtn/s*  That  the,  whole  amount   of  Trcas-     The   timonni 

t  u  f      T  ri'?i  su  ry 

urv  notes  issued  bv  virtue  of  this  act.  for  and  in  lieu  ofnotos    \yiiich 

limy    In'    issued 

the  residue  of  the  said  two  sum.-  as  aforesaid,  shall   not*""'"    "_"'    <••< 

reed      7,i)UO,OOU 

exceed  the  sum  of  seven  millions  five  hundred  thousand  •ic.ihu-s. 


90  NATIONAL    MONETARY   COMMISSION. 

dollars:  and  further,  that  the  Treasury  notes  so  issued 
shall  be  applied  to  the  same  uses  to  which  the  said  two 
loans  authorized  as  aforesaid  were  respectively  by  law 
made  applicable. 

secretary  of     SEC.  2.  And  be  it  further  enacted,  That  the  Secretary 

to  cause  a  fur-  of  the  Treasury  be,  and  he  is  hereby  authorized,  with  the 

Treasury  notes  approbation  of  the   President   of  the   United   States  to 

cause  Treasury  notes  to  be  prepared,  signed,  and  issued, 

for  a  further  sum  of  three  millions  of  dollars,  to  defray 

the  expenses  of  the  War  Department,  for  the  year  one 

thousand  eight  hundred  and  fourteen,  in  addition  to  the 

sums  heretofore  appropriated  by  law  for  those  purposes 

respectively. 

(Section  3  provides  that  the  Treasury  notes  issued  under 
this  act  shall  be  prepared  and  issued  in  the  same  form, 
and  reimbursable,  transferable,  and  receivable  in  the  same 
manner  as  the  notes  issued  under  the  act  of  March  4, 
1814;  and  that  the  Secretary  of  the  Treasury  shall  have 
the  same  powers  to  sell  or  pay  out  the  notes,  or  to  borrow 
money  on  the  pledge  thereof,  and  to  employ  agents  for 
the  purpose  of  making  sales  of  the  same.) 

Sum  pledged  SEC.  4.  And  l>c  it  further  enacted.  That  a  sum  equal  to 
Treasury  notes,  the  whole  amount  of  the.  Treasury  notes  issued  by  virtue 
of  this  act.  to  be  paid  out  of  any  money  in  the  Treasury 
not  otherwise  appropriated,  shall  be  and  the  same  is 
hereby  appropriated,  for  the  payment  and  reimbursement 
of  the  principal  and  interest  of  such  Treasury  notes,  ac- 
cording to  contract,  and  the  faith  of  the  United  States  is 
hereby  pledged  to  provide  adequate  funds  for  any  defi- 
ciency in  the  appropriation  hereby  made. 

(Sections  5  and  0  provide,  as  in  previous  acts,  for  the 
expense  of  preparing  the  notes,  and  for  the  punishment 
of  counterfeiting  or  uttering  counterfeited  notes.) 
Approved,  December  20,  1814. 

ACT  OF  JANUARY  <),  1815. 

:>,    stat.    L..  (<IIAP.  XXI. — An  act  to  prur'ide  additional  reroute*  fur 
* '  ,       .  .  •       • 

[Repealed.]        defrcu/iny  the  c.r/H'nxcx  of  (lorcrinncnt,  and  maintain- 
in  f/  the  i>nli!/c  credit*  /»/  la >/'/ IK/  a  direct  ta.c  upon  f/> 
f'nifcd  'S'/Wr.v,  and  t<>  /iru^iih-  fur  assessing  and  rof/rr-f 

h'lff  tin1  xautr. 

*  *  *  * 

Loans  author-        CJFr     j\-)     ,!//,/    /„     /'/    fmiJlc'r    cnarfcd.    That     it    sllilll    lie 
I  /  e  d    1  n   a  n  -  . 

ticipation  "f  lawful  for  the,  President  of  the  United  States  to  authorize 

the  taxes. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  91 

the  Secretary  of  the  Treasury  to  anticipate  the  collection 
and  receipt  of  the  direct  tax  laid  and  imposed  by  this 
act,  and  by  the  said  act  of  Congress,  entitled  "An  act  to  Act  of  Aug. 

2    1S1  ^    oh    H7 

lay  and  collect  a  direct  tax  within  the  United  States,"  by 
obtaining  a  loan  upon  the  pledge  of  the  said  direct  taxes, 
or  either  of  them,  for  the  reimbursement  thereof,  to  an 
amount  not  exceeding  six  millions  of  dollars;  and  at  a 
rate  of  interest  not  exceeding  six  per  centum  per  annum. 
And  any  bank  or  banks  now  incorporated,  or  which  may 
hereafter   be  incorporated,  under  the  authority   of  the 
United  States,  is,  and  are  hereby  authorized  to  make  such 
loan:  Provided  always,  and  it  is  expressly  declared,  That     Erov.is,°d 
the  money  so  obtained  upon  loan,  shall  be  applied  to  the  act  of  Dec.  23, 
purpose  aforesaid,  to  which  the  said  direct  taxes  so  to  be 
pledged  are  by  this  act  applied  and  appropriated,  and 
to  no  other  purposes  whatsoever. 
Approved,  January  9,  1815. 

ACT  OF  FEBRUARY  24,  1815. 

CHAP.  LVI. — An  act  to  authorize  the  issuing  of  Treasury  t  3  stat.  L., 
notes  for  the  service  of  the  year  one  thousand  eight 
hundred  and  -fifteen. 


213. 


Be  it  enacted  by  the  Senate  and  House  of  Rcpresenta- 
tatives  of  the   United  States  of  America,  in   Congress 
assembled,  That  the   Secretary   of  the  Treasury,   with     \\\  issue  of 
the  approbation  of  the  President  of  the  United  States,  be,  authorized, 
and  he  is  hereby  authorized  to  cause  Treasury  notes  for  a 
sum  not  exceeding  twenty-five  millions  of  dollars,  to  be 
prepared,  signed,  and  issued  at  the  Treasury  of  the  United 
States,  in  the  manner  hereinafter  provided. 

(Section  2  provides  for  the  signing  and  countersign- 
ing of  the  notes.) 

SEC.  3.  And  le  it  further  enacted,  That  the  said  Treasury  tio£8en0°fm  'tnhae 
notes  shall  be  prepared  of  such  denominations  as  the  Sec-  notes- 
retary  of  the  Treasury,  with  the  approbation  of  the  Presi- 
dent of  the  United  States,  shall,  from  time  to  time,  direct ; 
and  such  of  the  said  notes  as  shall  be  of  a  denomination 
less  than  one  hundred  dollars,  shall  be  payable  to  bearer 
and  be  transferable  by  delivery  alone,  and  shall  bear  no 
interest;  and  such  of  the  said  notes  as  shall  be  of  the 
denomination  of  one  hundred  dollars,  or  upwards,  may  bo 
made  payable  to  order,  and  transferable  by  delivery  and 
assignment,  endorsed  on  the  same,  and  bearing  an  interest 
from  the  day  on  which  they  shall  be  issued,  at  the  rate  of 
15712°— 10 7 


92  NATIONAL   MONETARY   COMMISSION. 

five  and  two-fifths  per  centum  per  annum;  or  they  may 
be  made  payable  to  bearer,  and  transferable  by  delivery 
alone,  and  bearing  no  interest,  as  the  Secretary  of  the 
Treasury,  with  the  approbation  of  the  President  of  the 
United  States,  shall  direct. 

HOW  holders  SEC.  4.  And  l>e  it  further  enacted,  That  it  shall  be  law- 
ury  notes  bear-  ful  for  the  holders  of  the  aforesaid  Treasury  notes,  not 
an^  "not  tebear-  bearing  an  interest,  and  of  the  Treasur}'  notes  bearing  an 
m  a  y°  °feunSd  interest  at  the  rate  of  five  and  two-fifths  per  centum  per 
annum,  to  present  them  at  any  time,  in  sums  not  less  than 
one  hundred  dollars,  to  the  Treasury  of  the  United  States, 
or  to  any  commissioner  of  loans;  and  the  holders  of  the 
said  Treasury  notes  not  bearing  an  interest,  shall  be  en- 
titled to  receive  therefor,  the  amount  of  the  said  notes,  in 
a  certificate  or  certificates  of  funded  stock,  bearing  inter- 
est at  seven  per  centum  per  annum,  and  the  holders  of  the 
aforesaid  Treasury  notes  bearing  an  interest  at  the  rate 
of  five  and  two-fifths  per  centum,  shall  be  entitled  to 
receive  therefor  the  amount  of  the  said  notes  including 
the  interest  due  on  the  same,  in  a  like  certificate  or  certifi- 
cates of  funded  stock,  bearing  an  interest  of  six  per 
centum  per  annum,  from  the  first  day  of  the  calendar 
month  next  ensuing  that  in  which  the  said  notes  shall  thus 
be  respectively  presented,  and  payable  quarter-yearly,  on 
the  same  days  whereon  the  interest  of  the  funded  debt  is 
now  payable.  And  the  stock  thus  to  be  issued  shall  be 
transferable  in  the  same  manner  as  the  other  funded  stock 
of  [the]  United  States;  the  interest  on  the  same,  and  its 
eventual  reimbursement,  shall  be  effected  out  of  such  fund 
as  has  been  or  shall  be  established  by  law  for  the  payment 
and  reimbursement  of  the  funded  public  debt  contracted 
Faith  of  thes*nce  ^ne  declaration  of  war  against  Great  Britain.  And 
pi"d^,i  foMh 


hRthp  failh  of  tho  ^"ited  States  is  hereby  pledged  to  estab- 
c'erTmV^te's^^h  sufficient  revenues  and  to  appropriate  them  as  an 
fnfSstl'  anci'i<ldition  to  the  said  fund,  if  the  same  shall,  at  any  time 
hereafter,  become  inadequate  for  effecting  the  purpose 
aforesaid:  Provided  ho'trcrrr,  and  l)c  it  further  enacted* 
That  it  shall  be  lawful  for  the  United  States  to  reimburse 
the  stock  thus  created,  at  any  time  after  the  last  day  of 
December,  one  thousand  eight  hundred  and  twenty-four. 

noTpV"  Vowso3^      lSE<"'  r>-  ^n(J  1)C  'lt  furtl>f>r  rnar.ted,  That  it  shall  bo  law- 
over    i-pfiopmod  ful  for  the  Socrctarv  of  tho  Treasurv  to  cause  the  Troas- 

m  a  y    b  e    rcls-  • 

u  ry  notes  which,  in  pursuance  of  tho  preceding  section, 
shall  1)0  delivered  up  and  exchanged  for  funded  stock, 
and  also  the  Treasury  notes  which  shall  have  been  paid  to 


LAWS   CONCERNING  MONEY,   BANKING,   AND  LOANS.  93 

the  United  States  for  taxes,  duties,  or  demands,  in  the 
manner  hereinafter  provided,  to  be  re-issued,  and  applied 
anew,  to  the  same  purposes,  and  in  the  same  manner,  as 
when  originally  issued. 

SEC.  6.  And  be  it  further  enacted.  That  the  Treasury    Treasury 

,.,  ,.  ,,          ,.  i     11   i  *    notes       made 

notes  authorized  to  be  issued  by  this  act,  shall  be  even*  every  where  re- 

where  received  in  all  payments  to  the  United  States.     On  public  dues. 

every  such  payment  the  note  or  notes  shall  be  received  for 

the  amount  of  both  the  principal  and  the  interest,  which. 

on  the  day  of  such  payment,  may  appear  due  on  such  of 

the  notes  as  shall  bear  interest,  thus  given  in  payment; 

and  the  interest  on  the  said  notes  bearing  an  interest, 

shall,  on  such  payments,  be  computed  at  the  rate  of  one 

cent  and  one  half  of  a  cent  per  day,  on  every  hundred 

dollars  of  principal;  and  each  month  shall  be  computed 

as  containing  thirty  days. 

(Section  7  provides  for  crediting  collectors  and  other 
receivers  of  public  moneys  with  the  principal  of  the  notes 
received  by  them  in  payment,  and  makes  the  same  pro- 
visions for  crediting  and  charging  interest,  in  case  the 
notes  so  received  bear  interest,  as  are  made  in  the  Treasury 
note  act  of  June  30,  1812,  and  in  subsequent  acts.) 

SEC.  8.  And  be  it  further  enacted,  That  the  Secretary     Notes  not  to 
of  the  Treasury  be,  and  he  is  hereby  authorized,  with  the  united    spates 
approbation  of  the  President  of  the  United  States,  tovaiuJ. 
cause  the  said  Treasury  notes  to  be  issued  at  the  par  value 
thereof,  in  payment  of  services,  of  supplies,  or  of  debts, 
for  which  the  United  States  are  or  may  be  answerable  by 
law,  to  such  person  and  persons  as  shall  be  willing  to 
accept    the  same  in  payment ;  and  to  deposit  portions  of 
the  said  notes  in  the  loan  offices,  or  in  State  banks,  for  the     Money    nay 

i>  •  ,1  i  T  T,  be  borrowed  on 

purpose  ot  paying  the  same  to  the  public  creditors  as  Treasury  notes. 

aforesaid ;  and  to  borrow  money  on  the  credit  of  the  said 

notes :  or  to  sell  the  same,  at  a  rate  not  under  par ;  and  it 

shall  be  a  good  execution  of  this  provision,  to  pay  such 

notes  to  such  bank  or  banks  as  will  receive  the  same  at 

par,  and  give  credit  to  the  Treasurer  of  the  United  States 

for  the  amount  thereof,  on  the  day  on  which  the  said  notes 

shall   thus  be  issued   and   paid   to   such   bank   or   banks 

respectively. 

SEC.  9.  And  lie  it  further  enacted,  That  it  shall  and  may  r-  rioinrrs  <>f 
be  lawful  for  the  holder  of  any  Treasury  notes  issued,  or  receive  from 
authorized  to  be  issued,  under  anv  laws  heretofore  passed. ma  \  nmvor't 

them  into  Pind- 

to  convert  the  same  into  certificates  ot  funded  debt,  upon  r><i  stock. 
the  same  terms,  and  in  the  same  manner  hereinbefore 


94  NATIONAL   MONETARY  COMMISSION. 

provided,  in  relation  to  the  Treasury  notes  authorized 
by  this  act,  bearing  an  interest  of  five  and  two-fifths  per 
centum. 

(Sections  10  and  11  provide,  as  in  previous  acts,  for 
the  expense  of  preparing  the  notes,  and  for  the  punish- 
ment of  counterfeiting  or  uttering  counterfeited  notes.) 

Approved,  February  24,  1815. 

ACT  OF  MARCH  3,  1815. 
3  stat.  L.,  CHAP.  LXXXVII. — An  act  to  authorize  a  loan  for  a  sum 

227. 

not  exceeding  eighteen  millions  four  hundred  and  fifty- 
two  thousand  eight  hundred  dollars. 

(Section  1  authorizes  the  President  to  borrow,  on  the 
credit  of  the  United  States,  a  sum  not  exceeding  eighteen 
million  four  hundred  and  fifty-two  thousand  eight  hun- 
dred dollars,  to  be  applied  to  defray  any  expenses  author- 
ized by  law  during  the  present  year:  Provided,  That  no 
contract  shall  be  made  precluding  the  United  States  from 
reimbursing  the  sum  thus  borrowed  at  any  time  after 
twelve  years  from  December  31,  1815. 

(Section  2  authorizes  the  Secretary  of  the  Treasury 
to  sell  the  stock  thus  to  be  created,  but  without  fixing  any 
limit  of  rate,  and  requires  an  account  of  the  moneys  thus 
procured  and  of  the  rate  obtained  for  the  stock,  to  be  laid 
before  Congress  during  the  first  week  of  February,  1816. 

(Section  3,  authorizing  the  employment  of  agents  in 
disposing  of  the  stock,  follows  the  terms  of  section  3  of 
the  act  of  February  8,  1813. 

(Section  4.  containing  the  sinking  fund  provisions,  is 
identical  with  section  "3  of  the  act  of  March  14.  1812.) 
Banks  of  the      SEC.  5.  And  l>c  it  further  enacted*  That  it  shall  be  law- 
lumhia  author-  fill  for  any  of  the  banks  of  the  District  of  Columbia,  to 
lend  any  part  of  the  sum  authorized  to  be  borrowed  by 
virtue  of  this  act,  any  tiling  in  any  of  their  charters  to 
the  contrary  notwithstanding. 

Treasu  ry      SEC'.  (5.  And  l>c  it  further  enacted*  That  it  shall  be  law- 
notes      Issued 
previous  to ful  for  the  Secretary  of  the  Treasury  to  accept  in  pav- 

this    act    may  ',.,.  .  •      i  • 

be  received.  incut  ot  any  loan  obtained  in  virtue  of  this  act,  such 
Treasury  notes  ;is  have  been  actually  issued,  before  the 
passing  of  this  act.  and  which  were  made  by  law  a  charge 
upon  the  sinking  fund,  such  Treasury  notes  to  be  credited 
for  the  principal  thereof,  and  the  amount  of  interest  actu- 
ally accrued  at  the  time  of  the  payment. 


LAWS  CONCEBNING  MONEY,   BANKING,  AND  LOANS.  95 

SEC.  7.  And  be  it  further  enacted.  That  it  shall  be  law-  rp  interest  o  n 

'  Treasury  notes 

fill  for  the  Secretary  of  the  Treasury  to  cause  to  be  paid,  due,  to  be  paid, 
the  interest  upon  Treasury  notes  which  have  become  due, 
and  remain  unpaid,  as  well  with  respect  to  the  time 
elapsed  before  they  become  due,  as  with  respect  to  the 
time  that  shall  elapse  after  they  become  due,  and  until 
funds   shall  be   assigned   for  the  payment   of  the   said 
Treasury  notes,  and  notice  thereof  shall  be  given  by  the 
Secretary  of  the  Treasury. 
Approved,  March  3,  1815. 

RESOLUTION,  APRIL  30,  1816. 

VIII. — -4  Resolution  relative  to  the  more  effectual  collec-  34|   stat-    L" 
ft  on  of  the  public  revenue. 

Resolred  by  the  Senate  and  House  of  Representatives 
of  the  United  States  of  America,  in  Congress  assembled, 
That  the  Secretary  of  the  Treasury  be,  and  he  hereby  is,  thf  ""venue.  °f 
required  and  directed  to  adopt  such  measures  as  he  may 
deem  necessary  to  cause,  as  soon  as  may  be,  all  duties, 
taxes,  debts,  or  sums  of  money,  accruing  or  becoming  pay- 
able to  the  United  States,  to  be  collected  and  paid  in 
the  legal  currency  of  the  United  States,  or  treasury  notes, 
or  notes  of  the  Bank  of  the  United  States  as  by  law  pro- 
vided and  declared,  or  in  notes  of  banks  which  are  pay- 
able and  paid  on  demand  in  the  said  legal  currency  of  the 
United  States,  and  that  from  and  after  the  twentieth  day 
of  February  next,  no  such  duties,  taxes,  debts,  or  sums  of 
money  accruing  or  becoming  payable  to  the  United  States 
as  aforesaid,  ought  to  be  collected  or  received  otherwise 
than  in  the  legal  currency  of  the  United  States,  or  treas- 
ury notes,  or  notes  of  the  bank  of  the  United  States,  or  in 
notes  of  banks  which  are  payable  and  paid  on  demand  in 
the  said  legal  currency  of  the  United  States. 

Approved,  April  30,  1810. 

ACT  OF  MARCH  3,  1817. 

CHAP.   XXXVIII.— An  act   transferring   the   duties   of  .^    S(at-    L" 
commissioner  of  loans  to  the  Hank  of  the  United  /States, 
and  abolishing  the  office  of  commissioner  of  loans. 

Be  it  enacted  by  the  Senate  and  II o  use  of  Representa- 
tives of  the  United  States  of  America,  in,  (Ion grew  assem- 
bled, That  the  Bank  of  the  United  States,  and  its  several 


96  NATIONAL,   MONETARY   COMMISSION. 

t  hTeheu^iau  e°d  branches,  shall  be,  and  they  are  hereby,  required  to  do  and 
SearefSo rm"the Perf°rm  the  several  duties  of  commissioners  of  loans  for 
mi"1oners°Tf the  several  States;  and  the  Bank  of  the  United  States 
Ioai836  ch  so  and  its  several  branches,  and  such  State  banks  as  the  Bank 
of  the  United  States  may  employ  in  those  States  where 
no  branch  bank  shall  be  established,  shall  observe  and  con- 
form to  the  directions  which  have  been  or  may  hereafter 
be  prescribed  by  the  Secretary  of  the  Treasury,  with  the 
approbation  of  the  President  of  the  United  States,  touch- 
ing the  execution  of  the  duties  aforesaid. 

SEC.  2.  And  be  it  further  enacted,  That  all  such  duties 
and  acts  as  are  now  done  and  performed  by  the  commis- 
sioners of  loans,  in  transferring  stock  from  the  books  of 
one  loan  office  to  another,  or  to  the  books  of  the  Treasury, 
or  from  the  books  of  the  Treasury  to  the  books  of  the  loan 
offices,  shall  be  done  and  performed  by  the  president  of 
the  Bank  of  the  United  States,  the  president  of  the  sev- 
eral branches  of  the  said  bank,  and  by  the  president  of 
such  State  banks  as  the  Bank  of  the  United  States  may 
employ,  (in  States  where  no  branch  of  the  United  States 
Bank  shall  be  established:)  and  the  acts  of  the  presidents 
aforesaid  shall  be  countersigned  by  the  cashiers  of  those 
banks,  respectively. 

tai-yhoefSetehee      SEC,  3.  And  be  it  further  enacted,  That  it  shall  be  the 
notifvUt'he  res°  (^llty  °^  the  Secretary  of  the  Treasury  to  notify  the  presi- 
il'fk  °off  ^tCe dent  of  the  Bank  ()f  tlie  ^nite(l  States,  that  the  duties 
TtcitLd  statesi' now   performed  by   the  commissioner  of  loans  will  be 
transferred  to  the  Bank  of  the  United  States,  and  he  shall 
direct   (he   commissioners   of  loans   and  the   agents  for 
military   pensions,   where   there  is  no   commissioner,  re- 
spectively, in  the  several  States,  to  deliver  to  the  presi- 
dent of  the  Bank  of  the  United  States,  or  to  the  presi- 
dent of  a   branch  thereof,  or  to  the  president   of  such 
State  bank  as  the  Bank  of  the  United  States  may  employ, 
on  such  day  or  days  as  he  may  designate,  the  register, 
and  all  the  records  and  papers  of  their  respective  offices; 
and   it  shall  be  the  duty   of  the  said  commissioners  of 
loans  and  agents  for  pensioners  to  comply  with  the  said 
direction,  and  also  to  take  duplicate  receipts  for  the  deliv- 
ery of  the  records  and  papers  herein  described,  one  of 
which  shall  be  transmitted,  without  delay,  to  the   Sec- 
iToyiso;astolvtary   of   the   Treasui'v:    Provided,    however.   That    the 

the  time,  He.  J 

Secretary  of  the  Treasury  may  designate  such  time  be- 
fore the  first  day  of  January,  one  thousand  eight  hundred 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  97 

and  eighteen,  for  the  performance  of  the  duties  afore- 
said, as  the  public  convenience  will  permit:  And  P™-tostateswhere 
vided  also,  That  this  act  shall  not  be  construed  to  ex-  ^ 
tend  to  any  agent  for  military  pensions  in  any  State Iaw- 
where  there  is  no  bank  established  by  law. 

SEC.  4.  And  be  it  further  enacted,  That  the  office  of 
commissioner  of  loans,  upon  the  delivery  of  the  records  |s^d°  |tc  abo1- 
and  papers,  as  herein  required,  to  the  Bank  of  the  United 
States,  or  its  branches,  or  to  the  State  banks  employed  by 
the  Bank  of  the  United  States  in  those  States  where  there 
may  be  no  branch,  shall  be,  and  hereby  is,  abolished ;  and 
the  pay  and  emoluments  of  the  said  commissioners  of 
loans,  and  the  clerks  and  persons  employed  by  them, 
after  such  delivery,  shall  respectively  cease  and  determine. 

SEC.  5.  And  be  it  further  enacted,  That  the  act,  enti-  thPA°rofnc*t  sfe°tr 
tied  "An  act  for  the  prompt  settlement  of  public  ac-  [JeTccoimts"'^ 
counts,"  shall  commence,  and  be  in  force,  on  and  after  j^Vr'M-u-6 
the  third  day  of  this  instant,  March,  any  thing  in  the  18A7c't  of  M  . 
aforesaid  act  to  the  contrary  notwithstanding.  3- 1817> ch-  45- 

Approved,  March  3,  1817. 

ACT  OF  MARCH  3,  1817. 

CHAP.  LXXXV. — An  act  to  repeal  so  much  of  any  acts  .  „•*   stat.    L., 
now  in  force  as  authorize  a  loan  of  money,  or  an  issue 
of  treasury  notes. 

(Sections  1  and  2  repeal  so  much  of  any  acts  of  Con- 
gress as  authorizes  the  President  to  borrow  money  on 
the  credit  of  the  United  States,  and  to  cause  certificates 
of  stock  to  be  issued  therefor,  or  to  cause  treasury  notes 
to  be  prepared  and  issued:  Prodded,  That  no  securities 
for  money  already  borrowed  shall  thus  be  invalidated, 
nor  shall  the  right  of  the  holders  of  treasury  notes 
already  issued  be  affected.) 

SEC.  3.  And  l>e  it  further  enacted,  That  so  much  of     so  much  of 

1  the    act     men- 

the  act,   entitled   '•  An   act   to   authorize   the   issuing  of  tionwi,  as  au- 
thorizes a   re- 
Treasury  notes  for  the  service  of  the  year  one  thousand  igsue  «f  the 

"  "  Treasury  notes, 

eight  hundred  and  fifteen,     as  makes  it  lawful  for  the  repealed'. 

,  .  Kel>.  1M,  IHlo, 

Secretary  of  the  Treasury  to  cause  the  Treasury  notes,  ('h-  J'5- 
[in]  cases  therein  mentioned,  to  be  re-issued  and  applied 
anew   to   the  same   purposes,   and    in   the   same   manner, 
as   when  originally   issued,  be,   and   the  same   is   hereby 
repealed. 


98  NATIONAL   MONETARY  COMMISSION. 

notes  enow?ror     SEC-  4-  And  ^e  ^  fartJier  enacted,  That  all  Treasury 
comehtheap'rop-  n°tes  which  are  now,  or  shall  hereafter  become,  the  prop- 
unfted0 'states6 erty  °^  the  United  States,    (from  reimbursement,  pur- 
to  be  canceled.  chase,  exchange,  or  receipts,  on  account  of  taxes,  duties, 
and  demands,)   shall  be  cancelled  or  destroyed  at  such 
times,  and  under  such  regulations  and  securities,  as  the 
commissioners  of  the  sinking  fund,  with  the  approba- 
tion of  the  President,  shall  establish  and  determine. 
Approved,  March  3,  1817. 

ACT  OF  MARCH  3,  1817. 

3   stat.    L.,  CHAP.  LXXXVII. — An  act  to  provide  for  the  redemp- 
t Obsolete.]  tion  of  the  public  debt. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  assem- 
appSpriatlon^^'  ^hat  so  much  of  any  act  or  acts  of  Congress,  as 
cbasethetc  pUof  ma^es  appropriations  for  the  purchase  or  reimburse- 
debt  fetc  d  re*1  men^  °^  the  principal,  or  for  the  payment  of  the  interest, 
peaied  of  the  funded  debt  of  the  United  States  be,  and  the  same 

is  hereby  repealed. 

sulVn$nioal-      SEC.  2.  And  be  it  further  enacted,  That  from  the  pro- 
prfated0  toPPthe  ceeds  of  the  duties  on  merchandise  imported,  and  on  the 
sinking  fund,    tonnage  Of  vessels,  and  from  the  proceeds  of  the  internal 
duties,  and  of  the  sales  of  western  lands,  now  belonging, 
or  which  may  hereafter  belong,  to  the  United  States,  the 
annual  sum  of  ten  millions  of  dollars  be,  and  the  same 
of^oie1  mone°n  ls     yearty}  appropriated  to  the  sinking  fund;   and  the 
said  sum  is  hereby  declared  to  be  vested  in  the  commis- 
sioners of  the  sinking  fund,  in  the  same  manner  as  the 
moneys  heretofore  appropriated  to  the  said  fund,  to  be 
applied  by  the  said  commissioners  to  the  payment   of 
interest  and  charges,  and  to  the  reimbursement  or  pur- 
taryhoefSt°beecllasc  °^  tnc  principal  of  the  public  debt;  and  it  shall 
payeat8her^io°^e  ^ne  duty  o"f  tnc>  Secretary  of  the  Treasury   annually 
(•o'mm' issioners  ^°  callHe  to  be  paid  to  the  commissioners  of  the  sinking 
fundhe  slnking  f ull(l?  the  said   sum   of   ten   millions  of  dollars,  in   such 
payments,  and  at  such  times  in  each  year,  as  the  situa- 
to  \hevum:e  of  tion   of    the    treasury    will    host    admit :  Prodded,   That 
all    such    payments  as   may   be,   necessary   to   enable   the 
said    commissioners   to   discharge   or   reimburse   any   de- 
mands  against   the    United    States,    on    account    of   the 
principal  or  interest  of  the  debt  which  shall  be  actually 
due  in  conformity  to  the  engagements  of  the  said  United 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  99 

States,  shall  [and]  may  be  made  at  such  times  in  each 
year  as  will  enable  the  said  commissioners  faithfully  and 
punctually  to  comply  with  such  engagement:  Provided  toPro3Ta\s.^:ei^| 
also,  That  any  money  which  may -have  been  paid,  be-  "^^  issiunera 
fore  the  passage  of  this  act,  to  the  commissioners  of  the  heretofore. 
sinking  fund  for  the  year  one  thousand  eight  hundred 
and  seventeen,  as  a   part  of  the  annual  appropriation 
heretofore  made  by  law  to  that  fund,  shall  be  held  it) 
be  a  payment  for  the  year  one  thousand  eight  hundred 
and  seventeen,  on  account  of  the  appropriation  of  ten 
millions  hereinbefore  directed. 

SEC.  3.  And  be  if  further  enacted,  That  in  addition  to      $9,000,000 

•  _  additional     ap- 

the  sum  of  ten  millions  of  dollars,  hereinbefore  annually  propriated    to 

•  the  sinking 

appropriated  to  the  sinking  fund,  there  shall  be  appro-  f und  igv;  *  * e 
priated  for  the  year  one  thousand  eight  hundred  and 
seventeen,  to  the  sinking  fund,  the  further  sum  of  nine 
millions  of  dollars,  to  be  paid  out  of  any  moneys  in  the 
treasury  not  otherwise  appropriated,  at  such  time  within 
the  year  as  the  Secretary  of  the  Treasury  shall  deem  most 
conducive  to  the  public  interest,  to  be  applied  by  the  com- 
missioners of  the  sinking  fund  to  the  purchase  or  redemp- 
tion of  the  public  debt:  and  it  shall  be  lawful  for  the 
Secretary  of  the  Treasury,  at  any  time  during  the  year 
one  thousand  eight  hundred  and  seventeen,  if  he  shall 
deem  it  expedient  to  do  so,  to  cause  to  be  paid  to  the  com- 
missioners of  the  sinking  fund  a  further  sum,  not  exceed- 
ing four  millions  of  dollars,  which  shall  be  considered  as  A  *«,r(ther 

sum  of  $4.000,- 

an  advance  to  that  amount,  on  the  appropriation  of  ten000    during 

....  .  .  181",     in     a  rt - 

millions,  payable  in  the  next  year,  and  the  said  amount  vauce,  if,  etc. 

shall  also  be  applied  by  the  said  commisisoners  to  the 

purchase  or  redemption  of  the  public  debt,  and  the  com-  ,  Pm-cimse  of 

1  *  /  '  the  debt  holden 

missioners  aforesaid  are  authorized  and  directed  to  apply  '•>>'    tlu'    bauk' 

*  et°- 
the  sums  by  this  act  appropriated  to  the  purchase  and 

redemption  of  the  public  debt,  holden  by  the  Bank  of  the 
United  States,  if  not  otherwise  to  be  obtained  on  the  terms 
stated  in  this  act. 

Si-:r.  4.  And  le  it  further  enacted,  That  after  the  year 
one    thousand    eight    hundred    and    seventeen,   whenever  u 
there  shall  be,  at  any  time  after  an  adjournment  of  Con- a 
gress,  in  any  year,  a  surplus  of  money  in  the  treasury,  t 
above  the  sums  appropriated  for  the  service  of  such  year,  s 
the  payment  of  which  to  the  commissioners  of  the  sinking 
fund,  will  yet  leave  in  the  treasury,  at   the  end  of  the 
year,   a   balance  equal   to  two  millions  of  dollars,  then 


100  NATIONAL   MONETARY  COMMISSION. 

such  surplus  shall  be,  and  the  same  is  hereby,  appro- 
priated to  the  sinking  fund,  to  be  paid  at  such  times  as 
the  situation  of  the  treasury  will  best  permit ;  and  shall  be 
applied,  by  the  commissioners  thereof,  to  the  purchase  or 
redemption  of  the  public  debt, 
when  there  SEC.  5.  And  be  it  further  enacted.  That  whenever,  in 

is  a  surplus  in  '  ' 

t^  sink  ingany  year,  there  shall  be  a  surplus  in  the  sinking  fund, 

fund,   the  com-        J    J         '  .  x  t° 

inissioners  may  beyond  the  amount  of  interest  and  principal,  which  may 

purchase    the-  L  i 

debt   at   the  be  actually  due  and  payable  to  the  United  States,  in  such 

market  price.  .  „          .  .  . 

year,  in  conformity  with  their  engagements,  the  commis- 
sioners of  the  sinking  fund  shall  be,  and  they  are  hereby, 
authorized,  with  the  approbation  of  the  President  of 
the  United  States,  to  purchase  the  debt  of  the  United 
The  price  not  States,  at  its  market  price,  if  such  price  shall  not  exceed 

to  exceed   the  '  L 

rates  specified,  the  following  rates,  viz :  for  stock  of  the  United  States, 
bearing  an  interest  of  three  per  centum  per  annum,  there 
shall  not  be  paid  more  than  sixty-five  dollars  for  every 
hundred  dollars  of  the  principal  thereof:  for  stock  bear- 
ing an  annual  interest  of  six  per  centum  per  annum, 
there  shall  not  be  paid  more  than  the  par  or  true  value 
thereof;  and  for  stock  bearing  an  annual  interest  of  seven 
per  centum,  there  shall  not  be  paid  an  advance  above  the 
par  value  thereof,  which  shall  exceed,  for  every  hun- 
dred dollars  of  stock,  the  computed  value  of  an  annuity  of 
one  dollar  for  a  number  of  years,  equal  to  that  during 
which  the  stock  so  purchased  will  not  be  reimbursable 
at  the  pleasure  of  government,  estimating,  in  such  com- 
putation, the  interest  of  mone}r  at  six  per  centum  per 
annum. 
certificates  SEC.  G.  And  l>e  it  further  enacted.  That  all  certificates 

of    the     public- 
debt  which  be- of  public  debt  which,  by  payment  or  purchase,  have  be- 

eome  the  prop-  .      i     . 

V'-r.ty,°^  thecome,   or   hereafter   shall   become,   the  property   of   the 

I  nited    States,  ' 

to  be  cancelled.  United  States,  shall  be  cancelled  or  destroyed,  at   such 

times,  and  under  such  regulations  and  securities,  as  the 

commissioners  of  the  sinking  fund,  with  the  approba- 

x  o  interest  tion  of  the  President,  shall  establish  and  determine.    And 

certificates  can- no  interest  shall  be  considered  as  accruing,  and  no  fur- 
ther payment   shall  be  made,  on   account   of  such   debt, 
the  certificates  of  which  have  been  so  cancelled  and  de- 
stroyed. 
xothins  in      SEC.  7.  And  l>e  it  further  enacted.  That  nothing  in  this 

prevent  r o n -  act  contained  shall  be  construed  to  prevent  the  Congress 

gross   from   ap-      ,,,,        TT    .,      -,    ,,,  •/.  111  -ii  j» 

plying  surplus  of  the  United  States,  it  war  shall  occur  with  any  foreign 
jects  in  case  of  power,  from  applying,  to  any  object  of  public  service, 

war,  etc. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  101 

any  surplus  of  the  amount  herein  appropriated  to  the 
sinking  fund,  which  may  be  left  in  any  year  after  pay- 
ing the  interest  and  principal  which  may  be  actually  due 
and  payable  by  the  United  States,  in  conformity  with 
their  engagements.     Nor  shall  any  thing  in  this  act  befec^ed^ega^j 
construed  to  repeal,  alter,  or  affect,  any  of  the  provisions^™61'  aets. 
of  any  former  act,  pledging  the  faith  of  the  United  States 
to  the  payment  of  the  interest  or  principal  of  the  public 
debt,  but  all  such  payments  shall  continue  to  be  made  at 
the  time  heretofore  prescribed  by  law,  excepting  only  as     Exception. 
before  provided,  that  no  payments  shall  be  made  on  cer- 
tificates which  have  become  the  property  of  the  United 
States. 
Approved,  March  3,  1817. 

ACT    OF    MARCH    3,  1817. 

CHAP.  XCIII.  An  act  to  incorporate  the  subscribers  to  ^.j5  stat-    L-» 
certain  banks  in  the  District  of  Columbia,  and  to  pre- 
vent the  circulation  of  the  notes  of  unincorporated  as- 
sociations within  the  said  district. 


SEC.  14.  And  be  it  further  enacted,  That  the  hank  shall,  on  !St5S!02S 
in  no  case,  buy  and  sell  the  funded  debt  of  the  United  [°n  g^feS 
States,  or  of  any  State,  or  be  owners  of  any  ships  or  ves-  etc' 
sels,  or  directly  or  indirectly  be  concerned  in  trade,  or  the 
importation,  exportation,  purchase  or  sale  of  any  goods, 
wares,  or  merchandise  whatever,  except  bills  of  exchange, 
or  bullion,  and  such  ships,  vessels,  goods,  wares,  or  mer- 
chandise, as  shall  be  truly  pledged  to  them  by  way  of 
security,  for  debts  due,  owing,  or  growing  due  to  the  said 
bank,  or  purchased  by  it  to  secure  such  debts:  Provided,      rroviso;  as 
nevertheless,  That  the  said  bank  may  sell  and  dispose  of  debt  now  held 
either  the  whole  or  any  part  of  the  funded  debt  of  the 
United  States,  which  it  now  holds. 


(Sections  23,  24,  25.  20,  27  apply  same  provisions  to 
other  banks  in  Washington,  Georgetown,  and  Alexan- 
dria.) 

Approved,  March  3,  1817. 


102  NATIONAL  MONETAKY  COMMISSION. 

ACT  OF  APRIL  13,  1818. 

4o|   stat<   L->  CHAP.  LVI. — An  act  to  authorise  the  payment  of  certain 

certificates. 

(This  act  suspends  for  the  term  of  two  years  from  its 
passage  so  much  of  the  acts  of  March  3,  1795,  and  June 
12,  1798,  as  bar  from  settlement  loan  office  and  final  set- 
tlement certificates  and  indents  of  interest ;  and  provides 
that,  upon  the  presentation  at  the  Treasury  and  adjust- 
ment of  such  claims,  they  shall  be  paid,  with  interest  at 
the  rate  of  six  per  cent  from  the  date  of  the  last  payment 
of  interest  indorsed  thereon.) 

Approved,  April  13,  1818. 

NOTE. — By  the  act  of  May  7,  1822,  having  the  same  title  as  the 
above  the  provisions  of  the  acts  of  1795  and  1798  are  further 
suspended  for  the  term  of  two  years  and  from  thence  until  the 
end  of  the  next  session  of  Congress.  (3  ibiiL,  697.)  And  by  the 
act  of  July  14,  1832,  the  act  of  1822  is  revived  and  continued  in 
force  for  the  term  of  four  years  and  from  thence  until  the  end  of 
the  next  session  of  Congress.  (4  ibid.,  002.) 

ACT  OF  FEBRUARY  4.  1819. 

3  stat.  L.,  CHAP.  XIII. — An  act  to  authorize  the  payment,  in  cer- 
tain cases,  on  account  of  Treasury  notes  which  have 
been  lost  or  destroyed. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  A  in  erica,  in  Congress  assem- 
On     pi'j'of,  bled*  That  whenever  proof  shall  be  exhibited  to  the  satis- 

etc.,  of  the  loss 

offa  Treasury  faction  of  the  Secretary  of  the  Treasury,  of  the  loss  or 

note,  the  Score-  -7  . 

f  a  ry ,     upon  destruction    of    any    Treasury    note,    issued    under    the 

liond,    etc.,     to  J  J 

pay  the  amount  authority  of  any  act  of  Congress,  it  shall  be  lawful  for 
the  said  Secretary,  upon  receiving  bond,  witli  sufficient 
security  to  indemnify  the  United  States  against  any 
other  claim  on  account  of  the  Treasury  note  alleged  to  be 
so  lost  or  destroyed,  to  pay  the  amount  due  on  such  note, 
to  the  person  who  had  lost  it.  or  in  whose  possession  it 
has  been  destroyed. 
On  proof  of  SEC.  2.  And  be  it  further  enacted,  That,  whenever  proof 

the  loss  or  de-    .      .,   .  .   ..  .  .    „         .'  ... 

st  ruction   of  shall  be  exhibited,  to  the  satisfaction  of  the  Secretary  of 

any    certificate  f  ±\       i  i  ,•  *  ,-n 

of  Mississippi  the  treasury,  or  the  loss  or  destruction  of  any  certificate 
certificate  may  of  Mississippi  stock,  it  shall  be  lawful  to  issue  to  the  per- 

be  issued.  i        i       i    i      A    •*  •  i  ••,  i 

son   who  had   lost   it.  or  in  whose  possession    it  was  de- 
stroyed, a  new  certificate  of  the  same  value  with  the  one 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  103 

lost  or  destroyed ;  the  person  claiming  such  renewal  com- 
plying with  the  rules  and  regulations  at  present  estab- 
lished at  the  Treasury  Department,  for  the  renewal  of 
certificates  of  stock  lost  or  destroyed. 
Approved,  February  4,  1819. 

ACT   OF   MAY   15,   1820. 
CHAP.  CIII. — An  act  to  authorize  the  President  of  the     j*    stat.    L., 

oo*. 

United  States  to  borrow   a  sum  not  exceeding  three 
millions  of  dollars. 

(Section  1  empowers  the  President  to  borrow,  on  the 
credit  of  the  United  States,  a  sum  not  exceeding  three 
millions  of  dollars,  at  a  rate  not  exceeding  five  per  cent 
and  reimbursable  at  any  time  after  January  1,  1832,  or 
at  a  rate  not  exceeding  six  per  cent,  and  reimbursable  at 
pleasure,  to  be  applied  in  defraying  any  public  expenses 
authorized  by  law. 

(Section  2  authorizes  the  Bank  of  the  United  States  to 
lend  the  sum,  or  any  part  thereof,  and  further  authorizes 
the  sale  of  certificates  of  the  stock,  "Provided,  That  no 
stock  shall  be  sold  under  par." 

(Section  3,  authorizing  the  employment  of  agents  in  dis- 
posing of  the  stock,  follows  the  terms  of  section  3  of  the 
act  of  February  8,  1813. 

(Section  4  makes  the  same  sinking-fund  provisions  as 
section  3  of  the  act  of  March  1-1,  1812,  with  the  substi- 
tution of  "  ten  millions  of  dollars  "  for  eight  millions,  as 
the  amount  of  the  total  annual  appropriation  for  the 
public  debt.) 

Approved,  May  15,  1820. 

ACT  OF  MARCH  3,  1821. 
CHAP.  XXXVIII.— An  act  to  authorize  the  President  of  r ,2    Slat-    L- 

'   635. 

the  United  State*  to  borrow  a  sum  not  exceeding  five 
millions  of  dollars. 

(Section  1  empowers  the  President  to  borrow,  on  the 
credit  of  the  United  States,  a  sum  not  exceeding  five 
millions  of  dollars,  at  a  rate  not  exceeding  five  per  cent, 
and  reimbursable  at  any  time  after  January  1,  1835,  to 
be  applied  in  defraying  any  public  expenses  authorized 
by  law. 


104  NATIONAL    MONETAKY    COMMISSION. 

(Sections  2.  3,  and  4  are  identical  -with  sections  2,  3, 
and  4  of  the  act  of  May  15,  1820,  above.) 
Approved,  March  3,  1821. 

ACT  OF  FEBRUARY  19,  1822. 

_3    stat.    i,.,  CHAP.  VIII. — An  act  authorizing  the  transfer  of  certain 
[Obsolete.]         certificates  of  the  funded  debt  of  the  United  States. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  as- 
Cermc&tesotsembled.  That  the  certificates  of  the  funded  debt  of  the 

thefunded 

debt,  issued  to  United  States,  which,  upon  the  assumption  of  the  debts 

creditor   States  '  L 

upon    the    as- or  the  several  creditor  States,  were  issued  m  their  favour, 

sumption     of  . 

their    debts,  respectively,  be,  and  hereby  are,  made  transferable,  ac- 

made   transfer-         L  •*  \         '  •*          .  '      . 

able.  cording  to  the  rules  and  forms  instituted  for  the  purpose 

of  transfers  of  the  public  debt. 
Approved,  February  19,  1822. 


ACT  OF  APRIL  20,  1822. 

stat.  L.,  CHAP.  XXVIII. — An  act  to  authorise  the  Secretary  of 
the  Treasury  to  exchange  a  stock  bearing  an  interest  of 
five  per  cent,  for  certain  stocks  bearing  an  interest  of 
six  and  seven  per  cent. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  as- 
'^mbled,  That  a  subscription,  to  the  amount  of  twelve 
tvreiv"  Vmionmilli°ns  of  dollars,  of  the  seven  per  cent,  stock,  and  of 
the  six  per  cent,  stock  of  the  year  eighteen  hundred  and 
twelve,  and  also  for  fourteen  millions  of  the  six  per  cent, 
stock  of  the  years  eighteen  hundred  and  thirteen,  four- 
teen, and  fifteen,  be,  and  the  same  is  herein-,  proposed: 
u  eMedkSat°the^or  wn'('^  pui'pose  books  shall  be  opened  at  the  Treasury 
io1fnUoyfflac°  s°^  tu<>   l'n't('(l   Slates,  and   at   the  several  loan  offices,  on 
jln-js!;.,tilljlllythe  first   day  of  May.  one  thousand  eight  hundred   and 
twenty-two,  to  continue  open  until  the  first  day  of  July 
next   thereafter,   for  such    p;irts  of  the   above-mentioned 
description  of  stocks  as  shall,  on  the  day  of  subscription, 
stand  on  the  books  of  the  Treasury,  and  on  those  of  the 
Subscript! o n several  loan  offices,  respectively:  which  subscription  shall 

to     IIP     effected  *  ^     . 

by    a    tnmsfprbe   effected   bv   a    transfer  to  the   United    States,   in   the 

of    credits    :m<i  ''111  c  c  J!  A.I  Tx 

surrender   of  manner  provided  bv  Jaw  tor  such  transfers,  ot  the  credit 

certificates.  ..  ...  .   .    .         ,  ,   ,'  -, 

or  credits  standing  on  the  said  books,  and  by  a  surrender 
of  the  certificates  of  the  stock  so  subscribed. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  105 

(Section  2  provides  that  for  any  sum  thus  subscribed 
of  the  six  per  cent  stocks  of  1812  and  1813,  the  subscribers 
shall  be  entitled  to  an  equal  amount  of  stock,  bearing  in- 
terest at  five  per  cent  and  payable  quarterly  from  June  30, 
1822,  and  redeemable  at  the  pleasure  of  the  United 
States,  one-third  after  December  31,  1830,  one-third  after 
December  31,  1831,  and  one-third  after  December  31, 
1832;  and  that  for  any  sum  subscribed  of  the  seven  per 
cent  stock,  the  subscribers  shall  be  entitled  to  an  equal 
amount  of  five  per  cent  stock,  bearing  interest  and  dated 
as  above,  and  redeemable  in  like  manner  after  December 
31,  1833:  Provided,  that  no  reimbursement  shall  be  made 
of  any  certificate,  except  for  its  whole  amount,  nor  until 
after  six  months'  notice. 

(Section  3  provides  that  if  the  subscription  authorized 
by  section  1  is  not  completed  by  July  1,  1822,  the  remain- 
der of  the  amount  may  be  subscribed  at  any  time  before 
October  1,  1822;  and  that  for  so  much  as  may  be  sub- 
scribed of  the  six  per  cent  stocks  of  1812,  1813,  1814,  and 
1815,  the  subscribers  shall  be  entitled  to  an  equal  amount 
of  stock,  bearing  interest  at  five  per  cent  and  payable 
quarterly  from  September  30,  1822,  and  redeemable  after 
1830,  1831,  and  1832  as  above;  and  that  for  so  much  of  the 
seven  per  cent  stock  as  may  be  subscribed,  the  subscribers 
shall  be  entitled  to  an  equal  amount  of  five  per  cent  stock, 
with  interest  payable  as  above,  and  redeemable  in  like 
manner  after  1833,  the  same  proviso  being  made  as  to  the 
conditions  of  reimbursement.) 

SEC.  4.  And  be  it  further  enacted,  That  the  same  funds    Funds  piedg- 
which  have  heretofore  been,  and  now  are,  pledged  by  law  ment  of  inter- 

estandre- 

for  the  payment  of  the  interest,  and  for  the  redemption  ordemption  of  the 
reimbursement  of  the  stock  which  may  be  subscribed  by  ne 


virtue  of  the  provisions  of  this  act,  shall  remain  pledged 
for  the  payment  of  the  interest  accruing  on  the  stock  cre- 
ated by  reason  of  such  subscription,  and  for  the  redemp- 
tion or  reimbursement  of  the  principal  of  the  same.  It 

1111,1        -i     ,         P.,  •      •  ,,  ,,         .    ,.         »          ers  of  the  sink- 

Shall  be  the  duty  ot  the  commissioners  of  the  sinking  fund  ing  fun  d  to 

i  1-1  i          -i  /•    ji  •  -i     c        i    cause  to  he  ap- 

to  cause  to  be  applied  and  paid,  out  of  the  said  fund.  piled  iho  sums 

-.  -,  'necessary    to 

yearly  and  every  year,  such  sum  and  sums  as  may  be  pay  the  interest 

n  -T,        T      i  n        •     ,  •  ,->      and  redeem  the 

annually  wanted  to  discharge  the  interest  accruing  on  the  principal,  etc. 

stock  which  may  be  created  by  virtue  of  this  act.     The 

said  commissioners  are  hereby  authorized  to  apply,  from 

time  to  time,  such  sum  and  sums,  out  of  the  said  fund,  as 

they  may  think  proper,  towards  redeeming,  by  purchase 

or  by  reimbursement,  in  conformity  with  the  provisions 


106  NATIONAL   MONETARY   COMMISSION. 

act,  the  principal  of  the  said  stock.    And  such  part 


teismiedet  appro-  °^  the  annual  sum  of  ten  millions  of  dollars,  vested  by  law 
t'helnterest  et<f  *n  t^ie  sa^  commissioners,  as  may  be  necessary  and  want- 
ing for  the  above  purposes,  shall  be  and  continue  ap- 
priated  [appropriated]  to  the  payment  of  interest  and 
redemption  of  the  public  debt,  until  the  whole  of  the 
stock  which  may  be  created  under  the  provisions  of  this 
act  shall  have  been  redeemed  or  reimbursed. 

^EC'  ^  ^n^  ^e  ^  further  enacted,  That  nothing  in  this 
ac*;  contained  shall  be  construed  in  any  wise  to  alter, 
abridge,  or  impair,  the  rights  of  those  creditors  of  the 
United  States  who  shall  not  subscribe  to  the  loan  to  be 
opened  by  virtue  of  this  act. 
Approved,  April  20,  1822. 

ACT  OF  MAY  3,  1822. 
673    stat.    L.,      CHAP.  XLVII.  —  An  act  relating  to  Treasury  notes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America,  in  Congress  assem- 

notes  torebeSlrreV-  bled,  That,  from  and  after  the  passing  of  this  act,  no 

mcntf  o°  pffii  Treasury  note  shall  be  received  in  payment  on  account  of 

o  e  Pfltndat'  tehxe  the  United  States,  or  paid,  or  funded,  except  at  the  Treas- 

Treasury.  ury  of  the  United  States. 

Approved,  May  3,  1822. 

ACT  OF  MAY  7,  1822. 

696    Stat'    T'"  CIIAP-  CXII.  —  An  act  authorizing  the  payment  of  certain 

certificates. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  assem- 
thSe0act"ofhMa°r!^^'  That  so  much  of  an  act,  entitled  "An  act  making 
m(i7of'  al't  4of  flu'ther  provisions  for  the  support  of  public  credit  and 
;!,')in^]12:ls11^f()l'  the  redemption  of  the  public  debt,"  passed  the  third 
nrvil  s'e'tVi'e'-^1^  °''  ^nr(<n?  one  thousand  seven  hundred  and  ninety  - 
ment  certifl-five,  and  so  nnicli  of  the  act,  entitled  "An  act  respecting 

(rates,  etc.,  sus-  _  _   fc 

ponded  for  two  loan  office  and  final  settlement  certificates,  indents  of  in- 

ycars,  etc. 

terest,  and  the  unfunded  and  registered  debt,  credited  on 
the  books  of  the  treasury,"  passed  the  twelfth  day  of 
June,  one  thousand  seven  hundred  and  ninety-eight,  as 
bars  from  settlement  or  allowance  certificates,  commonly 
called  loan  office  and  final  settlement  certificates,  and 
indents  of  interest,  be,  and  the  same  is  hereby,  suspended 
for  the  term  of  two  years  from  and  after  the  passing  of 
this  act,  and  from  thence  until  the  end  of  the  next  session 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  107 

of  Congress:  a  notification  of  which  temporary  suspen-    Notification 

e  ...  .  °  *     suspension 

sion  of  the  act  of  limitation  shall  be  published  by  the to  be  published. 
Secretary  of  the  Treasury,  for  the  information  of  the 
holders  of  the  said  certificates,  in  one  or  more  of  the 
public  papers  in  each  of  the  United  States. 

SEC.  2.  And  ~be  it  further  enacted,  That  all  certificates, 
commonly  called  loan  office  certificates,  countersigned 
the  loan  officers  of  the  states,  respectively,  final  settle-  ir^s'ur  ?*  an^e 
ment  certificates,  and  indents  of  interest,  which,  at  th®§ated  getciaito 
time  of  passing  this  act,  shall  be  outstanding,  may  be  pre-{^1(]™ja  ^.^ 
sented  at  the  treasury;  and,  upon  the  same  being  liqui- interest'  etc- 
dated  and  adjusted,  shall  be  paid  to  the  respective  holders 
of  the  same,  with  interest  at  six  per  cent,  per  annum, 
from  the  date  of  the  last  payment  of  interest,  as  endorsed 
on  said  certificates. 

SEC.  3.  And  be  it  further  enacted,  That,  for  carrying   A  p  p  r  o  pria- 
this  act  into  effect,  the  sum  of  fifteen  thousand  dollars  be 
appropriated  out  of  any  moneys  in  the  treasury  of  the 
United  States  not  otherwise  appropriated. 

Approved,  May  7,  1822. 

ACT  OF  MARCH  3,  1823. 

CHAP.  LIU. — An  act  making   the  gold  coins  of  Great  ^    stat.    L., 
Britain,  France,  Portugal,  and  Spam  receivable  in  pay- 
ments on  account  of  public  lands. 

(Section  1  makes  the  gold  coins  of  Great  Britain, 
France,  Portugal,  and  Spain,  of  their  present  standard, 
receivable  in  all  payments  on  account  of  public  lands,  at 
rates  identical  with  those  specified  in  the  act  of  April  29, 
1816 ;  and  section  2  makes  it  the  duty  of  the  Secretary  of 
the  Treasury  to  cause  assays  of  the  said  coins  to  be  made 
at  least  once  in  every  year,  and  to  report  the  results  to 
Congress.) 

Approved,  March  3.  1823. 

ACT  OF  JANUARY  22,  1824. 
CHAP.  XVI. — An  act  authorizing  the  commissioners  of     4  stat.  L.,  4. 

.  [Obsolete.] 

the  sinking  fund  to  purchase  the  seven,  per  cent,  stock 
of  the  United  State*,  in  the  year  one  thousand  eight 
hundred  and  twenty- four. 

Be  it  enacted  by  the  Senate  and^  House  of  Representa- 
tives of  the  United  States  of  America,  in,  Congress  assem- 
bled. That  the  commissioners  of  the  sinking  fund  be,  and 
ir.712°— 10 8 


108  NATIONAL  MONETARY   COMMISSION. 

ers  °o™™inking  *ney  are  hereby,  authorized  to  purchase,  during  the  year 
chase  durPng°ne  thousand  eight  hundred  and  twenty-four,  any  stock 
the  year  ^824,  of  fae  United  States,  bearing  an  interest  of  seven  per 
amount' no°t  eaxn-cen^um  Per  ann"m«  n°t  exceeding  the  sum  of  eight  mil- 
ceeding?8,6io,-  iions  six  hundred  and  ten  thousand  dollars,  upon  such 
terms  as  they  may  think  proper,  not  exceeding  the  follow- 
ing rates  above  the  principal  sum  purchased,  that  is  to 
say: 

For  all  such  stock  as  they  may  purchase  before  the  first 
day  of  April  next,  at  a  rate  not  exceeding  two  dollars  for 
every  sum  of  one  hundred  dollars,  in  addition  to  the  inter- 
est which  would  have  accrued  on  that  day  upon  the  said 
stock : 

For  all  such  stock  which  they  may  purchase  between 
the  first  day  of  April  and  the  first  day  of  July  next,  at  a 
rate  not  exceeding  seventy-five  cents  on  every  sum  of  one 
hundred  dollars,  in  addition  to  the  interest  which  would 
have  accrued  on  the  day  last  mentioned : 

For  all  such  stock  which  the}7  may  purchase  between 
the  first  day  of  July  and  the  first  day  of  October  next,  at 
a  rate  not  exceeding,  on  every  sum  of  one  hundred  dollars, 
the  amount  of  interest  which  would  have  accrued  on  the 
day  last  mentioned :  and 

For  all  such  stock  which  they  may  purchase  between 
the  first  day  of  October  next,  and  the  first  day  of  January, 
one  thousand  eight  hundred  and  twenty-five,  at  a  rate  not 
exceeding  the  principal  and  the  interest  which  shall  have 
accrued  at  the  day  of  purchase. 

$KC.  2.  And  lc  it  further  enacted,  That  the  said  com- 
sm-h  purchases  niissioners  are  hereby  authorized  to  make  such  purchases, 
restrictions^1" un(ler  the  foregoing  restrictions,  at  such  times  and  places 
as  they  may  deem  most  expedient,  out  of  any  moneys  in 
the  Treasury,  heretofore  appropriated  for  the  redemption 
of  the  public  debt,  or  out  of  any  money  in  the  Treasury 
not  otherwise  appropriated. 
Approved,  January  22,  1824. 


LAWS   CONCERNING    MONEY,    BANKING,    AND    LOANS.  109 

ACT  OF  MAY  24,  1824. 

CHAP.  CXL. — An  act  to  authorize  the  creation  of  a  stock   {(f^oVete'']33' 
to  an  amount  not  exceeding  five  millions  of  dollars,  to 
provide  for  the  awards  of  the  commissioners  under  the 
treaty  with  Spain,  of  the  twenty-second  of  February \ 
one  thousand  eight  hundred  and  nineteen. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  as- 
sembled. That,  for  the  purpose  of  providing  funds  to  The  secretary 

r      r  f    .  of    the    Treas- 

discharge  the  awards  of  the  commissioners   under   theory  authorized 

•        <-*,•«  -i  P  tocreatea 

treaty  with  Spain,  of  the  twenty-second  day  of  February,  s  t  o  c  k  to  an 

'  J  -i-ii          -11  amount  not  ex- 

in  the  year  of  our  Lord  one  thousand  eight  hundred  and  ceedmg $5,000,- 

000,  etc. 

nineteen,  the  Secretary  of  the  Treasury  be,  and  he  is 
hereby,  authorized,  with  the  approbation  of  the  Presi- 
dent of  the  United  States,  to  cause  to  be  issued  and  sold 
to  the  Bank  of  the  United  States,  or  others,  at  a  sum  not 
less  than  the  par  value  thereof,  certificates  of  stock  of  the 
United  States,  to  any  amount  not  exceeding  the  sum  of 
five  millions  of  dollars,  and  bearing  an  interest  of  not 
exceeding  four  and  one  half  per  centum  per  annum,  from 
the  period  of  the  sale  thereof;  which  stock,  so  created, 
shall  be  redeemable  at  the  pleasure  of  the  United  States, 
at  any  time  after  the  first  day  of  January,  in  the  year 
one  thousand  eight  hundred  and  thirty-two.  And,  upon 
the  sale  of  such  stock,  in  manner  aforesaid,  credit  or 
credits  to  the  proprietors  thereof,  shall  thereupon  be 
entered  and  given  on  the  books  of  the  Treasury,  in  like 
manner  as  for  the  present  funded  debt ;  which  said  cred- 
its or  stock  shall  thereafter  be  transferable  as  other  pub- 
lic stock  of  the  United  States. 

(Section  2  provides  for  the  award  and  application  of 
the  moneys  thus  borrowed.) 

SEC.  3.  And  be  it  further  enacted,  That  a  sum,  equal  to    interest    ac- 
what  will  be  necessary  to  pay  the  interest  which  may  ac-stocrk   to" he 

,  .  ,  .  .  paid  out  of  the 

crue  on  the  said  stock,  to  the  end  of  the  present  year,  be,  Treasury. 
and  the  same  is  hereby,  appropriated  for  that  purpose,  to 
be  paid  out  of  any  moneys  in  the  Treasury  not  otherwise 
appropriated. 

Approved,  May  24,  1824. 


110  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  MAY  26,  1824. 
4  stat.  L.,  73.  CHAP.  CXCIL — An  act  to  authorize  the  Secretary  of  the 

[Obsolete.]  ,»      7      z        •  •    /       *       • 

Treasury  to  exchange  a  stock,  bearing  an  interest  oj 
four  and  one  half  per  cent.,  for  certain  stocks  bearing 
an  interest  of  six  per  cent. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  Amer  ca,  in  Congress  as- 
The  President  sembled,  That  the  President  of  the  United  States  be,  and 
borrow  a  sum  he  is  hereby,  empowered  to  borrow,  on  or  before  the  first 

exce™dine/  $5*,-  day  cf  April  next,  on  the  credit  of  the  United  States,  a 

000,000.  ,.    '  .,,.  ,   ,  „  '   , 

sum  not  exceeding  five  millions  of.  dollars,  at  a  rate  of 

interest,  payable  quarter  yearly,  not  exceeding  four  and 
one  half  per  centum  per  annum,  and  reimbursable  at  the 
pleasure  of  the  Government,  at  any  time  after  the  thirty- 
first  day  of  December,  one  thousand  eight  hundred  and 
thirty-one,  to  be  applied,  in  addition  to  the  moneys  which 
may  be  in  the  Treasury  at  the  time  of  borrowing  the  same, 
to  pay  off  and  discharge  such  part  of  the  six  per  cent, 
stock  of  the  United  States,  of  the  year  one  thousand  eight 
hundred  and  twelve,  as  may  be  redeemable  after  the  first 
day  of  January  next. 

(Section  2  authorizes  the  Bank  of  the  United  States 
to  lend  the  sum  or  any  part  thereof,  and  further  author- 
izes the  sale  of  certificates  of  the  new  stock :  "  provided, 
that  no  stock  be  sold  under  par." 

(Sections  3  and  4  provide  that  a  subscription,  to  the 
amount  of  fifteen  million  dollars  of  the  six  per  cent  stock 
of  1813,  shall  be  opened  on  July  1,  1824,  to  continue  open 
until  October  1  following;  and  that  for  so  much  as  shall 
be  thus  subscribed,  the  subscribers  shall  be  entitled  to  an 
equal  amount  of  stock,  bearing  interest  at  the  rate  of  four 
and  one-half  per  cent  and  payable  quarterly  from  Sep- 
tember 30,  1824,  and  redeemable  at  the  pleasure  of  the 
United  States,  one-half  after  December  31,  1832,  and  one- 
half  after  December  31,  1833,  provided  that  no  reimburse- 
ment shall  be  made  of  any  new  certificate  except  for  its 
whole  amount,  nor  until  after  six  months'  notice. 

(Sections  5  and  6  contain  the  same  provisions  for  the 
sinking  fund  and  for  saving  the  rights  of  nonsubscribing 
creditors  as  those  contained  in  sections  4  and  5  of  the  act 
of  April  20,  1822.) 

Approved,  May  20,  1824. 


LAWS   CONCERNING    MONEY,   BANKING,   AND   LOANS.  HI 

ACT  OF  MARCH  3,  1825. 

CHAP.  LXV. — An  act  more  effectually  to  provide  for  the    4   stat.   L., 
punishment  of  certain  crimes  against  the  United  States, 
and  for  other  purposes. 


SEC.  17.  And  ~be  it  further  enacted.  That,  if  any  person    Forgery  of 

-   ,      ,  „  ,    .  Treasury  notes, 

or  persons  shall  falsely  make,  forge,  or  counterfeit,  oror  other  public 

J  f  security  of  the 

cause  or  procure  to  be  falsely  made,  forged,  or  counter- United   states. 

J  .  Act    of    Apr. 

felted,  or  willingly  aid  or  assist  in  falsely  making,  forg-so,  ITOO,  ch.  9, 
ing,  or  counterfeiting,  any  paper,  writing,  or  instrument, 
in  imitation  of,  or  purporting  to  be,  an  indent,  certificate 
of  the  public  stock,  or  debt,  treasury  note,  or  other  public 
security  of  the  United  States,  or  any  letters  patent,  issued 
or  granted  by  the  President  of  the  United  States,  or  any 
bill,  check,  or  draft  for  money  drawn  by,  or  on  the  treas- 
urer of  the  United  States,  or  by,  or  on,  any  other  public 
officer  or  agent  of  the  United  States,  duly  authorized  to 
make,  draw,  accept,  or  pay  the  same,  on  behalf  and  for 
account  of  the  United  States,  (a)  or  if  any  person  or  per- 
sons shall  pass,  utter,  or  publish,  or  attempt  to  pass, 
utter,  or  publish,  as  true,  any  such  false,  forged,  or  coun- 
terfeited paper,  writing,  or  instrument,  knowing  the 
same  to  be  false,  forged,  or  counterfeited,  with  intent  to 
defraud  the  United  States,  or  any  body  politic  or  cor- 
porate, or  any  other  person  or  persons  whatsoever; 
or  if  any  person  or  persons  shall  falsely  alter  any  indent, 
certificate  of  the  public  stock,  or  debt,  treasury  note,  or 
other  public  security  of  the  United  States,  or  any  letters 
patent,  issued  or  granted  by  the  President  of  the  United 
States,  or  any  bill,  check,  or  draft  for  money  drawn  by 
or  on  the  treasurer  of  the  United  States,  or  any  other 
public  officer  or  agent  of  the  United  States,  duly  author- 
ized to  make,  draw,  accept,  or  pay  such  bill,  check,  or 
draft,  or  if  any  person  or  persons  shall  pass,  utter,  or 
publish,  or  attempt  to  pass,  utter,  or  publish,  as  true  and 
unaltered,  any  such  falsely  altered  indent,  certificate, 
treasury  note,  or  other  public  security,  letters  patent,  or 
bill,  check,  or  draft,  knowing  the  same  to  be  falsely  al- 
tered, with  intent  to  defraud  the  United  States,  or  any 
body  politic  or  corporate,  or  any  person  or  persons  what- 
soever, (b)  every  such  person,  so  offending,  shall  be 
deemed  guilty  of  felony,  and  shall,  on  conviction  thereof, 
be  punished  by  fine,  not  exceeding  five  thousand  dollars, 


112  NATIONAL   MONETARY   COMMISSION. 

and  by  imprisonment  and  confinement  to  hard  labour, 
not  exceeding  ten  years,  according  to  the  aggravation  of 
the  offence. 

(Section  18  makes  it  an  offense  and  punishable  to  forge 
Treasury  notes  or  other  public  securities  of  the  United 
States,  certificates  of  stock  of  the  United  States  or  certifi- 
cates of  stock  of  the  Bank  of  the  United  States.) 
***** 

Approved,  March  3,  1825. 

ACT    OF   MARCH    3,  1825. 

**> 

12£  stat-  L-  CHAP.  C. — An  act  authorizing  the  Secretary  of  the  Treas- 
ury to  borrow  a  sum  not  exceeding  twelve  millions  of 
dollars,  or  to  exchange  a  stock  of  four  and  one-half 
per  cent,  for  a  certain  stock  bearing  an  interest  of  six 
per  cent. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tirex  of  the  United  States  of  America,  in.  Congress  assem- 
That  the  President  of  the  United  States  be.  and  he 


not'exceedlng  's  hereby,  authorized  to  borrow,  on  or  before  the  first 
JflSfaS!111011"  tl{»y  of  January  next,  on  the  credit  of  the  United  States, 
a  sum  not  exceeding  twelve  millions  of  dollars,  at  a  rate 
of  interest  payable  quarterly,  not  exceeding  four  and  one- 
half  per  centum  per  annum,  six  millions  whereof  reim- 
bursable at  the  pleasure  of  the  Government,  at  any  time 
after  the  thirty-first  day  of  December,  in  the  year  eight- 
een hundred  and  twenty-eight ;  and  six  millions  at  any 
time  after  the  thirty-first  day  of  December,  in  the  year 
eighteen  hundred  and  twenty-nine,  to  be  applied,  in  ad- 
dition to  the  moneys  which  may  be  in  the  Treasury  at 
the  time  of  borrowing  the  same,  to  pay  off  and  discharge 
such  part  of  the  six  per  cent,  stock  of  the  United  States, 
of  the  year  one  thousand  eight  hundred  and  thirteen,  as 
may  be  redeemable  after  the  first  day  of  January  next. 
(Section  2  is  identical  with  section  2  of  the  act  of  May 
20,  18-24,  above. 

(Sections  3  and  4  provide  that  a  subscription  to  the, 
amount  of  twelve  million  dollars  of  the  six  per  cent  stock 
of  1813  shall  be  opened  on  April  1,  1825,  to  continue  open 
until  October  1  following,  all  thus  subscribed  to  be  con- 
sidered as  part  of  the  twelve  million  dollars  authorized 
by  ^'ction  1;  and  that  for  so  much  as  shall  be  thus  sub- 
scribed, the  subscribers  shall  be  entitled  to  an  equal 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  113 

amount  of  stock  bearing  interest  not  exceeding  four  and 
one-half  per  cent  and  payable  quarterly  from  December 
31,  1825,  and  redeemable  at  the  pleasure  of  the  United 
States,  one-half  after  December  31,  1828,  and  one-half 
after  December  31,  1829:  Provided,  that  no  reimburse- 
ment shall  be  made  of  any  new  certificate  except  for  its 
whole  amount,  nor  until  after  six  months'  notice. 

(Sections  5  and  6  contain  the  same  provisions  for  the 
sinking  fund,  and  for  saving  the  rights  of  nonsubscribing 
creditors,  as  those  contained  in  sections  -1  and  5  of  the  act 
of  April  20,  1822.) 

Approved,  March  3,  1825. 

ACT  OF  APRIL  24,  1830. 
CHAP.  LXXVIII. — An  act  to  authorize  the  commissioners     4   stat.   L., 

39o. 

of  the  sinking  fund  to  redeem  the  public  debt  of  the 
United  States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  assem- 
bled, That  whenever  in  the  opinion  of  the  Secretary  of  _  secretary  of 

7  r  -Treasury    au- 

the  Treasury,  the  state  of  the  Treasury  will  admit  of  the  thomed.  under 

^  '  J  certain  circum- 

appkcation  of  a  greater  sum  than  ten  millions  of  dollars  stances   to  ap- 

,  *  *  propriate   more 

in  any  one  year,  to  the  payment  of  interest  and  charges,  than   310.000,- 

J  J  .       '  -     J  to      '000.     annually, 

and  to  the  reimbursement  or  purchase  of  the  principal  of  to  the  sinking 
the  public  debt,  it  shall  be  lawful  for  him,  with  the  ap- 
probation of  the  President  of  the  United  States,  to  cause 
such  surplus  to  be  placed  at  the  disposal  of  the  commis- 
sioners of  the  sinking  fund,  and  the  same  shall  be  applied 
by  them  to  the  reimbursement  or  purchase  of  the  princi- 
pal of  the  public  debt,  at  such  times  as  the  state  of  the 
Treasury  will  best  admit. 

SEC.  2.  And  be  it  further  enacted,  That,  whenever, 
any  year,  there  shall  be  a  surplus  in  the  sinking 
beyond  the  amount  of  interest  and  principal  of  the  debt  j?^  ^fn^h 
which  may  be  actually  due  and  payable  by  the  United  { 
States  in  such  year,  in  conformity  with  their  engage- 
ments, it  shall  be  lawful  for  the  commissioners  of  the 
sinking  fund  to  apply  such  surplus  to  the  purchase  of 
any  portion  of  the  public  debt,  at  such  rates  as,  in  their 
opinion,  may  be  advantageous  to  the  United  States:  any 
thing  in  any  act  of  Congress  to  the  contrary  notwith- 
standing. 


114  NATIONAL  MONETARY  COMMISSION. 

ande5Cof°anct  of     SEC.  3-  ^nd  be  it  further  enacted,  That  the  fourth  and 

uarchg  3,^  isrr,  fifth  sections  of  the  act,  entitled  "An  act  to  provide  for 

peaied.  the  redemption  of  the  public  debt,"  approved  on  the 

third  of  March,  one  thousand  eight  hundred  and  seven- 

teen, are  hereby  repealed. 

tj,7saidunddroid     SEC-  4-  And  be  it  further  enacted,  That  the  sum  of  two 

parroSp°HatedS  for  himdred  thousand  dollars,  being  the  balance  of  the  sums 

to  be1>asseduto  heretofore  appropriated  for  the  expenses  of  taking  the 

surplus  fund.   next  census,  and  which  will  not  be  required  for  that  pur- 

pose, be,  and  the  same  is  hereby,  directed  to  be  passed  to 

the  surplus  fund  upon  the  last  day  of  the  year  one  thou- 

sand eight  hundred  and  thirty,  any  law  to  the  contrary 

notwithstanding. 

Approved,  April  2-i,  1830. 

ACT  OF  JULY  14,  1832. 

4  stat.  L.,  CHAP.  CCXLV.  —  An  act  to  revive  and  continue  in  force 
"An  act  authorizing  the  payment  of  certain  certifi- 
cates" approved  seventh  May,  one  thousand  eight  hun- 
dred and  twenty-tiro. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  assem- 
ress*  off  Ma1"  ^c'(^  That  the  "Act  authorizing  the  payment  of  certain 
i  v"e(]h'aiui  ('G1'tificates,"  approved  on  the  seventh  May,  one  thousand 


force  'for6  four  ('^nt  hundred  and  twenty-two,  be,  and  the  same  is  hereby, 
years.  revived   and   continued   in  force  for  the  term   of   four 

years  from  and  after  the  passing  of  this  act,  and  from 
thence  to  the  end  of  the  next  session  of  Congress  there- 
after, a  notification  of  which  revival  and  continuance 
shall  be  published  by  the  Secretary  of  the  Treasury,  for 
the  information  of  the  holders  of  the  certificates,  the 
payment  of  which  is  authorized  by  said  act,  in  one  or  more 
of  the  public  papers  printed  in  each  of  the  United  States. 
SEC>  o.  And  Ic  it  further  enacted,  That,  for  carrying 
this  act  into  effect  ,  the  sum  of  forty  thousand  dollars  be, 
and  hereby  is,  appropriated,  out  of  any  money  in  the 
treasury  of  the  United  States  not  otherwise  appropriated. 
Approved,  July  11.  Ib&i. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  115 

ACT  OF  APRIL  11,  1836. 

CHAP.  L. — An  act  to  repeal  so  much  of  the  act  entitled  5  stat.  L.,  s. 
"An  act  transferring  the  duties  of  Commissioner  of 
Loans  to  the  Bank  of  the  United  /States,  and  abolish- 
ing the  office  of  Commissioner  of  Loans"  as  requires 
the  Bank  of  the  United  States  to  perform  the  duties  of 
Commissioner  of  Loans  for  the  several  States. 

(Section  1  repeals  the  provisions  of  the  act  of  March 
3, 1817,  which  transfer  the  duties  of  commissioner  of  loans 
to  the  United  States  Bank,  its  branches,  and  state  banks 
employed  by  it,  and  requires  the  immediate  transfer  of 
all  papers  and  records  relating  to  said  duties  to  the  Secre- 
tary of  the  Treasury.) 

SEC.  2.  And  be  it  further  enacted,  That  the  Bank  of    Banks  to  pay 
the  United  States  and  its  several  branches,  and  the  State  the    Treasury 
Banks  employed  by  the  Bank  of  the  United  States,  per-  months. 
forming  the  duties  of  Commissioners  of  Loans,  shall  be, 
and  they  are  hereby  required  to  pay  into  the  Treasury  of 
the  United  States,  within  three  months  after  the  passing 
of  this  act,  all  the  money  in  their  possession  for  the  re- 
demption of  the  public  debt  of  the  United  States,  and  the 
interest  thereon  remaining  in  their  hands,  which  has  not 
been  applied  for  by  the  person  or  persons  entitled  to  re- 
ceive the  same. 

SEC.  3.  And  be  it  further  enacted,  That  it  shall  be  the 
duty  of  the  Secretary  of  the  Treasury  to  pay  over  to  the 
person  or  persons  entitled  to  receive  the  same,  the  amount 
so  received  into  the  Treasury,  by  virtue  of  the  second  sec- 
tion of  this  act,  out  of  any  money  in  the  Treasury  not 
otherwise  appropriated. 

SEC.  4.  And  be  it  further  enacted,  That  nothing  con- 
tained in  this  act  shall  be  construed  to  authorize  the  ap- 
pointment of  a  Commissioner  or  Commissioners  of  Loans 
in  any  State,  District,  or  Territory  of  the  United  States. 

Approved,  April  11,  1836. 

NOTE.— By  the  act  of  April  20,  1836  (5  Stat.  L.,  16),  it  is  also 
provided  that  all  acts  and  parts  of  acts  enabling  the  Bank  of  the 
United  States  or  its  branches  to  pay  pensions  granted  under  tho 
authority  of  the  United  States  are  repealed,  and  that  payments 
of  pensions  shall  be  made  by  such  persons  and  corporations  as 
the  Secretary  of  War  may  direct. 


116  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  JUNE  7,  1836. 

5   stat.   L.,  CHAP.  LXXXVII. — An  act  to  carry  into  effect  a  conven- 
tion between  the  United  States  and  Spain. 

(Section  1  authorizes  the  appointment  of  a  commis- 
sioner to  receive  and  examine  all  claims  growing  out  of 
the  convention  between  the  United  States  of  America 
and  her  Catholic  Majesty  the  Queen  of  Spain,  concluded 
at  Madrid  on  the  17th  day  of  February,  1834. 

(Sections  2  to  6,  inclusive,  prescribe  the  duties  of  the 
commissioner  and  the  compensation  of  himself  and  his 
secretary.  The  duties  of  the  Secretary  of  the  Treasury 
in  the  matter,  who  is  required  to  receive  and  account  for 
at  Paris  any  moneys  paid  in  pursuance  of  said  conven- 
tion and  to  remit  the  same  to  the  United  States  for  de- 
posit in  the  Treasury  of  the  United  States.  Said  moneys 
are  appropriated  to  be  distributed  and  paid  to  those 
authorized  to  receive  them.) 
commission-  SEC.  7.  And  be  it  further  enacted.  That  the  commis- 

er  to  report.         .  .  '  ' 

sioner  aforesaid  shall  report  to  the  Secretary  of  State 
a  list  of  all  the  several  awards  made  by  him,  a  certified 
copy  of  which  shall  be  by  the  said  Secretary  of  State 
transmitted  to  the  Secretary  of  the  Treasury,  who  shall 
thereupon  distribute  in  ratable  proportions,  among  the 
persons  in  whose  favor  the  award  shall  have  been  made, 
such  moneys  as  may  have  been  received  into  the  Treas- 
ury in  virtue  of  this  act,  according  to  the  proportions 
which  their  respective  awards  shall  bear  to  the  whole 
amount  then  received;  first  deducting  such  sums  of 
money  as  may  be  due  the  United  States  from  said  persons 
in  whose  favor  said  awards  shall  be  made;  and  shall 
cause  certificates  to  be  issued  by  the  Secretary  of  the 
Treasury,  in  such  form  as  he  may  prescribe,  showing 
the  proportion  to  which  each  may  be  entitled  of  the 
amount  that  may  thereafter  be  received;  and  on  the 
presentation  of  the  said  certificates  at  the  Treasury,  as 
the  nett  proceeds  of  the  general  instalments,  payable  by 
the  Government  of  Spain,  shall  have  been  received,  such 
proportions  thereof  shall  be  paid  to  the  legal  holders  of 
the  said  certificates. 

*  *  *  *  * 

Approved,  June  7,  183(5. 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  117 

ACT  OF  JULY  4,  1836. 

CHAP.  CCCLIII. — An  act  in  addition  to  the  act  entitled    5  stat.  L., 
"  An  act  making  appropriations,  in  part,  for  the  sup-     fbbsoiete.] 
port  of  Government,  for  the  year  eighteen  hundred 
and  thirty-six,  and  for  other  purposes. 

***** 
SEC.  10.  And  be  it  further  enacted,  That  the  duties  and  po£^esofa tnh^ 
powers  of  the  commissioners  of  the  sinking  fund  are  Commissioners 
hereby  suspended  until  revived  by  law,  and  that  the*e«r°£  totL'atnhse 
records  of  the  commissioners  be  transferred  to  the  cu 
tody  of  the  Secretary  of  the  Treasury,  who  is  hereby 
authorized  and  directed  to  pay  out  of  any  money  in 
the  Treasury  not  otherwise  appropriated  any  outstand- 
ing debts  of  the  United  States  and  the  interest  thereon. 

***** 

Approved,  July  4,  1836. 

ACT  OF  OCTOBER  12,  1837. 

CHAP.  II. — An  act  to  authorize  the  issuing  of  Treasury  20£  stat-   L-> 

notes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  President  of  the  United  States  is  hereby &™ L  cause 
authorized  to  cause  Treasury  notes  for  such  sum  or  sums  toreabe 
as  the  exigencies  of  the  Government  may  require,  but  notf^f  n 
exceeding,  in  the  whole  amount  of  notes  issued,  the  sum  ^  ^^1^ 
of  ten  millions  of  dollars,  and  of  denominations  not  less  ^ion    * h  a  u 
than  fifty  dollars  for  any  one  note,  to  bo  prepared,  signed, 
and  issued  in  the  manner  hereinafter  provided. 

SEC.  2.  And  be  it  further  enacted,  That  the  said  Treas-  v^m**$B£& 
ury  notes,  authorized  to  be  issued  by  the  first  section  of  {^dee^ed^ after 
this  act,  shall  be  reimbursed  and  redeemed  by  the  United  of  one  J"ear- 
States,  at  the  Treasury  thereof,  after  the  expiration  of 
one  year  from  the  dates  of  the  said  notes  respectively; 
from  which  said  dates,  for  the  term  of  one  year,  and  no 
longer,  thev  shall  bear  such  interest  as  shall  be  expressed     Notes  to  bear 

such    interest 

upon  the  face  of  the  said  notes;  which  rate  of  interest  as  is  expressed 

upon  each  several  issue  of  the  said  notes  shall  be  fixed 

by  the  Secretary  of  the  Treasury,  by  and  with  the  advice 

and  approbation  of  the  President;  but  shall  in  no  case ca^°tetr0CSex"ee<i 

exceed  the  rate  of  interest  of  six  per  centum  per  annum.  [^  J^  of  ° 


118  NATIONAL  MONETARY  COMMISSION. 

The  reimbursement  herein  provided  for  shall  be  made 
at  the  Treasury  of  the  United  States  to  the  holders  of 
the  said  notes  respectively,  upon  presentment,  and  shall 
include  the  principal  of  each  note,  and  the  interest  which 
may  be  due  thereon  at  the  time  of  payment.  For  this 
reimbursement,  at  the  time  and  times  herein  specified,  the 
faith  of  the  United  States  is  hereby  solemnly  pledged. 
(Section  3  provides  that  the  said  Treasury  notes  shall 
be  signed  by  the  Treasurer  and  countersigned  by  the 
Register  of  the  Treasury,  and  that  those  officers  shall 
keep  separate  accounts  thereof,  as  checks  upon  each 
other.) 

ofThteh?eCTereaarsy  SEC.  4>  ^nd  le  it  further  enacted,  That  the  Secretary 
"ortioVof'said0^  ^e  Treasury  is  hereby  authorized,  with  the  approba- 
notes  to  be  is-tion  of  the  President  of  the  United  States,  to  cause  to  be 

sued     in     pay- 
ment of  debts  issued  such  portion  of  the  said  Treasury  notes  as  the 

tosuchas  r  " 

ceive8  them  etc  Pres^ent  may  think  expedient,  in  payment  of  debts  due 

by  the  United  States  to  such  public  creditors  or  other 

persons  as  may  choose  to  receive  such  notes  in  payment, 

o7hteheeCTereaarsy  as  a^ oresaid,  at  par.    And  the  Secretary  of  the  Treasury 

ury  authorized,  is  further  authorized,  with  the  approbation  of  the  Presi- 

etr.,  to  borrow  ' 

on   the   credit  dent  of  the  United  States,  to  borrow,  from  time  to  time, 

of    the    notes,  ' 

not  under  par,  such  sums  as  the  President  may  think 
expedient,  on  the  credit  of  such  notes. 

transferable*  by  S]EC-  5>  And  ^e  ii}  further  enacted,  That  the  said  Treas- 
aVsiVgenmenntd  ur^  notes  sna^  ^e  transferable  by  delivery  and  assignment 
ete-  endorsed  thereon,  by  the  person  to  whose  order  the  same 

shall,  on  the  face  thereof,  have  been  made  payable. 
noTesC  torebesirrey-     ^EC>  C*  And  ^6  ^  further  enacted,  That  the  said  Treas- 
m'p'n't  'of  I1dyrur^  notes  sna^  be  received  in  payment  of  all  duties  and 
pS>nctiaXnds'taxes  laid  ky  tne  authority  of  the  United  States,  of  all 
etc-  '  public  lands  sold  by  the  said  authority,  and  of  all  debts 

to  the  United  States,  of  any  character  whatsoever,  which 
may  be  due  and  payable  at  the  time  when  said  Treasury 
m?nnt°ofPITreay-  notes  may  be  so  offered  in  payment.    And  on  every  such 
"n-cJir  nt°otebePaymcnt,  credit  shall  be  given  for  the  amount  of  the 
cipaTnnd  inter-  principal  and  interest  which,  on  the  day  of  such  payment, 
may  be  due  on  the  note  or  notes  thus  given  in  payment. 
(Section  7  provides  for  the  accounts  to  be  kept  by  col- 
lectors and  other  receivers  of  the  public  moneys,  of  Treas- 
ury notes  received   by  them,  and    for  the  charging  and 
crediting  of  accrued  interest  on  such  notes  when  paid  out 
by  them.) 


LAWS   CONCEKNING    MONEY,    BANKING,   AND   LOANS.  119 

SEC.  8.  And  be  it  further  enacted,  That  the  Secretary  of  t  secretary  of 
the  Treasury  be,  and  he  is  hereby,  authorized  and  directed  authorlzed    to 

J  <7'a  .  cause  to  be  re- 

to  cause  to  be  reimbursed  and  paid  the  principal  and  in-  imbursed  and 

1  r  paid    the    prin- 

terest  of  the  Treasury  notes  which  may  be  issued  by  virtue  J'P*1.  and   ln- 

J  .  .  J  terest     of     the 

of  this  act,  at  the  several  time  and  times  when  the  same.Treasurynotes. 
according  to  the  provisions  of  this  act,  should  be  thus  re- 
imbursed and  paid.     And  the  said  Secretary  is  further 
authorized  to  make  purchases  of  the  said  notes,  at  par, 
for  the  amount  of  the  principal  and  interest  due  at  the 
time  of  purchase  on  such  notes.     And  so  much  of  any  un-t  it  nPtoPpraay~ 
appropriated  money  in  the  Treasury  as  may  be  necessary  Treasurynotes- 
for  that  purpose,  is  hereby  appropriated,  for  paying  the 
principal  and  interest  of  said  notes. 

(Section  9  appropriates  for  expense  of  preparing,  etc. 

(Section  10  prescribes  punishment  for  forging  notes. 

(Section  11  prescribes  punishment  for  engraving,  etc. 

(Section  12  authorizes  Secretary  to  make  and  issue 
rules  and  regulations:  "Provided,  That  nothing  herein 
contained  shall  be  so  construed  as  to  authorize  the  Secre- 
tary of  the  Treasury  to  reissue  any  of  said  notes,  but  upon 
the  return  of  the  said  notes  or  any  of  them  to  the  Treas- 
ury, the  same  shall  be  cancelled.") 

SEC.  13.  And  ~be  it  further  enacted,  That  it  shall  be,  and    secretary  of 

the     Treusurv 

hereby  is,  made  the  duty  of  the  Secretary  of  the  Treasury  to   cause   a. 

.,...,  f  monthly    state- 

to  cause  a  statement  to   oe  published  monthly,  or  the  ment  to  be  pub- 

•  i  i    •  lished. 

amount  of  all  Treasury  notes  issued  or  redeemed,  in  pur- 

suance of  the  provisions  of  this  act:  and  that  the  power  to  .  rower  c  o  n  - 

ferred    by    this 

issue  Treasury  notes  conferred  on  the  President  of  theact    to    deter- 

J  m  i  n  e    on    the 

United  States  bv  this  act,  shall  cease  and  determine  on  sist  December, 

looo. 

the  thirty-first  day  of  December,  eighteen  hundred  and 
thirty-eight. 

Approved.  October  12,  1837. 

ACT  OF  OCTOBER  10,  1837. 

CHAP.  X.  —  An  act  making  farther  appropriations  for  tlic  ^  st:lt-  L- 
year  eighteen  hundred  and  thirty-seven.  L  Obsolete,  j 


SEC.  3.  And  le  it  further  enacted,  That  the  Secretary 
of  the  Treasury  be,  and  he  is  hereby  authorized,  to  ar-  ^yar'J.l^^ri. 
range  and  settle  any  of  the  outstanding  transfer  drafts  j^0™'^[;|.n((1 
given  to  transfer  moneys  to  the  States  under  the  act  of^njo^tran^s 
twenty-third   of  June,   183(5,   and    which   have   not   been)/';/!;'/.';*  ^ 
paid  by  the  depositories  upon  which  they  were  drawn,  •]]L1£c'c1t£:{0>  <>h 


120  NATIONAL  MONETARY  COMMISSION. 

or  otherwise  arranged  and  settled  by  the  United  States, 
by  receiving  such  drafts  at  par  in  payment  of  any  debts 
due  to  the  United  States,  without  any  allowance  of  in- 
terest for  the  time  the  drafts  have  been  outstanding  and 
unpaid,  or  any  other  allowance  for  interest  or  damages 
of  any  description. 
Approved,  October  16,  183T. 

ACT  OF  MAY  21,  1838. 

Oo|  stat-  L->  CHAP.  LXXXII. — An  act  to  authorize  the  issuing  of 
Treasury  notes  to  meet  the  current  expenses  of  the 
Government. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
i2,Ai837?fci?°2;  sembled,  That  the  Secretary  of  the  Treasury,  with  the 
approbation  of  the  President  of  the  United  States,  is 
notes  to  b" \l  hereby  authorized  to  cause  Treasury  notes  to  be  issued, 
to^thT%rrovi?  accol>ding  to  the  provisions  of,  and  subject  to,  all  the  con- 
octns  12  "ISST!  ditions,  limitations  and  restrictions  contained  in  an  act 
of'  et'c'n  place  entitled  "An  act  to  authorize  the  issuing  of  Treasury 
notes,"  approved  the  twelfth  day  of  October  last,  in  place 
of  such  notes  as  have  been,  or  may  be,  issued  under  the 
authority  of  the  act  aforesaid,  and  which  have  been,  or 
may  hereafter  lie,  paid  into  the  Treasury  and  cancelled. 
Approved,  May  21,  1838. 

ACT  OF  MARCH  2,  1839. 

j  stat.  L.,  c1IAPt  XXXVII. — An  act  to  revise  and  extend  "An  act 

to  authorize  the  issuing  of  Treasury  notes  to  meet  the 
2i,A°i838,  Md^      current   expenses  of  the   Government"   approved   the 
twenty-first    of   May,    eighteen    hundred    and    thirty  - 
eigh  1 . 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
r  Secret ftry-semWee?,  That  the  Secretary  of  the  Treasury,  with  the 
cause' to  be  is- approbation   of  the  President  of  the  United  States,   is 
maimier  of  the  hereby  authorized  to  cause  to  be  issued  the  remainder  of 

Treasury    uoles  . 

fiuthorimi    by  the  Ireasiiry  note's  authorized  to  be  issued  by  the  act     to 

:ict   of  May   til,  ....  J 

1838,  ch.  82,  authorize  the  issuing  of  treasury  notes  to  meet  the  cur- 
rent expenses  of  the  Government,"  approved  the  twenty- 
first  day  of  May,  eighteen  hundred  and  thirty-eight,  ac- 
cording to  the  provisions  of  said  act,  at  any  time  prior  to 
the  thirtieth  day  of  June  next,  any  limitation  in  the  act 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  121 

aforesaid  or  in  the  act  "  to  authorize  the  issuing  of  Treas- 
ury notes,"  approved  the  twelfth  day  of  October,  eight-     1837'  <=h.  2. 
een  hundred  and  thirty-seven,  to  the  contrary  notwith- 
standing. 

Approved,  March  2,  1839. 

ACT  OF  MARCH  31,  1840. 

CHAP.  V. — An  act  additional  to  the  act  on  the  subject  of  37o  stat-  L-> 
Treasury  notes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled, That  the  regulations  and  provisions  contained  12Aci837  °cCh' 
in  the  act  passed  the  twelfth  day  of  October,  in  the  year  newedte"  re 
one  thousand  eight  hundred  and  thirty-seven,  entitled 
"An  act  to  authorize  the  issuing  of  Treasury  notes,"  and 
in  the  subsequent  acts  in  addition  thereto,  be,  and  the 
same  are  hereby,  renewed,  and  made  in  full  force,  except- 
ing the  limitations  concerning  the  times  within  which 
such  notes  may  be  issued,  and  restricting  the  amount 
thereof  as  hereafter  provided. 

SEC.  2.  And  be  it  further  enacted.  That  under  the  regu-    Treasury 

,      .  .    .  .     .        ,     .  .  ,  „  notes    may    be 

lations  and  provisions  contained  in  said  act,  Treasury  issued  in  iieu 
notes  may  be  issued  in  lieu  of  others  hereafter  or  hereto-  deemed, 
fore  redeemed,  but  not  to  exceed  in  the  amount  of  notes 
outstanding  at  any  one  time,  the  aggregate  of  five  millions 
of  dollars;  and  to  be  redeemed  sooner  than  one  year,  if 
the  means  of  the  Treasury  will  permit,  by  giving  notice 
sixty  days  of  those  notes  which  the  Department  is  ready 
to  redeem ;  no  interest  to  be  allowed  thereon  after  the 
expiration  of  said  sixty  days. 

SEC.  3.  And  be  it  further  enacted,  That  this  act  shall 
continue  in  force  one  year  and  no  longer. 

Approved,  March  31.  1840. 

ACT  OF  JULY  4,  1840. 

CHAP.  XLI. — An  act  to  provide  for  the  collection,  safe n  •>  stat.  L., 
keeping,  transfer,  and  disbursement  of  public  revenue. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  there  shall  be  prepared  and  provided,  within  pI.,^[)l|!J1s  inf  ^ 
the  new  Treasury  building  now  erecting  at  (he  seat  of  ^  v^iTs-Vmi 
Government,  suitable  and  convenient  rooms  for  the  use*'^c^r    !£n 


122  NATIONAL   MONETARY   COMMISSION. 

of  the  Treasurer  of  the  United  States,  his  assistants  and 
clerks:  and  sufficient  and  secure  fire-proof  vaults  and 
safes  for  the  keeping  of  the  public  moneys  in  the  posses- 
sion and  under  the  immediate  control  of  the  said  Treas- 
urer; which  said  rooms,  vaults,  and  safes,  are  hereby 
constituted  and  declared  to  be,  the  Treasury  of  the  United 
States.  And  the  said  Treasurer  of  the  United  States 
shall  keep  all  the  public  moneys  which  shall  come  to  his 
hands  in  the  Treasury  of  the  United  States,  as  hereby 
constituted,  until  the  same  are  drawn  therefrom  accord- 
ing to  law. 

(Section  2  provides  that  the  mint  at  Philadelphia  and 
the  branch  mint  at  New  Orleans,  and  the  vaults  and  safes 
thereof,  shall  be  places  of  deposit,  and  that  the  treasurers 
of  the  said  mint  and  branch  mint,  respectively,  shall  have 
custody  of  all  public  moneys  deposited  therein  and  per- 
form all  the  duties  prescribed  by  this  act  relating  to  such 
moneys. 

(Sections  3  and  4  require  that  in  the  custom-houses  of 
New  York  and  Boston  and  at  the  cities  of  Charleston 
and  St.  Louis,  suitable  rooms  and  sufficient  and  secure 
fireproof  vaults  and  safes  shall  be  prepared  for  the  use 
of  the  receivers-general  of  public  money,  who  shall  have 
the  custody  of  all  public  moneys  deposited  therein  and 
shall  perform  all  the  duties  prescribed  by  this  act  relating 
to  such  moneys.) 

«M-s-""iH.raV'oltVo     Sl':r-  5-  And  l)G  it  farther  enacted,  That  the  President 

(?nePIYtinxew  sna^  nominate,  and  by  and  with  the  advice  and  consent 

lioston  °"ne  at  °^  t'1(>  ^cn:l^°'  appoint  four  officers,  to  be  denominated 

andaoneCatt(stf "  lvcl?^vers"Sellerjl^  °^  public  money,"  which  said  officers 

Louis  shall   hold   their  respective  offices  for  the  term   of  four 

years,   unless  sooner  removed   therefrom;   one  of   which 

shall  be  located  at  the  city  of  New  York,  in  the  State  of 

New  York;  one  other  of  which  shall  be  located  at  the  city 

of   Boston,  in   the  State  of  Massachusetts;  one  other  of 

which  shall  be  located  at  the  city  of  Charleston,  in  the 

State  of  South  Carolina  ;  and  the  remaining  one  of  which 

shall  be  located  at  the  city  of  St.  Louis,  in  the  State  of 

tot-iUTomiT1  Mi^o'H'i :  and  all  of  which  said  officers  shall  give  bonds 

to  the  United  States,  with  sureties  according  to  the  pro- 

vsions  hereinafter  contained,  for  the  faithful  discharge 

of  the  duties  of  their  respective  offices. 

H.a/J.i'  '\viih  SK(<-  (;-  A"(l  bc  !f  f"*'tl"-'r  cn<trte<l,  That  the  Treasurer 
uiy'"M?'i;VMcof  tlu>  United  States,  the  treasurer  of  the  Mint  of  the 
dut'i'.'.r  ll"'ir  United  States,  the  treasurers,  and  those  acting  as  such, 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  123 

of  the  various  Branch  Mints,  all  collectors  of  the  customs, 
all  surveyors  of  the  customs  acting  also  as  collectors,  all 
receivers-general  of  public  moneys,  all  receivers  of  public 
moneys  at  the  several  land  offices,  and  all  postmasters, 
except  as  hereinafter  particularly  provided,  be,  and  they 
are  hereby,  required  to  keep  safely,  without  loaning  or 
using,  all  the  public  money  collected  by  them,  or  other- 
wise at  any  time  placed  in  their  possession  and  custody, 
till  the  same  is  ordered  by  the  proper  department  or 
officer  of  the  Government  to  be  transferred  or  paid  out; 
and  when  such  orders  for  transfer  or  payment  are  re- 
ceived, faithfully  and  promptly  to  make  the  same  as 
directed,  and  to  do  and  perform  all  other  duties  as  fiscal 
agents  of  the  Government,  which  may  be  imposed  by  this 
or  any  other  acts  of  Congress,  or  by  any  regulation  of  the 
Treasury  Department,  made  in  conformity  to  law ;  and 
also  to  do  and  perform  all  acts  and  duties  required  by 
law,  or  by  direction  of  any  of  the  Executive  Departments 
of  the  Government,  as  agents  for  paying  pensions,  or  for 
making  any  other  disbursements  which  either  of  the 
heads  of  those  departments  may  be  required  by  law  to 
make,  and  which  are  of  a  character  to  be  made  by  the 
depositaries  hereby  constituted,  consistently  with  the  other 
official  duties  imposed  upon  them. 

(Section  7  requires  bonds  to  be  given  by  the  treasurers 
and  receivers-general,  etc. 

(Section  8  requires  bonds  to  be  given  and  renewed  by 
the  other  depositaries  constituted  by  this  act. 

(By  sections  9,  10.  and  11  it  is  required  that  all  col- 
lectors and  receivers  of  public  money  shall,  as  often  as 
may  be  directed,  pay  over  the  moneys  collected  by  them, 
those  in  the  District  of  Columbia  to  the  Treasurer  of  the 
United  States,  those  in  Philadelphia  and  Xew  Orleans  to 
the  treasurers  of  the  mints,  respectively,  and  those  in  Xew 
York,  Boston.  Charleston,  and  St.  Louis  to  the  receivers- 
general  in  their  respective  cities,  and  it  is  made  the  duty 
of  the  Secretary  of  the  Treasury  and  Postmaster-General 
to  direct  such  payments  to  be  made  as  often  as  once  in 
every  week.  Provision  is  made  for  the  transfer  of  money 
from  one  depositary  to  any  other,  at  the  direction  of  the 
Secretary  of  the  Treasury,  and  for  the  like  transfer  of 
moneys  belonging  to  the  Post-Office  Department  by  the 
Postmaster-General;  and  every  depositary  is  required  lo 
keep  his  account  of  money  belonging  to  that  department 
separate  from  his  account  of  other  public  moneys.  And 

1.7712°— 10 0 


124  NATIONAL  MONETARY  COMMISSION. 

all  moneys  in  the  hands  of  any  depositary  are  to  be  con- 
sidered as  deposited  to  the  credit  of  the  Treasurer  of  the 
United  States  and  to  be,  at  all  times,  subject  to  his  draft. 

(By  sections  12  and  13,  provision  is  made  for  the  ex- 
amination of  the  accounts  and  money  on  hand  of  the 
several  depositaries  by  special  agents  appointed  for  that 
purpose,  and  further  for  a  like  examination,  at  least  once 
in  every  quarter,  by  public  officers  who  are  required  to 
act  as  a  check  upon  all  receivers,  collectors,  treasurers, 
and  persons  acting  as  such. 

(Section  14  authorizes  necessary  expenses  for  clerks, 
fire-proof  chests,  etc.) 
The  balances     SEC.  15.  And  be  it  further  enacted.  That  the  Secretary 

remaining  with  .  , 

the  present  de- of  the  Ireasurv  shall,  with  as  much  promptitude  as  the 

positaries  to  be  .  •'  .  ,.      ,        .  .      .  , 

withdrawn.  convenience  or  the  public  business,  and  the  safety  or  the 
public  funds  will  permit,  withdraw  the  balances  remain- 
ing with  the  present  depositaries  of  the  public  moneys, 
and  confine  the  safekeeping,  transfer,  and  disbursement 
of  those  moneys  to  the  depositaries  established  by  this 
act. 
Payment*  of  SEC:.  1C.  And  l>e  it  further  enacted.  That  all  marshalls, 

public  money  to    ..         .  j       xi  i  UT 

the  united  district  attorneys,  and  others,  having  public  money  to 
ments  for  pat- pay  to  the  United  States,  and  all  patentees,  wishing  to 

ents — to  whom  „  i       •  i  n  i 

to  be  made.  make  payment  tor  patents  to  be  issued,  may  pay  all  such 
moneys  to  the  Treasurer  of  the  United  States,  at  the 
Treasury,  to  the  Treasurer  of  either  of  the  Mints,  in 
Philadelphia  or  New  Orleans,  to  either  of  the  receivers- 
general  of  public  money,  or  to  such  other  depositary  con- 
stituted by  this  act  as  shall  be  designated  by  the  Secre- 
tary of  the  Treasury,  in  other  parts  of  the  United  States, 
to  receive  such  payments,  and  give  receipts  or  certificates 
of  deposite  therefor. 

(  By  section  IT  all  officers  entrusted  with  public  moneys, 
except  those  connected  with  the  Post-Office  Department, 
are  required  to  keep  an  accurate  account  of  all  receipts 
:ind  payments,  showing  the  kind  of  currency  received  or 
paid;  and  it  is  declared  to  be  embezzlement  and  felony 
for  any  such  officer  or  for  any  officer  of  the  Post-Office 
Department  to  convert  to  his  own  use.  or  to  use  by  in- 
vestment, or  to  loan  any  portion  of  the  public  moneys  en- 
trusted to  him.) 

other  rooms      SKC.    18.  And   be   it   further   enacted.   That    until   the 
to  be  procured.  t  . 

rooms,  offices,  vaults,  and  safes,  directed  by  the  first  four 
sections  of  this  act  to  be  constructed  and  prepared  for 
the  use  of  the  Treasurer  of  the  United  States,  the  treas- 


LAWS   CONCEKNING    MONEY,    BANKING,   AND   LOANS.  125 

urers  of  the  mints  at  Philadelphia  and  New  Orleans,  and 
the  receivers-general  of  public  money  at  New  York,  Bos- 
ton, Charleston,  and  St.  Louis,  can  be  constructed  and 
prepared  for  use,  it  shall  be  the  duty  of  the  Secretary  of 
the  Treasury  to  procure  suitable  rooms  for  offices  for 
those  officers  at  their  respective  locations,  and  to  contract 
for  such  use  of  vaults  and  safes  as  may  be  required  for 
the  safekeeping  of  the  public  moneys  in  the  charge  and 
custody  of  those  officers  respectively,  the  expense  to  be 
paid  by  the  United  States. 

SEC.  19.  And  be  it  further  enacted,  That  from  and  Duties,  how 
after  the  thirtieth  day  of  June,  which  will  be  in  the  year 
one  thousand  eight  hundred  and  forty,  the  resolution  of 
Congress  of  the  thirtieth  day  of  April,  in  the  year  one 
thousand  eight  hundred  and  sixteen,  so  far  as  it  author- 
izes the  receipt  in  payment  of  duties,  taxes,  sales  of  public 
lands,  debts,  and  sums  of  money,  accruing  or  becoming 
payable  to  the  United  States,  to  be  collected  and  paid 
in  the  notes  of  specie-paying  banks,  shall  be  so  modified 
as  that  one  fourth  part  of  all  such  duties,  taxes,  sales  of 
public  lands,  debts,  and  sums  of  money  accruing  or  be- 
coming due  to  the  United  States,  shall  be  collected  in 
the  legal  currency  of  the  United  States;  and  from  and 
after  the  thirtieth  day  of  June,  which  will  be  in  the  year 
one  thousand  eight  hundred  and  forty-one,  one  other 
fourth  part  of  all  such  duties,  taxes,  sales  of  public  lands, 
debts,  and  sums  of  money,  shall  be  so  collected;  and  that 
from  and  after  the  thirtieth  day  of  June,  which  will  be 
in  the  year  one  thousand  eight  hundred  and  forty-two, 
one  other  fourth  part  of  all  such  duties,  taxes,  sales  of 
public  lands,  debts  and  sums  of  money,  shall  be  so  col- 
lected ;  and  that  from  and  after  the  thirtieth  day  of 
June,  which  will  be  in  the  year  one  thousand  eight  hun- 
dred and  forty-three,  the  remaining  fourth  part  of  the 
said  duties,  taxes,  sales  of  public  lands,  debts,  and  sums 
of  money,  shall  be  also  collected  in  the  legal  currency  of 
the  United  States;  and  from  and  after  the  last-men- 
tioned day,  all  sums  accruing,  or  becoming  payable  to  the 
United  States,  for  duties,  taxes,  sales  of  public  lands,  or 
other  debts,  and  also  all  sums  due  for  postages,  or  other- 
wise, to  the  General  Post  Office  Department,  shall  be  paid 
in  gold  and  silver  only. 

SEC.  20.  And  be  it  further  enacted  That  from  and  after    AH  payments 

7  fin    account    of 

the  thirtieth  day  of  June,  which  will  be  in  the  year  one  u.  s.  to  i.e  in 

J  •'    .  sold  and  silver 

thousand  eight  hundred  and  forty-three,  every  officer  or  only. 


126  NATIONAL   MONETARY  COMMISSION. 

agent  engaged  in  making  disbursements  on  account  of 
the  United  States,  or  of  the  General  Post  Office,  shall 
violations  of  make  all  payments  in  gold  and  silver  coin  only;  and  any 
preceding  sec*  receiving  or  disbursing  officer,  or  agent,  who  shall  neglect, 
evade,  or  violate,  the  provisions  of  this  and  the  last  pre- 
ceding section  of  this  act,  shall,  by  the  Secretary  of  the 
Treasury,  be  immediately  reported  to  the  President  of 
the  United  States,  with  the  facts  of  such  neglect,  evasion, 
or  violation,  and  also  to  Congress,  if  in  session,  and,  if 
not  in  session,  at  the  commencement  of  its  session  next 
after  the  violation  takes  place. 

(Section  21  forbids  any  disbursing  officer  to  make  any 
exchange  of  funds  other  than  an  exchange  for  gold  and 
silver,  and  requires  every  such  officer  to  make  his  pay- 
ments in  the  currency  furnished  him  when  legally  re- 
ceivable under  the  provisions  of  this  act,  "  unless  *  *  * 
he  can  exchange  the  means  in  his  hands  for  gold  and 
silver  at  par,  and  so  as  to  facilitate  his  payments,  or 
otherwise  accommodate  the  public  service  and  promote 
the  circulation  of  a  metallic  currency.'') 

Toiicnodif-      SEC.  22.  And  l>e  it  further  enacted.  That  it  shall  not 

tween    t  h  e  be   lawful   for  the  Secretary   of  the  Treasury   to  make 

abic.s  ^   or  continue  in  force,  any  general  order,  which  shall  create 

any  difference  between  the  different  branches  of  revenue, 

as  to  the  funds  or  medium  of  payment,  in  which  debts 

or  dues  accruing  to  the  United  States  may  be  paid. 

(Sections  23  and  25  make  it  the  duty  of  the  Secretary 
of  the  Treasury  to  make  regulations  prescribing  the 
time  within  which  drafts  on  the  depositaries  shall  be 
presented  for  payment,  but  require  him  "to  guard,  as 
far  as  may  be.  against  those  drafts  being  used  or  thrown 
into  circulation,  as  a  paper  currency,  or  medium  of 
exchange."  The  Treasurer  of  the  United  States,  how- 
ever, is  authorized  to  receive  payments  for  public  lands 
in  advance,  and  to  give  therefor  his  receipts,  which  shall 
be  receivable  for  public  lands  in  the  same  manner  as  the 
currency  authorized  by  la\v.  provided,  that  such  receipts 
shall  not  be  negotiable  or  transferable  by  delivery  or 
assignment,  but  -hall  be  in  all  cases  presented  in  pay- 
ment by  or  for  the  person  named  therein. 

(Section  '2\\  make>  appropriation  for  purchase  of  sites 
and  construction  of  ollices.  etc. 

(Section  27  makes  appropriation  for  other  expenses 
authorized  by  this  act.) 


LAWS   CONCERNING    MONEY,   BANKING,   AND   LOANS.  127 

SEC.  28.  And  be  it  further  enacted,  That  all  acts  or    Acts,   etc., 

,,  ,  .    ,  .  a-    .         •:•,     ji  •    •  conflicting  with 

parts  or  acts  which  come  in  conflict  with  the  provisions  this,  repealed. 
of  this  act  be,  and  the  same  are  hereby,  repealed. 
Approved,  July  4,  1840. 

ACT  OF  FEBRUARY  15,  1841. 
CHAP.  V.  —  An  act  to  authorise  the  issuing  of  treasury     5   stat.    L., 

notes.  [Obsolete.] 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  President  of  the  United  States  is  herebv  An  emission 

,.-,,,  i    °f   not   exceed- 

authorized  to  cause  Treasury  notes  to  be  issued  lor  such  ing  $5,000,000 

.  .  P    ,i        /-i  a  t    a  n  y    o  n  e 

sum  or  sums  as  the  exigencies  ol  the  Irovernment  may  time  outstand- 
require  ;  but  not  exceeding  the  sum  of  five  millions  of  ized.' 
dollars  of  this  emission,  outstanding  at  any  one  time,  to 
be  reimbursed  in  the  last  quarters  of  the  year,  if  the 
condition  of  the  Treasury  will  permit  it,  and  to  be  issued 
under   the   limitations   and   other   provisions,   contained 
in  the  act.  entitled  "An  act  to  authorize  the  issuing  of     TO  be  issued 
Treasury  notes,"  approved  the  twelfth  day  of  October,  of   ii'th   Oct., 

v  j  ±   JL  f  \j  ** 


v  f  \  OlRO 

one   thousand   eight   hundred   and   thirty-seven,   and   as  as  m'odifled(  by 

modified  by  an  act,  entitled  "An  act  additional  to  the  act  March,  is4o, 

on  the  subject  of  Treasury  notes,"  approved  the  thirty- 

first  day   of   March,   one   thousand   eight   hundred   and 

forty,  except  that  this  law  shall  expire  in  one  year  from     This  law  to 

GxpirG    in    one 

and  after  its  passage:  Provided,  That  in  case  the  Treas-  year. 
ury  notes  outstanding  and  unredeemed,  issued  under 
former  laws  of  Congress,  added  to  the  amount  of  such 
notes  issued  under  this  act,  and  actually  expended  or 
issued  to  meet  payments  due  and  payable  before  the 
fourth  day  of  March  next,  shall,  on  the  fourth  day  of 
March  next,  exceed  the  sum  of  five  millions  of  dollars, 
then  the  President  of  United  States  shall  be,  and  he  is 
hereby,  authorized  to  issue,  by  virtue  of  the  provisions  of 
this  act,  such  further  amount  of  the  said  notes  as  will 
make  the  whole  amount  issued  under  this  act,  and  appli- 
cable to  payments  falling  due  after  the  third  day  of 
March  next,  the  full  sum  of  five  millions  of  dollars. 
Approved.  February  15,  1841. 


128  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  JULY  21,  1841. 

5    stat.    L.,  CHAP.  III. — An  act  authorizing  a  loan  not  exceeding  the 
sum  of  twelve  millions  of  dollars. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
rresident  au-semMed,   That  the   President   of   the   United    States  is 

thorized  to  bor-  .  .  .  PI 

row  $12.000,- hereby  authorized,  at  anv  time  within  one  year  from  the 

000    at    6    per  ...  -,•    *    »  TT    •      ^ 

cent.  passage  of  this  act,  to  borrow,  on  the  credit  01  the  United 

States,  a  sum  not  exceeding  twelve  millions  of  dollars, 
or  so  much  thereof  as  in  his  opinion  the  exigencies  of  the 
Government  may  require,  at  a  rate  of  interest,  payable 
quarterly  or  semi-annually,  not  exceeding  six  per  centum 

When  reim-  per  annum,  which  loan  shall  be  made  reimbursable  either 
bursable. 

at  the  will  or  the  Secretary  or  the   Ireasury,  alter  six 

months'  notice,  or  at  any  time  after  three  years  from  the 
The  money  first  dav  of  January  next;  and  said  money  so  borrowed 

borrowed,    how    ,      ,,    ,   "  ...,.*,,.. 

to  be  applied,  shall  be  applied,  in  addition  to  the  money  now  in  the 
Treasury,  or  which  may  be  received  therein  from  other 
sources,  to  the  payment  and  redemption  of  the  Treasury 
notes  heretofore  authorized,  which  are  or  may  be  out- 
standing and  unpaid,  and  to  defray  any  of  the  public 
expenses  which  have  been  heretofore  or  which  may  be 
stock,  h  o  w  authorized  by  law,  which  stock  shall  be  transferable  only 

transferable. 

on  the  books  of  the  Treasury. 

(Sections  2  and  3  authorize  the  preparation  and  sale 
of  certificates  of  the  stock,  "  provided,  that  no  stock  be 
sold  below  par."  and  the  employment  of  agents  for  the 
negotiation  of  the  same,  with  a  commission  not  exceeding 
one-tenth  of  one  per  cent  on  the  amount  so  negotiated.) 
Secretary  of  SKC.  4.  And  he  it  further  enacted.  That  the  Secretary 

the     Treasury      „  .  i         •       i 

authorized     toot  the  treasury  is  hereby  authorized  to  purchase,  at  any 

prior 'to  time  of  time  before  the  period  herein  limited  for  the  redemption 
of  stock  hereby  authorized,  such  portion  thereof  as  the 
funds  of  the  Government  may  admit  of.  after  meeting 

tionPtnerefSrla~ a^  ^1('  (l('mail(^s  on  *nc  Treasury,  and  any  surplus  in  the 

Treasury  is  hereby  appropriated  to  that  object. 
Fa  i  t  h    of      SKC.  5.  And  he  it  further  eti/trfed.  That  the  faith  of  the 

p  I  edge'd  for  United  States  be,  and  is  hereby,  pledged  for  the  punctual 

punctual      pay-  /•  .,  i        •     .  i     '     i  ,  •  />         •  i  i 

ment  of  inter- payment  or  the  interest  and  redemption  ot  said  stock. 

t?st    etc 

Approved,  July  21,  18-11. 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  129 

ACT  OF  AUGUST  13,  1841. 

CHAP.  VII.  —  An  act  to  repeal  the  act  entitled  "An  act  to  ^   stat.    L., 
provide  for  the  collection*  safe-keeping,  transfer,  and 
disbursement  of  the  public  revenue"  and  to  provide  for 
the  punishment  of  embezzlers  of  public  money,  and  for 
other  purposes. 

Be  it  enacted,  *  *  *  That  the  act  entitled  "An  act 
to  provide  for  the  collection,  safe-keeping,  transfer  and 
disbursement  of  the  public  revenue,"  approved  on  the 
fourth  day  of  July,  A.  D.,  one  thousand  eight  hundred 
and  forty,  be,  and  the  same  is  hereby,  repealed  :  Provided, 
always,  That  offenders  against  section  17  of  the  repealed 
act  may  be  prosecuted,  and  that  all  liabilities  arising  upon 
bonds  or  otherwise  under  the  said  act  shall  remain  un- 
impaired. 

(Section  2  makes  it  felony  for  any  officer  entrusted  with 
public  moneys,  or  connected  with  the  Post-Office  Depart- 
ment, to  convert  to  his  own  use,  or  to  use  by  investment, 
or  to  loan  any  portion  of  the  public  mone}7s  entrusted 
to  him,  and  the  neglect  to  pay  over  or  transfer  such 
moneys  on  legal  requirement  is  declared  to  be  prima  facie 
evidence  of  conversion.) 

SEC.  3.  And  be  it  further  enacted,  That  the  act  entitled  2oAct18°fP  June 
"An  act  to  regulate  the  deposites  of  the  public  money,"  us,  excepting 

1  •"    thirteenth    and 

approved  on  the  twenty-third  day  of  June,  eighteen  nun-  fourteenth  sec- 

.  .  ,  tions,  repealed. 

area  and  thirty-six,  excepting  the  thirteenth  and  four- 
teenth sections  thereof,  be  and  the  same  hereby  is  re- 
pealed. 

(Section  4  repeals  so  much  of  the  act  of  April  14,  1836, 
as  forbids  the  offer  of  bank  notes  of  less  denomination 
than  ten  dollars,  and  after  March  3,  1837,  of  less  than 
twenty  dollars,  in  payments  by  the  United  States  or  the 
Post-Office  Department.  ) 

Approved,  August  13,  1841. 

ACT  OF  JANUARY  31,  1842. 

CHAP.    II.  —  An  act   to   authorize   an    ixsue   of   Treasury    r>    stnt.    u, 

•'  w.\. 
notes.  [obsolete.) 


Be  it  enacted  by  the  Senate  and  Ilouxe  of 
tives  of  the  United  States  of  America  in,  Conf/rexK  axxcnt.- 
bled,  That  the  President  of  the  United  States  is  hereby 


130  NATIONAL   MONETARY   COMMISSION. 

of ASoteieiceed*  authorized  to  cause  Treasury  notes  to  be  issued  for  such 
ing  $5,000,000  sum  or  sums  as  the  exigencies  of  the  Government  may  re- 

atanyone  •> 

time  outstand-  quire,  and  in  place  of  such  of  the  same  as  may  be  re- 

mg  authorized.  l  -11 

deemed  to  cause  others  to  be  issued,  but  not  exceeding  the 

sum  of  five  millions  of  dollars  of  this  emission  outstand- 

TO  be  issued  mgr  a£  anv  one  time,  and  to  be  issued  under  the  limitations 

under   the  pro-       es  J  ...... 

visions  of  the  an(j  other  provisions  contained  in  the  act  entitled  "An  act 

act  of  12th  Oc- 

tober,i837,ch.2.  to  authorize  the  issuing  of  Treasury  notes,  approved  the 
twelfth  of  October,  one  thousand  eight  hundred  and 
thirty-seven,  except  that  the  authority  hereby  given  to 
issue  Treasury  notes  shall  expire  at  the  end  of  one  year 
from  the  passage  of  this  act. 
Approved,  January  31,  1842. 

ACT  OF  APRIL  15,  1842. 
.A   stat    L"  CHAP.  XXVI. — An  act  for  the  extension  of  the  loan  of 

473.  '  '  ' 

eighteen  hundred  and  forty-one,  and  for  an  addition  of 
fire  millions  of  dollars  thereto;  and  for  allowing  inter- 
est on  Treasury  notes  due. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
t7inein°gr  t°he^e^  That  the  time  limited  by  the  first  section  of  the  act 
10Act  eofenduidy  °f  Congress,  entitled  "An  act  authorizing  a  loan  not  ex- 
21,  i84i,  ch.  3.  cee(ling  the  sum  of  twelve  millions  of  dollars,"  approved 
July  twenty-first,  eighteen  hundred   and   forty-one,   for 
obtaining  said  loan,  shall  be,  and  the  same  is  hereby,  ex- 
tended for  one  year  from  the  passage  of  this  act. 
Loan  r  e  i  m  -     $EC-  2.  And  J)C  it  further  enacted.  That  so  much  of  said 

bursable,  when.  / 

loan  as  may  be  obtained  after  the  passage  of  this  act  shall 
be  made  reimbursable,  as  shall  be  agreed  upon  and  de- 
termined at  the  time  of  issuing  said  stock,  either  at  the 
will  of  the.  Secretary  of  the  Treasury,  after  six  months' 
notice,  or  at  any  time  not  exceeding  twenty  years  from 
the  first  day  of  January  next. 

tiflcates.0  SKC.  3.  And  !><>  it  further  enacted,  That  the  certificates 

hereafter  to  be  issued  for  said  loan  may,  when  required, 
be  in  such  form  as  shall  be  proscribed  by  the  Secretary 

transferable1 !°w of  the  Treasury,  so  that  the  stock  may  be  transferable  by 
delivery  of  the  certificate,  instead  of  being  assignable  on 
the  books  of  the  Treasury. 

dfs°pkosed  obf!      Sl-('-  4-  At"t  1>('  if  f">'tl>cr  enacted.  That  the  Secretary 

how-  of  the  Treasury  be,  and  he  hereby  is,  authorized  to  dis- 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  131 

pose  of  the  stock  hereafter  to  be  issued,  or  any  part 
thereof,  at  its  par  value,  but  no  part  thereof  shall  be  dis- 
posed of  under  par  until  the  same  has  been  advertised  a 
reasonable  time,  and  proposals  for  subscription  to  said 
loan  invited.  And  the  said  Secretary  is  hereby  author- 
ized to  accept  such  proposals,  if  he  deem  it  for  the  in- 
terest of  the  United  States  so  to  do,  as  shall  offer  the 
highest  price  for  said  stock  or  any  part  thereof;  or  to 
appoint  an  agent  or  agents  as  provided  in  the  third  sec- 
tion of  the  act,  approved  July  twenty-first,  eighteen  hun- 
dred and  forty-one,  before  recited,  to  negotiate  the  same: 
Provided,  That  no  stock  shall  be  disposed  of  at  a  lower 
rate  than  the  highest  price  offered  in  said  proposals. 

SEC.  5.  And  be  it  further  enacted,  That  the  moneys 
arising  from  duties  on  goods,  wares,  and  merchandise, 
which  may  be  imported  into  the  United  States,  or  so^e  interest, 
much  thereof  as  shall  be  equal  to  the  payment,  from  time 
to  time,  of  the  interest,  and  to  the  ultimate  redemption  of 
the  principal  of  the  said  stock,  be,  and  the  same  are  here- 
by, pledged  for  the  payment  and  redemption  of  the  stock 
hereafter  to  be  issued  under  and  by  virtue  of  this  act  and 
the  said  act  of  July  twenty-first,  eighteen  hundred  and 
forty-one,  hereby  amended ;  and  so  much  thereof  as  may 
be  necessary  to  pay  the  interest  on  said  stock,  and  redeem 
the  same  when  due,  is  hereby  appropriated  to  that  object, 
to  be  first  applied  by  the  Secretary  of  the  Treasury  to 
such  payments  and  redemption. 

SEC.  6.  And  lie  it  further  enacted,  That  it  shall  be  the  m*$01?0  ^ 
duty  of  the  Secretary  of  the  Treasury  to  report  to  Con-^l'tss  of*  tb? 

v  *>  *J  A  a  in  o  u  D  t     o  r 

gress,  at  the  commencement  of  next  session,  the  amount  ™  °.£je  ^  °  r' 
of  money  borrowed  under  this  act  and  the  act  hereby 
amended,  and  of  whom  and  upon  what  terms  it  shall 
have  been  obtained,  with  an  abstract  or  brief  statement 
of  all  the  proposals  submitted  for  the  same,  distinguish- 
ing between  those  accepted  and  those  rejected;  and  a  de- 
tailed statement  of  the  expense  of  making  such  loans. 

SEC.  7.  And  le  it  further  enacted,  That  all  the  pro- slo™'$ \K\:. 
visions  of  the  said  act,  not  hereby  modified  or  changed,  {."nnin'hifon-c' 
shall  be  and  remain  in  force,  and  apply  to  this  act. 

SEC.  8.  And  le  it  further  enacted,  That  the  President  ,  ,;Vn(I  mil'imr' 
of  the  United  States  is  hereby  authorized  to  borrow  an  ix<'(1- 
additional  sum,  not  exceeding  the  sum  of  five  millions  of 
dollars,  if.  in  his  opinion,  the  exigencies*  of  the  (lovern- 
rnent  may  require  the  same;  which  additional  loan  shall 


132  NATIONAL  MONETARY  COMMISSION. 

be  made  within  the  time  and  according  to  the  provisions 
of  said  act,  as  modified  by  this. 

notes  edue  "ami  SEC.  9.  And  be  it  further  enacted,  That  all  Treasury 
beaf'e '  er°cent notes  heretofore  issued  under  the  act  entitled  "An  act  to 
interest.  authorize  the  issuing  of  Treasury  notes,"  approved  the 

h*0!'  twelfth  day  of  October,  eighteen  hundred  and  thirty- 
seven,  and  the  acts  subsequent  thereto,  and  now  outstand- 
ing and  unredeemed,  or  which  may  hereafter  be  issued 
under  and  by  virtue  of  the  same,  shall,  if  due  and  unpaid 
before  the  fifth  day  of  March,  eighteen  hundred  and 
forty-two,  bear  interest  at  the  rate  of  six  per  cent,  per 
annum  from  that  day;  and  when  they  may  become  due 
hereafter,  or  may  have  become  due  since  the  said  fifth 
day  of  March,  eighteen  hundred  and  forty -two,  shall  bear 
interest  from  the  day  of  their  so  becoming  due,  at  the 
rate  of  six  per  cent,  per  annum,  until  they  shall  be  re- 
rroviso.  spectively  redeemed:  Provided,  That  such  interest  shall 
cease  at  the  expiration  of  sixty  days'  notice,  to  be  given 
at  any  time,  by  the  Secretary  of  the  Treasury  in  one  or 
more  of  the  principal  papers  published  at  the  seat  of 
Government,  of  a  readiness  to  redeem  the  same.  And 
a  bVeresemum-  *ne  sa^  interest  shall  be  payable  semi-annually  at  the 
nuaiiy.  Treasury  of  the  United  States,  on  the  first  days  of  Janu- 

ary and  July  in  every  year. 
Approved,  April  15,  1842. 

ACT  OF  AUGUST  31,  1842. 
5    stat.    L..CHAP.  CCLXXXVIL— An  act  to  limit  the  sale  of  the 

•Jo  A. 

public  stock  to  par,  and  to  authorize  the  issue  of  Treas- 
ury notes,  in  lieu  thereof,  to  a  certain  amount. 

(Section  1  provides  that  no  stock  authorized  under  the 
act  of  July  21,  1841,  and  the  amendatory  act  of  April  lf>, 
1842,  shall  hereafter  be  sold  below  par;  and  the  Secretary 
of  the  Treasury  is  authorized  to  issue  Treasury  notes  in 
lieu  of  so  much  thereof  as  can  not  be  negotiated  at  or 
above  par,  to  an  amount  not  exceeding  six  millions  of 
dollars.) 

issK  'of"  the      Sl':c>  2'  A  nd  1>c   'lt  flirtllcr  enacted,  That  the  Treasury 

i1imftedry  n"tcsnotes  Jiiilhorixed  to  be  issued  by  virtue  of  this  act  shall  not 

be  issued  after  the  time  limited  by  said  last  mentioned 

act.  being  the  fifteenth  day  of  April,  eighteen  hundred 

and  forty-three,  for  making  said  loan,  and  they  shall  be 


LAWS   CONCERNING   MONEY,    BANKING,   AND    LOANS.  133 


issued  under  the  provisions  and  limitations  contained  in 

the  act  entitled  "An  act  to  authorize  the  issuing  of  Treas-  7 

ury  notes,"  approved  the  twelfth  day  of  October,  eighteen 

hundred  and  thirty-seven,  and  as  modified  by  the  act  en"M 

titled  "An  act  additional  to  the  act  on  the  subject  of  <-*h- 

Treasury  notes,"  approved  March  thirty-first,  eighteen 

hundred  and  forty  :  Provided,  That  the  notes  authorized    P 

to  be  issued  by  virtue  of  this  act  may,  when  redeemed,  be 

reissued,  or  new  notes  issued  in  lieu  of  such  as  may  be  re- 

deemed within  the  time  above  prescribed  for  issuing  the 

same,  provided  that  not  more  than  six  millions  in  amoimt 

shall  be  outstanding  at  any  one  time  under  the  authority  f^eed  $G'000>- 

of  this  act. 

SEC.  3.  And  l>e  it  further  enacted,  That  nothing  in  the  ^  e^™  ]j° 
act  contained,  entitled  an  act  authorizing  the  loan,  above  Certificates    of 
referred  to,  and  an  act  amendatory  of  the  same,  shall 
be  so  construed  as  to  authorize  the  issue  of  certificates  of 
stock,  for  debts  now  due  or  to  become  due  by  the  United 
States,  for  any  other  purpose  than  a  bona  fide  loan  to  the 
Government  according  to  the  original  intention  of  that 
law,  and  that  no  certificate  for  any  loan  shall  be  issued 
for  a  less  sum  than  one  hundred  dollars. 

Approved,  August  31,  1842. 

ACT  OF  MARCH  3,  1843. 

CHAP.  LXXXI.  —  An  act  authorising  the  reissue  of  Treas-  0154   stat-    L-> 
ury  notes  and  for  other  purposes. 


Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  when  any  outstanding  Treasury  notes,  issued 
in  pursuance  of  the  act  of  thirty-first  August,  one  thou- 
sand eight  hundred  and  forty-two,  entitled  "An  act  to  o  Act_  O^AUS. 
limit  the  sale  of  public  stock  to  par,  and  to  authorize  the  -'ST. 
issue  of  Treasury  notes,  in  lieu  thereof,  to  a  certain 
amount,"  or  any  previous  act  of  Congress,  shall,  after  the 
passage  of  this  act,  be  redeemed  at  any  time  before  the 
first  day  of  July,  one  thousand  eight  hundred  and  forty- 
four,  the  Secretary  of  the  Treasury,  should  the  wants  of 
the  public  service  require,  may  cause  other  notes,  to  the 
same  amount,  to  be  issued  in  place  of  such  as  mav  be,  ,,u  ''  '  ss  '"'  ,"f 

I  rcjisur.v    notes 

redeemed,  under  the  limitations  and  other  provisions  of  authorizcd- 
the  respective  acts  by  which  said  notes  were  originally 
authorized  and  issued. 


134  NATIONAL,   MONETARY   COMMISSION. 

i  n't  e™enst  on     SEC.  2'  ^nd,  *>e  it  further  enacted,  That,  after  maturity 

Treasury  notes.  Of    the  Treasury    notes    issued    under    the    said    act    of 

thirty-first  August,  or  of  this  act,  interest  may  be  paid 

thereon,  in  the  same  manner  as  on  Treasury  notes  author- 

ized previous  to  the  fifteenth  April  last,  under  the  ninth 

1842,  ch.  26.  section  of  the  act  approved  on  that  day,  entitled  "An  act 

for  the  extension  of  the  loan  of  one  thousand  eight  hun- 

dred and  forty-one,  and  for  an  addition  of  five  millions 

of  dollars  thereto,  and  for  allowing  interest  on  Treasury 

notes  due." 

issue  of  stock      gEC.  3.  And  be  it  further  enacted.  That,  in  lieu  of  issu- 

I  n      1  i  e  u     o  f  J  ' 

Treasury  notes  ing  the  Treasury  notes  in  the  manner  authorized  by  the 

authorized.  ~  .  i       -r»        •  •  />  • 

first  section  of  this  act,  the  President,  if  in  his  opinion  it 
shall  be  for  the  interest  of  the  United  States  so  to  do,  may 
cause  any  of  said  notes  now  outstanding,  to  be  redeemed 
and  cancelled  as  they  become  due,  if  the  Secretary  of  the 
Treasury  cannot  redeem  them  out  of  the  funds  in  the 
Treasury,  by  an  issue  of  stock  of  the  United  States,  for 
the  amount  thus  redeemed,  in  the  same  form,  for  the  same 
time,  and  under  the  same  restrictions,  limitations,  and 
i^o«of  ^'.'provisions,  as  are  contained  in  an  act  approved  April 

!.">,  1842,  ch.  20.  l  .    - 

fifteen,  eighteen  hundred  and  forty-two,  entitled  "An  act 
for  the  extension  of  the  loan  of  eighteen  hundred  and 
forty-one,  and  for  an  addition  of  five  million  of  dollars 
thereto,  and  for  allowing  interest  on  Treasury  notes 
due,"  except  that  no  commissions  shall  be  allowed  or  paid 
for  the  negotiation  of  such  business  ;  and  except  also  that 
said  stock  so  to  be  issued,  shall  be  redeemable  at  a  period 
not  longer  than  ten  years  from  the  issue  thereof. 
Approved.  March  3,  1843. 

ACT  OK  JULY  22,  1840. 

9  stat.  L.,  39.  CHAP.  LXIV.  —  An  act  to  authorize  an  iwne  of  Treasury 

'not  ex  and  a  loan. 

Be  it  en  acted  !>)/  the  Ornate  and  Iloiixe  of  Represent  a  - 
u'ex  of  the  I  nitcd  state*  of  America  in  Congress 


iflsnpofTr*>as-Z,/,Y/,  That  tlu'  President  of  the  United  States  is  hereby 

ury    notes    an-  . 

thori/od,    n<>  t  authorized  to  cause  Treasury  notes  to  be  issued  for  such 

exceeding  MO,- 

ooo.ooo   to  IK-HUM  or  sums  as  the  exigencies  of  the  Government  may 

outstanding   nt  .  1-1 

any  one  time,    require:  and,  in  place  ol  such  of  the  sani"  as  may  be  re- 

deemed, to  cause  others  to  be   issued:  but   not  exceeding 

TO  be  issued^16  sllni  °^  ^('n  millions  of  dollars  of  this  emission  out- 

iVa  tions  hof  '[",0  stand  ing  at  any  one  time,  and  to  be  issued  under  the  lim- 

act  of  IB:',?,  ch.  Jtatioiis  and  other  provisions  coirained  in  the  act  entitled 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  135 

"An  act  to  authorize  the  issue  of  Treasury  notes,"  ap- 
proved the  twelfth  of  October,  one  thousand  eight  hun- 
dred and  thirty-seven,  except  that  the  authority  hereby 
given  to  issue  Treasury  notes  shall  expire  at  the  end  of  one 
year  from  the  passage  of  this  act. 

(Section  2  provides  that  the  President,  instead  of 
issuing  the  whole  amount  of  Treasury  notes  thus  author- 
ized, may  borrow  by  the  issue  of  stock  of  the  United 
States,  in  the  form  and  under  the  provisions  prescribed  by 
the  act  of  April  15,  1842:  "Provided,  That  the  sum  thus 
borrowed,  together  with  the  Treasury  notes  issued,  shall 
not  exceed  ten  millions  of  dollars,  that  the  stock  created 
shall  be  redeemable  at  a  period  not  longer  than  ten  years 
from  its  issue,  and  that  no  commission  shall  be  paid  for 
the  negotiation  of  this  loan.'') 

SEC.  3.  And  l>e  it  further  enacted.  That  the  Treasury    Not  to  bear  a 
notes  and  the  stock  issued  under  the  provisions  of  this  act  terest   than  6 

p  G  r  cent 

shall  not  bear  a  higher  rate  of  interest  than  six  per  centum 
per  annum,  and  no  part  thereof  shall  be  disposed  of  at 
less  than  par. 

SEC.  4.  And  be  it  further  enacted,  That  no  compensa-  .NO  compensa- 
tion shall  be  made  to  anv  officer,  w7hose  salary  is  fixed  by  to  any  salaried 

,  ,,  .  .         .  '    officer   for   pre- 

law, tor  preparing,  signing,  or  issuing   Ireasury  notes; paring. signing, 

nor  shall  any  clerks  be  employed  beyond  the  number  au-  said  notes,  &c. 
thorized  by  the  act  herein  referred  to. 

SEC.  5.  And  le  it  further  enacted.  That  the  sum  of  fifty    Fifty  thou- 
thousand  dollars  be,  arid  the  same  is  hereby,  appropriated,  appropriated 

j>  •       ,1       m  .1  •  •    for   paying  the 

out  or  any  money  in  the  Ireasury  not  otherwise  appropn- amount  of  cer- 

-i      n      *"  .  i  j>  •    '       , ,  .  .     tain    purloined 

ated,  tor  the  purpose  ot  paying  the  amount  of  certain  Treasury  notes. 
Treasury  notes  (which,  having  been  received  or  redeemed 
by  any  authorized  officer  of  the  Government,  were  subse- 
quently purloined  or  stolen,  and  put  into  circulation  with- 
out evidence  on  their  face  of  their  having  been  cancelled) 
to  the  respective  holders,  who  may  have  received  the  same, 
or  any  of  them,  for  a  full  consideration,  in  the  usual 
course  of  business,  without  notice  or  knowledge  of  the 
same  having  been  stolen,  or  cancelled,  or  altered,  and 
without  any  circumstances  to  cast  suspicion  on  the  good 
faith  or  due  caution  with  which  they  may  have  received 
the  same. 

Approved,  July  22.  1840. 


136  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  AUGUST  6, 1846. 

9  stat.  L.,  59.  CHAP.  XC. — An  act  to  provide  for  the  better  organiza- 
tion of  the  Treasury,  and  for  the  collection,  safe-keep- 
ing, transfer,  and  disbursement  of  the  public  revenue. 

Preamble.  Whereas,  by  the  fourth  section  of  the  act  entitled  "An 
'  act  to  establish  the  Treasury  Department,"  approved 
September  two,  seventeen  hundred  and  eighty-nine,  it 
was  provided  that  it  should  be  the  duty  of  the  treasurer 
to  receive  and  keep  the  moneys  of  the  United  States,  and 
to  disburse  the  same  upon  warrants  drawn  by  the  Secre- 
tary of  the  Treasury,  countersigned  by  the  comptroller, 
and  recorded  by  the  register,  and  not  otherwise:  and 
whereas  it  is  found  necessary  to  make  further  provisions 
to  enable  the  treasurer  the  better  to  carry  into  effect  the 
intent  of  the  said  section  in  relation  to  the  receiving  and 
disbursing  the  moneys  of  the  United  States:  Therefore, 
Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 

The  treasury  ~bled,  That  the  rooms  prepared  and  provided  in  the  new 

of    the    United  „  ...  „ 

states  desig- treasury  building  at  the  seat  of  government  for  the  use 
of  the  treasurer  of  the  United  States,  his  assistants,  and 
clerks,  and  occupied  by  them,  and  also  the  fire-proof 
vaults  and  safes  erected  in  said  rooms  for  the  keeping 
of  the  public  moneys  in  the  possession  and  under  the  im- 
mediate control  of  said  treasurer,  and  such  other  apart- 
ments as  are  provided  for  in  this  act  as  places  of  deposit 
of  the  public  money,  are  hereby  constituted  and  declared 
Moneys  pnid  to  be  the  treasury  of  the  United  States.  And  all  moneys 

into  same,  .sub- 

ject  to  the  paid  into  the  same  shall  be  subject  to  the  draft  of  the 

draft    of    the '  J  .       . 

treasurer.         treasurer,  drawn  agreeably  to  appropriations  made  by 
law. 

(Sections  2,  3,  and  4-  establish  as  ''places  of  deposit'' 
the  mint  at  Philadelphia  and  the  branch  mint  at  New 
Orleans,  and  the  vaults  and  safes  thereof;  and  the  treas- 
urers of  said  mint  and  branch  mint,  respectively,  are 
made  assistant  treasurers  under  the  provisions  of  this  act. 
and  are  to  have  custody  of  all  public  moneys  deposited 
therein,  and  to  perform  all  the  duties  required  as  to  the 
receipt,  safe-keeping,  transfer,  and  disbursement  of  the 
same.  The  rooms,  safes,  and  vaults,  prepared  in  the 
custom-houses  of  New  York  and  Boston  and  in  the  cities 
of  Charleston  and  St.  Louis,  for  the  use  of  receivers- 
general  under  the  act  of  July  4,  1840,  are  declared  to  be 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  137 

for  the  use  of  the  assistant  treasurers  now  to  be  appointed 
at  those  places,  respecively  ;  and  the  said  assistant  treas- 
urers are  to  have  custody  of  said  rooms,  vaults,  and  safes, 
and  of  public  moneys  therein  deposited,  and  to  perform 
all  duties  required  in  relation  to  such  moneys.  By  sub- 
sequent acts  the  mints  at  San  Francisco,  Carson  City, 
and  Denver,  and  the  assay  office  at  Boise  City  are  declared 
to  be  places  of  deposit,  and  the  superintendents  thereof 
are  made  assistant  treasurers.  See'  Revised  Statutes, 
sections  3592,  3594.) 

SEC.  5.  And  ~be  it  further  enacted.  That  the  President     Four  assist- 

'  '  ant    treasurers 

shall  nominate,  and  bv  and  with  the  advice  and  consent  to  be  appoint- 

ed, \v  h  o  shall 

of  the  Senate  appoint,  four  officers  to  be  denominated  J?°ld  their  of- 

fices for  (our 
"  assistant  treasurers  of  the  United  States,"  which  said  years. 

officers  shall  hold  their  respective  offices   for  the   term 

of   four  years,   unless   sooner   removed    therefrom;    one     Location   of 

of  which  shall  be  located  at  the  cit     of  New  York,  in 


the  State  of  New  York;  one  other  of  which  shall  be 
located  at  the  city  of  Boston,  in  the  State  of  Massachu- 
setts; one  other  of  which  shall  be  located  at  the  city  of 
Charleston,  in  the  State  of  South  Carolina  ;  and  one 
other  at  St.  Louis,  in  the  State  of  Missouri.  And  all  s,ha11  sive 

.  .          bonds. 

of  which  said  officers  shall  give  bonds  to  the  United 
States,  with  sureties,  according  to  the  provisions  here- 
inafter contained,  for  the  faithful  discharge  of  the 
duties  of  their  respective  offices. 

NOTE.  —  The  assistant  treasurers  mentioned  in  sections  3  and  5 
of  this  act  were,  with  others,  provided  for  by  section  3595  of 
the  Revised  Statutes.  The  act  of  August  15,  1876  (19  Stat.  L., 
155),  abolished  the  position  at  Charleston,  S.  C. 

Additional  assistant  treasurers  of  the  United  States  were  pro- 
vided for  by  the  following  acts: 

At  Denver,  April  21,  18G2  (12  Stat.  L.,  382),  the  duties  to  be 
performed  by  the  superintendent  of  the  mint,  but  the  act  of 
July  12,  1870  (16  Stat  L..  241).  abolished  the  office  of  such 
superintendent. 

At  Baltimore.  June  15,  1870  (16  Stat.  L..  151),  section  3595, 
Revised  Statutes. 

At  Cincinnati,  March  3,  1873  (17  Stat.  L..  543),  section  3595. 
Revised  Statutes. 

At  San  Francisco.  February  12,  1873  (17  Stat.  L.,  435),  section 
3595,  Revised  Statutes. 

At  Chicago,  March  3.  1873  (17  Stat.  L..  543),  section  3595, 
Revised  Statutes. 

At  Carson  City,  March  3.  1863  (12  Stat.  L.,  770).  The  duties 
to  be  performed  by  the  superintendent  of  the  mint. 

At  Boise  City,  February  19,  1869  (15  Stat.  L..  270).  The 
duties  to  be  performed  by  the  superintendent  of  the  mint. 


138  NATIONAL   MONETARY   COMMISSION. 

The  act  of  June  8,  1878  (20  Stat.  L.,  102),  empowered  the  Sec- 
retary of  the  Treasury  to  constitute  any  superintendent  of  a  mint 
or  assayer  of  an  assay  office  an  assistant  treasurer  of  the  United 
States  to  receive  gold  coin  and  bullion  for  the  purposes  provided 
for  in  section  254,  Revised  Statutes. 

urerbea*sfsetant      SEC.  6-  And  be  it  further  enacted,  That  the  treasurer 
otheruoefficersof  the  United  States,  the  treasurer  of  the  mint  of  the 
todynoftbpeubHc  United  States,  the  treasurers,  and  those  acting  as  such,  of 
"dred6  to8  kee°p  tne  various  branch  mints,  all  collectors  of  the  customs,  all 
i ve  et ?e  aaned  surveyors  of  the  customs  acting  also  as  collectors,  all 
pronfptfy  a"o  assistant  treasurers,  all  receivers  of  public  moneys  at  the 
maekn  t s^a1™"^'  several  land  offices,  all  postmasters,  and  all  public  officers 
required3 *to "be  °^  whatsoever  character,  be,  and  they  are  hereby,  required 
made,  etc.        to   j{eep   safely.   without   loaning,   using,    depositing   in 
banks,  or  exchanging  for  other  funds  than  as  allowed  by 
this  act,  all  the  public  money  collected  by  them,  or  other- 
wise at  any  time  placed  in  their  possession  and  custody, 
till  the  same  is  ordered,  by  the  proper  department  or 
officer,  of  the  government,  to  be  transferred  or  paid  out; 
and  when  such  orders  for  transfer  or  payment  are  re- 
ceived,  faithfully   and   promptly  to  make  the  same  as 
directed,  and  to  do  and  perform  all  other  duties  as  fiscal 
agents  of  the  government  which  may  be  imposed  by  this 
or  any  other  acts  of  Congress,  or  by  any  regulation  of  the 
Tonctaspen- treasurv  department  made  in  conformity  to  law;   and 

sion  agents.  \  . 

also  to  do  and  perform  all  acts  and  duties  required  by 
law,  or  by  direction  of  any  of  the  Executive  departments 
of  the  government,  as  agents  for  paying  pensions,  or  for 
making  any  other  disbursements  which  either  of  the  heads 
of  those  departments  may  be  required  by  law  to  make, 
and  which  are  of  a  character  to  be  made  by  the  deposi- 
taries hereby  constituted,  consistently  with  the  other  offi- 
cial duties  imposed  upon  them. 

(Sections  7  and  8  provide  for  the  official  bonds  to  be 
given  by  the  Treasurer  of  the  United  States,  the  treasurer 
of  the  mint,  the  treasurer  of  the  branch  mint  at  Xew 
Orleans,  the  assistant  treasurers  and  other  depositaries, 
and  for  the  renewal  and  increase  of  their  bonds  as  occa- 
sion may  require. 

(Sections  1)  to  12  repeat  without  material  change  the 
provisions  of  sections  9  to  13  of  the  act  of  July  4.  1$40, 
substituting,  however,  the  assistant  treasurers  for  the 
receivers-general  provided  for  by  that  act. 

(Section  13  authorizes  the  necessary  expenses  for  clerks. 
vaults,  etc. 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  139 

(By  section  14  the  Secretary  of  the  Treasury  is  author- 
ized to  transfer,  at  his  discretion,  balances  remaining  with 
any  of  the  present  depositaries  to  any  other  of  them,  and 
also  to  draw  upon  such  balances  in  making  payments  as 
he  may  find  advisable,  but  is  not  to  transfer  such  balances 
to  the  depositaries  constituted  by  this  act  before  January 
1,  1847.) 

SEC.  15.  And  be  it  further  enacted.  That  all  marshals,  ^  Payments  to 

,..  ..  ,,.  'theUnited 

district   attorneys,  and   others  having  public  money  to  states  and  for 

patents     to 

pay  to  the  United  States,  and  all  patentees  wishing  to  whom  to'  be 
make  payment  for  patents  to  be  issued,  may  pay  all  such 
moneys  to  the  treasurer  of  the  United  States,  to  the 
treasurer  of  either  of  the  mints  in  Philadelphia  or  New 
Orleans,  to  either  of  the  other  assistant  treasurers,  or  to 
such  other  depositary  constituted  by  this  act  as  shall  be 
designated  by  the  Secretary  of  the  Treasury  in  other 
parts  of  the  United  States  to  receive  such  payments,  and 
give  receipts  or  certificates  of  deposit  therefor. 

(Section  16  requires  all  officers  intrusted  with  public 
moneys,  except  those  connected  with  the  Post-Office  De- 
partment, to  keep  an  accurate  account  of  all  receipts  and 
payments;  and  if  any  such  officer  or  any  officer  of  the 
Post-Office  Department  ?hall  convert  to  his  own  use,  or 
use  by  investment,  or  loan,  or  deposit  in  any  bank,  or  ex- 
change, except  as  herein  allowed,  any  portion  of  the  public 
moneys  intrusted  to  him,  the  act  is  to  be  deemed  an  em- 
bezzlement, and  is  declared  to  be  felony ;  and  any  failure 
to  pay  over  or  produce  such  moneys  is  to  be  taken  as 
prima  facie  evidence  of  such  embezzlement.) 

SEC.   IT.  And  be  it  further  enacted.   That,  until  the     Until   the 

'  -  '  roems,   etc.,  di- 

rooms,  offices,  vaults,  and  safes,  directed  by  the  first  four  rected    to    be 

.  prepared  by  the 

sections  of  this  act  to  be  constructed  and  prepared  for  the  first  four  sec- 

1  tions    of    this 

use  of  the  treasurer  of  the  United  States,  the  treasurers  «ct  can  be  con- 
of  the  mints  at  Philadelphia  and  New  Orleans,  and  the  ers  to  be  pro- 

cured. 

assistant  treasurers  at  New  York,  Boston,  Charleston,  and 
St.  Louis,  can  be  constructed  and  prepared  for  use,  it 
shall  be  the  duty  of  the  Secretary  of  the  Treasury  to 
procure  suitable  rooms  for  offices  for  those  officers  at 
their  respective  locations,  and  to  contract  for  such  use  of 
vaults  and  safes  as  may  be  required  for  the  safe-keeping 
of  the  public;  moneys  in  the  charge  and  custody  of  thoso 
officers  respectively,  the  expense  to  be  paid  by  the  United 
States. 

And  whereas,  by  the  thirtieth   section  of  the  act   en-      !"*•>•  <•»•  -r>- 
titled  "  An  act  to  regulate  the  collection  of  duties  imposed 
15712°— 10 10 


140  NATIONAL   MONETAEY   COMMISSION. 

by  law  on  the  tonnage  of  ships  or  vessels,  and  on  goods, 
wares,  and  merchandises,  imported  into  the  United 
States,"  approved  July  thirty-one,  seventeen  hundred 
and  eighty-nine,  it  was  provided  that  all  fees  and  dues  col- 
lected by  virtue  of  that  act  should  be  received  in  gold  and 
1800,  ch.  55.  silver  coin  only  ;  and  whereas,  also,  by  the  fifth  section 
of  the  act  approved  May  ten,  eighteen  hundred,  entitled 
u  An  act  to  amend  the  act  entitled  '  An  act  providing 
for  the  sale  of  the  lands  of  the  United  States  in  the 
Territory  Xprth-west  of  the  Ohio,  and  above  the  mouth 
of  Kentucky  River,'  "  it  was  provided  that  payment  for 
the  said  lands  shall  be  made  by  all  purchasers  in  specie, 
or  in  evidences  of  the  public  debt;  and  whereas,  experi- 
ence has  proved  that  said  provisions  ought  to  be  revived 
and  enforced,  according  to  the  true  and  wise  intent  of 
the  constitution  of  the  United  States. 

JflOn  and  after      SEC.  18.  Be  it  further  enacted,  That  on  the  first  day 
the  duties,  tax-  of  Januarv,  in  the  vear  one  thousand  eight  hundred  and 

es,  etc.,  accru-  •  • 

ins  to  the  u.s.  fort  v-seveii,  and  thereafter,  all  duties,  taxes,  sales  of  pub- 

shall     be    paid    .       •'  . 

in  gold  and  lic  lands,  debts,  and  sums  of  monev  accruing  or  bccom- 

silver   coin,    or  _  •  e 

in    treasury  jnir  due  to  tlie  United  States,  and  also  all  sums  due  for 

notes.  .  ' 

postages  or  otherwise,  to  the  general  post-office  depart- 

ment. shall  be  paid  in  gold  and  silver  coin  only,  or  in 

treasury  notes  issued  under  the  authority  of  the  United 

Monthly  pub-  States:    l*rovi(h>(L  That  the  Secretary  of  the  Treasurv 

llcation.  .  . 

shall  publish,  monthly,  in  two  newspapers  at  the  city  of 
Washington,  the  amount  of  specie  at  the  several  places 
of  deposit,  the  amount  of  treasury  notes  or  drafts  issued, 
and  the  amount  outstanding  on  the  last  day  of  each 
month. 

A  ?•"  aiml  ins47r      ^E(  '  1!)'  "'"^  ^  ^  f>irtnf>r  enacted,  That  on  the  first 
an  payments  day  of  April,  one  thousand   eight  hundred  and   fortv- 

to   l.f   made   in  '  ° 

Koid  and  silver  seven,  and  thereafter,  every  officer  or  agent  engaged  in 

roin.orin  B  •       i    S 

Treasury  notes,  making  disbursements  on  account  of  the  United  States, 
agrees    t<-    re-  or  of  the  general  post-office,  shall  make  all  payments  in 

ceive  them.  .  .  .  .     I     • 

gold  and  silver  coin,  or  in  treasury  notes,  if  the  creditor 
violations  <f  agree  to  receive  said  notes  in  payment;  and  any  receiving 

this     and     the  ,.   ,  .  .,.  ^    J 

or  disbursing  oflicer  or  agent  who  shall  neglect,  evade. 
.    .  .    .  „     .  .  iii  T 

or  violate,  the  provisions  ot  this  and  the  last  preceding 

.  .   .  „,  rl, 

to  congress,  section  (it  tins  act.  shall,  by  the  Secretary  ot  the  treas- 
ury, be  immediately  reported  to  the  President  of  the 
United  States,  with  the  facts  of  such  neglect,  evasion,  or 
violation:  and  also  to  Congress,  if  in  session;  and  if  not 
in  session,  at  the  commencement  of  its  session  next  after 
the  violation  takes  place. 


resident 


LAWS   CONCEBNING   MONEY,    BANKING,   AND   LOANS.  141 

(Section  20  forbids  any  disbursing  officer  to  make  any 
exchange  of  funds  other  than  an  exchange  for  gold  and 
silver,  and  requires  every  such  officer,  when  the  means  of 
disbursement  are  furnished  to  him  in  gold  and  silver,  to 
make  his  payments  in  the  same ;  and  when  the  means  are 
furnished  in  drafts  to  make  his  payments  in  the  money 
received  therefor,  unless  he  can  exchange  the  means  in 
his  hands  for  gold  and  silver  at  par.  But  disbursing 
officers  having  credits  in  the  banks  may  be  allowed  until 
January  1,  1847,  to  check  on  the  same,  allowing  the  pub- 
lic creditors  to  receive  their  pay  from  the  banks  either  in 
specie  or  in  bank  notes. 

(Section  21  makes  it  the  duty  of  the  Secretary  of  the 
Treasury  to  make  regulations  prescribing  the  time  within 
which  drafts  on  the  depositaries  shall  be  presented  for 
payment,  but  requires  him  "  to  guard,  as  far  as  may  be, 
against  those  drafts  being  used  or  thrown  into  circulation 
as  a  paper  currency  or  medium  of  exchange."  And  no 
officer  shall  sell,  for  a  premium,  any  Treasury  note,  draft, 
warrant,  or  other  public  security,  not  his  private  property, 
or  sell  the  proceeds  of  any  such  note  or  security  in  his 
hands  for  disbursement,  without  charging  such  premium 
in  his  accounts  to  the  credit  of  the  United  States,  under 
penalty  of  dismissal. 

(Section  22  provides  for  salaries  of  assistant  treasurers; 
additional  compensation  for  treasurers  of  the  mint  and 
branch  mints,  and  that  no  officer  shall  charge  or  receive 
any  commission,  etc.,  for  official  services  under  pain  of 
fine  or  imprisonment. 

(Section  23  makes  an  appropriation  to  carry  this  act 
into  effect.) 

SEC.  24.  And  be  it  further  enacted.  That  all  acts,  or     conflicting 

,,  ,  .    n  .  n  •    ,        •  ,  -i     ,  i  •    •          acts  repealed. 

parts  ol  acts,  which  come  in  conflict  with  the  provisions 
of  this  act  be,  and  the  same  are  hereby,  repealed. 
Approved,  August  G,  1846. 

ACT  OF  AUGUST  10,  1846. 

CHAP.  CLXXX.— An  act  to  provide  for  the  Payment  of     «    stat.    L., 
the  Evidences  of  public  Debt  in  certain  Cases. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled, That  whenever  it  shall  appear,  to  the  satisfac- 
tion of  the  Secretary  of  the  Treasury,  upon  due  proof 


142  NATIONAL    MONETARY   COMMISSION. 

secretary  offaken  jn  the  manner  hereinafter  directed,  that  any  treas- 

Treasury  to  re-  ^ 

deem  Treasury  urv  note,  which  has  been,  before  the  passage  of  this  act, 

notes    which'  A  ° 

ha  ye    t ic  e  n  received  or  redeemed  by  any  authorized  officer  of  the  gov- 

stoleu  and  put  J         J 

into   circuia- ernment,  has  been  subsequently  purloined  or  stolen,  and 

tion    and    not  J    *  .  . 

cancelled.  put  into  circulation,  without  having  upon  it  any  evidence 
or  marks  of  having  been  cancelled,  and  has  been  received 
by  any  person  or  institution,  for  a  full  consideration,  in 
the  usual  course  of  business,  without  notice  or  knowledge 
of  the  same  having  been  redeemed  or  received  as  afore- 
said, or  having  been  cancelled,  or  having  been  purloined 
or  stolen  as  aforesaid,  and  without  any  circumstances 
existing  to  create  suspicion  of  the  good  faith  or  due  cau- 
tion with  which  the  same  ma}7  have  been  received  by 
such  person  or  institution,  he  shall  be,  and  hereby  is, 
authorized  to  cause  the  amount  of  such  note  to  be  paid 
to  the  innocent  holder  thereof,  out  of  any  money  in  the 
Proviso  as  to  treasury  not  otherwise  appropriated:  Provided.  That  the 

nature    of  evi-  .  x  ' 

dence  required  facts    upon    which    any    such    pavment    shall    be    made 

to    prove    the  •     •• 

facts-  shall  be  proved  by  the  oath  or  affirmation  of  a  credible 

witness  or  witnesses,  taken  before  any  judge  of  the  United 
States,  or  of  the  highest  court  of  record,  or  of  the  pre- 
siding judge  of  any  court,  exercising  unlimited  jurisdic- 
tion in  amount,  of  any  State,  Territory,  or  district,  and 
of  the  taking  of  which  testimony  due  notice  shall  pre- 
viously be  given  to  the  district  attorney  of  the  United 
States  for  the  district  in  which  such  testimony  is  taken, 
who  shall  be  at  liberty  to  appear  and  propound  questions 
to  such  witnesses;  all  which  evidence  shall  be  transmitted 
to  the  Secretary  of  the  Treasury,  and  preserved  in  his 
i  f*1*6*"1*6"! department;  and  all  wilful  false  swearing  upon  such 
J"r-v-  examination  shall  be  and  hereby  is  declared  to  be  perjury, 

and  liable  to  the  punishment  for  that  offence  prescribed 
by  the  laws  of  the  United  States:  And  pro  ruled-  further, 
he  submitted  to  ^at  a  statement  of  all  treasury  notes  paid  under  the  pro- 
conKi-ess.          visions  of  this  act,  within  the  preceding  year,  shall  be 
submitted  to  Congress  with  the  annual  report  of  the  Sec- 
retary of  the  Treasury  in  relation  to  the  finances, 
om^rs  and      SEC.  2.  And  1)C  it  inrtlu'i'  enacted.  That  when  any  officer 

:i  ;,'  <•  i)  i  s        o  f 

cnitcd  states.  or  agent  of  the  United  States,  dulv  authorized  to  receive, 

\v  h  o   have   or 

sm-h  "note's  lvto  1<M^'('"1>  ol   canc'e^  !U1.V  treasury  notes  issued  by  authority 
IIR  c  r  ed  i  ted  of  law,  has  received,  or  shall  receive,  or  has  paid,  or  shall 

\v  it.h    their 

UI"OUIlt-  P!l.v«   ;m.v   treasury   note   which    had   been    previously   re- 

ceived or  redeemed  by  any  officer  or  agent  having  author- 
ity to  receive  or  redeem  such  note,  and  which  had  subse- 
quently thereto  been  purloined  and  put  into  circulation, 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  143 

the  Secretary  of  the  Treasury,  upon  full  and  satisfactory 
proof  that  the  same  had  been  received  or  paid  in  good 
faith,  and  in  the  exercise  of  ordinary  prudence,  may  allow 
a  credit  for  the  amount  of  such  note  to  the  officer  or  agent 
so  receiving  or  paying  the  same;  and  all  credits  which  toc^dltssaTee 
have,  before  the  passage  of  this  act,  been  allowed  in  such  tloned- 
cases,  and   under  such  circumstances,  are  hereby   sanc- 
tioned. 

SEC.  3.  And  l>e  it  further  enacted.  That  all  acts  and     Repeal  of 

'  '  a  c  t  s  supplied 

parts  of  acts  heretofore  enacted,  which  are  supplied  by  t»y  this  act  if 

*  •    not    acted    on ; 

this  act.  so  far  as  the  same  may  not  have  been  acted  on  i  f  acted   o  n , 

ratified     and 

are  hereby  repealed,  and  so  far  as  they  may  have  been  confirmed. 
acted  on,  they  are  ratified  and  confirmed. 
Approved.  August  10,  1816. 

ACT  OF  JANUARY  28,  1817. 
CHAP.  V. — An  act  authorizing  the  issue  of  Treasury  notes,     9  stat.  L., 

1 1  o. 

a  loan,  and  for  other  purposes. 

Be  it  enacted  Ijy  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled* That  the  President  of  the  United  States  is  herebv  Twenty-three 

•  million    dollars 

authorized  to  cause  Treasury  notes,  for  such  sum  or  sums  °  f      Treasury 

J  notes      author- 

as  the  exigencies  of  the  Government  may  require,  but  not ized- 

exceeding,  in  the  whole  amount  of  notes  issued,  the  sum 
of  twenty-three  millions  of  dollars,  and  of  denominations 
not  less  than  fifty  dollars  for  any  one  note,  to  be  prepared, 
signed,  and  issued,  in  the  manner  hereinafter  provided. 

SEC.  2.  And  l>e  it  further  enacted.  That  the  said  Treas-     when  to  be 

1  paid. 

ury  notes  authorized  to  be  issued  by  the  first  section  of 

this  act,  shall  be  reimbursed  and  redeemed  by  the  United 

States,  at  the  Treasury  thereof,  after  the  expiration  of 

one  year  or  two  years  from  the  dates  of  the  said  notes 

respectively;  from  which  said  dates  they  shall  bear  such  ter^satte  of  ln~ 

interest,   until   they   shall    be   respectively  redeemed,   as 

shall  be  expressed  upon  the  face  of  the  said  notes;  which 

rate  of  interest  upon  each  several  issue  of  the  said  notes 

shall  be  fixed  by  the  Secretary  of  the  Treasury,  by  and 

with  the  advice  and  approbation  of  the  President ;  but 

shall   in   no  case   exceed   the  rate  of   interest  of  six   per 

centum  per  annum:  Provided \  That  after  the  maturity      iiitwst    to 

•  ,-(•;]  sr        s  1  X  t  y 

of  any  of  the  said  notes,  such  interest  shall  cease  at  the  (1  :|  >  »  after 
expiration  of  sixty  days'  notice,  to  be  given  at  any  time 


144  NATIONAL  MONETARY  COMMISSION. 

by  the  Secretary  of  the  Treasury,  in  one  or  more  of  the 
principal  papers  published  at  the  seat  of  Government, 
of  a  readiness  to  redeem  the  same.  The  reimbursement 
herein  provided  for  shall  be  made  at  the  Treasury  of  the 
United  States  to  the  holders  of  the  said  notes  respectively, 
upon  presentment,  and  shall  include  the  principal  of  each 
note,  and  the  interest  which  may  be  due  thereon  at  the 
time  of  payment.  For  this  reimbursement,  at  the  time 
and  times  herein  specified,  the  faith  of  the  United  States 
is  hereby  solemnly  pledged. 

(Section  3,  providing  for  the  signing  of  notes,  follows 
closely  the  language  of  section  3  of  the  act  of  October 
12,  1837.) 
May  be  is-     gEC.  4.  And  ~bc  it  further  enacted.  That  the  Secretary 

sued   to  credit-  '  ' 

ors.  of  the  Treasury  is  hereby  authorized,  with  the  approba- 

tion of  the  President  of  the  United  States,  to  cause  to  be 
issued  such  portion  of  the  said  Treasury  notes  as  the 
President  may  think  expedient  in  payment  of  debts  due 
by  the  United  States,  to  such  public  creditors,  or  other 
persons,  as  may  choose  to  receive  such  notes  in  payment, 

May  b  eas  aforesaid,  at  par.  And  the  Secretary  of  the  Treasury 
is  further  authorized,  with  the  approbation  of  the  Presi- 
dent of  the  United  States,  to  borrow  from  time  to  time 
such  sums  as  the  President  may  think  expedient  on  the 

But  not  for  credit  of  such  notes:  Provided,  however.  That  no  Treas- 

less  than  par. 

ury  notes  shall  be  pledged,  hypothecated,  sold,  or  dis- 
posed of  in  any  wise  for  any  purpose  whatever,  directly 
or  indirectly,  for  any  sum  less  than  the  amount  of  such 
notes,  including  the  principal  and  interest  thereon  when 
disposed  of. 

trans"     ^EC>  '*•  ^7I^  ^e  ^  fn''t^er  mac-ted,  That  the  said  Treas- 
ury notes  shall  be  transferable,  by  delivery  and  assign- 
ment endorsed  thereon,  by  the  person  to  whose  order  the 
same  shall  on  the  face  thereof  have  been  made  payable. 
,Tf;,b?  ren      SEC.  C.  And  l>e  it  further  enacted,  That  the  said  Treas- 

ceivable  for  all 

public  dues.  urv  notes  shall  be  received  in  payment  of  all  duties  and 
taxes  laid  by  the  authority  of  the  United  States,  of  all 
public  lands  sold  by  the  said  authority,  and  of  all  debts 
to  the  United  States  of  any  character  whatsoever,  which 
may  be  due  and  payable  at  the  time  when  said  Treasury 
notes  may  be  so  offered  in  payment ;  and  on  every  such 
payment  credit  shall  be  given  for  the  amount  of  the  prin- 
cipal and  interest  which,  on  the  day  of  such  payment, 
may  be  due  on  the.  note  or  notes  thus  given  in  payment. 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS. 


145 


entry 


SEC.  7.  And  be  it  further  enacted,  That  every  collector. 
receiver  of  public  moneys,  or  other  officer  or  agent  of  the 
United  States,  shall,  on  the  receipt  of  any  Treasury  notes 
in  payment  for  the  Government,  take  from  the  holder 
thereof  a  receipt  on  the  back  of  each  of  said  notes,  stating 
distinctly  the  date,  and  the  amount  received;  and  shall 
keep,  according  to  such  forms  as  shall  be  prescribed  by 
the  Secretary  of  the  Treasury,  entries  of  whom  received, 
the  number,  date,  and  respective  amounts  of  principal  and 
interest  of  each  and  every  Treasury  note  thus  received; 
and  on  delivering  the  same  to  the  Treasury  shall  receive 
credit  for  the  amount  paid  as  prescribed  by  the  last  sec- 
tion: Provided,  Xo  error  shall  appear. 

(Sections  8  to  10,  providing  for  the  reimbursement  or 
purchase  of  the  notes,  and  for  the  punishment  of  counter- 
feiting and  the  like  offenses,  follow  the  language  of  sec- 
tions 9  to  11  of  the  act  of  October  12,  1837. 

(Section  11.  authorizing  the  Secretary  of  the  Treasury 
to  make  rules  for  the  safe-keeping,  return,  and  canceling 
of  notes  received  by  any  officers  for  the  United  States,  is 
nearly  identical  with  section  12  of  the  same  act,  but 
omits  the  provision  forbidding  the  reissue  of  notes.) 

SEC.  12.  And  be  it  further  enacted,  That,  in  lieu  of  the 
notes  authorized  by  this  act  which  may  be  redeemed,  other 
notes  may  be  issued:  Provided,  hotcever,  The  amount  of  ^  Amount(."?t 

-'  '  to  exceed  .$23,- 

such  notes  outstanding,  together  with  the  stock  issued  by000-000- 
virtue  of  the  thirteenth  and  sixteenth  sections  of  this  act. 
shall   not  exceed   the   sum   of  twenty-three   millions   of 
dollars. 

SEC.  13.  And  be  it  further  enacted,  That  it  shall  be  law-     May  be  con- 
ful  for  the  holders  of  the  aforesaid  Treasury  notes  to  stock. 
present  them,  at  any  time,  to  the  Treasury  of  the  United 
States,  or  to  any  assistant  treasurer,  or  to  such  collectors 
of  the  customs  and  receivers  of  public  moneys  as  may  be 
designated  by  the  Secretary  of  the  Treasury  ;  and  the 
holders  of  the  said  Treasury  notes  shall  be  entitled  to 
receive  therefor  the  amount  of  the  principal  of  the  said 
notes  in  a  certificate  or  certificates  of  funded  stock,  bear- 
ing i  nt  ere:-  1  at  six  per  centum  per  annum,  from  the  date 
of  such  presentment  of  said  Treasury  notes,  and  for  the 
interest,  shall  be  paid  in  money;  and  the  stock  thus  to  bo 
issued  shall  be  transferable  on  the  books  of  the  Treasury: 
Provided,   however,  and  be  it  further  enacted.  That  it  nMU]V>ursaWe.''n 
shall  be  lawful  for  the  United  States  to  reimburse  tin- 


Keissue. 


146  NATIONAL   MONETARY  COMMISSION. 

stock  thus  created,  at  any  time  after  the  last  day  of  De- 
cember, one  thousand  eight  hundred  and  sixty-seven, 
same  subject.  gEC>  i^  And  be  it  further  enacted,  That  it  shall  and 
may  be  lawful  for  the  holder  of  any  Treasury  notes  issued, 
or  authorized  to  be  issued,  under  this  act  or  any  laws 
heretofore  passed,  to  convert  the  same  into  certificates  of 
funded  stock,  upon  the  same  terms  and  in  the  same  man- 
ner hereinbefore  provided  in  relation  to  the  Treasury 
notes  authorized  by  the  first  section  of  this  act. 

chAct6°4f  1e1f-     ^EC>  ^'  ^n^  ^e  ^  further  enacted,  That  the  authority 
tended.  ^o  issue  Treasury  notes  authorized  by  the  "Act  author- 

izing an  issue  of  Treasury  notes  and  a  loan,"  approved 
July  twenty-second,  one  thousand  eight  hundred  and 
forty-six,  be  and  the  same  is  hereby,  extended  to  the  same 
period  fixed  for  the  Treasury  notes  authorized  by  this  act, 
and  upon  the  same  terms  and  conditions  herein  specified : 
Provided,  That  the  Treasury  notes  authorized  by  this 
section  shall  not  exceed  five  million  of  dollars. 

(Sections  16  to  18  authorize  the  President,  in  lieu  of 
Treasury  notes,  to  issue  stock  of  the  United  States,  bear- 
ing interest  at  a  rate  not  exceeding  six  per  cent,  and  re- 
deemable after  December  31,  186T,  provided,  that  the 
whole  amount  of  Treasury  notes  and  of  stock  together 
shall  not  exceed  twenty-three  millions  of  dollars,  and 
"Provided  further,  That  no  stock  shall  be  issued  at  a  less 
rate  than  par.") 

Proceeds  of      SEC.  19.  And  be  it  further  enacted.  That  for  the  pay- 
public   lands  /  -    \ 
pledged  for  ment  of  the  stock  which  mav  be  created  under  the  provi- 

redemption. 

sions  of  this  act  the  sales  of  the  public  lands  are  hereby 
pledged,  and  it  is  hereby  made  the  duty  of  the  Secretary 
of  the  Treasury  to  use  and  apply  all  moneys  which  may 
be  received  into  the  Treasury  for  the  sales  of  the  public 
lands  after  the  first  day  of  January,  eighteen  hundred  and 
forty-eight,  first,  to  pay  the  interest  on  all  stocks  issued 
by  virtue  of  this  act ;  and,  secondly,  to  use  the  balance  of 
said  receipts,  after  paying  the  interest  aforesaid,  in  the 
purchase  of  said  stocks  at  their  market  value:  Provided, 
No  more  than  par  shall  be  paid  for  said  stocks. 

(The  proviso  to  section  1!)  was  repealed  by  section  3  of 
the  act  of  March  3,  1840  (0  Stat.  L..  3(5!)). 

(Section  i^O  makes  an  appropriation  for  preparing  and 
issuing  said  notes  and  stock.) 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  147 

SEC.  21.  And  be  it  further  enacted,  That  it  shall  be,  and  g  nAe™ou^  'rs ' 
hereby  is,  made  the  duty  of  the  Secretary  of  the  Treasury  p6*™6^  stoheb^ 
to   cause  a   statement  to  be   published  monthly   of   themonthly- 
amount  of  all  Treasury  notes  issued  or  redeemed  in  pur- 
suance of  the  provisions  of  this  act;  and  that  the  power 
to  issue  Treasury  notes  conferred  on  the  President  of  the 
United  States  by  this  act  shall  cease  and  determine  six 
months  after  the  exchange  and  ratification  of  a  treaty  of 
peace  with  the  Republic  of  Mexico. 

SEC.  22.  And  be  it  further  enacted,  That  it  shall  be  ther  0Bnegpr0erss  a°t 
duty  of  the  Secretary  of  the  Treasury  to  report  to  Con-each  sesslon- 
gress  at  the  commencement  of  each  session  the  amount  of 
Treasury  notes  which  have  been  issued  under  the  provi- 
sions of  this  act,  the  amount  redeemed,  and  the  manner 
in  which  redeemed,  the  amount  purchased  and  of  whom, 
and  at  what  time  purchased,  and  the  amount  reissued, 
stating  in  lieu  of  which  redemption  they  are  reissued, 
with  the  date  of  such  reissue,  during  the  preceding  year. 

Approved,  January  28,  1847. 

ACT  OF  FEBRUARY  9,  1847. 

CHAP.  VII. — An  act  to  provide  for  the  payment  of  any     ^   stat    L-> 
interest,  falling  due,  on  the  public  debt. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- .  Payment  o  t 

y  if  interest  on  the 

fives  of  the  United  States  of  America  in  Congress  assein-  i)llblic  debt- 
bled,  That  the  Secretary  of  the  Treasury  be,  and  he  is 
hereby,  authorized  and  directed  to  cause  to  be  paid,  out 
of  any  money  in  the  Treasury  not  otherwise  appropriated, 
any  interest  falling  due,  or  accruing  on.  any  portion  of 
the  public  debt  authorized  by  law. 
Approved,  February  9,  1847. 

ACT  OF  MARCH  31,  1848. 

CHAP.  XXVI. — An  act  to  authorize  a  loan  not  to  exceed .'?.    stat-    L- 
the  Hum  of  sixteen  millions  of  dollar*. 

(Section  1  authorizes  the  President  to  borrow  on  the 
credit  of  the  United  States,  within  one  year  from  the 
passage  of  this  act,  a  sum  not  exceeding  sixteen  millions 
of  dollars,  at  a  rate  of  interest  not  exceeding  six  per  cent, 
and  reimbursable  at  any  time  after  twenty  years  from 
July  1,  1848.) 


148  NATIONAL  MONETARY  COMMISSION. 

ofCstocklflcates  SEC.  2.  And  be  it  further  enacted,  That  the  Secretary 
of  the  Treasury  be,  and  he  is  hereby  authorized,  with  the 
consent  of  the  President  of  the  United  States,  to  cause  to 
be  prepared  certificates  of  stock,  which  shall  be  signed  by 
the  Register  of  the  Treasury,  and  sealed  with  the  seal  of 
the  Treasury  Department,  for  the  sum  to  be  borrowed  as 
aforesaid,  or  any  part  thereof,  bearing  an  interest  not  to 
exceed  six  per  centum  per  annum,  and  transferable  and 
reimbursable  as  aforesaid,  and  to  cause  said  certificates  of 
now  sold,  stock  to  be  sold:  Provided,  That  no  part  of  said  stock  be 

interest008  for S°W  below  par:  And  provided,  also,  That,  whenever  re- 
quired so  to  do,  the  Secretary  of  the  Treasury  shall  cause 
to  be  attached  to  any  certificate  or  certificates  to  be  issued 
under  this  act,  coupons  of  interest;  and  any  certificate 
having  such  coupons  of  interest  attached  to  it,  may  be 
certificates  transferable  by  delivery  of  the  certificate,  instead  of  be- 

transferable  by  .  .  J  ,       ,        i  m 

delivery.  ing  assignable  on  the  books  of  the  ireasury;  but  no  cer- 

tificate of  stock  shall  be  issued  for  a  less  amount  than 
fifty  dollars. 

(By  section  3  the  Secretary  of  the  Treasury  is  directed, 
before  disposing  of  this  stock,  to  advertise  for  sealed  pro- 
posals, to  be  handed  in  after  not  less  than  twenty  nor 
more  than  sixty  days,  and  in  the  advertisement  to  state 
the  amount  required  and  the  conditions  fixed  for  its  pay- 
ment into  the  Treasury. 

(Section  4  pledges  the  faith  of  the  United  States  for 
the  provision  of  sufficient  revenues  to  secure  the  payment 
of  the  interest  and  redemption  of  the  principal.) 
rnrohnse  of     SEC.  5.  And  l>e  it  further  enacted,  That  the  Secretarv 

stock      when,,  . 

there  ar<>  sur- ot  the  I  rcasurv  be,  and  he  is  hereby,  authorized  to  pur- 

plus    funds    in  *  „  •   ' -i    i  •        i-      -j.     i    j? 

the  Treasury,  chase,  at  any  time  before  the  period  herein  limited  for 
the  redemption  of  the  stock  hereby  created,  such  portion 
thereof  at  the  market  price,  not  below  par,  as  the  funds 
of  the  Government  may  admit  of,  after  meeting  all  the 
demands  on  the  Treasury;  and  any  surplus  that  hereafter 
may  be  in  the  Treasury  is  hereby  appropriated  to  that 
object. 

(Section  (>  provides  for  ;i   report  to  be  made  to  Con- 
gress of  all  transactions  under  this  act,  in  language  iden- 
tical with  that  of  section  (>  of  the  act  of  April  lf>,  184*2.) 
Approved,  March  31,  1848. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  149 

ACT  OF  SEPTEMBER  9,  1850. 

CHAP.  XLIX.  —  An  act  proposing  to  the  State  of  Texas  the  9  stat.  L., 
establishment  of  her  northern  and  western  boundaries, 
the  relinquishment  by  the  said  State  of  all  territory 
claimed  by  her  exterior  to  said  boundaries,  and  of  all 
her  claims  upon  the  United  States,  and  to  establish  a 
territorial  government  for  New  Mexico. 

SECTION  1.  Clause  fourth.  The  United  States,  in  con-  ^  Ten    minion 

.  .  dollars  in  stock 

sideration  of  said  establishment  of  boundaries,  cession  of  bearing  5  per 

•  •  i  •  MI  cent  interest  to 

claim  to  territory,  and  relinquishment  of  claims,  will  pay  t»P»id  to  Texas 
to  the  State  of  Texas  the  sum  of  ten  millions  of  dollars 
in  a  stock  bearing  five  per  cent,  interest,  and  redeemable 
at  the  end  of  fourteen  years,  the  interest  payable  half- 
yearly  at  the  Treasury  of  the  United  States. 

Fifth.  Immediately  after  the  President  of  the  United,  stock  to  be 

Issued     when 

States  shall  have  been  furnished  with  an  authentic  copyTexas    sna11 

-1-  ^  have     accepted 

of  the  act  of  the  general  assembly  of  Texas  accepting  the*e    proposi- 

J  .     r       &tlons,    and 

these  propositions,  he  shall  cause  the  stock  to  be  isued  rnPresident   of 

f  *  •  f  United      States 

favor  of  the  State  of  Texas,  as  provided  for  in  the  fourth  notified  thereof. 

article  of  this  agreement  :  Provided,  also,  That  no  more 

than  five  millions  of  said  stock  shall  be  issued  until  the 

creditors  of  the  State  holding  bonds  and  other  certificates 

of  stock  of  Texas  for  which  duties  on  imports  were  spe- 

cially pledged,  shall  first  file  at  the  Treasury  of  the  United 

States  releases  of  all  claim  against  the  United   States 

for  or  on  account  of  said  bonds  or  certificates  in  such 

form  as  shall  be  prescribed  by  the  Secretary  of  the  Treas- 

ury and  approved  by  the  President  of  the  United  States  : 


Approved,  September  9,  1850. 

ACT  OF  AUGUST  31,  1852. 

CHAP.  CVTII.  —  An  act  making   appropriations  for  the_JQ  stat.  L., 
civil,  and  diplomatic  expenses  of  the  Government  for 
the  year  ending  the  thirtieth  of  June,  eighteen  hun- 
dred and  fifty-three,  and  for  other  purposes. 


SEC.  10.  And  be  it  further  enacted.  That   where   anv    rncxpondo 

1 ,  '  '    appropriations 

moneys  shall  have  remained  unexpended  upon  anv  appro- win-n  to  hecur 

J  ,  .  i'i('(l     '"     "  sur 

priations  by  law,  other  than  for  the  payment  or  interest  pins  fund." 
on  the  funded  debt,  or  the  payment  of  interest  and  reim- 


150  NATIONAL   MONETARY  COMMISSION. 

bursement  according  to  contract  of  any  loan  or  loans 
made  on  account  of  the  United  States,  as  likewise  moneys 
appropriated  for  a  purpose  in  respect  to  which  a  larger 
duration  is  specially  assigned  by  law,  for  more  than  two 
years,  after  the  expiration  of  the  fiscal  year  in  which  the 
act  shall  have  been  passed,  all  and  any  such  appropria- 
tions shall  be  deemed  to  have  ceased  and  been  determined, 
and  the  moneys  so  unexpended  shall  be  immediately  there- 
after carried,  under  the  direction  of  the  Secretary  of  the 
Treasury,  to  the  account  on  the  books  of  the  Treasury 
denomianted  the  "  surplus  fund,"  to  remain  like  other  un- 
surpius  fund  appropriated  moneys  in  the  Treasury,  and  it  shall  not 

not    to    be   ap-    J  J  y 

plied  to  other  be  lawful,  for  any  cause  or  pretence  whatsoever,  to  trans- 
purposes.  .-.I!  £  1 

fer,  withdraw,  apply,  or  use  for  any  purpose  whatever^ 
any  moneys  carried  as  aforesaid  to  the  surplus  fund  with- 
out further  and  specific  appropriations  by  law. 

***** 

Approved,  August  81,  1852. 

ACT  OF  MARCH  2,  1853. 

10  stat.  L.,  CHAP.  LXXXIX. — An  act  to  provide  compensation  to 
such  persons  as  may  be  designated  l>y  the  Secretary  of 
the  Treasury  to  receive  and  keep  the  public  money, 
under  the  -fifteenth  section  of  the  act  of  sixth  August, 

1846,  ch.  90.  eighteen  hundred  and  forty-six,  for  the  additional 
services  required  under  that  act. 

(Provides  compensation  for  designated  depositaries 
for  payments  received  by  them  from  miscellaneous 
sources  other  than  the  transaction  of  the  respective  offices 
for  which  they  were  commissioned.) 

Approved,  March  2,  1853. 

ACT  OF  MARCH  3.  1853. 

10  stat.  L.,  CHAP.  XCVTI. — An  act  mal\tn<j  appropriations  for  the 
clt'il  and  diplomatic  expenses  of  Government  for  the 
year  ending  the  thirtieth  of  June,  eighteen  hundred 
and  fifty-four. 


Purchase  of     SKf.  9.  And  be  it  further  enacted^  That  the  Secretary 

T'nlted     States 

stock.  of  the  treasury  be  and  he  is  hereby  authorized  to  pur- 

chase, at  the  current  market  price  any  of  the  outstanding 
stocks  of  the  United  States  as  he  may  think  most  advis- 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS-  151 

able,    from    any   surplus    funds    in    the   Treasury:  Pro-    Proviso. 
vided,  That  the  balance   in  the  Treasury  shall  not  at 
any  time  be  reduced  below  six  millions  of  dollars. 
*  *  *  *  * 

Approved,  March  3,  1853. 

ACT  OF  MARCH  3,  1857. 
CHAP.  CXIV. — An  act  to  amend  an  act  entitled  "An  act    n  stat.  L., 

249 

to  provide  for  the  better  organization  of  the  Treasury,    is'46,  en.  90. 
and  for  the  collection,  safe-keeping,  transfer,  and  dis-5Q. 
bursement  of  the  public  revenue" 

(Section  1  requires  disbursing  officers  or  agents  to 
deposit  moneys  intrusted  to  them  with  the  Treasurer, 
or  one  of  the  assistant  treasurers,  or  public  depositaries, 
etc.) 

SEC.  2.  And  be  it  further  enacted,  That  the  Treasurer     custody    of 
of  the  United   States,   assistant  treasurers,   and   public su 
depositaries,  shall  safely  keep  all  moneys  deposited  by 
any  disbursing  officer  or  disbursing  agent  of  the  United 
States,  as  well  as  any  moneys  deposited  by  any  receiver, 
collector,  or  other  person  which  shall  be  the  moneys  of 
or  due  or  owing  to  the  United  States,  and  for  a  failure 
so  to  do  shall  be  held  guilty  of  the  crime  of  embezzle- 
ment   of   said    moneys,   and   subject    to    the    punishment     penalty, 
provided  for  embezzlement  in  the  act  to  which  this  is 
an  amendment. 

(Section  3  requires  all  persons  having  moneys  of  the 
United  States  to  deposit  the  sum  with  the  Treasurer,  an 
assistant  treasurer,  or  a  public  depositor^',  etc.,  and  pro- 
vides a  penalty  for  failure  to  comply  with  the  law.) 

Approved,  March  3,  1857. 

ACT  OF  DECEMBER  23,  1857. 

CHAP.  I — Ait  act  to  authorize  the  isxiic  of  Trcasnni  notes,     n   ^tat.  L., 

'  •'  257. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  Xtatex  of  America  in  Conyrexx  <tx- 
sembled*  That  the  President  of  the  United  States  is  hereby  Issno  of  no( 

•    over     .fL'O.OOO,- 

authorized  to  cause  Treasury  notes  for  such  sum  or  sums  <><><>  authorized 

;  .  i  ii      denninina- 

as  the  exigencies  of  the  public  service  may  require,  but  not  <i»»«    °f    n()t 
to  exceed,  at  any,  time,  the  amount  of  twenty  millions  of  <>ach. 
dollars,  and  of  denominations  not  less  than  one  hundred 


152  NATIONAL   MONETARY  COMMISSION. 

dollars  for  any  such  note,  to  be  prepared,  signed,  and 
issued  in  the  manner  hereinafter  provided. 

HOW,   when,     SEC.  2.  And  l)e  it  further  enacted,  That  such  Treasury 

whom  issued,  notes  shall  be  paid  and  redeemed  by  the  United  States  at 

deemedan      e  the  Treasury  thereof  after  the  expiration  of  one  year 

from  the  dates  of  said  notes,  from  which  dates,  until  they 

shall  be  respectively  paid  and  redeemed,  they  shall  bear 

such  rate  of  interest  as  shall  be  expressed  in  said  notes, 

First    issue  which  rate  of  interest  upon  the  first  issue,  which  shall  not 

not    to    exceed  *• 

$6,000,000.       exceed  six  millions  of  dollars  of  such  notes  shall  be  fixed 

by  the  Secretary  of  the  Treasury,  with  the  approbation 

Rate  of  in- of  the  President,  but  shall  in  no  case  exceed  the  rate  of 

terest  not  over    . 

6  per  cent.       six  per  centum  per  annum.     The  residue  shall  be  issued 

Residue,  how  *•  .  ,.  . 

issued.  m  whole  or  in  part,  after  public  advertisement  of  not  less 

than  thirty  days,  as  the  Secretary  of  the  Treasury  may 
direct,  by  exchanging  them  at  their  par  value  for  specie 
to  the  bidder  or  bidders  who  shall  agree  to  make  such  ex- 
change at  the  lowest  rate  of  interest,  not  exceeding  six 
Proviso.  per  centum,  upon  the  said  notes:  Provided,  That  after 

when  to  cease!  the  maturity  of  any  of  said  notes,  interest  thereon  shall 
cease  at  the  expiration  of  sixty  days'  notice  of  readiness 
to  pay  and  redeem  the  same,  which  may  at  any  time  or 
times  be  given  by  the  Secretary  of  the  Treasury  in  one  or 
more  newspapers  published  at  the  seat  of  Government. 
The  payment  or  redemption  of  said  notes  herein  provided 
shall  be  made  to  the  lawful  holders  thereof,  respectively, 
upon  presentment  at  the  Treasury,  and  shall  include  the 
principal  of  each  note  and  the  interest  which  shall  be  due 
Faith  of  the  thereon.  And  for  such  pavment  and  redemption,  at  the 

T  nltod      States  l     J  L  ' 

pledged  for  time  or  times  herein  specified,  the  faith  of  the  United 

their      redemp-  . 

Iion-  States  is  hereby  solemnly  pledged. 

(Section  3  provided  for  the  signing  of  the  notes,  and 
the  accounts  to  be  kept  of  their  preparation,  redemption, 
and  cancellation. 

(Sections  4  to  7.  providing  for  the  issue,  transfer,  re- 
ceipt, and  payment  of  the  notes,  follow  the  language  of 
sections  4  to  7  of  the  act  of  January  28.  1847. 

(Section  8  authorizes  the  establishment  of  rules  for  the 
custody  and  disposal  of  notes  received;  and  section  9 
makes  the  same  provision  for  the  redemption  of  the  notes 
at  maturity  and  their  purchase  at  any  time  as  section  8 
of  the  act  of  October  12.  1837.) 

*  *  *  *  * 

M.i.v    u-    \-<       SKC.   10.  And  l>c,  it  f>t/-f/u'r  ctKirffd.  That,  in   place  of 

sued      in     til.'ico  I 

r<>  such  Treasury  notes  as  may  have  been  paid  and  redeemed, 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  153 

other  Treasury  notes  to  the  same  amount  may  be  issued : 
Provided,  That  the  aggregate  sum  outstanding,  under  the  gt ^o.t^a  i  out- 
authority  of  this  act,  shall  at  no  time  exceed  twenty  mil-  s^o^ff ceed 
lions  of  dollars :  And  provided  further.  That  the  power  to     Not  to  be  is- 

,  .  ^  /•  -i  i          -r.  •      SUed  ilfter  Jan- 

issue  and  reissue  Treasury  notes,  conferred  on  the  Presi- *>  1859. 
dent  of  the  United  States  by  this  act,  shall  cease  and  de- 
termine on  the  first  day  of  January,  eighteen  hundred 
and  fifty-nine. 

*  *  *  *  * 

(Sections  12  and  13  provide  for  the  punishment  of 
counterfeiting  and  of  the  like  offenses;  and  section  14 
requires  the  publication  of  a  monthly  statement  of  the 
amount  of  Treasury  notes  issued,  paid,  redeemed,  and 
outstanding  under  this  act.) 

Approved,  December  23,  1857. 

ACT  OF  JUNE  14,  1858. 

CHAP.  CLXV. — .In  act  to  authorise  a  loan  not  exceeding  .^^  stat-  L- 
the  sn?n  of  twenty  millions  of  dollars. 

(Section  1  empowers  the  President  to  borrow  on  the 
credit  of  the  United  States,  within  one  year  from  the 
passage  of  this  act,  a  sum  not  exceeding  twenty  millions 
of  dollars,  provided  that  the  loan  thus  made  shall  be 
reimbursable  at  any  time  after  fifteen  years  from  January 
1,  1859.) 

SEC-.  2.  And  be  it  further  enacted.  That  stock  shall  be     stock  issued 

'  .          .  therefor     shall 

issued  for  the  amount  so  borrowed,  bearing  interest  not  bear  not  OV<M- 

.5   per   cent    m- 

exceedmg   five    per    centum    per    annum,   payable   semi-terest,  payable 

,    .  sera  i annually, 

annually,  with  coupons  for  the  semi-annual  interest  at- with  coupons. 
tached  to  the  certificates  of  stock  thus  created,  and  the 
Secretary  of  the  Treasury  be,  and  hereby  is,  authorized, 
with  the  consent  of  the  President,  to  cause  certificates  of     certificates, 
stock  to  be  prepared,  which  shall  be  signed  bv  the  Regis- and  signed,  and 

, |     ,        .  .,  amount  of. 

ter.  and  sealed  with  the  seal  of  the  Treasury  Department, 
for  the  amount  so  borrowed  in  favor  of  the  parties  lend- 
ing the  same,  or  their  assigns,  Provided,  That  no  certifi- 
cate shall  be  issued  for  a  less  sum  than  one  thousand 
dollars. 

(P>v  section  3  the  Secretary  of  the  Treasury  is  required 
before  awarding  the  loan  to  advertise  that  sealed  pro- 
posals for  the  stock  will  be  received  until  a  date  not  less 
than  thirty  days  distant,  and  to  "  accept  the  most  favor- 
able proposals  offered  bv  responsible  bidders;  v  and  he  is 
also  required  to  report  to  Congress,  at  its  next  session,  all 


154  NATIONAL   MONETARY   COMMISSION. 

transactions  under  this  act,  "Provided,  That  no  stock  shall 
be  disposed  of  at  less  than  its  par  value.") 
Faith  of  the     gEC.  4.  And  be  it  further  enacted,  That  the  faith  of  the 

United     States  ' 

pledged  for  its  United  States  is  hereby  pledged  tor  the  due  payment  or 
the  interest  and  the  redemption  of  the  principal  of  said 
stock. 

(Section  5  appropriates  for  the  expenses  of  preparing 
said  certificates  of  stock,  etc.) 
Approved.  June  14,  1858. 

ACT  OF  MARCH  3,  1859. 

11  stat.  L.,  CHAP.  LXXXII. — An  act  making  appropriations  for 
sundry  civil  expenses  of  the  Government  for  the  year 
ending  the  thirtieth  of  June,  eighteen  hundred  and 
sixty. 


Authority  to      SEC.  5.  And  be  it  further  enacted.  That  the  power  to 

Issue   and   rcls-  .  <•  i  i       -r»        • 

sue  Treasury  i^ue  and  reissue  Treasury  notes,  conferred  on  the  Presi- 

notes  under  act  •  7 

of   Dec.   p.  clent  of  the  United  States,  bv  the  act  entitled  "An  act  to 

isr.i.   extended  '      • 

to  July  1,1860.  authorize   the   issue   or   Treasury   notes,     approved   the 

twenty-third  December,  eighteen  hundred  and  fifty-seven, 

be,  and  the  same  hereby  is,  revived  and  continued  in  force 

from  the  passage  of  this  act  until  the  first  day  of  July 

E  x  pe  n  s  e  s  eighteen  hundred  and  sixtv;  and  to  defrav  the  expenses 

thereof.  .    ' 

proviso.  thereof  the  sum  of  five  thousand  dollars  is  hereby  appro- 
priated :  Provided,  That  the  said  notes  may  be  issued 
bearing  an  interest  not  exceeding  six  per  centum  per  an- 
num :  and  that  it  shall  not  be  necessary,  as  directed  by  the 
original  act,  aforesaid,  after  advertisement  to  exchange 
them  for  specie  to  the  bidder  or  bidders  who  shall  agree 
to  make  such  exchange  at  the  lowest  rate  of  interest  upon 
said  notes;  and  that  in  all  other  respects  the  reissue  of 
said  Treasury  notes  shall  be  subject  to  the  terms  and 
conditions  of  the  act  aforesaid. 


r  o  H  p  o  n  or      SKC.  0.  .-1  /it/  be  it  fu/'f/ir/'  cti<i<-t<  </.  That  the  Secretary  of 

registered  .  ' 

stock    may    bo  (]1(.  Treasury  is  herein*  authorized,  under  the  act  of  June 

issued.  • 

i«58,  ch.  165.  fourteenth,   eighteen    hundred    and    fifty-eight,    to    issue 
coupon  or  registered  stock.  ;is  the  purchaser  may  elect. 
***** 

Approved.  March  :*.  IS")!). 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  155 

ACT  OF  JUNE  22,  1860. 

CHAP.  CLXXX. — An  act  authorising  a  loan  providing  7912  stat-  L-' 
for  the  redemption  of  Treasury  notes. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  President  of  the  United  States  be,  and 
hereby  is,  authorized,  at  any  time  within  twelve  months 
from  the  passage  of  this  act,  to  borrow,  on  the  credit  of 
the  United  States,  a  sum  not  exceeding  twenty-one  mil-  mlTi™n  ndVnars 
lions  of  dollars,  or  so  much  thereof  as,  in  his  opinion.  ™^ed  beto  bo£ 
the  exigencies  of  the  public  service  may  require,  to  be  £eem  Treasury 
used  in  the  redemption  of  Treasury  notes  now  outstand- 
ing and  to  replace  in  the  Treasury  any  amount  of  said 
notes  which  shall  have  been  paid  and  received  for  public 
dues,  and  for  no  other  purposes. 

SEC.  2.  And  be  it  further  enacted.  That  stock  shall  be,  stock  to  be 

'  .          .  issued  at  inter- 

issued  for  the  amount  so  borrowed,  bearing  interest,  not  est  of  not  over 

.         6  per  cent. 

exceeding  six  per  centum  per  annum,  and  to  be  reim-  certificates. 
bursed  within  a  period  not  beyond  twenty  years  and  not 
less  than  ten  years;  and  the  Secretary  of  the  Treasury 
be,  and  is  hereby  authorized,  with  the  consent  of  the 
President,  to  cause  certificates  of  stock  to  be  prepared, 
which  shall  be  signed  by  the  Register,  and  sealed  with 
the  seal  of  the  Treasury  Department,  for  the  amount  so 
borrowed,  in  favor  of  the  parties  lending  the  same,  or 
their  assigns,  which  certificates  may  be  transferred  on 
the  books  of  the  Treasury,  under  such  regulations  as  may 
be  established  by  the  Secretary  of  the  Treasury;  Pro- 
vided, That  no  certificate  shall  be  issued  for  a  less  sum 
than  one  thousand  dollars;  And  provided  also,  That.  TO  be  in  sums 

"  of  not  loss  than 

whenever  required,  the  Secretary  of  the  Treasury  may^1^.0.?- 
cause  coupons  of  semiannual  interest  payable  thereon  to  when  required. 

1  r   «/  Assign  ment 

be  attached  to  certificates  issued  under  this  act ;  and  any  thereof. 
certificate  with  such  coupons  of  interest  attached  may  be 
assigned  and  transferred  by  delivery  of  the  same,  instead 
of  being  transferred  on  the  books  of  the  Treasury. 

(Section  3  provides  for  sealed  proposals,  and  the  ac- 
ceptance of  the  most  favorable,  and  for  a  report  of  all 
transactions  to  Congress,  as  in  section  ?>  of  the  act  of 
June  14.  1858:  "Provided,  That  no  stock  shall  be  dis- 
posed of  at  less  than  its  par  value.'') 
15712°— 10 11 


156  NATIONAL  MONETARY   COMMISSION. 

united1  statel     SEC"  4'  And  ^e  U  further  enacted,  That  the  faith  of  the 
pledged.  United  States  is  hereby  pledged  for  the  due  payment  of 

the  interest  and  the  redemption  of  the  principal  of  said 

stock. 

Approved,  June  22,  1860. 

ACT  OF  DECEMBER  17,1860. 

1-2  stat.  L.,  CHAP.  I. — An   act   to   authorize    the   issue   of   Treasury 
notes,  and  for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
no5s.eSoSwrt5ft^  That  the  President  of   [the]   United   [States]    be 
amount,8  Yn'd  hereby  authorized  to  cause  Treasury  notes,  for  such  sum 
denomination.    O1>  sums  as  the  exigencies  of  the  public  service  may  re- 
quire, but  not  to  exceed  at  any  time  the  amount  of  ten 
millions  of  dollars,  and  of  denominations  not  less  than 
fifty  dollars  for  any  such  note,  to  be  prepared,  signed,  and 
issued  in  the  manner  hereinafter  provided. 

TO  be  ro-      SEC.  2.  And  lie  it  further  enacted,  That  such  Treas- 
year  from  their  nrv  notes  shall  be  paid  and  redeemed  by  the  United  States 

d  fl  1 6  " 

at  the  Treasury  thereof  after  the  expiration  of  one  year 

from  the  date  of  issue  of  such  notes;  from  which  dates,-> 

until  they  shall  be  respectively  paid  and  redeemed,  they 

shall  bear  such  rate  of  interest  as  shall  be  expressed  in 

such  notes,  which  rate  of  interest  shall  be  six  per  centum 

Kate  or  in-  per  annum  :  Provided,  That,  after  the  maturity  of  any  of 

when  interest  said  notes,  interest  thereon  shall  cease  at  the  expiration 

of  sixty  days'  notice  of  readiness  to  redeem  and  pay  the 

same,  which  may  at  any  time  or  times  be  given  by  the 

Secretary  of  the  Treasury  in  one  or  more  newspapers  at 

who  to  re- the  seat  of  government.     The  redemption  and  payment 

ceive   payment. 

of  said  notes,  herein  provided,  shall  be  made  to  the  law- 
ful holders  thereof  respectively  upon  presentment  at  the 
Treasury,  and  shall  include  the  principal  of  each  note  and 
the  interest  which  shall  be  due  thereon.  And  for  the  pay- 
raith  <>r  the  ment  and  redemption  of  such  notes  at  the  time  and  times 

I  in  tod      Sf  *it os 

pledged.  therein  specified,  the  faith  of  the  United  States  is  hereby 

solemnly  pledged. 

(Section  3  provides  for  the  signing  of  the  Treasury 
notes  and  the  accounts  to  be  kept  thereof.) 

iss^d'%Typnr  SEC.  4'  Al><l  l)<>  if  f" >'*!"">'  <'»«''f<'<t.  That  the  Secretary 
°f  <'1(l  Treasury  is  hereby  authorized,  with  the  appro- 
bation of  the  President,  to  cause  such  portion  of  said 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  157 

Treasury  notes  as  may  be  deemed  expedient,  to  be  issued 
by  the  Treasurer  in  payment  of  warrants  in  favor  of 
public  creditors,  or  other  persons  lawfully  entitled  to 
payment,  who  may  choose  to  receive  such  notes  in  pay- 
ment at  par ;  and  the  Secretary  of  the  Treasury  is  hereby 
authorized,  with  the  approbation  of  the  President,  to 
issue  the  notes  hereby  authorized  to  be  issued,  at  such  rate  Rate  of  in- 

.  ,  re.  •  !  i     terest   on   such 

or  interest  as  may  be  ottered  bv  the  lowest  responsible  notes,  how  to 

.  be    determined. 

bidder  or  bidders  who  may  agree  to  take  the  said  notes 
at  par  after  public  advertisement  of  not  less  than  ten 
days  in  such  papers  as  the  President  may  direct,  the  said 
advertisement  to  propose  to  issue  such  notes  at  par  to 
those  who  may  otter  to  take  the  same  at  the  lowest  rate 
of  interest.  But  in  deciding  upon  those  bids  no  fraction 
shall  be  considered  which  may  be  less  than  one-fourth 
per  centum  per  annum. 

(Sections  5  to  9.  providing  for  the  transfer,  receipt, 
custody,  redemption,  and  cancellation  of  the  notes,  are 
identical  with  sections  5  to  9  of  the  act  of  December  23, 
1857.) 

SEC.  10.  And  be  if  further  enacted.  That  in  place  of     New   notes 

A  may    be    issued 

such  Treasury  notes  as  may  have  been  paid  and  redeemed,  in  place  of 

7  "  .  tbose     redeem- 

Other  Treasury  notes  to  the  same  amount  may  be  issued  :ed. 

Pro  ride  fL  That  the  aggregate  sum  outstanding  under  the     But  not  at 
authority  of  this  act  shall  at  no  time  exceed  the  sum  of  ceedt!™io!oofx- 
ten  millions  of  dollars:  And  provided  further,  That  the0  Nor  after 
power  to  issue  and  reissue  Treasury  notes  conferred  byi863.UJ 
this  act  shall  cease  and  determine  on  the  first  day  of 
January,  in  the  year  eighteen  hundred  and  sixty-three. 

(Sections  11,  12,  and  13  make  an  appropriation  for  the 
expenses  of  preparing  and  issuing  said  notes,  provides 
against  forging,  counterfeiting,  engraving  plates  to  print 
forged  notes,  etc..  and  having  in  possession  blank  notes, 
etc. 

(Section  14  requires  the  publication  of  a  monthly  state- 
ment of  the  amount  of  notes  issued,  paid,  redeemed,  and 
outstanding  under  this  act.  as  in  section  14  of  the  act 
last  mentioned. 

(Section  15  requires  that  all  money  hereafter  con- 
tracted for  under  the  act  of  June  22,  18GO,  shall  be  used 
for  the  redemption  of  treasury  notes  now  outstanding  or 
to  be  issued.) 

Approved,  December  17.  1800. 


158  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  FEBRUARY  8,  1861. 
1292  Stat'  L"  CHAP.  XXIX. — An  act  authorizing  a  loan. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
m\mm    Aoiiiusembled)  That  the  President  of  the  United  States  be,  and 
!zednhelftorre  hereby  is,  authorized,  at  any  time  before  the  first  day  of 
'    July  next,  to  borrow,  on  the  credit  of  the  United  States, 
a  sum  not  exceeding  twenty-five  millions  of  dollars,  or 
so  much  thereof  as,  in  his  opinion,  the  exigencies  of  the 
public  service  may  require,  to  be  used  in  the  payment  of 
Purpose  of  the  current  demands  upon  the  Treasury  and  for  the  re- 
demption of  Treasury  notes  now  outstanding,  and  to  re- 
place in  the  Treasury  any  amount  of  said  notes  which 
shall  have  been  paid  and  received  for  public  dues. 

(Section  2  provides  that  stock  shall  be  issued,  bearing 
interest  not  exceeding  six  per  cent,  and  "  to  be  reimbursed 
within  a  period  not  beyond  twenty  years  and  not  less  than 
ten  years.''  the  stock  being  transferable  on  the  books  of 
the  Treasury,  arid  no  certificate  being  issued  for  less  than 
one  thousand  dollars. 

(Section  3  provides  for  sealed  proposals,  to  be  received 
for  a  period  of  not  less  than  ten  clays,  for  the  acceptance 
of  the  most  favorable  offers  made  by  responsible  bidders, 
and  for  a  report  of  all  transactions  to  Congress.) 

unTtnedh  state!     SEC-  4-  A"(1  l)C  'd  f>irtner  enacted,  That  the  faith  of  the 
pledged.  United  States  is  hereby  pledged  for  the  due  payment  of 

the  interest  and  the  redemption  of  the  principal  of  said 
stock. 

(By  section  5  the  residue  of  the  loan  authorized  by  the 
act  of  June  '2-2.  1800.  is  to  be  applied  to  the  redemption  of 
Treasury  notes  issued  under  the  act  of  December  IT, 
1860;  and  bonds  authorized  by  said  first-mentioned  act 
may  be  exchanged  at  par  for  said  Treasury  notes  and 
their  accrued  interest. 

(Section  6  makes  appropriation  for  expense  of  prepar- 
ing said  stock,  etc.) 

Secretary  of      SEC.  7.  Ami  he  it  further  enacted.  That  the  Secretary 
the    Treasury  in 

peed  not  accept  of  the  Treasurv  shall  not  bo  obliged  to  accept  the  most 

bids  unless,  etc.  .  .  . 

favorable  bids  as  hereinbefore  provided,  unless  he  shall 
consider  it  advantageous  to  the  United  States  to  do  so. 
but  for  any  portion  of  such  loan,  not  taken  under  the 
first  advertisement,  he  may  advertise  again  at  his  dis- 
cretion. 

Approved.  February  8.  1861. 


LAWS   CONCERNING   MONEY,    BANKING,    AND   LOANS.  159 

ACT  OF  MARCH  2,  1861. 

CHAP.  LXVIII.  —  An  act  to  provide  for  the  payment  of     12  stat.  L., 
outstanding  Treasury  notes,  to  authorize  a  loan  to  regu-. 
late    and  fix   the   duties   on   imports,   and   for   other 
purposes. 


Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tires  of  the  United  States  of  America  in  Congress  as-  within  twelve 

months    not 

semNed,  That  the  President  of  the  United  States  be,  and  over    $10,000,- 

hereby  is,  authorized,  at  any  time  within  twelve  months 

from  the  passage  of  this  act,  to  borrow,  on  the  credit  of 

the  United  States,  a  sum  not  exceeding  ten  millions  of 

dollars,  or  so  much  thereof  as,  in  his  opinion,  the  ex- 

igencies of  the  public  service  may  require,  to  be  applied  &  HOW  to  be 

to  the  payment  of  appropriations  made  by  law,  and  the 

balance  of  Treasury  notes  now  outstanding,  and  no  other 

purposes,  in  addition  to  the  money  received,  or  which 

may  be  received,  into  the  Treasury  from  other  sources: 

Provided,  That  no  stipulation  or  contract  shall  be  made 

to  prevent  the  United  States  from  reimbursing  any  sum 

borrowed  under  the  authority  of  this  act  at  any  time  after     when  to  be 

rodGGIDGCl 

the  expiration  of  ten  years  from  the  first  day  of  July 
next,  by  the  United  States  giving  three  months'  notice, 
to  be  published  in  some  newspaper  published  at  the  seat 
of  Government,  of  their  readiness  to  do  so;  and  no  con- 
tract shall  be  made  to  prevent  the  redemption  of  the  same 
at  any  time  after  the  expiration  of  twenty  years  from 
the  said  first  day  of  July  next,  without  notice. 

(Section  2  provides  for  the  issue  of  either  registered 
or  coupon  certificates  as  may  be  required,  bearing  interest 
not  exceeding  six  per  cent,  in  language  identical  with  that 
of  section  2  of  the  act  of  February  8,  1801,  omitting, 
however,  any  provision  as  to  the  time  of  reimbursement. 

(Section  3  provides  for  sealed  proposals,  to  be  received 
within  a  period  of  not  less  than  thirty  days,  for  the  ac- 
ceptance of  the  most  favorable  offers  made  by  responsible 
bidders,  and  for  a  report  of  all  transactions  to  Congress: 
"Pi'oi-ided,  That  no  stock  shal]  be  disposed  of  at  less  than 
its  par  value:  And  provided  further,  That  no  part  of  the 
loan  hereby  authorized  shall  be  applied  to  the  service  of 
the  present  fiscal  year.") 

SEC.  4.  And  be  'it  further  enacted,  That  in  case  the  pro-forlf  }™?°a£l 
posals  made  for  said  loan,  or  for  so  much  thereof  as  thej1" 
exigencies  of  the  public  service  shall  require,  shall  not  be  j^ 


160  NATIONAL   MONETARY   COMMISSION. 

satisfactory,  the  President  of  the  United  States  shall  be, 
and  hereby  is,  authorized  to  decline  to  accept  such  offer 
if  for  less  than  the  par  value  of  the  bonds  constituting 
the  said  stock,  and  in  lieu  thereof,  and  to  the  extent  and 
amount  of  the  loan  authorized  to  be  made  by  this  act,  to 
issue  Treasury  notes  for  sums  not  less  than  fifty  dollars, 
bearing  interest  at  the  rate  of  six  per  centum  per  annum 
payable  semi-annually  on  the  first  days  of  January  and 
Juhr  in  each  year,  at  proper  places  of  payment  to  be  pre- 
scribed by  the  Secretary,  with  the  approval  of  the  Presi- 
dent: and  under  the  like  circumstances  and  conditions, 
the  President  of  the  United  States  is  hereby  authorized  to 
substitute  Treasury  notes  of  equal  amount  for  the  whole 
or  any  part  of  any  of  the  loans  for  which  he  is  now  by 
Amount,  law  authorized  to  contract  and  issue  bonds.  And  the 

when    payable,  .  TIT  • 

etc.  1  reasury  notes  so  issued  under  the  authority  herein  given 

shall  be  received  in  payment  for  all  debts  due  to  the 
United  States  when  offered,  and  in  like  manner  shall  be 
given  in  payment  for  any  sum  due  from  the  United 
States,  when  payment  in  that  mode  is  requested  by  the 
person  to  whom  payment  is  to  be  made,  or  for  their  par 
Faith  of  the  value  in  coin.  And  the  faith  of  the  United  States  is 

pledged.  '  '  hereby  pledged  for  the  due  payment  of  the  interest  and 
the  redemption  of  the  principal  of  the  stock  or  Treasury 
notes,  which  may  be  issued  under  the  authority  of  this  act  ; 
and  the  sum  of  twenty  thousand  dollars  is  hereby  appro- 

" 


tlon    for-.  . 

penses.  priated.  out  or  any  money  in  the  I  reasury  not  otherwise 

appropriated,  to  pay  the  expenses  of  preparing  the  certifi- 
cates of  stock  or  Treasury  notes  herein  authorized,  to  be 
done  in  the  usual  mode  and  under  the  restrictions  as  to 
employment  and  payment  of  officers  contained  in  the  laws 
authorizing  former  loans  and  issues  of  Treasury  notes;  and 

May  i>e  ex-  |(  shall  he  at  the  option  of  holders  of  the  Treasury  notes 
c  li  a  n  ged  for  _  •' 

bonds,  etc.         hereby  authorized  by  this  act,  to  exchange  the  same  for 

the  stock  herein  authorized  at   par.  or   for  bonds,  in  lieu 

proviso.         of  which  said  Treasury  notes  were  issued:  I*  ro  ruled,  That 

no  certificate  shall   be  exchanged    for  Treasury  notes,  or 

Notes  no!  io  bonds,  in  sums  less  than  five  hundred  dollars:  .{//</  nro- 

be  issued  niter      f  ^  .  ' 

June,  ]s<u.  mded  further,  That  the  authority  to  issue  the  said  Treas- 
ury notes,  or  give  the  same  in  payment  for  debts  due  from 
the  United  States,  shall  be  limited  to  the  thirtieth  day  of 
Redemption.  June,  eighteen  hundred  and  sixty-two;  and  that  the 
same  may  be.  redeemable,  at  the  pleasure  of  the  United 
States  at  any  time  within  two  years  after  the  passage  of 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  161 

this  act;  and  that  said  notes  shall  cease  to  bear  interest    interest, 
after  they  shall  have  been  called  in  by  the  Secretary  of 
the  Treasury  under  the  provisions  of  this  act. 

SEC.  31.  And  be  it  further  enacted,  That  all  acts  andcla^esPea  llng 
parts  of  acts  repugnant  to  the  provisions  of  this  act,  be, 
and  the  same  are  hereby,  repealed. 

#  #  #  #  * 

Approved,  March  2,  1861. 

ACT  OF  MARCH  2,  1861. 

CHAP.  LXX. — An  act  to  pro  ride  for  the  payment  of  ex- 
penses incurred  by  the  Territories  of  Washington,  and 
Oregon,  in  the  suppression  of  Indian  hostilities  therein,i98. 
in  the  years  eighteen  hundred  and  fifty-five  and  eight- 
een hundred  and  fifty-si,!-. 

SEC.  4.  And  be  it  further  enacted,  That  for  the  payment 
of  claims  provided  for  in  this  act.  the  Secretary  of  the 
Treasury  may,  if  he  deem  it  expedient,  issue  to  the  claim- beB<jg^ed 
ants,  or  their  legal  representatives,  bonds  of  the  United  Sl 
States  of  a  denomination  not  less  than  fifty  dollars,  re- 
deemable in  twenty  years,  and  bearing  interest  at  the  rate 
of  six  per  cent,  per  annum,  with  coupons  attached,  and 
payable  annually  or  semi-annually  at  the  discretion  of  the 
Secretary  of  the  Treasury. 

Approved.  March  2,  1861. 

ACT  OF  JULY  17,  1861. 
CHAP.  V. — An  act  to  authorize  a  national  Joan,  and  for     12  stat.  L.. 

259. 

other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  A.merica  in  Congress  assem- 
bled. That  the  Secretary  of  the  Treasury  be.  and  he  is  secretary  of 

•7  the    Treasury 

hereby,  authorized  to  borrow  on  the  credit  of  the  United  m?y.borr°w 

within     twelve 

States,  within   twelve  mouths  from   the  passage  of  this^ 

act,  a  sum  not  exceeding  two  hundred  and  fifty  millions000- 

of  dollars,  or  so  much  thereof  as  lie  may  deem  necessary 

for  the  public  service,  for  which  he  is  authorized  to  issue 

coupon  bonds,  or  registered  bonds,  or  Treasury  notes,  in    couponor 

.  J          .  resist f r e  d 

such   proportions   of  each    as   he  may   deem   advisable ;  honds  or  Trcas- 

'  ur.v    noles   may 

the  bonds  to  hear  interest  not  exceeding  seven  per  centum '>e  issued  there 

for. 

per    annum,    payable    semi-annually.    irredeemable    for 


162  NATIONAL  MONETARY  COMMISSION. 


irhen  twenty  years,  and  after  that  period  redeemable  at  the 
Treasury  pleasure  of  the  United  States  ;  and  the  Treasury  notes  to 

notes,    denomi-  F  •       ,  •          /»       i    i_       ru       a  j>j.i. 

nation,  inter-  be  of  any  denomination  fixed  by  the  {secretary  or  the 

est,  when  pay-  _,  n    ,,  -,    ,  -,  -, 

able.  Treasury,  not  less  than  fifty  dollars,  and  to  be  payable 

three  years  after  date,  with  interest  at  the  rate  of  seven 

and  three-tenths  per  centum  per  annum,  payable  semi- 

CertainTreas-  annually.     And  the  Secretary  of  the  Treasury  may  also 

ury  notes  may  .    "  „  .  ,  „    ,         ,  , 

be   issued   i  n  issue  in  exchange  lor  coin,  and  as  part  01  the  above  loan, 
coin,  etc.         or  may  pay  for  salaries  or  other  dues  from  the  United 

Revised  Stat-  _,  J,  <•        i          j  ,-         ,1  c.£> 

utes,  3589.  States,  Treasury  notes  of  a  less  denomination  than  fitty 
dollars,  not  bearing  interest,  but  payable  on  demand  by 
the  assistant  treasurers  of  the  United  States  at  Philadel- 
phia, New  York,  or  Boston,  or  Treasury  notes  bearing 
interest  at  the  rate  of  three  and  sixty-five  hundredths  per 
centum,  payable  in  one  year  from  date,  and  exchangeable 
at  any  time  for  Treasury  notes  for  fifty  dollars,  and  up- 
wards, issuable  under  the  authority  of  this  act,  and  bear- 
Proviso.  ing  interest  as  specified  above:  Provided,  That  no  ex- 
change of  such  notes  in  any  less  amount  than  one  hundred 
Proviso.  dollars  shall  be  made  at  any  one  time:  And  provided  fur- 
ther, That  no  Treasury  notes  shall  be  issued  of  a  less 
denomination  than  ten  dollars,  and  that  the  whole  amount 
of  Treasury  notes,  not  bearing  interest,  issued  under  the 
authority  of  this  act,  shall  not  exceed  fifty  millions  of 
dollars. 

bond's*   abo\v      SEC.  2.  And  be  it  further  enacted,  That  the  Treasury 

signed,  etc.  notes  and  bonds  issued  under  the  provisions  of  this  act 
shall  be  signed  by  the  First  or  Second  Comptroller,  or 
the  Register  of  the  Treasury,  and  countersigned  by  such 
other  officer  or  officers  of  the  Treasury  as  the  Secretary  of 
the  Treasury  may  designate;  and  all  such  obligations,  of 
the  denomination  of  fifty  dollars  and  upwards,  shall  be 

ferabiew  trans"  is.sued  under  the  seal  of  the  Treasury  Department.  The 
registered  bonds  shall  be  transferable  on  the  books  of  the 
Treasury  on  the  delivery  of  the  certificate,  and  the  coupon 
bonds  and  Treasury  notes  shall  be  transferable  by  deliv- 
ery. The  interest  coupons  may  be  signed  by  such  person 
or  persons,  or  executed  in  such  manner  as  may  be  desig- 
nated by  the  Secretary  of  the  Treasury,  who  shall  fix  the 
compensation  for  the  same. 

(Section  3  authorizes  the  Secretary  of  the  Treasury  to 
open  books  for  subscriptions  for  the  Treasury  notes  at 
such  places  as  he  may  select;  and.  if  he  thinks  expedient, 
before  opening  such  books,  to  pay  out  for  public  dues,  or 
for  coin  or  for  the  public  debt,  any  amount  of  said  Treas- 
ury notes  not  exceeding  one  hundred  millions  of  dollars. 


LAWS   CONCEKNING    MONEY,    BANKING,   AND   LOANS.  163 

(Section  4  provides  for  the  issue  of  proposals  in  the 
United  States  for  such  portion  of  the  loan  in  bonds  as 
the  Secretary  may  determine:  "Provided,  That  no  offer 
shall  be  accepted  at  less  than  par." 

(Section  5  authorizes  the  Secretary  of  the  Treasury  to 
negotiate  any  part  of  the  loan,  not  exceeding  one  hun- 
dred millions  of  dollars,  in  any  foreign  country;  to  make 
the  principal  and  interest  payable  either  in  the  United 
States  or  in  Europe;  and  to  fix  the  rate  of  exchange  at 
which  the  principal  shall  be  received,  which  rate  shall 
also  be  the  rate  of  exchange  for  the  payment  of  the  princi- 
pal and  interest  in  Europe.) 

SEC.  C.  And  be  it  further  enacted,  That  whenever  any    Treasury 

„,  ,  ..,  r./»Tn  notes    under 

Treasury  notes  of  a  denomination  less  than  fifty  dollars,  $50  may  be  re- 

.'  .  .  issued  prior  to 

authorized  to  be  issued  by  this  act.  shall  have  been  re- December  si, 

1862 

deemed,  the  Secretary  of  the  Treasury  may  reissue  the 
same  or  may  cancel  them  and  issue  new  notes  to  an  equal 
amount :  Provided,  That  the  aggregate  amount  of  bonds  Proviso. 
and  Treasury  notes  issued  under  the  foregoing  provisions 
of  this  act  shall  never  exceed  the  full  amount  authorized 
by  the  first  section  of  this  act ;  and  the  power  to  issue  or 
reissue  such  notes  shall  cease  and  determine  after  the 
thirty-first  of  December,  eighteen  hundred  and  sixty-two. 

SEC.  7.  And  be  it  further  enacted.  That  the  Secretary    Treasury 

'  '  J  notes    may    be 

of  the  Treasury  is  hereby  authorized,  whenever  he  shall  issued    in    ex- 

.      c  h  a  n  g  e   f  o  r 

deem  it  expedient,  to  issue  in  exchange  for  coin,  or  in  coin'  etc- 
payment  for  public  dues,  Treasury  notes  of  any  of  the 
denominations  hereinbefore  specified,  bearing  interest  not 
exceeding  six  per  centum  per  annum,  and  payable  at  any 
time  not  exceeding  twelve  months  from  date,  provided 
that  the  amount  of  notes  so  issued,  or  paid,  shall  at  no 
time  exceed  twenty  millions  of  dollars. 

SEC.  8.  And  be  it  further  enacted.  That  the  Secretary  of  t  jfl^V*™,0™ 
the  Treasury  shall  report  to  Congress,  immediately  after  ^    roP()rt    to 

to  «  Congress. 

the  commencement  of  the  next  session,  the  amount  he  has 
borrowed  under  the  provisions  of  this  act,  of  whom,  and 
on  what  terms,  with  an  abstract  of  all  the  proposals,  des- 
ignating those  that  have  been  accepted  and  those  that 
have  been  rejected,  and  the  amount  of  bonds  or  Treasury 
notes  that  have  been  issued  for  the  same. 

SEC.  0.  And  be  it  further  enacted,  That  the  faith  of  the  rn1j'f(^h  &££ 
United  States  is  hereby  solemnly  pledged   for  the  pay-  i>'«i«ed. 
merit  of  the  interest  and  redemption  of  the  principal  of 
the  loan  authorized  by  this  act. 


164  NATIONAL   MONETAKY   COMMISSION. 

p™t  SEC-  10-  And  be  it  further  enacted,  That  all  the  pro- 
°b'  *'  visi°ns  °f  the  act  entitled  "An  act  to  authorize  the  issue 
of  Treasury  notes,"  approved  the  twenty-third  day  of 
December,  eighteen  hundred  and  fifty-seven,  so  far  as  the 
same  can  or  may  be  applied  to  the  provisions  of  this  act, 
and  not  inconsistent  therewith,  are  hereby  revived  or  re- 
enacted. 

(Section  11  makes  an  appropriation  to  defray  the  ex- 
penses attending  this  act.) 
Approved,  July  17,  1861. 

ACT  OF  AUGUST  5,  1861. 

12  stat.  L.,  CHAP.  XLVI. — An  act  supplementary  to  an  act  entitled 
"An  act  to  authorize  a  national  loan,  and  for  other 
purposes." 

(Section  1  authorizes  the  Secretary  of  the  Treasury  to 
issue  bonds  bearing  interest  at  six  per  cent  per  annum,  and 
payable  at  the  pleasure  of  the  United  States  after  twenty 
years  from  date,  to  be  given  in  exchange  for  such  treas- 
ury notes,  bearing  interest  at  seven  and  three-tenths  per 
cent,  issued  under  the  act  of  July  17,  1861,  as  the  holders 
may  present  for  exchange  before  or  at  the  maturity 
thereof.  Any  part  of  the  treasury  notes  payable  on  de- 
mand, authorized  by  said  act,  may  be  made  payable  by 
the  assistant  treasurer  at  St.  Louis,  or  the  depositary  at 
Cincinnati.) 
Treasury  SEC.  2.  And  Lc  it  farther  enacted.  That  the  Treasury 

notes,  bow  exe-  .  ... 

'•"ted.  notes  issued  under  the  provisions  of  the  said  act  to  author- 

ize a  national  loan,  and  for  other  purposes,  or  of  any 
other  act  now  in  force  authorizing  the  issue  of  such  notes, 
shall  be  signed  by  the  Treasurer  of  the  United  States, 
or  by  some  officer  of  the  Treasury  Department,  designated 
by  the  Secretary  of  the  Treasury,  for  said  Treasurer,  and 
countersigned  by  the  Register  of  the  Treasury,  or  by  some 
^'eed  not  have  officer  of  the  Treasury  Department,  designated  by  the 
Secretary  of  the  Treasury,  for  said  Register,  and  no 
Treasury  notes,  issued  under  any  act,  shall  require  the 
seal  of  the  Treasury  Department. 

(Section  \\  provides  that  the  demand  notes  issued  under 
|!u>  previous  act  may  be  of  denominations  not  less  than 
five  dollars. 

(Section  1  makes  an  appropriation  for  the  expenses 
authorized  by  this  act.) 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  165 

SEC.  5.  And  be  it  further  enacted.  That  the  Treasury     N°tes  on  d«- 

7  J   mand,      etc., 

notes   authorized   by   the   act   to   which   this   is   supple-  un£er ,  f 50  Je- 

J  .  c  e  i  v  a  b  1  e     for 

mentary,  of  a  less  denomination  than  fifty  dollars,  pay-  public  dues. 

*  '  4  J  .         Revised  Stat- 

able on  demand  without  interest,  and  not  exceeding  in  utes>  3473- 

amount  the  sum  of  fifty  millions  of  dollars,  shall  be  re- 
ceivable in  payment  of  public  dues. 

SEC.  6.  And  be  it  further  enacted.  That  the  provisions  K,,1S°rati0°°s  of 

f  ouuLicHSury 

of  the  act  entitled  "An  act  to  provide  for  the  better act 
organization  of  the  Treasury,  and  for  the  collection,  safe- 
keeping, transfer,  and  disbursements  of  the  public  reve- 
nue,'' passed  August  six,  eighteen  hundred  and  forty-six,     i«46,  ch.  90. 
be  and  the  same  are  hereby  suspended,  so  far  as  to  allow 
the   Secretary   of  the   Treasury   to   deposit  any  of  the  roiventsiB^eci£ 
moneys  obtained  on  any  of  the  loans  now  authorized  by  paying  banks. 
law,  to  the  credit  of  the  Treasurer  of  the  United  States, 
in  such  solvent  specie-paying  banks  as  he  may  select ; 
and  the  said  moneys,  so  deposited,  may  be  withdrawn 
from  such  deposit  for  deposit  with  the  regular  authorized 
depositaries,  or  for  the  payment  of  public  dues,  or  paid  in 
redemption  of  the  notes  authorized  to  be  issued  under 
this  act  or  the  act  to  which  this  is  supplementary,  pay- 
able on  demand,  as  may  seem  expedient  to,  or  be  directed 
by,  the  Secretary  of  the  Treasury. 

SEC.  7.  And  be  it  further  enacted.  That  the  Secretary  ,  sj*  per  cent 

-    bonds     due     In 

of  the  Treasury  may  sell  or  negotiate,  for  any  portion  of  twenty     years 

"  J    '  may    be    issued 

the  loan  provided  for  in  the  act  to  which  this  is  supple-  for   Certain    7 

1  £          per  cent  bonds. 

mentary,  bonds  payable  not  more  than  twenty  years  from 
date,  and  bearing  interest  not-  exceeding  six  per  centum 
per  annum,  payable  semi-annually,  at  any  rate  not  less 
than  the  equivalent  of  par,  for  the  bonds  bearing  seven 
per  centum  interest,  authorized  by  said  act. 
Approved,  August  f>.  1801. 

ACT  OF  FEBRUARY  25,  1802. 
CHAP.  XXXI  IT. — Ail  art  to  aiitliorize  the  issue  of  United     i-   stilt-   L- 

.  .   345. 

States  note*,  <rnd  for  the  redemption  or  funding  thereof, 
find  for  funding  the  footing  debt  of  the  United  States. 

He  it  enacted  !>//  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  axsem- 
Ued,    That    the    Secretary    of    the    Treasury    is    hereby  ^"'n/jTmn' 
authorized  to  issue,  on  the  credit  of  iho  United  Stales,  J,!™^"1^™^ 
one  hundred  and  fifty  millions  of  dollars  of  United  States  !lutl''orlicd- 
notes,  not  bearing  interest,  payable  to  bearer,  at  the  Treas- 
ury of  the  United  States,  and  of  such  denominations  a* 


166  NATIONAL  MONETARY  COMMISSION. 

$5NeachSS  than  ne  may  deem  expedient,  not  less  than  five  dollars  each  : 
'  Provided.  however.  That  fifty  millions  of  said  notes  shall 


dollars  ^o"'^"  'Je  *n  ^eu  °^  ^ie  demand  Treasury  notes  authorized  to  be 
mand"  notes"  issue^  by  the  act  of  July  seventeen,  eighteen  hundred  and 
behredeerned  to  sixty-one  ;  which  said  demand  notes  shall  be  taken  up  as 
utesvlflrf  tat  rapidly  as  practicable,  and  the  notes  herein  provided  for 
Receivable  in  substituted  for  them  :  And  provided  further.  That  the 

payment  or  all  ' 

dues  to  united  amount  of  the  two  kinds  of  notes  together  shall  at  no  time 

States   except  ° 

duties  on   im-^  exceed  the  sum  of  one  hundred  and  fifty  millions  of  dol- 

ports,    and    of  J 

claims  against  lars   anc]  ^\\c\\  notes  herein  authorized  shall  be  receivable 

the    U  n  i  t  e  d 

states  except  in  payment  of  all  taxes,  internal  duties,  excises,  debts,  and 

interest,  and  a         •     •  7  ' 

legal  tender  in  demands  of  everv  kind  due  to  the  United  States,  except 

allcasesof.  .  .  L 

de£f-  .  .  duties  on  imports,  and  of  all  claims  and  demands  against 

Revised  Stat- 
utes. 3r>88.        the  United  States  of  every  kind  whatsoever,  except  for 

Holders.  J  ,  ... 

thereof  may  de-  interest  upon  bonds  and  notes,  which  shall  be  paid  in  coin, 

posit       any 

amount  not  and  shall  also  be  lawful  money  and  a  legal  tender  in  pav- 

less    than    $;>0  J  e  \    . 

with  the  Treas-  ment  of  all  debts  public  and  private,  within  the  United 

urer  or  assist-  .  L 

ant   treasurer.  States,  except  duties  on  imports  and  interest  as  aforesaid. 

and  receive  cer-  r  <•        •  -i   -r-r    •       i    o 

tiflcates  con-  And  anv  holders  or  said  United  States  notes  depositing 

vertible    into  i    •    i          * 

united    states  anv  sum  not  less  than  fiftv  dollars,  or  some  multiple  of 

bonds.  •-  ' 

fifty  dollars,  with  the  Treasurer  of  the  United  States,  or 

either  of  the  assistant  treasurers,  shall  receive  in  exchange 

therefor  duplicate  certificates  of  deposit,  one  of  which 

may  be  transmitted  to  the  Secretary  of  the  Treasury,  who 

shall  thereupon  issue  to  the  holder  an  equal  amount  of 

bonds  of  the  United  States,  coupon  or  registered,  as  may 

by  said  holder  be  desired,  bearing  interest  at  the  rate  of 

six  per  centum  per  annum,  payable  semi-annually,  and 

redeemable  at  the  pleasure  of  the  United  States  after  five 

years,  arid  payable  twenty  years  from  the  date  thereof. 

recei'vabhJtn  ^  IK'  sucn  ^n^ed  States  notes  shall  be  received  the  same 

loan"10"*   the  !IS  com<  a^  their  par  value,  in  payment  for  any  IOPIIS  that 

''Re^ed'st'it'  nia-v  ^)e  nereafter  sold  or  negotiated  by  the  Secretary  of 

utes,  :!."!>.        t]ic  Treasury,  and  may  be  reissued  from  time  to  time  as 

the  exigencies  of  the  public  interest  shall  require. 
Five  hundred      SEC.  2.  And  Ic  it  further  enacted.  That,  to  enable  the 

million   dollars  ' 

of  o  per  cent  Secretary  of  the  Treasury  to  fund  the  Treasury  notes  and 

bonds     author- 

ized   to    fund  floating  debt  of  the  United  States,  he  is  hereby  authorized 

floating    debt. 

to  issue,  on  the  credit  of  the  United  States,  coupon  bonds, 

or  registered  bonds,  to  an  amount  not  exceeding  five  hun- 

dred millions  of  dollars,  redeemable  at  the  pleasure  of  the 

when  pay-  United  States  after  five  years,  and  payable  twenty  years 

able.  .  •  .  • 

from   date,  and   bearing  interest   at  the  rate  of  six  per 
centum   per    annum,    payable    semi-annually.     And    the 


LAWS   CONCERNING    MONEY,    BANKING,    AND    LOANS.  16? 

bonds  herein  authorized  shall  be  of  such  denominations,  Denomination 

'  not    less    than 

not  less  than  fifty  dollars,  as  may  be  determined  upon  by  $50- 
the  Secretary  of  the  Treasury.     And  the  Secretary  of  the 
Treasury  may  dispose  of  such  bonds  at  any  time,  at  the     May  be  dis- 
market  value  thereof,  for  the  coin  of  the  United  States,  co'in   or  at 
or  for  any  of  the  Treasury  notes  that  have  been  or  may 
hereafter  be  issued  under  any  former  act  of  Congress,  or 
for  United  States  notes  that  may  be  issued  under  the  pro- 
visions of  this  act:  and  all  stocks,  bonds,  and  other  securi-  ^  Exempt  from 

'  ...  .  taxation. 

ties  of  the  United  States  held  by  individuals,  corporations.    Revised  stat- 
or  associations  within  the  United  States,  shall  be  exempt 
from  taxation  by  or  under  State  authority. 

SEC.  3.  And  be  it  further  enacted.  That  the  United   Form  of  notes 

'  and  bonds. 

States  notes  and  the  coupon  or  registered  bonds  author- 
ized by  this  act  shall  be  in  such  form  as  the  Secretary 
of  the  Treasury  may  direct,  and  shall  bear  the  written 
or  engraved  signatures  of  the  Treasurer  of  the  United     HOW  signed, 
States  and  the  Register  of  the  Treasury,  and  also,  as 
evidence  of  lawful  issue,  the  imprint  of  a  copy  of  the 
.seal  of  the  Treasury  Department,  which  imprint  shall 
be  made  under  the  direction  of  the  Secretary  after  the 
said  notes  or  bonds  shall  be  received  from  the  engravers 
and  before  they  are  issued ;  or  the  said  notes  and  bonds 
shall  be  signed  by  the  Treasurer  of  the  United  States, 
or  for  the  Treasurer  by  such  persons  as  may  be  specially 
appointed   by   the   Secretary   of  the  Treasury   for  that 
purpose,  and  shall  be  countersigned  by  the  Register  of 
the  Treasury,  or  for  the  Register  by  such  persons  as  the 
Secretary   of   the   Treasury   may   specially    appoint    for 
that  purpose:  and  all  the  provisions  of  the  act  entitled aj'™v11|150.?sc°f 
"An  act  to  authorize  the  issue  of  Treasury  notes,"  ap-  ^J^1'  n>  re~ 
proved  the  twenty-third  day  of  December,  eighteen  hun- 
dred arid  fifty-seven,  so  far  as  they  can  be  applied  to 
this    act.    and    not    inconsistent    therewith,    are    hereby 
revived  and  re-enacted ;  and  the  sum  of  three  hundred 
thousand    dollars    is   hereby    appropriated,    out   of   any  tio^of^Jso'cf- 
inoney  in  the  Treasury  not   otherwise  appropriated,  to  £0°t^esf  °0rf  ee*; 
enable  the  Secretary  of  the  Treasury  to  carry  this  actgravingi  etc- 
into  effect. 

SEC.  4.  And  l>e  it  further  enacted,  That  the  Secretary  p^f^1*^ 
of  the  Treasury  may  receive  from  any  person  or  persons,  y^J^J*®* 
or  any  corporation,  United  States  notes  on  deposit  for  ^  '"^""t 
not  less  than  thirty  days,  in  sums  of  not  less  than  one  fixates"  b 
hundred  dollars,  with  any  of  the  assistant  treasurers  or  }^er5es^e 
designated  depositaries  of  the  United  States  authorized  therefor- 


168  NATIONAL,  MONETARY   COMMISSION. 

by  the  Secretary  of  the  Treasury  to  receive  them,  who 

Maree2  ai867°*  snaU  issue  therefor  certificates  of  deposit  made  in  such 

form  as  the  Secretary  of  the  Treasury  shall  prescribe, 

and  said  certificates  of  deposit  shall  bear  interest  at  the 

rate  of  five  per  centum  per  annum;  and  any  amount  of 

Deposits  may  United  States  notes  so  deposited  may  be  withdrawn  from 

be    withdrawn.  * 

deposit  at  any  time  after  ten  days'  notice  on  the  return 

of  said  certificates:  Provided,  That  the  interest  on  all 

such  deposits  shall  cease  and  determine  at  the  pleasure 

Aggregate  of  of  the  Secretary  of  the  Treasury  :  And  provided  further. 

deposits  not  to  J  L 

ooo°oeood  ?"5'  "That  the   aggregate   of  such   deposit   shall   at   no  time 
exceed  the  amount  of  twenty-five  millions  of  dollars. 


Duties  to  i>e      gec.  5.  ^ncl  fre  it  further  enacted.  That  all  duties  on 

received  in  coin  .  ...... 

and  d  e  m  a  n  d  imported  goods  shall  be  paid  in  com,  or  m  notes  payable 

on  demand  heretofore  authorized  to  be  issued  and  by 

Revised  stat-  ]aw  receivable  in  payment  of  public  dues,  and  the  coin 

so  paid  shall  be  set  apart  as  a  special  fund,  and  shall  be 

applied  as  follows: 

coin,    how      First.  To  the  pavment  in  coin  of  the  interest  on  the 

used  to  pay  in-  l     " 

terest.  bonds  and  notes  of  the  United  States. 

Revised  Stat- 

utes.  sfl»4.  Second.   J  o  the  purchase  or  payment  or  one  per  centum 

TO  create  a  of  the  entire  debt   of  the   United   States,   to   be   made 
Revised  stat-  within  each  fiscal  vear  after  the  first  day  of  July,  eight- 

utes,   3G89.  J.  ;  •   ' 

een  hundred  and  sixty-two,  which  is  to  be  set  apart  as  a 
sinking  fund,  and  the  interest  of  which  shall  in  like 
manner  be  applied  to  the  purchase  or  payment  of  the 
public  debt  as  the  Secretary  of  the  Treasury  shall  from 
time  to  time  direct. 

Third.  The  residue  thereof  to  be  paid  into  the  Treas- 
ury of  the  United  States. 

(Sections  0  and  7  prescribe  penalties  for  forging,  etc., 
Treasury  notes  or  bonds,  and  for  using,  engraving,  etc., 
plates  in  similitude:  or  for  selling  or  bringing  into  the 
United  States,  or  having  plates  or  blank  notes  in  pos- 
session, etc.) 

Approved.  February  25.  18()2. 

ACT    OF    MARCH    1,  1802. 

12  stat.  L,  CIIAI-.  XXXV.  —  An  <i<  t  lo  authorize  the  Secretary  of 
the  Treasury  to  ixxne  certificates  of  indebtedness  to 
public  creditors. 

Ke  it  enacted  by  the  Senate  and  Ilonsc  of  Representa- 
tive* of  the  United  States  of  America  m  C'oitf/rexs  assem- 
bled, That  the  Secretary  of  the  Treasury  be,  and  he.  is 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  169 

hereby  authorized  to  cause  to  be  issued  to  any  public  ,,«lss"e  °*  cfr- 

•  .  tiflcate    of    in- 

creditor  who  may  be  desirous  to  receive  the  same,  upon  ^oHzed588  au 
requisition  of  the  head  of  the  proper  department,  in  satis- 
faction of  audited  and  settled  demands  against  the  United 
States,  certificates  for  the  whole  amount  due  or  parts 
thereof  not  less  than  one  thousand  dollars,  sigifed  by  the  ?1Nf°o0less  than 
Treasurer  of  the  United  States,  and  countersigned  as  may     How  s'gned. 
be  directed  by  the  Secretary  of  the  Treasury ;  which  cer- 
tificates  shall  be  paj^able  in  one  year  from  date  or  earlier,     when  pay- 
at  the  option  of  the  Government,  and  shall  bear  interest 

Six  per  cent. 

at  the  rate  of  six  per  centum  per  annum.  interest. 

Approved,  March  1,  1862. 

xVCT   OF   MARCH    17.  1862. 
CHAP.  XL\r. — An  act  to  authorize  the  purchase  of  coin     12  stat.  L., 

370 

and  for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  Secretary  of  the  Treasury  may  purchase  Purchase  of 

J  J  J     r  coln    With    any 

coin  with  anv  of  the  bonds  or  notes  of  the  United  States,  United    states 

'  bonds  or  notes 

authorized  by  law,  at  such  rates  and  upon  such  terms  as  auTt,b°5'ize,di. 

J  .  Revised  Stat- 

he  may  deem  most  advantageous  to  the  public  interest ;  "t,es<  ?J°°- 

"  '  "  -     Certificates  of 

and  may  issue,  under  such  rules  and  regulations  as  he  indebtedness 

"  may   be   issued 

may  prescribe,  certificates  of  indebtedness,  such  as  areto   holders   of 

i>ii  •  .  checks,  etc. 

authorized  by  an  act  entitled  An  act  to  authorize  the 
Secretary  of  the  Treasury  to  issue  certificates  of  indebted- 
ness to  public  creditors,"  approved  March  first,  eighteen 
hundred  and  sixty-two,  to  such  creditors  as  may  desire 
to  receive  the  same,  in  discharge  of  checks  drawn  by 
disbursing-officers  upon  sums  placed  to  their  credit  on 
the  books  of  the  Treasurer,  upon  requisitions  of  the 
proper  Departments,  as  well  as  in  discharge  of  audited 
and  settled  accounts,  as  provided  by  said  act. 

SEC.  2.  And  be  it  further  enacted.  That  the  demand   Demand  notes 
notes  authorized  by  the  act  of  July  seventeen,  eighteen  able'  andc  a  ie- 
hundred    and    sixty-one,    and   by   the    act    of    February  notesenisesued 
twelfth,  eighteen  hundred  and  sixty-two,  shall,  in  ad-  February  25, 
ditiori  to  being  receivable  in  payment  of  duties  on  imports,    Revised  stat 
be  receivable,  and  shall  be  lawful  money  and  a  legal  ten- 
der, in  like  mariner,  arid  for  the  same  purposes,  and  to 
the  same  extent,  as  the  notes  authorized  by  an  act  entitled 
'•  An   act  to  authorize  the  issue  of   United  States  notes, 
and  for  the  redemption  or  funding  thereof,  and  for  fund- 


170  NATIONAL   MONETARY   COMMISSION. 

ing  the  floating  debt  of  the  United  States,"  approved 

February  twenty-fifth,  eighteen  hundred  and  sixty-two. 

thlTreeaSur°y     SEC.  3*  And  be  it  further  enacted,  That  the  limitation 

auth.orlz<id  to  upon  temporary  deposits  of  United  States  notes  with 

its   of   Treas-  any    assistant    treasurers    or    designated    depositaries. 

ury      notes    to        J  ° 

of  authorized  by  the  Secretary  ot  the  Ireasury  to  receive 
such  deposits,  at  five  per  cent,  interest,  to  twenty-five 
millions  of  dollars,  shall  be  so  far  modified  as  to  authorize 
the  Secretary  of  the  Treasury  to  receive  such  deposits  to 
an  amount  not  exceeding  fifty  millions  of  dollars,  and 
that  the  rates  of  interest  shall  be  prescribed  by  the  Secre-' 
tary  of  the  Treasury  not  exceeding  the  annual  rate  of 
five  per  centum. 

May  issue     SEC.  4.  And  l)e  it  further  enacted,  That,  in  all  cases 
place  of  those  where  the  Secretary  of  the  Treasury  is  authorized  bv  law 

worn  out.  .  ,    *  .  ,  -IT 

Revised  stat-  to  reissue  notes,  he  may  replace  such  as  are  so  mutilated 
or  otherwise  injured  as  to  be  unfit  for  use  with  others  of 
the  same  character  and  amount ;  and  such  mutilated 
notes,  and  all  others  which  by  law  are  required  to  be  taken 
up  and  not  reissued,  shall,  when  so  replaced,  or  taken  up, 
be  destroyed  in  such  manner  and  under  such  regulations 
as  the  Secretary  of  the  Treasury  may  prescribe. 
Approved.  March  17.  1862. 

ACT  OF  APRIL  21,  1862. 
12  stat.  L.,  CHAP.  LIX. — An  act  to  establish  a  branch  mint  of  the 

*?8*^ 

United  States-  at  Dencet\  in   the   Territory  of  Colo- 
rado. 


toBSnCdepo!3t  SEC-  5-  And  ^e  if  f^'ther  enacted.  That  said  branch 
Loneys.ubl  iCmmt  shall  be  a  place  of  deposit  for  such  public  moneys 
as  the  Secretary  of  the  Treasury  may  direct.  And  the 
superintendent  of  the  said  branch  mint,  who  shall  per- 
form the  duties  of  treasurer  thereof,  shall  have  the  cus- 
tody of  the  same,  and  also  perform  the  duties  of  assistant 
treasurer;  and  for  that  purpose  shall  be  subject  to  all  the 
vo^ix ch' 59' Prov^ons  contain(1(l  '"  :in  ;KI<  entitled  "An  act  to  pro- 
vide for  the  better  organization  of  the  treasury,  and  for 
the  collection,  safe-keeping,  transfer,  and  disbursement  of 
the  public  revenue/'  approved  August,  six.  eighteen  hun- 
dred and  forty-six,  which  relates  to  the  treasury  of  the 
branch  mint  at  New  Orleans. 

***** 
Approved.  April  21,  1M'>2. 


LAWS   CONCEBNING    MONEY,    BANKING,   AND   LOANS.  171 

ACT  OF  JULY  1,  1862. 

CHAP.  CXX. — An  act  to  aid  in  the  construction  of  a  rail-     12  stat.  L., 
road  and  telegraph  line  from  the  Missouri  River  to  the 
Pacific  Ocean,  and  to  secure  to  the  Government  the  use 
of  the  same  for  postal,  military,  and  other  purposes. 

(Section  1  creates  the  corporation  of  the  "  Union  Pa- 
cific Railroad  Company  "  and  prescribes  details  of  man- 
agement, etc. 

(Section  2  grants  right  of  way. 

(Section  3  grants  alternate  sections  of  land  on  each 
side  of  railroad  except  mineral  lands,  etc. 

(Section  4  prescribes  conditions  upon  which  patents 
shall  issue.) 

SEC.  5.  And  be  it  -further  enacted,  That  for  the  pur-      Government 
poses  herein  mentioned,  the  Secretary  of  the  Treasury    see  sections, 

'  "  act  1864 ;  also 

shall,   upon  the  certificate  in  writing  of  said   commis- section  10. 

.  Now  20  miles. 

sioners  of  the  completion  and  equipment  or  forty  con-    section.  10, 
secutive  miles  of  said  railroad  and  telegraph,  in  accord-    Revised  stat- 

.  .  utes,  3689. 

ance  with  the  provisions  of  this  act,  issue  to  said  company 
bonds  of  the  United  States  of  one  thousand  dollars  each,  ofsetenfsec*!,0tnfot 
payable  in  thirty  years  after  date,  bearing  six  per  centum  |||' QOO  aper 
per  annum  interest  (said  interest  payable  semi-annually),mile- 
which  interest  may  be  paid  in  United  States  Treasury 
notes  or  any  other  money  or  currency  which  the  United 
States  have  or  shall  declare  lawful  money  and  a  legal- 
tender,  to  the  amount  of  sixteen  of  said  bonds  per  mile 
for  such  section  of  forty  miles;  and  to  secure  the  repay- 
ment to  the  United  States,  as  hereinafter  provided,  of 
the  amount  of  said  bonds  so  issued  and  delivered  to  said 
company,  together  with  all  interest  thereon  which  shall 
have  been  paid  by  the  United  States,  the  issue  of  said 
bonds  and  delivery  to  the  company  shall  ipso  facto  con- 
stitute a  first  mortgage  on  the  whole  line  of  the  railroad  TT  r^i?nc,,  ,of 

United     States 

and  telegraph,  together  with  the  rolling-stock,  fixtures,  b 
and  property  of  every  kind  and  description,  and  in  con-1 
sideration  of  which  said  bonds  may  be  issued;  and  on  re- 
fusal or  failure  of  said  company  to  redeem  said  bonds  or 
any  part  of  them,  when  required  to  do  so  by  the  Secretary 
of  the  Treasury,  in  accordance  with  the  provisions  of  this 
act,  the  said  road,  with  all  the  rights,  functions,  immuni- 
ties, and  appurtenances  thereunto  belonging,  and  also  all 
lands  granted  to  the  said  company  by  the  United  States, 
which,  at  the  time  of  said  default,  shall  remain  in  the 
l.r)Tl2°— 10 12 


172  NATIONAL  MONETARY   COMMISSION. 

ownership  of  the  said  company,  may  be  taken  possession 

of  by  the  Secretary  of  the  Treasury  for  the  use  and  bene- 

JSSiJtfon 5, fit  of  the  United  States:  Provided,  This  section  shall  not 

act  of  1864.     apply  to  that  part  of  any  road  now  constructed. 

aiSonhdoSwWPaidn  SEC-  6-  And  be  it  further  enacted,  That  the  grants 
aforesaid  are  made  upon  condition  that  said  company 
shall  pay  said  bonds  at  maturity,  and  shall  keep  said  rail- 
road and  telegraph  line  in  repair  and  use,  and  shall  at 
all  times  transmit  dispatches  over  said  telegraph  line, 
and  transport  mails,  troops,  and  munitions  of  war,  sup- 
plies, and  public  stores  upon  said  railroad  for  the  Gov- 
ernment whenever  required  to  do  so  by  any  Department 
thereof,  and  that  the  Government  shall  at  all  times  have 
the  preference  in  the  use  of  the  same  for  all  the  purposes 
aforesaid,  (at  fair  and  reasonable  rates  of  compensation, 
not  to  exceed  the  amounts  paid  by  private  parties  for  the 
same  kind  of  service)  ;  and  all  compensation  for  services 
rendered  for  the  Government  shall  be  applied  to  the  pay- 
ment of  said  bonds  and  interest  until  the  whole  amount 

transportation!  's  fully  paid.     Said  company  may  also  pay  the  United 

jn^cash  he  pald  States,  wholly  or  in  part,  in  the  same  or  other  bonds. 
Treasury  notes,  or  other  evidences  of  debt  against  the 
United  States,  to  be  allowed  at  par:  and  after  said  road 
is  completed,  until  said  bonds  and  interest  are  paid,  at 
least  five  per  centum  of  the  not  earnings  of  said  road 
shall  also  be  annually  applied  to  the  payment  thereof. 
***** 

tS'ove^nle  SK('-  1L  A>lf]  &''  ''*  further  enarte<L  That  for  three 
sierra  '"xeVada  hundred  miles  of  said  road,  most  mountainous  and  diffi- 
Mountains.  cu^  o-f  construction,  to  wit.  one  hundred  and  fifty  miles 
westwardly  from  the  eastern  base  of  the  "Rocky  Moun- 
tains, and  one  hundred  and  fifty  miles  eastwardly  from 
the  western  base  of  the  Sierra  Nevada  Mountains,  said 
points  to  be  fixed  by  the  President  of  the  United  States, 
the  bonds  to  lie  issued  to  aid  in  the  construction  thereof 
shall  be  treble  the  number  per  milo  hereinbefore  pro- 
vided, and  the  same  shall  be  issued,  and  the  lands  heroin 
granted  be  set  apart,  upon  (he  construction  of  every  twenty 
miles  (hereof,  upon  (he  certificate  of  the  commissioners 
•as  aforesaid  that  twenty  consecutive  miles  of  the  same 

Subsidy  bonds  are  completed:  and   between   the  sections  last  named  of 
double  between  i          -i       i          i    /»»  -i  • 

the  mountains,  one  hundred  and  fifty  miles  each,  the  bonds  to  be  issued 
to  aid  in  the  construction  thereof  shall  be  double  the 
number  per  milo  first  mentioned,  and  the  same  shall  be 


LAWS   CONCERNING    MONEY,   BANKING,   AND   LOANS.  173 

issued,  and  the  lands  herein  granted  be  set  apart,  upon 
the  construction  of  every  twenty  miles  thereof,  upon  the 
certificate  of  the  commissioners  as  aforesaid  that  twenty 
consecutive  miles  of  the  same,  are  completed :  Provided, 
That  no  more  than  fifty  thousand  of  said  bonds  shall  be 
issued  under  this  act  to  aid  in  constructing  the  main  4ine 
of  said  railroad  and  telegraph. 

***** 

SEC.  17.  And  be  it  further  enacted,  That  in  case  said  cf^^ee^^ 
company  or  companies  shall  fail  to  comply  with  the  terms  £°™dpletion  of 
and  conditions  of  this  act,  by  not  completing  said  road 
and  telegraph  and  branches  within  a  reasonable  time,  or 
by  not  keeping  the  same  in  repair  and  use,  but  shall  per- 
mit the  same  for  an  unreasonable  time  to  remain  unfin- 
ished or  out  of  repair  and  unfit  for  use,  Congress  may 
pass  any  act  to  insure  the  speedy  completion  of  said  road 
and  branches,  or  to  put  the  same  in  repair  and  use,  and 
may  direct  the  income  of  said  railroad  and  telegraph  line 
to  be  thereafter  devoted  to  the  use  of  the  United  States 
to  repay  all  such  expenditures  caused  by  the  default  or 
neglect  of  such  company  or  companies:  Provided,  That 
if  said  roads  are  not  completed,  so  as  to  form  a  continuous ,  Main  line  to 

be    finished    in 

line  of  railroad,  ready  for  use,  from  the  Missouri  River1876- 
to  the  navigable  waters  of  the  Sacramento  River  in  Cali-  an(fe~  s^-  ^ 
fornia.  by  the  first  day  of  July,  eighteen  hundred  and  1864- 
seventy-six,  the  whole  of  all  of  said  railroads  before 
mentioned,  and  to  be  constructed  under  the  provisions  of 
this  act,  together  with  all  their  furniture,  fixtures,  rolling- 
stock,  machine  shops,  lands,  tenements,  hereditaments, 
and  property  of  every  kind  and  character,  shall  be  for- 
feited to  and  taken  possession  of  by  the  United  States: 
Provided,  That  of  the  bonds  of  the  United  States  in  this 
act  provided  to  be  delivered  for  any  and  all  parts  of  the 
roads  to  be  constructed  east  of  the  one-hundredth  merid- 
ian of  west  longitude  from  Greenwich,  and  for  any  part 
of  the  road  west  of  the  west  foot  of  the  Sierra  Xevadn 
Mountains,  there  shall  be  reserved  of  each  part  and  in- 
stallment twenty-five  per  centum,  to  be  and  remain  in  Repealed. 

£^P(*       SCC.       T 

the  United  States  Treasury,  undelivered,  until  said  road  act  of  isei. 
and  all  parts  thereof  provided  for  in  this  act  are  entirely 
completed:  and  of  all  the  bonds  provided  to  be  delivered 
for  the  said  road,  between  the  two  points  aforesaid,  there 
shall  be  reserved  out  of  each  installment  fifteen  per 
centum,  to  be  and  remain  in  the  Treasury  until  the  whole 
of  the  road  provided  for  in  this  act  is  fully  completed; 


174  NATIONAL  MONETARY  COMMISSION. 

and  if  the  said  road  or  any  part  thereof  shall  fail  of 
completion  at  the  time  limited  therefor  in  this  act,  then 
and  in  that  case  the  said  part  of  said  bonds  so  reserved 
shall  be  forfeited  to  the  United  States. 

***** 

Approved,  July  1,  1862. 

NOTE. — By  joint  resolution,  No.  19,  of  April  10,  1869,  an  amount 
of  the  subsidy  bonds  provided  for  are  to  be  withheld  sufficient  to 
secure  the  full  completion,  as  a  first-class  road,  of  all  sections  of 
such  road,  etc. 

ACT  OF  JULY  11,  1862. 
12  stat.  L.,  CHAP.  CXLII. — An  act  to  authorize  an  additional  issue 

532 

of  United  States  notes,  and  for  other  purposes. 

***** 
Limit  to  de-      gEC>  3.  And  be  it  further  enacted.  That  the  limitation 

posits  of  notes  '  ' 

t-culfl  oorom  l'Pon  temporary  deposits  of  United  States  notes  with  any 
$100,000,000.  assistant  treasurer,  or  designated  depositary  authorized 
by  the  Secretary  of  the  Treasury  to  receive  such  deposits, 
to  fifty  millions  of  dollars  be,  and  is  hereby  repealed; 
and  the  Secretary  of  the  Treasury  is  authorized  to  re- 
ceive such  deposits,  under  such  regulations  as  he.  may 
prescribe,  to  such  amount  as  he  may  deem  expedient,  not 
exceeding  one  hundred  millions  of  dollars,  for  not  less 
than  thirty  days,  in  sums  not  less  than  one  hundred  dol- 
lars, at  a  rate  of  interest  not  exceeding  five  per  centum 
per  annum;  and  any  amount  so  deposited  may  be  with- 
drawn from  deposit,  at  any  time  after  ten  days"  notice  on 

Fifty  million  (he   return   of   the   certificate   of  deposit.      And   of   the 
dollars  of  notes  .  . 

reserved  to  pay  amount  of  United  States  notes  authorized  by  this  act,  not 

deposits.  •!!•  /«iii  1111  i    /> 

less  than  fifty  millions  or  dollars  shall  be  reserved  for  the 

purpose  of  securing  prompt   payment  of  such  deposits 

when  demanded,  and  shall  be  issued  and  used  only  when, 

in  the  judgment   of  the  Secretary  of  the  Treasury,  the 

same  or  any  part  thereof  may  be  needed  for  that  purpose. 

AH    certifl- And  certificates  of  deposit   and   of  indebtedness  issued 

posit  and  of  in-  under  this  or  former  acts  may  be  received  on  the  same 

debtor! ness  con-  TT     .        ,     ,,  '.  <•         i  i 

vertit.ie   i  n  t  o  terms  as  United  States  notes  in  payment   tor  bonus  re- 
deemable after  five  and  payable  in  twenty  years. 
Time  of  oh-      SEC.  4.  And  l>c  it  further  cmif-frd,  That  the  Secretary 
authorized   b y  of  (he  Treasui'v  mav,  at  any  time  until  otherwise  ordered 

act  of  July   17,  1.1.1'  L    •    i  •  •  11.1.1 

1801,  extended,  by  (  oiigress.  and  under  the  restrictions  imposed  by  the 
••  art  to  authorize  a  national  loan,  and  for  other  purposes," 
borrow,  on  the  credit  of  the  United  States,  such  part  of 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  175 

the  sum  of  two  hundred  and  fifty  millions  mentioned  in 
said  act  as  may  not  have  been  borrowed,  under  the  pro- 
visions of  the  same,  within  twelve  months  from  the  pas- 
sage* thereof. 

***** 

Approved,  July  11,  1862. 

ACT  OF  MARCH  3,  1863. 

CHAP.  LXXIII.  —  An  act  to  provide  ways  and  means  for     12  stat.  L., 
the  support  of  the  Government. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 

sembled.  That   the  Secretarv   of  the   Treasury   be,   and     secretary  of 

' 


i«ii  T      •      -i       i  (.  •  • 

he  is  hereby,  authorized  to  borrow,  from  time  to  time,  on  m  a  y     borrow 

T      'p  TT    •  T  not  over  $300,- 

the  credit  of  the  United  States,  a  sum  not  exceeding  three  000,000    for 

this    v  G  it  r    n  n  d 

hundred  millions  of  dollars  for  the  current  fiscal  vear,  and  $000,000,000 

,,,.,,.  „  01  "i          •  f°r  the  next. 

six  hundred  millions  for  the  next  fiscal  year,  and  to  issue 

therefor  coupon  or  registered  bonds,  payable  at  the  pleas-     Bonds. 

ure  of  the  Government  after  such  periods  as  may  be  fixed 

by  the  Secretary,  not  less  than  ten  nor  more  than  forty 

years  from  date,  in  coin,  and  of  such  denominations  not     Denomina- 

less  than  fifty  dollars  as  he  may  deem  expedient,  bearing 

interest  at  a  rate  not  exceeding  six  per  centum  per  annum,     interest    on, 

B  .  L  '  rate  of,  payable 

payable   on   bonds  not   exceeding  one   hundred   dollars,  in  coin- 

annually,  and  on  all  other  bonds  semi-annually.  in  coin; 

and  he  mav.  in  'his  discretion,  dispose  of  such  bonds  at     Bonds  may 

be  disposed  of. 

any  time,  upon  such  terms  as  he  may  deem  most  advisable, 
for  lawful  money  of  the  United  States,  or  for  any  of  the 
certificates  of  indebtedness  or  deposit  that  may  at  any 
time  be  unpaid,  or  for  any  of  the  Treasury  notes  hereto- 
fore issued  or  which  may  be  issued  under  the  provisions 
of  this  act.  And  all  the  bonds  and  Treasury  notes  or  TO  be  exempt 

•  .     from  taxation. 

United  States  notes  issued  under  the  provisions  of  this    uevised  star 

iite^.  .'J7(il. 

act  shall  be  exempt  from  taxation  by  or  under  State  or 

municipal  authority:  Prorided,  That  there  shall  be  out-  ^d™^  no't 

standing  of  bonds.  Treasury  notes,   and   United   States  .^i.ooo.ooo0  d 

notes,  at  any  time,  issued  under  the  provisions  of  this  act, 

no  greater  amount  altogether  than  the  sum  of  nine  hun- 

dred millions  of  dollars. 

SEC.  2.  And  le  it  further  enacted.  That  the  Secretarv     secretary 

•    m  ;i  y     I  n  s  u  e 

of  the  Treasury  be,  and  he  is  hereby,  authorized  to  issue,  $400.000,000 

in     T  I'oa  s  u  ry 

on  the  credit  of  the  United  States,  four  hundred  millions  notes. 

of  dollars  in  Treasury  notes,  payable  at  the  pleasure  of     when  pny- 

*•  '  .         able    and     rate 

the  United  States,  or  at  such  time  or  times  not  exceeding  of  interest. 


176  NATIONAL  MONETARY    COMMISSION. 

three  years  from  date  as  may  be  found  most  beneficial  to 
the  public  interests,  and  bearing  interest  at  a  rate  not 
exceeding  six  per  centum  per  annum,  payable  at  periods 

abientieneiawfui expressed  on  the  face  of  said  Treasury  notes;  and  the 
interest  on  the  said  Treasury  notes  and  on  certificates  of 
indebtedness  and  deposit  hereafter  issued,  shall  be  paid 

tionsenand  'how  *n  lawful  money.     The  Treasury  notes  thus  issued  shall 

disposed  of.  ^  of  Sucj1  denomination  as  the  Secretary  may  direct,  not 
frG.  a  less  than  ten  dollars,  and  may  be  disposed  of  on  the  best 
terms  that  can  be  obtained,  or  may  be  paid  to  any  creditor 
of  the  United  States  willing  to  receive  the  same  at  par. 
etc.egal  ^nc^  Ra^  Treasury  notes  may  be  made  a  legal  tender  to 

utes!V3590Stat  *ne  same  extent  as  United  States  notes,  for  their  face 

For  what  ex-  value,  excluding  interest :  or  they  may  be  made  exchange- 
changeable.  .  . 

able  under  regulations  prescribed  by  the  Secretary  of  the 

Treasury,  by  the  holder  thereof,  at  the  Treasury  in  the 
city  of  Washington,  or  at  the  office  of  any  assistant  treas- 
urer or  depositary  designated  for  that  purpose,  for  United 
States  notes  equal  in  amount  to  the  Treasury  notes  of- 
fered for  exchange,  together  with  the  interest  accrued 
and  due  thereon  at  the  date  of  interest  payment  next  pre- 
maytbte  issued  ce^ing  sut'h  exchange.     And  in  lieu   of  any  amount   of 
changed86    ""  sa^  Treasury  notes  thus  exchanged,  or  redeemed  or  paid 
at  maturity,  the  Secretary  may  issue  an  equal  amount  of 
other  Treasury   notes;   and    the   Treasury    notes   so   ex- 
changed, redeemed,  or  paid,  shall  be  cancelled  and  de- 
and"flftnn'mnd  stro.ve^  as  ^ne  Secretary  may  direct.     In  order  to  secure 
MOM  dollars  of  certain  and  prompt  exchanges  of  United  States  notes  for 

notes     may     ho 

issued  for  ex  Treasury  notes,   when   required   as  above  provided,  the 

changes.  •  l 

Secretary  shall  have  power  to  issue  United  States  notes 
to  the  amount  of  one  hundred  and  fifty  millions  of  dol- 
lars, which  may  be  used  if  necessary  for  such  exchanges: 
but  no  part  of  the  United  States  notes  authorized  by  this 
section  shall  be  issued  for  or  applied  to  any  other  pur- 
wh en  issued  poses   than   said   exchanges:    and    whenever  any   amount 
how  replaced. '  shall  have  been  so  issued  and  applied,  the  same  shall  be 
replaced  as  soon  as  practicable  from  the  sales  of  Treasury 
notes  for  United  States  notes. 
The  secretary      Snc.  .'5.  Ami  b<.-  it  ft/rf/tf'i1  (iKictdl.  That  the  Secretary 

if  necessary  to 

pa  y  til-  army. of  tj)O  Treasury  be.  and  he  is  hereby,  authorized,  if  re- 

etc..  may   issue  •  , 

9150.000.000  In  quired  by  the  exigencies  of  the  public  service,  lor  the  pav- 

notes      without   * 

interest.  meiit  of  the  Arniv  and  Xaw.  and  other  creditors  or  the 

Revised  Stat-  •  . 

utes,  3571.        Government,  to  issue  on  the  credit  01  the  I  nited  States 

the  sum  of  one  hundred  and  fifty  millions  of  dollars  of 
United  States  notes,  including  the  amount  of  such  notes 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  177 

heretofore  authorized  by  the  joint  resolution  approved 

January  seventeen,  eighteen  hundred  and  sixty-three,  in 

such  form  as  he  may  deem  expedient,  not  bearing  interest, 

payable  to  bearer,  and  of  such  denominations,  not  less  than  tio?sen°mlna" 

one  dollar,  as  he  may  prescribe,  which  notes  so  issued  shall 

be  lawful  money  and  a  legal  tender  in  payment  of  all  debts,  exJeepgtalfoTddu- 

public  or  private,  within  the  United  States,  except  for^8  and  inter- 

duties  on  imports  and  interest  on  the  public  debt ;  and  any  ut^seV35g| stat" 

of  the  said  notes,  when  returned  to  the  Treasury,  may  be 

reissued  from  time  to  time  as  the  exigencies  of  the  public    Devised  stat- 

service  may  require.     And  in  lieu  of  any  of  said  notes,  or  ut  jgg^'J^  lieu 

any  other  United  States  notes,  returned  to  the  Treasury, ^,e°otes   can- 

and  cancelled  or  destroyed,  there  may  be  issued  equal 

amounts  of  United  States  notes,  such  as  are  authorized  by 

this  act.     And  so  much  of  the  act  to  authorize  the  issue     Repeal  of 

of  United  States  notes,  and  for  other  purposes,  approved ch.r  33,    ise-i; 

February  twenty-five,  eighteen  hundred  and  sixty-two, stricting'nego- 

and  of  the  act  to  authorize  an  additional  issue  of  United ket  value. 

States   notes,    and    for    other   purposes,    approved   July 

eleven,  eighteen  hundred  and  sixty-two,  as  restricts  the 

negotiation  of  bonds  to  market  value,  is  hereby  repealed. 

And  the  holders  of  United  States  notes,  issued  under  and    when  former 

notes    must    be 

bv  virtue  of  said  acts,  shall  present  the  same  for  the  pur- Pre*ented     for 

"  exchange. 

pose  of  exchanging  the  same  for  bonds,  as  therein  pro- 
vided, on  or  before  the  first  day  of  July,  eighteen  hundred 
and  sixty-three,  and  thereafter  the  right  so  to  exchange 
the  same  shall  cease  and  determine. 

SEC.  4.  And  le  It  further  enacted.  That  in  lieu  of  post-     ln    lieu    of 

'  postage     c  u  r  - 

age  and  revenue  stamps  for  fractional  currency,  and  of  [^"J  yn  Of™cs 
fractional  notes,  commonly  called  postage  currency,  issued m!}Je^edSst:at' 
or  to  be  issued,  the  Secretary  of  the  Treasury  may  issue "Xt8-  3">~-*, 

"  3o7o. 

fractional  notes  of  like  amounts  in  such  form  as  he  may 
deem    expedient,    and    may    provide    for   the   engraving, 
preparation,  and  issue  thereof  in  the  Treasury  Depart- 
ment building.     And  all  such  notes  issued  shall  be  ex- ch^e ^J*,1^ 
changeable  by  the  assistant  treasurers  and  designated  de-  i-;l-vablc- 
positaries  for  United  States  notes,  in  sums  not  less  than 
three  dollars,  and  shall  be  receivable  for  postage  and  reve- 
nue  stamps,   and   also   in   payment   of   any   dues  to   the 
United  States  less  than  five  dollars,  except  duties  on  im- 
ports, and  shall  be  redeemed  on  presentation  at  the  Treas- 
ury of  the  United  States  in  such  sums  and  under  such 
regulations  as  the  Secretary  of  the  Treasury  shall  pre- 
scribe: Provided,  That  the  whole  amount  of  fractional  e^seu«dno$^° 
currency  issued,  including  postage  and   revenue  si  a 


178  NATIONAL  MONETARY  COMMISSION. 

issued  as  currency,  shall  not  exceed  fifty  millions  of 
dollars. 

may  "receive     SEC.  5.  And  ~be  it  further  enacted,  That  the  Secretary 
So°sitdandnissue  °^  *ne  Treasury  is  hereby  authorized  to  receive  deposits 
theereforficates°^  £°^  co^n  anc^  Bullion  with  the  Treasurer  or  any  assist- 
uteseV254d  Stat  an^  treasurer  of  the  United  States,  in  sums  not  less  than 
twenty  dollars,  and  to  issue  certificates  therefor,  in  denom- 
inations of  not  less  than  twenty  dollars  each,  correspond- 
ing with  the  denominations  of  the  United  States  notes. 
The  coin  and  bullion  deposited  for  or  representing  the 
certificates  of  deposit  shall  be  retained  in  the  Treasury 
cafesChmavrtiDe  ^'or  ^ne  payment  of  the  same  on  demand.     And  certifi- 
('a^es  representing  coin  in  the  Treasury  may  be  issued  in 
debtPaymen*;  °^  Merest  on  the  public  debt,  which  certificates, 
together  with  those  issued  for  coin  and  bullion  deposited, 
amount'4    ° f sna^  n°t  at  any  time  exceed  twenty  per  centum  beyond 
iRev0i?££  stat"  the  amount  of  coin  and  bullion  in  the  Treasury :  and  the 

utes,  3473.  .  J  ' 

certificates  for  coin  or  bullion  in  the  Treasury  shall  be 
received  at  par  in  payment  for  duties  on  imports. 
Secretary  to      gEC.  Q    And  l>e  it  further  enacted,  That  the  coupon  or 

determine  ' 

form  of  bonds  registered  bonds,  Treasury  notes,  and  United  States  notes 

and  notes.  te  .  . 

authorized  by  this  act  shall  be  in  such  form  as  the  Secre- 
tary  °^  the  Treasury  may  direct,  and  shall  have  printed 
upon  them  such  statements,  showing  the  amount  of  ac- 
crued or  accruing  interest,  the  character  of  the  notes,  and 
the  penalties  or  punishment  for  altering  or  counterfeiting 
them,  as  the  Secretary  of  the  Treasury  may  prescribe,  and 

HOW  signed.  $\VA\\  bear  the  written  or  engraved  signatures  of  the 
Treasurer  of  the  United  States  and  the  Register  of  the 
Treasury,  and  also  as  evidence  of  lawful  issue,  the  im- 
nriii't  of'soai'"1  Pr*nt  °^  a  c°Py  °^'  the  seal  of  the  Treasury  Department, 
which  imprint  shall  be  made,  under  the  direction  of  the 
Secretary,  after  the  said  notes  or  bonds  shall  be  received 
from  the  engravers  and  before  they  are  issued;  or  the 

signature,  said  notes  and  bonds  shall  be  signed  by  the  Treasurer  of 
the  United  States,  or  for  the  Treasurer  by  such  persons 
as  may  be  specially  appointed  by  the  Secretary  of  the 
Treasury  for  that  purpose,  and  shall  be  countersigned  by 
the  Register  of  the  Treasury,  or  for  the  Register  by  such 
persons  as  the  Secretary  of  the  Treasury  may  specially 

Provisions  of  appoint  for  that  purpose.     And  all  the  provisions  of  tin1 

act  1H57,  ch.  1,     J  .  .  ' 

revived.  act  entitled     An  act  to  authorize  the  issue  of   Ireasury 

notes,"  approved  the  twenty-third  day  of  December, 
eighteen  hundred  and  fifty-seven,  so  far  as,  they  can  be 


LAWS   CONCEBNING    MONEY,    BANKING,   AND   LOANS.  179 

applied  to  this  act,  and  not  inconsistent  therewith,  are 

hereby  revived  and  re-enacted. 

***** 

(Section  7,  after  providing  for  taxes  to  be  laid  upon 
the  circulation  of  all  banks  and  corporations,  whether 
established  under  state  laws  or  under  the  act  of  February  70^2  stat-  L-> 
25,  1863,  directs  that  all  banks,  corporations,  or  indivi- 
duals issuing  notes  for  any  fractional  part  of  a  dollar 
after  April  1,  1863,  shall  be  taxed  ten  per  cent  per  annum 
upon  the  amount  of  such  fractional  notes. 

(Section  8  makes  penalties  of  former  act  against  coun- 
terfeiting, etc.,  applicable,  and  provides  an  appropriation 
to  carry  this  act  into  effect.) 

Approved,  March  3,  1863. 

ACT  OF  MARCH  3,  1863. 
CHAP.  LXXIV. — An  act  to  amend  an  act  entitled  "An  _  12  stat.  L., 

71o. 

act  to  provide  internal  revenue  to  support  the  Govern- 
ment and  pay  interest  on  the  public  debt"  approved 
July  first,  eighteen  hundred  and  sixty-two,  and  for 
other  purposes. 

(Section  4,  after  prescribing  that  all  contracts  for  the 
purchase  or  sale  of  coin  or  bullion,  arid  all  contracts  for 
loans  upon  the  pledge  thereof,  if  to  be  performed  after 
a  period  exceeding  three  days,  shall  be  in  writing  and 
shall  be  taxed,  provides  as  follows: 

"  And  no  loan  of  currency  or  money  on  the  security  of 
gold  or  silver  coin  of  the  United  States,  as  aforesaid,  or 
of  any  certificate  or  other  evidence  of  deposit  payable  in 
gold  or  silver  coin,  shall  be  made  exceeding  in  amount  the 
par  value  of  the  coin  pledged  or  deposited  as  security; 
and  any  such  loan  so  made,  or  attempted  to  be  made, 
shall  be  utterly  void :  Provided,  That  if  gold  or  silver 
coin  be  loaned  at  its  par  value  it  shall  be  subject  only  to 
the  duty  imposed  on  other  loans:  Provided,  however, 
That  nothing  herein  contained  shall  apply  to  any  trans- 
action by  or  with  the  government  of  the  United  States." 

(Section  5  declares  that  all  transactions  not  in  accord- 
ance with  the  preceding  section  shall  be  void,  and  provides 
for  suits  by  any  party  to  such  contracts.) 

Approved,  March  3,  1863. 


180  NATIONAL   MONETARY  COMMISSION. 

ACT  OF  MARCH  3,  1864. 

isstat.L.,13.  CHAP.  XVII. — An  act  supplementary  to  an  act  entitled 
"An  act  to  provide  ways  and  means  for  the  support  of 
the  Government"  approved  March  third,  eighteen  hun- 
dred and  sixty-three. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  State*  of  America  in  Congress  assem- 
secretary    otbled,  That  in  licMi  of  so  much  of  the  loan  authorized  by 
may  borrow  not  the  act  of  March  third,  eighteen  hundred  and  sixty-three, 

over  ?JOO.OOO,-  ,-,,,-•  i  ±1         a  '     £    -n 

ooo  and  issue  to   which   this  is   supplementary,  the   Secretary   of  the 

therefor    five-  .  .    L  *.  .  .  -    . 

forty  bonds.      I  reasury  is  authorized  to  borrow,  irom  time  to  time,  on 
the  credit  of  the  United  States,  not  exceeding  two  hun- 
dred millions  of  dollars  during  the  current  fiscal  year,  and 
to  prepare  and  issue  therefor  coupon  or  registered  bonds 
See  section  3.  of  the  United  States,  bearing  date  March  first,  eighteen 
hundred  and  sixty-four,  or  any  subsequent   period,  re- 
deemable at  the  pleasure  of  the  Government  after  any 
period  not  less  than  five  years,  and  payable  at  any  period 
Denomina-not  more  than  fortv  vears  from  date,  in  coin,  and  of  such 

tions.  .  *  /.  T  i 

denominations  as  may  be  found  expedient,  not  less  than 
interest    not  fifty  dollars,  bearing  interest  not  exceeding  six  per  centum 

over  t)  per  cent,          •  L 

payable  in  coin.  a  year,  payable  on  bonds  not  over  one  hundred  dollars, 
n<j\v  disposed  annually,  and  on  all  other  bonds  semi-annually,  in  coin; 
and  he  may  dispose  of  such  bonds  at  any  time,  on  such 
terms  as  he  may  deem  most  advisable,  for  lawful  money 
of  the  United  States,  or,  at  his  discretion,  for  Treasury 
notes,  certificates  of  indebtedness,  or  certificates  of  de- 
Exempt  from  posit,  issued   under  anv  act  of  Congress;  and  all  bonds 

taxation.  .  •  °  .  . 

Revised  stat-  issued  under  this  act  shall  be  exempt  from  taxation  bv  or 
tites.  :*>7oi.  .  , 

under  State  or  municipal  authority.     And  the  Secretary 

t  it. ''/"for"  ex-0^  ''u'  '' ''''rt—H'y  shall  pay  the  necessary  expenses  of  the 

exceed  one-haVf  l)rel)ara*'(;n-  'SSU(>-  an(^  disposal  of  such  bonds  out  of  any 

of  i  per  ceut.   inoney  in  the  Treasury  not  otherwise  appropriated,  but  the 

amount  so  paid  shall  not  exceed  one-half  of  one  per  centum 

of  the  amount  of  the  bonds  so  issued  and  disposed  of. 

(Section  '2  authorizes  the  Secretary  of  the  Treasury  to 
issue  bonds  under  the  act  of  February  25.  18(>2.  in  excess 
of  five  hundred  millions  of  dollars,  to  the  amount  of 
eleven  millions,  to  such  persons  as  subscribed  for  them  on 
or  before  January  21.  1SC>4.  and  have  paid  for  them.) 
Approved,  March  3.  1804. 


LAWS   CONCERNING    MONEY,    BANKING,    AND    LOANS.  181 

JOINT  RESOLUTION  OF  MAECH  17,  1864. 

[No.  20.]  Joint  resolution  to  authorize  the  Secretary  of  ^f   stat-   L- 
the  Treasury  to  anticipate  the  payment  of  the  interest 
on  the  public  debt,  and  for  other  purposes. 

Be  it  resolved  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  Secretary  of  the  Treasury  be  authorized  t  secretary  of 

'  J  t  h  e     Treasury 

to  anticipate  the  payment  of  interest  on  the  public  debt,  "jay  anticipate 

,x  .          the  interest  on 

bv  a  period  not  exceeding  one  year,  from  time  to  time,  the  public  debt. 

'  Revised  Stat- 

either  with  or  without  a  rebate  of  interest  upon  the  con-  utes,  sooo. 
pons,  as  to  him  may  seem  expedient ;  and  he  is  hereby 
authorized  to  dispose  of  any  gold  in  the  Treasury  of  the 
United  States  not  necessary  for  the  payment  of  interest 
of  the  public  debt:  Provided,  That  the  obligation  to  ere-    Proviso. 
ate  the  sinking  fund  according  to  the  act  of  February 
twenty-fifth,  eighteen  hundred  and  sixty-two,  shall  not    1862>  ch-  33- 
be  impaired  thereby. 

Approved,  March  IT.  1864. 

ACT  OF  JUNE  3,  1864. 

CHAP.  CVL — An  act  to  provide  a  national  currency,  sc-0913   stat   L- 
cured  by  a  pledge  of  United  States  bonds,  and  to  pro- 
vide for  the  circulation  and  redemption  thereof. 
***** 

SEC.  45.  And  be  it  further  enacted,  That  all  associa-wAesnsosc0ia^: 
tions  under  this  act.  when  designated  for  that  purpose  by  depositaries  of 
the  Secretary  of  the  Treasury,  shall  be  depositaries  of |>u^!eptm0etc.s; 
public  money,  except  receipts  from  customs,  under  such™*f  ag|nt|nan' 
regulations  as  may  be  prescribed  by  the  Secretary;  and Ut^®vl|i53tstat 
they   may   also  be  employed    as  financial   agents  of   the 
Government ;  and  they  shall  perform  all  such  reasonable 
duties,    as   depositaries   of   public   moneys   and    financial 
agents  of  the  Government,  as  may  bo  required  of  thorn. 
And  the  Secretary  of  the  Treasury  shall  require  of  the 
associations  thus  designated  satisfactory  security,  by  the 
deposit    of  United    States  bonds   and   otherwise,   for  the 
safe-keeping  and  prompt   payment  of  the   public  money 
deposited  with  them,  and   for  the  faithful   performance 
of  their  duties  as  financial   agents  of  the  Government  : 
Prodded,  That  every  association  which  shall  be  selected 
and   designated   as  receiver  or  depositary   of  the   public 
money  shall  take  and  receive  ut  par  all  of  the  national 


182  NATIONAL   MONETARY  COMMISSION. 

currency  bills,  by  whatever  association  issued,  which  have 
been  paid  in  to  the  Government  for  internal  revenue,  or 

for  loans  or  stocks. 

***** 

Approved,  June  3.  1864. 

ACT  OF  JUNE  17,  1864. 

132    Stat   K*  CHAP.  CXXVII. — An  act  to  prohibit  certain  sales  of  gold 

and  foreign  exchange. 

Be  it  enacted,  *  *  *  That  it  shall  be  unlawful  to 
make  any  contract  for  the  purchase  or  sale  and  delivery  of 
any  gold  coin  or  bullion  to  be  delivered  on  any  day  sub- 
sequent to  the  day  of  making  such  contract,  or  for  the 
payment  of  any  sum.  either  fixed  or  contingent,  in  de- 
fault of  the  delivery  of  any  gold  coin  or  bullion,  or  to 
make  such  contract  upon  any  other  terms  than  the  actual 
delivery  of  such  gold  coin  or  bullion,  and  the  payment  in 
full  of  the  agreed  price  thereof,  on  the  day  on  which  such 
contract  is  made,  in  United  States  notes  or  national  cur- 
rency, and  not  otherwise;  or  to  make  any  contract  for  the 
purchase  or  sale  and  delivery  of  any  foreign  exchange  to 
be  delivered  at  any  time  beyond  ten  days  subsequent  to 
the  making  of  such  contract ;  or  for  the  payment  of  any 
sum,  either  fixed  or  contingent,  in  default  of  the  delivery 
of  any  foreign  exchange,  or  upon  any  other  terms  than 
the  actual  delivery  of  such  foreign  exchange  within  ten 
days  from  the  making  of  such  contract,  and  the  immedi- 
ate payment  in  full  of  the  agreed  price  thereof  on  the  day 
of  delivery  in  United  States  notes  or  national  currency; 
or  to  make  any  contract  whatever  for  the  sale  and  de- 
livery of  any  gold  coin  or  bullion  of  which  the  person 
making  such  contract  shall  not.  at  the  time  of  making  the 
same,  be  in  actual  possession.  And  it  shall  be  unlawful 
to  make  any  loan  of  money  or  currency  not  being  in  coin 
to  be  repaid  in  coin  or  bullion,  or  to  make  any  loan  of 
coin  or  bullion  to  be  repaid  in  money  or  currency  other 
than  coin. 

SEC.  2.  And  !><'  it  further  ena-f-tcd.  That  it  shall  be  fur- 
ther unlawful  for  any  banker,  broker,  or  other  person,  to 
make  any  purchase  or  sale  of  any  gold  coin  or  bullion,  or 
of  any  foreign  exchange,  any  contract  for  any  such  pur- 
chase or  sale,  at  any  other  place  than  the  ordinary  place 
of  business  of  either  the  seller  or  purchaser,  owned  or 


LAWS   CONCEKNING    MONEY,    BANKING,   AND   LOANS.  183 

hired,  and  occupied  by  him  individually,  or  by  a  partner- 
ship of  which  he  is  a  member. 

SEC.  3.  And  be  it  further  enacted,  That  all  contracts 
made  in  violation  of  this  act  shall  be  absolutely  void. 

SEC.  4.  And  be  it  further  enacted ',  That  any  person 
who  shall  violate  any  provisions  of  this  act  shall  be  held 
guilty  of  a  misdemeanor,  and,  on  conviction  thereof,  be 
fined  in  any  sum  not  less  than  one  thousand  dollars,  nor 
more  than  ten  thousand  dollars,  or  be  imprisoned  for  a 
period  not  less  than  three  months,  nor  longer  than  one 
year,  or  both,  at  the  discretion  of  the  court,  and  shall 
likewise  be  subject  to  a  penalty  of  one  thousand  dollars 
for  each  offence. 

SEC.  5.  And  be  it  further  en-acted,  That  the  penalties 
imposed  by  the  fourth  section  of  this  act  may  be  recov- 
ered in  an  action  at  law  in  any  court  of  record  of  the 
United  States,  or  any  court  of  competent  jurisdiction, 
which  action  may  be  brought  in  the  name  of  the  United 
States  by  any  person  who  will  sue  for  said  penalty,  one 
half  for  the  use  of  the  United  States,  and  the  other  half 
for  the  use  of  the  person  bringing  such  action.  And  the 
recovery  and  satisfaction  of  a  judgment  in  any  such  action 
shall  be  a  bar  to  the  imposition  of  any  fine  for  the  same 
offence  in  any  prosecution  instituted  subsequent  to  the 
recovery  of  such  judgment,  but  shall  not.  be  a  bar  to  the 
infliction  of  punishment  by  imprisonment,  as  provided 
by  said  fourth  section. 

SEC.  6.  And  be  -it  further  enacted.  That  all  acts  and 
parts  of  acts  inconsistent  with  the  provisions  of  this  act 
are  hereby  repealed. 

Approved.  June  17,  1864. 

NOTE. — The  above  act  was  repealed  by  the  act  approved  July  2, 
1864.  (See  V*  Stat.  L.,  344.) 

ACT  OF  JUNE  30,  18G4. 

CHAP.  CLXXII. — .1??  aft  to  provide  iraus  and  means  f("\^    stat'    lj" 
tJie  support  of  the.   Government,  and  for  other  pur- 
poses. 

Be  it  enafted  b>/  the  Senate  and  House  of  Representa- 
tive* of  the   United  8tates  of  America  in   Con</rc*x  a*- 
tembled,  That  the  Secretary  of  the  Treasury  be.  and  lie  t  f^'1'0/.;!,1^,,^ 
is  hereby,  authorized  to  borrow,  from  time  to  time,  on  t^'^^VoVoo 
credit  of  the  United  States,  four  hundred  million-  of  dol-«"a  issue  bonds 
lars.  and  to  issue  therefor  coupon  or  registered  bonds  of 
the  United  States,  redeemable  at  the  pleasure  of  the  Gov- 


184  NATIONAL  MONETARY   COMMISSION. 

abu;ben  redeem"  ernment,  after  any  period  not  less  than  five,  nor  more  than 
thirty  years,  or,  if  deemed  expedient,  made  payable  at  any 
tl0nenomlna" period  not  more  than  forty  years  from  date.     And  said 
bonds  shall  be  of  such  denominations  as  the  Secretary  of 
annnTa*fyminthe  Treasury  shall  direct,  not  less  than  fifty  dollars,  and 
bear  an  annual  interest  not  exceeding  six  per  centum, 
m*a°yVe0dnu^  payable  semi-annually  in  coin.     And  the  Secretary  of  the 
Treasury  may  dispose  of  such  bonds,  or  any  part  thereof, 
and  of  any  bonds  commonly  known  as  five-twenties  re- 
maining unsold,  in  the  United  States,  or  if  he  shall  find 
it  expedient,  in  Europe,  at  any  time,  on  such  terms  as  he 
may  deem  most  advisable,  for  lawful  money  of  the  United 
States,  or,  at  his  discretion  for  Treasury  notes,  certificates 
of  indebtedness,  or  certificates  of  deposit  issued  under 
y  act  of  Congress.     And  all  bonds,  Treasury  notes,  and 
exempt  f°rom  other  obligations  of  the  United  States  shall  be  exempt 
taRevised  stat-  from  taxation  by  or  under  State  or  municipal  authority. 
SEC.  2.  And  be  it  further  enacted,  That  the  Secretary 
isSuer1naueu  oir  «f  the  Treasury  may  issue  on  the  credit  of  the  United 
Isfoo.oWooo  States,  and  in  lieu  of  an  equal  amount  of  bonds  author - 
TR*vi»^nstat'  ize(l  °y  the  preceding  section,  and  as  a  part  of  said  loan, 
utDenom'ina-not  exceeding  two  hundred  millions  of  dollars,  in  Treas- 
payabfend  wben  urJ  notes  of  any  denomination  not  less  than  ten  dollars, 
payable  at  an}*  time  not  exceeding  three  years  from  date, 
or,  if  thought  more  expedient,  redeemable  at  any  time 
after  three  years  from  date,  and  bearing  interest  not  ex- 
interest  pay-ceeding  the  rate  of  seven  and  three-tenths  per  centum 

able    In    lawful  B    .  *• 

money.  payable  in  lawful  money  at  maturity,  or.  at  the  discre- 

tion   of   the    Secretary,    semi-annually.      And    the    said 
Treasury  notes  may  be  disposed  of  by  the  Secretary  of 
HOW  nuiy  he  the  Treasurv,  on  the  best  terms  that  can  be  obtained,  for 

disposed  of. 

lawful  money:  and  such  of  them  as  shall  be  made  pay- 
HOW  far  to  be  able,  principal  and  interest,  at  maturity,  shall  be  a  legal 

Revised  stat- tender   to   the   same   extent    as    United    States   notes   for 
iitos.  :{.->!><).  .     .      „  .  ,.         .  . 

Revised  stat- their  tare,  value,  excluding  interest,  and  may  be  paid  to 

any   creditor  of  the   United    States   at   their   face   value, 

excluding  interest,  or  to  any  creditor  willing  to  receive 

T  ro  :i  s.i  r  y  them  at  par.  inchidiiiir  interest:  and  any  Treasury  notes 

notes  to  lie  ron- 

vprtihie  into  issued    under    the    authority    of    this   act    inav    be    made 

Ixinds.  .  _ 

convertible,   at    the   discretion    of   the   Secretary    of   the 

Treasury,  into  any  bonds  issued   under  the  authority  of 

stuuted'TorTilethis  act.     And  the  Secretary  of  the  Treasurv  may  redeem 

"ions' issue.1" °  and   cause  to  be  cancelled   and   destroyed   any   Treasury 

notes    or    United    States    notes    heretofore    issued    under 

authority  of  previous  acts  of  Congress,  and  substitute, 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  185 

in  lieu  thereof,  an  equal  amount  of  Treasury  notes  such 

as  are  authorized  by  this  act,  or  of  other  United  States 

notes:  Provided,  That  the  total  amount  of  bonds  and    Amount  of 

Treasury  notes  authorized  by  the  first  and  second  sec-  not   to  exceed 

/       .  1     „  .          ,        ,         .,,.  $400,000,000. 

tions  01  this  act  shall  not  exceed  four  hundred  millions 
of  dollars,  in  addition  to  the  amounts  heretofore  issued; 
nor  shall  the  total  amount  of  United  States  notes,  issued  Notes  not  to 

.  exceed,  etc. 

or  to  be  issued,  ever  exceed  four  hundred  millions  of 
dollars,  and  such  additional  sum,  not  exceeding  fifty 
millions  of  dollars,  as  may  be  temporarily  required  for 
the  redemption  of  temporary  loan ;  nor  shall  anv  Treas- .  interest-betir- 

J  '•  mg    notes    not 

urv  note  bearing  interest,  issued  under  this  act,  be  a  legal  'epal  tender  for 

-  .  '  the       redemp- 

tender  in  payment  or  redemption  of  anv  notes  issued  by  t|on  of  circuia- 

1     •  i  "'   tion  of  banks. 

any  bank,  banking  association,  or  banker,  calculated  or 
intended  to  circulate  as  money. 

(Section  3  authorizes  the  Secretary  of  the  Treasury 
to  exchange  bonds  heretofore  issued  on  which  the  inter- 
est is  payable  annually,  for  others  bearing  interest  pay- 
able semiannually.  The  treasury  notes  heretofore  issued, 
bearing  seven  and  three-tenths  per  cent  interest,  may  be 
exchanged  for  the  six  per  cent  bonds  heretofore  author- 
ized, at  any  time  within  three  months  after  notice  of  re- 
demption given  by  the  Secretary,  after  which  interest  on 
such  notes  shall  cease;  and  the  interest  on  such  notes  after 
maturity  shall  be  paid  in  lawful  money.  So  much  of  the 
act  of  March  3.  1804,  as  limits  the  loan  therein  authorized 
to  the  current  fiscal  year,  is  repealed.  The  authority  to 
issue  bonds  or  notes,  conferred  by  section  1  of  the  act 
of  March  3,  1803,  is  to  cease  on  the  passage  of  this  act, 
except  so  far  as  it  may  affect  seventy-five  millions  of 
bonds  already  advertised.) 

SEC.  4.  And  l>c  it  further  enacted.  That  the  Secretary    secretm-y    of 

r  Ai       rn  it        •        .LI  •     j  '    t:  h  c     Treasury 

or  the  1  reasury  may  authorize  the  receipt,  as  a  temporary  may  r  e  <•  e  i  v  <> 

£    T-    •/   i     oV  £         i.-         i  temporary  loan. 

loan,  or  united  States  notes  or  the  notes  of  national 
banking  associations  on  deposit  for  not  less  than  thirty 
days,  in  sums  of  not  less  than  fifty  dollars,  by  any  of  the 
assistant  treasurers  of  the  United  States,  or  depositories 
designated  for  that  purpose  other  than  national  banking 
associations,  who  shall  issue  certificates  of  deposit  in  such 
form  as  the  Secretary  of  the  Treasury  shall  prescribe,  I 
bearing  interest  not  exceeding  six  per  centum  annually, 
and  payable  at  any  time  after  the  term  of  deposit,  and 
after  ten  days'  subsequent  notice,  unless  time  and  notice 
be  waived  by  the  Secretary  of  the  Treasury:  and  the  Sec- 
retary of  the  Treasury  may  increase  the  interest  on  de- 


186  NATIONAL   MONETARY  COMMISSION. 

posits  at  less  than  six  per  centum  to  that  rate,  or,  on  ten 
days'  notice  to  depositors,  may  diminish  the  rate  of  in- 
terest as  the  public  interest  may  require;  but  the  ag- 
toAllcefdtl50  *  gregate  of  such  deposits  shall  not  exceed  one  hundred  and 
000,000.        '  fifty  millions  of  dollars ;  and  the  Secretary  of  the  Treas- 
ury may  issue,  and  shall  hold  in  reserve  for  payment  of 
such  deposits,  United  States  notes  not  exceeding  fifty 
millions  of  dollars,  including  the  amount  already  applied 
in  such  payment ;  and  the  United  States  notes,  so  held  in 
Reserve  forreserve  shall  be  used  only  when  needed,  in  his  judgment, 

their   payment.  J  . '  to  ' 

for  the  prompt  payment  of  such  deposits  on  demand,  and 
shall  be  withdrawn  and  placed  again  in  reserve  as  the 
amount  of  deposits  shall  again  increase. 

(Section  5  authorizes  the  Secretary  of  the  Treasury  to 
issue  "  notes  of  the  fractions  of  a  dollar  as  now  used  for 
currency,"  and  to  provide  for  their  redemption  when 
mutilated  or  defaced,  and  for  their  receipt  in  payment  of 
debts  to  the  United  States,  except  for  customs,  in  sums 
not  over  five  dollars;  but  the  whole  amount  of  all  notes 
or  stamps  less  than  one  dollar  issued  as  currency  shall  not 
exceed  fifty  millions  of  dollars.) 

re°Tsteared     ^EC.  ®'  ^nd  l>c  it  further  enacted.  That  the  coupon  and 
bonds,  to  be  of  registered  bonds  shall  be  in  such  form  and  bear  such  in- 

what  form  and       ^ 

how  signed.  scriptions  as  the  Secretary  of  the  Treasury  may  direct, 
and  shall  be  signed  by  the  Register  of  the  Treasury,  or 
for  the  Register,  by  such  person  or  persons  as  may  be 
specially  designated  for  that  purpose  by  the  Secretary  of 
the  Treasury,  and  shall  bear  as  evidence  of  lawful  issue, 
seal.  the  imprint  of  the  seal  of  the  Treasury  Department,  to 

t0  be  ':)e  mac^e  under  the  direction  of  the  Secretary  of  the  Treas- 
ury, in  a  room  set  apart  especially  and  exclusively  for 
that  purpose,  under  the  care  of  some  person  appointed 
coupons.  directly  by  him.  And  the  coupons  attached  to  such  bonds 
shall  bear  the  engraved  signature  of  the  Register  of  the 
Treasury,  and  such  other  device  or  safeguard  against 
counterfeiting  as  the  Secretary  may  approve;  and  it  is 
hereby  declared  that  all  bonds  hereto[fo]re  issued,  bear- 
ing the  signature  of  the  Register,  shall  have  the  same 
force,  effect,  and  validity  as  if  signed  also  by  the  Treas- 
urer, and  all  bonds  bearing  the  signature  of  the  Register, 
erroneously  described  as  Treasurer  of  the  United  States, 
shall  have  the  same  force,  effect,  and  validity,  as  if  his 
official  designation  had  been  correctly  stated;  and  all 
coupons  bearing  the  engraved  signature  of  the  Register 
of  the  Treasury  in  office  at  the  time  when  such  signatures 


LAWS   CONCEENING    MONEY,    BANKING,   AND   LOANS.  187 

were  authorized  and  engraved,  shall  have  full  force, 
validity,  arid  effect,  notwithstanding  such  Register  may 
have  subsequently  ceased  to  hold  office  as  such,  when 
issued  in  connection  with  bonds  duly  authorized  and 
signed  by  or  for  the  successor  or  successors  of  said  Regis- 
ter. And  the  Treasury  notes  and  United  States  notes  FormofTreas- 
authorized  by  this  act  shall  be  in  such  form  as  the  Secre- 
tary of  the  Treasury  shall  direct  and  shall  bear  the  writ- 
ten or  engraved  signatures  of  the  Treasurer  of  the  United 
States  and  the  Register  of  the  Treasury,  and  shall  have 
printed  upon  them  such  statements,  showing  the  amount 
of  accrued  or  accruing  interest  and  the  character  of  the 
notes,  as  the  Secretary  of  the  Treasury  may  prescribe; 
and  shall  bear,  as  a  further  evidence  of  lawful  issue,  the 
imprint  of  the  seal  of  the  Treasury  Department,  to  be 
made  under  the  direction  of  the  Secretary  of  the  Treas- 
ury, as  before  directed. 

(Section  7  authorizes  the  issue  of  registered  bonds  in     is  stat.  L., 
lieu  of  coupon  bonds,  already  or  hereafter  to  be  issued.)  ~  instructions, 

SEC.  8.  And  be  it  further  enacted,  That  the  Secretary  officers   receiv- 
of  the  Treasurv  is  hereby  authorized  and  required  to  ing  united 

,  .  "£  .  .  ,     .  .        S  ta  tcs  notes, 

make  and  issue,  from  time  to  time,  such  instructions,  rules,  etc. 

,  |      .  ,  in  •  Revised  Stat- 

and  regulations,  to  the  several  collectors,  receivers,  de-  utes,  251. 
positaries,  officers,  and  others,  who  may  receive  Treasury 
notes,  United  States  notes,  or  other  securities  in  behalf 
of  the  United  States,  or  who  may  be  in  any  way  engaged 
or  employed  in  the  preparation  and  issue  of  the  same,  as 
he  shall  deem  best  calculated  to  promote  the  public  con- 
venience and  security,  and  to  protect  the  United  States, 
as  well  as  individuals,  from  fraud  and  loss. 

(Sections  9,  10,  11,  and  12  provide  for  the  expenses 
of  preparing  and  issuing  bonds,  notes,  etc.,  and  pre- 
scribe penalties  for  counterfeiting,  altering,  uttering, 
using  plates,  for  engraving,  printing,  bringing  into  the 
United  States,  etc.,  and  retaining  and  using  plates,  etc.) 

SEC.   13.  And  be  it  further  enacted.  That  the  words     \yorcis-obii- 

.  .  7  Ration  or  other 

•'obligation  or  other  security  of  the  United  States,    used  security,"  etc., 

to      include 

in  this  act,  shall  be  held  to  include  and  mean  all  bonds,  what. 

.  Revised  Stilt- 

COUpOnS,  national  currency,  United  States  notes,  Treas- utes,  5413. 

u ry  notes,  fractional  notes,  checks  for  money  of  author- 
ized officers  of  the  United  States,  certificates  of  indebted- 
ness, certificates  of  deposit,  stamps,  and  other  represen- 
tatives of  value  of  whatever  denomination,  which  have 
boon  or  may  be  issued  under  any  act  of  Congress. 
Approved.  June  30.  1804. 
15712°— 10— 13 


188  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  JUNE  30,  1864. 

13  stat.  L.,  CHAP.  CLXXIIL — An  act  to  provide  internal  revenue 
to  support  the  Government,  to  pay  interest  on  the  pub- 
lic debt,  and  for  other  purposes. 

***** 

Act  of  1846,      SEC.  51.  And  be  it  further  enacted.  That  the  provisions 

ch.  90,  sec.  16,  .  ' 

to  apply  to  per-  of  the  sixteenth  section  of  the  act  approved  August  sixth, 
public   moneys  eighteen  hundred  and  forty-six,  entitled  "An  act  to  pro- 

under  this  act.       &  .  J    . 

vol.  ix,  p.  63.  vide  for  the  better  organization  of  the  treasury,  and  for 
the  collection,  safe-keeping,  transfer,  and  disbursement 
of  the  public  revenue,"  are  hereby  applied  to,  and  shall 
be  construed  to  include,  all  officers  of  the  internal  revenue, 
charged  with  the  safe-keeping,  transfer,  or  disbursement 
of  the  public  moneys  arising  therefrom,  and  to  all  other 
persons  having  actual  charge,  custody,  or  control  of 
moneys  or  accounts  arising  from  the  administration  of 
the  internal  revenue. 

(Section  99  imposes  a  duty  on  brokers  and  bankers  of 
one-twentieth  of  one  per  centum  upon  sales  of  gold  and 
silver  bullion  and  coin.  etc.  Section  99  was  amended 
March  3,  1865.  (13  Stat.  L.,  478.) 

(Section  116  levies  a  duty  on  incomes,  including  in- 
terest on  notes,  bonds,  and  other  securities  of  the  United 
States,  and  allows  deductions  up  to  six  hundred  dollars 
of  moneys  from  dividends,  etc.,  of  banks,  etc.,  provided 
for  in  section  120.) 

***** 

Approved,  June  30,  1864. 

(This  act  of  June  30,  1864  (13  Stat.  L..  281),  was 
amended  July  4.  1864,  by  Joint  Resolution  No.  77  (13 
Stat.  L.,  417);  act  of  March  3,  1865  (13  Stat.  L..  479, 
486)  ;  March  10.  1866  (14  Stat.  L.,  4)  ;  July  13,  180(1  (14 
Stat.  L.,  136,  138)  ;  March  2.  1867  (14  Stat.  L.,  477).) 

ACT  OF  JANUARY  28.  1865. 

j3  stat.  L..  CHAP.  XXII. — An  act  to  amend  cm  fief  entitled  "An  act 
to  provide  ways  and  mean*  for  the.  support  of  the  fror- 
ernment,  and  for  other  purposes"  approved  June  thir- 
tieth, eighteen  hundred  and  sixty-four. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  as- 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  189 

sembled,  That  in  lieu  of  any  bonds  authorized  to  be  issued  ,  M  a  y    issue 

'  _        "  *  .  .        treasury    notes 

by  the  first  section  of  the  act  entitled  "An  act  to  provide  of  same  cnar- 

J  after   of    those 

wavs  and  means  for  the  support  of  the  Government/'  authorized    by 

1  •     second    section 

approved  June  thirtieth,  eighteen  hundred  and  sixty-four,  ofj^ac*  of 
that  may  remain  unsold  at  the  date  of  this  act,  the  Secre-  }  n  ,'  l  e  u    o  f 

J  •  bonds. 

tary  of  the  Treasury  may  issue,  under  the  authority  of 
said  act.  Treasury  notes  of  the  description  and  character 
authorized  by  the  second  section  of  said  act:  Provided,  noThtoeaexceed 
That  the  whole  amount  of  bonds  authorized  as  aforesaid,  $400,000,000. 
and  Treasury  notes  issued  and  to  be  issued  in  lieu  thereof, 
shall  not  exceed  the  sum  of  four  hundred  millions  of 
dollars;  and  such  Treasury  notes  may  be  disposed  of  f  or  ccr\*fi^atreesceiof 
lawful  money,  or  for  any  other  Treasury  notes  or  certifi  -  ["ruficates38  of 
cates   of   indebtedness   or   certificates   of   deposit    issued  ^eepn°tsit  in  pay" 
under  any  previous  act  of  Congress;  and  such  notes  sha 


be  exempt  from  taxation  by  or  under  State  or  municipal  "/onpal  t  a  x  a  " 

authority  Revised  Stat- 

utes, 3701. 

SEC.   2.  And  l>e  it  further  enacted,  That  any  bonds  any  5-20  bonds 

,  ~  ,.          .  -,  -,         ,-.  t.''  not    exceeding 

known  as  five-twenties,  issued  under  the  act  or  twenty-  $4.000,000    re- 

„,,,„.  •    T_J.  i          11  i      •    x  •       mainin.sr  unsold 

him  February,  eighteen  hundred  and  sixty-two,  remain-  of  the  act  of 
ing  unsold  to  an  amount  not  exceeding  four  millions  of  1862. 
dollars,  may  be  disposed  of  by  the  Secretary  of  the  Treas- 
ury in  the  United  States,  or.  if  he  shall  find  it  expedient, 
in  Europe,  at  any  time,  on  such  terms  as  he  may  deem 
most  advisable:  Prorided,  That  this  act  shall  not  be  sob  ^^  g86^ 
construed  as  to  give  any  authority  for  the  issue  of  any  01Pp^.0  }ptates 
legal-tender  notes,  in  any  form,  bevond  the  balance  un-  .  Xo    .fu.rthe,r 

e  «  issue    of    legal- 

issued   of  the   amount   authorized  by  the  second  section 
of  the  act  to  which  this  is  an  amendment. 
Approved,  January  28,  1805. 


ACT  OF  FEBRUARY  13.  1865. 

\p.  XXXII. — An  ad  to  provide  for  acting  (ixr.istan.t   oi3  stat.  L., 
•eiiHitrcrx  or  depositaries  of  f/ie  I.'nited  Xtvtes  in  <'cr- 


CHAP.  XXXIL— An  aft  to 

t, 

tain  f-a^efi. 

Be  it  enacted  />?/  the,  Senate  and  House  of  Representa- 
tive* of  the  United  State*  of  Amerifa  in  Con  (/rex*  as- 
sembled. That  in  case  of  the  sickness  or  unavoidable  K.^thi 
absence  of  any  assistant  treasurer  or  deposit  a  rv 

positarii 

United  States  from  his  office,  he  ma.v.  with  the  approval  f.1!0    '"' 

.    ,  states. 

of  the  Secretary  of  the  Treasury,  authorize  the  chief 
clerk,  or  some  other  clerk  employed  therein,  to  act  in  his 
place,  and  to  discharge  all  the  duties  required  by  law  of 


190  NATIONAL   MONETARY   COMMISSION. 

such  assistant  treasurer  or  depositary:  Provided,  That  the 
Bond.  official  bond  given  by  the  principal  of  the  office  shall  be 

held  to  cover  and  apply  to  the  acts  of  the  person  ap- 
pointed to  act  in  his  place  in  such  cases:  And  provided 
Acting    offi-  further.  That  such  acting  officer  shall,  for  the  time  being, 

cers  subject  to '  '  ...  . 

penalties.  \)e  subject  to  all  the  liabilities  and  penalties  prescribed 
by  law  for  the  official  misconduct  in  like  cases,  of  the 
assistant  treasurer  or  depositary  respectively  for  whom 
he  shall  act. 

Approved.  February  13,  1865. 

ACT  OF  MARCH  3.  1865. 

4683  Stat'  L"  CHAP.  LXXVII. — An  act  to  provide  u-ays  and  means  for 

the  support  of  the  Government. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
t  hSeeCTr'eaLi°y  ^^>  That  the  Secretary  of  the  Treasury  be,  and  he  is 
authorized    t  o  hercbv,  authorized  to  borrow,  from  time  to  time,  on  the 

borrow    sums  «•  ' 

seoo  ooo  WK)ns  cre^  °^  ^ie  United  States,  in  addition  to  the  amounts 

heretofore   authorized,   any   sums   not  exceeding  in   the 

aggregate  six  hundred  millions  of  dollars,  and  to  issue 

therefor  bonds  or  Treasury  notes  of  the  United  States,  in 

Bonds   or  such  form  as  he  mav  prescribe :  and  so  much  thereof  as 

Treasury  notes  ..  i'iii-nii«i 

may  be  issued  may  be  issued  in  bonds  shall  be  or  denominations  not  less 
than  fifty  dollars,  and  may  be  made  payable  at  any  period 
not  more  than  forty  years  from  date  of  issue,  or  may  be 
made  redeemable,  at  the  pleasure  of  the  Government,  at 
or  after  any  period  not  less  than  five  years  nor  more  than 
forty  years  from  date,  or  may  be  made  redeemable  and 
payable  as  aforesaid,  as  may  be  expressed  upon  their  face; 
and  so  much  thereof  as  may  be  issued  in  Treasury  notes 
may  be  made  convertible  into  any  bonds  authorized  by 
this  act.  and  may  be  of  such  denominations — not  less  than 
fifty  dollars — -and  bear  such  dates  and  be  made  redeem- 
able or  payable  at  such  periods  as  in  the  opinion  of  the 
Secretary  of  the  Treasury  may  be  deemed  expedient. 
And  the  interest  on  such  bonds  shall  be  payable  senri- 
interest  on  ., nnuall v ;  and  on  Treasurv  notes  authorized  bv  this  act 

bonds     payable 

semi-annuaiiy.  t]1(>  interest  may  be  made  payable  semi-annually,  or  an- 
nually, or  at  maturity  thereof:  and  the  principal,  or  in- 
terest, or  both,  may  be  made  payable  in  coin  or  in  other 
lawful  money:  /Vo/vV/'Y/.  That  the  rate  of  interest  on  any 
such  bonds  or  Treasury  notes,  when  payable  in  coin  shall 
not  exceed  six  per  centum  per  annum:  and  when  not  pay- 
able in  coin  shall  not  exceed  seven  and  three-tenths  per 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  191 

centum  per  annum;  and  the  rate  and  character  of  interest 
shall  be  expressed  on  all  such  bonds  or  Treasury  notes: 
And  provided  further,  That  the  act  entitled  "An  act  to 
provide  ways  and  means  for  the  support  of  the  Govern- 
ment, and  for  other  purposes,"  approved  June  thirtieth, 
eighteen  hundred  and  sixty-four,  shall  be  so  construed 
as  to  authorize  the  issue  of  bonds  of  any  description  au- 
thorized by  this  act.     And  any  Treasury  notes  or  other    Treasury 
obligations  bearing  interest,  issued  under  any  act  of  Con- intereeTbear^ 
gress,  may,  at  the  discretion  of  the  Secretary  of  the  Treas-  mfi  y   bfa  con8 
ury,  and  with  the  consent  of  the  holder,  be  converted  into  bonds    author- 
any  description  of  bonds  authorized  by  this  act;  and  no  act?     by 
bonds  so  authorized  shall  be  considered  a  part  of  the 
amount  of  six  hundred  millions  hereinbefore  authorized. 

(Section  2  authorizes  the  Secretary  of  the  Treasury  to 
dispose  of  any  of  the  obligations  issued  under  this  act, 
where  and  under  such  condition,  and  at  such  rates  as  he 
thinks  best,  for  coin  or  other  lawful  money,  Treasury 
notes,  or  certificates  of  indebtedness  or  of  deposit,  and  the 
like;  and  to  issue  bonds  or  Treasury  notes  authorized  by 
this  act  in  payment  of  requisitions  for  materials  or  sup- 
plies, on  receiving  notice  that  the  owner  of  the  claim 
for  which  any  requisition  is  made  desires  to  subscribe  for 
a  portion  of  the  loan ;  "  and  all  bonds  or  other  obligations 
issued  under  this  act  shall  be  exempt  from  taxation  by  or 
under  state  or  municipal  authority.") 

(Section  3  contains  a  proviso,  "That  nothing  herein 
contained  shall  be  construed  as  authorizing  the  issue  of 
legal-tender  notes  in  any  form.") 

Approved.  March  3,  18C5. 

ACT  OF  APRIL  7.  186(5. 

CHAP.  XXVTII. — An  act  -making  additional  appropria-  .,514  *stnt-  L- 
t  ion  ft,  and  to  supply  the  deficiencies  in  the  appropria - 
tions  for  sundry  civil  expenses  of  the  Government  for 
the  fiscal  year  ending  the  thirtieth  of  June,  eighteen 
hundred  and  sixty-six,  and  for  other  purposes. 


SEC:.    12.  *      :  Provided,   That    no    portrait   or^N^®*™ 

likeness  of  any  living  person  hereafter  engraved,  shall  be *°ej^o®nsravw 
placed  upon  any  of  the  bonds,  securities,  notes,  fractional 
or  postal  currency  of  the  United  States. 

*  *  =1:  *  * 

Approved,  April  7.  )M<>r>. 


192  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  APRIL  12,  1866. 
14  stat.  L.,£HAP>  XXXIX.—  An  act  to  amend  an  act  entitled  "An 

ol. 

act  to  provide  ways  and  means  to  support  the  Govern- 
ment" approved  March  third,  eighteen  hundred  and 
sixty  -five. 

Be  it  enacted  Inj  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  assem- 

secretary  of  UecL  That  the  act  entitled  "An  act  to  provide  ways  and 

the    Treasury  L  J 

empowered    to  means   to   support   the   Government,"   approved   March 

receive     Treas-  x  .  '          I:L 

ury  notes,  etc.,  third,  eighteen  hundred  and  sixty-five,  shall  be  extended 

in  exchange  for  ^ 

bonds  and  construed  to  authorize  the  Secretary  of  the  Treasury, 

Revised  Stat-  .  .  .  J  "  ' 

utes,  ass:.'.  at  his  discretion,  to  receive  any  Treasury  notes  or  other 
obligations  issued  under  any  act  of  Congress,  whether 
bearing  interest  or  not,  in  exchange  for  any  description 
of  bonds,  authorized  by  the  act  to  which  this  is  an  amend- 


may  meiit  ;  and  also  to  dispose  of  any  description  of  bonds 

be    sold    and          i        •       -i  i  •  •  •          "  -TO 

t  h  e    proceeds  authorized  bv  said  act,  either  in  the  United  States  or  else- 

used    only    for  l  . 

retiring  Treas-  where,  to  such  an  amount,  in  such  manner,  and  at  such 

ury     notes     or  .  . 

other    obiiga-  rates  as  he  mav  think  advisable,  for  lawful  money  or  the 

tlons    issued          •,     -i    cu  £  rn  ^  c  £ 

under    act    of  United  States  or  for  any  Treasury  notes,  certificates  of 

-indebtedness,  or  certificates  of  deposit,  or  other  repre- 

sentatives of  value,  which  have  been  or  which  may  be 

issued  under  any  act  of  Congress,  the  proceeds  thereof  to 

be  used  only  for  retiring  Treasury  notes  or  other  obliga- 

Pubiic    debt  t  ions  issued  under  any  act  of  Congress;  but  nothing  herein 

not    to    be    In-          ,.,,,,,  ,  .  ,. 

creased.  contained  shall  be  construed  to  authorize  any  increase  01 

Proviso.  the  public  debt:  Provided,  That  of  United  States  notes 
not  more  than  ten  millions  of  dollars  may  be  retired  and 
cancelled  within  six  months  from  the  passage  of  this  act, 
and  thereafter  not  more  than  four  millions  of  dollars  in 
any  one  month:  Ami  i>r<>rl<lcd  further*  That  the  act  to 
which  this  is  an  amendment  shall  continue  in  full  force  in 
all  its  provisions,  except  as  modified  by  this  act. 

(Section  i>  requires  the  Secretary  of  the  Treasury  to 
report    to   Congress   at    its   next   session    all   transactions 
under  (his  act  and  the  act  to  which  this  is  an  amendment.) 
Approved.  April  1^.  180(5. 


LAWS   CONCEKNING    MONEY,    BANKING,    AND   LOANS.  193 

ACT  OF  JUNE   14,  1866. 

CHAP.  CXXII. — An  act  to  regulate  and  secure  the  safe-     14  stat.  L., 
keeping  of  public  money  intrusted  to  disbursing  officers 
of  the  United  States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  from  and  after  the  passage  of  this  act  it  shall  Disbursing 

officers  to  de- 
be  the  duty  of  every  disbursing  officer  of  the  Unitedposit  P".')lic 

States  having  anv  public  money  intrusted  to  him  for  dis-the  treasurer 

-     ~  J  or  some  assist- 

bursement,  to  deposit  the  same  with  the  treasurer  or  someiint   treasurer, 

to    draw    only 

one  of  the  assistant  treasurers  of  the  United  States,  andas  required. 
to  draw  for  the  same  only  as  it  may  be  required  for  pay- 
ments to  be  made  by  him  in  pursuance  of  law ;  and  all 
transfers  from  the  treasury  of  the  United  States  to  ahe^ya^4efts  to 
disbursing  officer  shall  be  by  draft  or  warrant  on  the 
treasury  or  an  assistant  treasurer  of  the  United  States: 
Provided,  That  in  places  where  there  is  no  treasurer  nor     Deposits 
assistant  treasurer  of  the  United  States,  the  Secretary  of  made,  if  there 

.  .  *          is  no  treasurer 

the  Ireasury  may,  when  he  deems  it  essential  to  the  publicor  assistant. 
interest,  specially  authorize  in  writing  the  deposit  of 
such  public  money  in  any  other  public  depository,  or,  in 
writing,  authorize  the  same  to  be  kept  in  any  other  man- 
ner, and  under  such  rules  and  regulations  as  he  may  deem 
most  safe  and  effectual  to  facilitate  the  payments  of 
public  creditors. 

SEC.  2.  And  be  it  further  enacted,  That  if  any  disburs-     Depositing 
ing  officer  of  the  United  States  shall  deposit  any  publicor    converting. 

.  ,  ,   .         .  ,  .  or    loaning,    or 

money  intrusted  to  him  in  any  place  or  in  anv  manner,  draw  ing.  or 

..-.,,  i      11  •  transferring 

except  as  authorized  by  law.  or  shall  convert  to  his  own  the    same    e.\- 

cept  as  author- 
Use  an  any  way  whatever,  or  shall  loan,  with  or  without  ized,  to  i>e  em- 
.  '  „  Mill  bezzlement. 

interest,  or  shall  for  any  purpose  not  prescribed  by  law 

withdraw  from  the  treasurer  or  any  assistant  treasurer, 
or  any  authorized  depository,  or  shall  for  any  purpose 
not  prescribed  by  law,  transfer  or  apply  any  portion  of 
the  public  money  intrusted  to  him.  every  such  act  shall 
be  deemed  and  adjudged  an  embezzlement  of  the  money 
so  deposited,  converted,  used,  loaned,  withdrawn,  trans- 
ferred, or  applied,  and  every  such  act  is  hereby  declared 
a  felony,  and  upon  conviction  thereof  shall  be  punished  ivnuity. 
by  imprisonment  for  a  term  not  less  than  one  year  nor 
more  than  ten  years,  or  by  fine  not  more  than  the  amount 
embezzled  nor  less  than  one  thousand  dollars,  or  by  both 
such  fine  and  imprisonment,  at  the  discretion  of  the  court. 


194  NATIONAL   MONETARY   COMMISSION. 


recIeivi°ngi?rgom  ^EC.  3.  And  be  it  further  enacted,  That  if  any  banker, 
officer  isorrscoij>-  broker,  or  any  person,  not  an  authorized  depositary  of 
public0  r  money  Pu^^c  moneys,  shall  knowingly  receive  from  any  disburs- 
on  ae{ioan'  or  inS  officer,  or  collector  of  internal  revenue,  or  other  agent 
money  ^fcfrYny  °^  *ne  United  States  any  public  money  on  deposit  or  by 
of  loan  or  accomniodat  ion  ,  with  or  without  interest, 


,. 

F  p 


)  • 

1  ntoSbe  or  otherwise  than  in  payment  of  a  debt  against  the  United 
bezliement  em~  States  ;   or  shall   use,   transfer,  convert,   appropriate   or 
apply  any  portion  of  the  public  money  for  any  purpose 
not  prescribed  by  law;  or  shall  counsel,  aid,  or  abet  any 
disbursing   officer    or    collector    of    internal    revenue    or 
other  agent  of  the  United  States  in  so  doing,  every  such 
act  shall  be  deemed  and  adjudged  an  embezzlement  of 
the  money  so  deposited,  loaned,  transferred,  used,  con- 
o  fPofflce«neolf  verted,    appropriated,   or    applied;    and    any    president. 
Bating  this  act!  cashier,  teller,  director,  or  other  officer  of  any  bank  or 
banking  association  who  shall  violate  any  of  the  provi- 
sions of  this  act  shall  be  deemed  and  adjudged  guilty  of 
embezzlement  of  public  money,  and  punished  as  provided 
in  section  two  of  this  act. 
Approved.  June  14.  1866. 

ACT  OF  JULY  3,  1866. 
14  stat.  i...  CHAP.  CLIX.  —  An  act  to  amend  an  act  entitled  "J.??  act  to 

t-O. 

amend  an  act  entitled  ''An  act  to  aid  in  the  construction 
of  a  railroad  and  telegraph  line  from  the  Missouri 
River  to  the  Pacific  Ocean  ,  and  to  secure  to  the  Govern- 
ment the  iff*  of  the  same  for  postal,  military,  and  other 
purposes?  approved  July  1.  1802."  appro  red  July  %2. 
1864. 

lie  it  enacted  Inj  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Con  (/fens  assem- 

.,  Vinlon  r?-clfic  Mf'd<  Tn8lt  the  Vnion  Pacific  Kailwav  Company,  Eastern 

Hallway     <  om-  '  • 

puny  to  desig-  Division,  is  hereby  authorized  to  designate  the  general 

n  a  t  o    general  .          .     v 

route  of  road,  route  of  their  said  road,  and  to  file  a  map  thereof,  as  now 

etc.,  ho  fore  De- 

cember 1,  1806.  ^quired  by  law,  at  any  time  before  the  first  day  of  De- 
cember. eighteen   hundred   and   sixty-six:   and   upon  the 

ofL?oad  To^be  fi^nS  °f  ^ne  said  map,  showing  the  general  route  of  said 
reserved     from  r().l(];  tj,e  ]a,](|s  .,],,„,,  l]u,  (>n,ilv  ]jno  thereof,  so   far  as'tlu? 

same  may  be  designated,  sliall  be  reserved  from  sale  by  or- 
i,o»T"nto  fbe(l(>1>  (>f  tlio  Secretary  of  the  Interior:  I'ror'nlol.  That"said 

Ibe  same  as  if,  (.olnl)!inv    s]l;1|]     J)(1    ,,,,ti(](M]     (()    ()I,1V    (),,,    K.,n,,,    aiDOUllt     of 

the  bonds  of  the  United  States  to  aid  in  the  construction  of 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  195 

their  line  of  railroad  and  telegraph  as  they  would  have 
been  entitled  to  if  they  had  connected  their  said  line  with 
the  Union  Pacific  Railroad  on  the  one-hundredth  degree 

of  longitude  as  now  required  by  law :     *     *     * 

***** 

Approved,  July  3,  1866. 

ACT  OF  JULY  26,  1866. 
CHAP.  CCLXV. — An  act  to  authorize  the  issue  of  certain     ^ 

*  .iOi). 

bonds  in  denominations  greater  than  one  thousand  dol- 
lars. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  hereafter  the  bonds  of  the  United  States  au-ln 
thorized  by  the  act  of  July  first,  eighteen  hundred  and  ^m 
sixty-two,  "  To  aid  in  the  construction  of  a  railroad  and  den 
telegraph  line  from  the  Missouri  River  to  the  Pacific thau  S1-000- 
Ocean,''  and  by  all  acts  amendatory  thereof,  may  be  issued 
in  denominations  greater  than  one  thousand  dollars,  at 
the  discretion  of  the  Secretary  of  the  Treasury :  Provided,    igf&Icb.'  120 
however,  That  it  shall  at  all  times  be  optional  with  any  439     XII>    p 
railroad  company  whether  they  will  receive  bonds  of  a  VoL64xin,21p 
larger  denomination  than  one  thousand  dollars. 

Approved,  July  26,  1866. 

ACT  OF  FEBRUARY  5,  1867. 

CHAP.  XXVI. — An  act  to  punish  certain  crimes  in  rela-  38?,4  stnt-  L- 
tion    to    the   public   securities    and   currency,   and   for 
other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  if  any  person  or  persons  shall  buy.  sell,  ex-,  Vpnalt.v.,.for 

J    l  -  •  buying,  selling, 

change,  transfer,  receive  or  deliver,   anv   false,  forged. ftc-,  fo 

bonds, 

counterfeited  or  altered  bond,  bill,  certificate  of  indebt-®*0--    ]^th 
edness,  certificate  of  deposit,  coupon,  draft,  check,  bill  of shali  '"'  p 

o  r      used 

exchange,  money  order,  indorsement,  United  States  note, »enulne- 
Treasury  note,  circulating  note,  postage  stamp,  revenue 
stamp,  postage-stamp  note,  fractional  note,  or  other  obli- 
gation or  security  of  the  United  State*,  or  circulating  note 
of  any  banking  association  organized  or  acting  under  the 
laws  of  the  United  States,  which  has  been  issued  or  may 
hereafter  be  issued  under  any  act  of  Congress  heretofore 
passed,  or  which  may  hereafter  be  passed,  with  the  intent. 


196  NATIONAL   MONETABY  COMMISSION. 

expectation,  or  belief,  that  the  same  shall  or  will  be 
passed,  altered,  published  or  used  as  true  and  genuine, 
such  person  or  persons  so  offending  shall  be  deemed 
guilty  of  felony,  and  on  conviction  thereof  shall  be  im- 
prisoned not  more  than  ten  years,  or  fined  not  exceeding 
five  thousand  dollars,  or  both,  at  the  discretion  of  the 
court. 

orTusingmcaakrdsg     SEC-  2-  And  ^e  **  further  enacted,  That  it  shall  not  be 

?nrcthers'simm-  lawful  to  design,  engrave,  print,  or  in  any  manner  make 

united0*  sta?es  or  execute,  or  to  utter,  issue,  distribute,  circulate  or  use, 

efaredty  uniaw-  any  business  °r  professional  card,  notice,  placard,  cir- 

ful-  cular,  handbill,  or  advertisement,  in  the  likeness  or  simili- 

tude of  any  bond,  certificate  of  indebtedness,  certificate 

of  deposit,  coupon,  United  States  note,  Treasury  note,  cir- 

culating  note,    fractional   note,   postage-stamp   note,   or 

other  obligation  or  security  of  the  United  States,  or  of 

any  banking  association  organized  or  acting  under  the 

laws  thereof,  which  has  been  or  may  be  issued  under  or 

authorized  by  any  act  of  Congress  heretofore  passed  or 

Penalty,  how  whiCn  mav  hereafter  be  passed.    And  any  person  or  per- 
recovered    and  •  .  "    .  . 

to  whose  use.     sons  offending  against  the  provisions  of  this  section  shall 

be  subject  to  a  penalty  of  one  hundred  dollars,  to  be  re- 
covered by  an  action  of  debt,  one  half  to  the  use  of  the 
informer. 
The  printing,      $EC   3    ^nd  le  it  further  enacted.  That  it  shall  not  be 

etc.,     of     a  n  y  _  / 

business    card}awfu]  to  write,  print,  or  otherwise  impress  upon  any 

or  notice,   etc.,  J  J 


on  any  United  bond     certificate    of    indebtedness,    or    other    instrument 

States  security 

made  uniaw-  specified   in  the  last  preceding  section,  any  business  or 

professional  card,  notice  or  advertisement,  or  any  notice 

or  advertisement  of  any  goods,  wares,  or  merchandise,  or 

of  any  drug  or  medicine,  or  of  any  invention  or  patent, 

penalty,  how  or  of  any  other  matter  or  thing  whatsoever:  and  any  per- 

recovered,    and  ,.  .  .  .    .  ',,      .   . 

to  whose  use.    son  or  persons  offending  against  the  provisions  ot  tins 

section,  shall  be  subject  to  a  penalty  of  one  hundred  dol- 

lars, to  be  recovered  by  an  action  of  debt,  one  half  to  the 

use  of  the  informer. 

renaity    for      SEC.  4.  And  be  it  fiirtltfr  enacted.  That  if  any  person 

making,  etc.,  .  ,  ,,  . 

impressions  up-  shall,  without  authority   from   the    United  States,  take, 

on  anv  inateri-  - 

ai  by  any  tool,  procure,  make,  or  cause  to  be  taken,  procured  or  made, 

etc.,  used,  etc.,  .'  ,  , 

in    printing,  upon   lead,   toil,   wax.  plaster,  paper,  or  anv  other  sub- 

etc.,  or  in  mak-  .  .  .  •     ,        /• 

ing  other  tools,  stance  or  material,  an  impression,  stamp,  or  imprint  ot, 

etc.,  to  be  used  i-i  £  illxll-  r  11 

in  printing,  from,  or  by  the  use  of.  any  bed-plate,  bed-piece,  die,  roll, 
(urity,  etc.,  to  plate,  seal,  type,  or  other  tool,  implement,  instrument  or 
for  TheYu'm'd  tiling,  used,  or  fitted  or  intended  to  be  used,  in  printing, 

States.  .  .  .  .  ,   .  ,,  i       •          i 

stamping  or  impressing,  or  in  making  other  tools,  unple- 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  197 

ments.  instruments  or  things  to  be  used,  or  fitted  or  in- 
tended to  be  used,  in  printing,  stamping  or  impressing 
any  kind  or  description  of  bond,  bill,  note,  certificate, 
coupon,  or  other  paper,  obligation,  security  or  instrument 
now  authorized,  or  hereafter  to  be  authorized,  by  law,  to 
be  executed,  altered,  delivered,  given,  issued  or  put  in  cir- 
culation by,  for,  or  in  behalf  of  the  United  States,  such 
person  shall  be  deemed  guilty  of  felony,  and,  on  convic- 
tion, be  punished  by  imprisonment  not  more  ten  years, 
or  by  fine  not  exceeding  five  thousand  dollars,  or  both, 
at  the  discretion  of  the  court. 

SEC.  5.  And  l>e  it  further  enacted.  That  if  any  person      Penalty  for 

i      11         -,i     •     ,  T     •>          TI  •      i  •  •  "  having  in   pos- 

snall,  with  intent,  to  defraud,  have  in  his  possession,  keep- session,  witn- 
ing.  custody,  or  control,  without  authority  from  the  and  with  intent 

TT    -,     -i  0,  •     ,  .  •  to  defraud,  any 

United  States,  any  imprint,  stamp  or  impression,  taken  .or  impression, etc., 

i  i     j  -11  »  of     any      tool, 

made  upon  any  substance  or  material  whatsoever,  ot  any  etc.,  used  or 
tool,  implement,  instrument,  or  thing  used  or  fitted,  or  in- printing,  etc.1, 

j    j   ,      i  -,     <•  -,i  _c   ,,  any  security  to 

tended  to  be  used,  tor  any  or  either  or  the  purposes  men-  be  issued  by  or 

,  •          n   •       ,i       i       ,   £  •"  ,-  •  f  i      n    for  the  United 

tioned  in  the  last  foregoing  section ;  or  if  any  person  shall,  states ; 
with  intent  to  defraud,  sell,  give,  or  deliver  any  such  im- 
print, stamp  or  impression  to  any  other  person ;  such  per- 
son, so  offending,  shall  be  deemed  guilty  of  felony,  and 
on  conviction  be  punished  by  imprisonment  not  more  than 
ten  years,  or  by  fine  not  exceeding  five  thousand  dollars. 

SEC.  0.  And  le  it  further  enacted.  That  if  anv  person, for    secreting, 

,     ,,  ,         ,          ,       ,,      T^    .,     T   0,  T     ,,  carrying  away, 

whether  employed  under  the  united  States  or  not,  shall, etc.,  without 

.   .  ,       '.         „  .  0  .   .   .       authority  from 

without  authority  from  the  United  States,  secrete  within, any    place    of 

,          T  ,    ,'  ,  »  i      -i  T          deposit,      any 

embezzle,  or  take  and  carry  away  rrom  anv  building,  tool,  etc.,  used 

,„  ,-  '  .  '  or  intended  for 

room,  office,  apartment,  vault,  sate,  or  other  place  where  printing,    etc., 

.  .      ,  Till  ,       or    for    making 

the  same  is  kept.  used,  employed,  placed,  lodged,  or  de- tools,  etc.,  to 
posited  by  authority  of  the  United  States,  any  bed-piece,  printing,  etc., 
bed-plate,  roll,  plate,  die,  seal,  type,  or  other  tool,  imple- currency,  etc.; 

,,   .  ,  '  ;.         ,  ,     .  .  to  be  issued  by 

ment.  or  thinir  used,  or  fitted  to  be  used,  in  stamping  or  or    for    the 

.       .  ,  .  .  1-1  i  T.'nited   States; 

printing,  or  in  making  some  other  tool  or  implement  used  for  taking,  etc., 

,,    ,      ,          ,  ,    .  .  .       .  ,  .      -,          wi  tb  out      au- 

or  ntted  to  be  used  in  stamping  or  printing,  any  kind  ortiiority.     any 

i  -,-  ,,,          i    i  MI  ,-n  material   pre- 

aescnption  ot  bond.  bill,  note,  certificate,  coupon,  postage  pared  and  in- 

P         .-          -i  ,i         tended    to    be 

stamp,  revenue  stamp,  fractional  currency  note,  or  other  used    in    mak- 
paper.  instrument,  obligation,  device,  or  document,  now  stamps  or  "cur- 
authorized   or  hereafter  to   be   authorized  by  law  to  be'ed^'etc.!"  ^n 
printed,  stamped,  sealed,  prepared,  issued,  uttered,  or  put  part,   and    m 
in  circulation  by  or  on  behalf  of  the  United  States;  or  circulation  and 
shall,  without  such  authority,  so  secrete,  embezzle,  or  take  currency,  etc.; 
and  carry  away  any  paper,  parchment,  or  other  material 
prepared  and   intended  to  be  used  in  the  making  of  any 
or  either  of  such  papers,  instruments,  obligations,  devices, 


198  NATIONAL  MONETARY  COMMISSION. 

or  documents;  or  shall,  without  such  authority,  so  secrete, 
embezzle,  or  take  and  carry  away  any  paper,  parchment, 
or  other  material  printed  or  stamped,  in  whole  or  in  part, 
and  intended  to  be  prepared,  issued,  or  put  in  circulation, 
by  or  on  behalf  of  the  United  States,  as  one  of  the  papers, 
instruments,  or  obligations  hereinbefore  named,  or  printed 
or  stamped,  in  whole  or  in  part,  in  the  similitude  of  any 
such  paper,  instrument,  or  obligation,  whether  it  be  in- 
tended to  issue  or  put  the  same  in  circulation  or  not ;  such 
person  or  persons  so  offending  shall,  on  conviction,  be 
punished  by  imprisonment  not  exceeding  ten  years,  or  by 
fine  not  exceeding  five  thousand  dollars,  or  both,  at  the 
discretion  of  the  court. 

wYtnVuVau8      SEC.  7.  And  be  it  further  enacted,  That  if  any  person 
anyrptiacefof°de1-  shall  take  and  carry  away,  without  authority  from  the 
perpi-eparedPor  United  States,  from  the  place  where  it  has  been  filed, 
use6  ?o%™cure  l°dged.  or  deposited,  or  where  it  may  for  the  time  being 
money^rom,  or  actually  be  kept  by  authority  of  the  United  States,  any 
cil\0msaangaein&0t! certificate'    affidavit,    deposition,    written    statement    of 
states"  n\vhethd  facts,  power  of  attorney,  receipt,  voucher,  assignment, 
hasSor\asanot  or  °ther  document,  record,  file,  or  paper,  prepared,  fitted, 
such  c°a1mdnas  or  intended  to  be  used  or  presented  in  order  to  procure 
so  Juow2a.been  the  payment  of  money  from  or  by  the  United  States, 
or  any  officer  or  agent  thereof,  or  the  allowance  or  pay- 
ment of  the  whole  or  any  part  of  any  claim,  account,  or 
demand    against   the  United    States,   whether   the   same 
has  or  has  not  already  been  so  used  or  presented,  and 
whether  such  claim,  account,  or  demand,  or  any   part 
thereof,  has  or  has  not  already  been  allowed  or  paid; 
renaity  f  o  r  or.  if  ariv  person  shall  present  or  use  or  attempt  to  use 

u  s  1  n  g  or  at-  ,      -f  i      ,M  ,    ,  i 

tempting  to  use  anv  sucli  document,  record,  hie.  or  paper,  so  taken  and 

any  such  paper.        *  .  \ 

carried  away  in  order  to  procure  the  payment  of  any 
money  from  or  by  the  United  States,  or  any  officer  or 
agent  thereof,  or  the  allowance  or  payment  of  the  whole 
or  any  part  of  any  claim,  account,  or  demand  against 
the  United  States:  such  person,  so  offending,  shall  be 
deemed  guilty  of  felony,  and  on  conviction  be  impris- 
oned not  more  than  ten  years,  or  fined  not  exceeding 
five  thousand  dollars,  at  the  discretion  of  the  court. 
Approved.  February  5,  Ib07. 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  199 

ACT  OF  MARCH  2,  1867. 

CHAP.  CLXIII. — An  act  supplemental  to  "An  act  to  es-  43*4  stat-  L-> 
tdblish  the  Treasury  Department"  approved  the  sec-  yl?9'ich'  el' 
ond  of  September,  seventeen  hundred  and  eighty-nine. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  Secretary  of  the  Treasury  shall  have 
power,  by  an  appointment  under  his  hand  and  official 
seal,  to  delegate  to  one  of  the  assistant  secretaries  of  the 
treasury,  authority  to  sign  in  his  stead  all  warrants  f or  p^'money ,etc° 
the  payment  of  money  into  the  public  treasury,  and  all 
warrants  for  the  disbursement  from  the  public  treasury 
of  money  certified  by  the  proper  accounting  officers  of 
the  treasury  to  be  due  upon  accounts  duly  audited  and 
settled  by  them;  and  such  warrants  so  signed  shall  be 
in  all  cases  of  the  same  validity  as  if  they  had  been 
signed  by  the  Secretary  of  the  Treasury  himself. 

Approved.  March  2,' 1867. 

ACT    OF    MARCH    2,  1867. 

CHAP.  CXCIV. — An  act  to  provide  ways  and  means  for65£*  stat  L>> 
the  payment  of  compound-interest  notes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  for  the  purpose  of  redeeming  and  retiring  any  Temporary 

.  1-1  ' p  1(>an    certifi- 

compound  interest  notes  outstanding,  the  Secretary  of  cates  may  be  is- 

rr\  -11  i        •  -IT  i  •  sued  to  redeem 

the  .Treasury  is  hereby  authorized  and  directed  to  issue  com  pound-in- 
,   *  .  Mil      terest  notes. 

temporary  loan  certificates  in  the  manner  prescribed  by 
section  four  of  the  act  entitled  ''  An  act  to  authorize  the 
issue  of  United  States  notes  and  for  the  redemption  or 
funding  thereof,  and  for  funding  the  floating  debt  of 
the  United  States,"  approved  February  twenty-fifth, 
eighteen  hundred  and  sixty-two,  boarinc:  interest  at  a  Rate  of  inter 

est. 

rate  not  exceeding  three  per  centum  per  annum,  principal 

and   interest  payable  in   lawful  money  on   demand;  and     Principal mui 

J  .  Interest    p  a  y  - 

said  certificates  of  temporary  loan  may  constitute  and  be  !ili!(>  in  'awful 

held  bv  any  national  bank  holding  or  owning  the  same.     <vVtmeates 

"  .  may  t><^  hold  li? 

a'  a  part  of  the  reserve  provided  for  in  sections  thirty-one  banks  as  re- 
am! thirty-two  of  the  act  entitled  "  An  act  to  provide  a 
national  currency  secured  by  a   pledge  of  United  State:-; 
bonds,  and  to  provide  for  the  circulation  and  redemption 
thereof."    approved    Juno    three,    eighteen    hundred    and 


200  NATIONAL   MONETARY   COMMISSION. 

Proviso.  sixty-four:  Provided,  That  not  less  than  two-fifths  of 
the  entire  reserve  of  such  bank  shall  consist  of  lawful 
money  of  the  United  States:  And  provided  further,  That 
the  amount  of  such  temporary  certificates  at  any  time 
outstanding  shall  not  exceed  fifty  millions  of  dollars. 
Approved.  March  2,  1867. 

ACT  OF  FEBRUARY  4, 1868. 

3415  stat-  L-CHAP.  VI. — An  act  to  suspend  further  reduction  of  the 

currency. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
Powerof  sec-&/e(7,  That,  from  and  after  the  passage  of  this  act,  the 
Treasury  to  re- authority  of  the  Secretary  of  the  Treasury  to  make  any 

duce     currency  *  .    * 

by,  etc.,  s  u  s  -  reduction    or    the    currency,    by    retiring    or    cancelling 

United  States  notes,  shall  be,  and  is  hereby,  suspended ; 

Mutilated  but  nothing  herein  contained  shall  prevent  the  cancella- 

Unit 6(3   States 

notes   may  he  lion  and  destruction  of  mutilated  United  States  notes, 
Revised  scat- and  the  replacing  of  the  same  with  notes  of  the  same 

utes,  3582. 

character  and  amount. 

SCHUYLER  COLFAX, 

Speaker  of  the  House  of  Representatives. 

B.  F.  WADE, 
President  of  the  Senate  pro  t cm-pore. 

Indorsed  by  the  President :  "  Received,  January  23, 1868." 

NOTE  BY  THE  DEPARTMENT  OF  STATE. — The  foregoing  act  having 
been  presented  to  the  President  of  the  United  States  for  his  ap- 
proval, and  not  having  been  returned  by  him  to  the  house  of 
Congress  in  which  it  originated  within  the  time  prescribed  by  the 
Constitution  of  the  United  States,  has  become  a  law  without  his 
approval. 

ACT  OF  JULY  25.  1868. 

1835  Stat  L"(IHAI>-  CCXXXVIL — An  act  to  provide,  for  a  further 
issue  of  temporary  loan  certificates,  for  the  pnrpoxe  of 
redeem) u f/  and  retiring  tlie  remainder  of  the  outstand- 
ing compound-interest  notes. 

lie  it  enacted  1>1/  the  Senate  and  Ilouxe  of  Representa- 
tives of  the  fruited  State*  of  America  in  Conc/refts  axxcm- 
Tempornry  /,/r/y.  That  for  the  sole  purpose  of  redeeming  and  retiring 
cates  iimitedtiie  remainder  of  the  compound-interest    notes  otitstand- 

to  ;    authorized 

to  redeem  out-  jncr    fnp  Secretary  of  the  Treasurv  is  hereby  authorized 

standing     com-       •  •  _ 

poumi- in  t  crest  aiKj  directed  to  issue  an  additional  amount  of  temporary 


LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.     201 

loan  certificates,  not  exceeding  twenty-five  millions  of 
dollars;  said  certificates  to  bear  interest  at  the  rate  of  esfate of inter~ 
three  per  centum  per  annum,  principal  and  interest  pay- 
able in  lawful  money  on  demand,  and  to  be  similar  in 
all  respects  to  the  certificates  authorized  by  the  act  en- 
titled "An  act  to  provide  wTays  and  means  for  the  pay- 
ment of  compound-interest  notes,"  approved  March  sec- 
ond, eighteen  hundred  and  sixtv-seven :  and  the  said  cer-  May  form 

'  .  -Til        Part     °f     the     re- 

tincates  may  constitute  and  be  held  by  any  national  bank  serve  of  na- 

J  /    ,  •      tional  banks. 

holding  or  owning  the  same  as  a  part  of  the  reserve,  in 
accordance  with  the  provisions  of  the  above-mentioned 
act  of  March  second,  eighteen  hundred  and  sixty-seven. 
Approved,  July  25,  1868. 

ACT  OF  MARCH  3,  18G9. 

CHAP.  CXXIII. — An  act  making  appropriations  to  sup-    i|   stat.    L., 
•ply  deficiencies  in  the  appropriations  for  the  service 
of  the   Government  for  the   -fiscal  year  ending  June 
thirtieth*   eighteen   hundred   and   sixty-nine,   and   for 
other  purposes. 

For  necessarv  expenses  in  carrving  into  effect  the  sev- ,  Expenses    of 

•       e  loans  and  treas- 

eral  acts  of  Congress,  authorizing  loans  and  the  issue  of  liry  notes. 

treasury  notes,  four  hundred  thousand  dollars:  Provided, 

That  no  work  shall  be  done  in  the  engraving  and  print-  , No  work  to  b.e 

done     for     pri- 

ing  bureau  for  private  parties.  vate  parties. 

Approved,  March  3,  1869. 

ACT  OF  MARCH  18,  1869. 
CHAP.  I. — An  act  to  strengthen  the  public  credit.         ie  stat.  L.,  i. 

Be  it  enacted  ly  the  Senate  and  House  of  Representa- 
tives of  the   United  States  of  America  in  Congress  as- 
sembled, That  in  order  to  remove  any  doubt  as  to  the    The  faith  of 
purpose  of  the  Government  to  discharge  all  just  obliga- states  pledged 

,.  ,  ,  ,.  ,.,  ,     .  ,. .      .'       to  the  payment, 

tions   to   the   public  creditors,   and   to  settle  conflicting  in  coin  or  its 
questions   and   interpretations  of  the  laws  by   virtue   ofa'i'i   obligations 
which  such  obligations  have  been  contracted,  it  is  hereby  states,  etc.,  ex 
provided  arid  declared  that  the  faith  of  the  United  States ' CKcv|scd  stat- 
is  solemnly  pledged  to  the  payment  in  coin  or  its  equiva- 
lent of  all  the  obligations  of  the  United  States  not  bear- 
ing interest,  known  as  United  States  notes   and  of  all  the 


202  NATIONAL  MONETARY   COMMISSION. 

interest-bearing  obligations  of  the  United  States,  except 
in  cases  where  the  law  authorizing  the  issue  of  any  such 
obligation  has  expressly  provided  that  the  same  may  be 
paid  in  lawful  money  or  other  currency  than  gold  and 
ingn  oeb7i|at?oans  silver.    But  none  of  said  interest-bearing  obligations  not 
not  atoebe "Vpahi  already  due  shall  be  redeemed  or  paid  before  maturity 
r?tfy,runtesa,etc]  imless  at  such  time  United  States  notes  shall  be  convert- 
ible into  coin  at  the  option  of  the  holder,  or  unless  at 
such  time  bonds  of  the  United  States  bearing  a  lower  rate 
of  interest  than  the  bonds  to  be  redeemed  can  be  sold  at 
ofRthleirnitedpar  ^n  c°in-    -^-nd  the  United  States  also  solemnly  pledges 
cofnf8  n°tes  m  its  faith   to  make  provision   at  the  earliest  practicable 
period  for  the  redemption  of  the  United  States  notes  in 
coin. 

Approved,  March  18,  1809. 

ACT  OF  MARCH  25,  1870. 

16  stat  L.,  77.  CHAP.  XXX. — An  act  prescribing  the  duty  of  the  Secre- 
tary of  the  Treasury  in  certain  cases  therein  named. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
tromthevnit(!a8embled,  That  whenever  any  State  shall  have  been,  or 
|t*aetet°toabemay  be,  ^n  default  in  the  payment  of  interest  or  principal 
irritate'  iset(in on  investments  in  stocks  or  bonds  issued  or  guaranteed 
SfSt'oftnter-by  such  State  and  held  by  the  United  States  in  trust,  it 
Tn  stocksncetca.!  *ha11  be  the  duty  of  the  Secretary  of  the  Treasury  to 
itf'ami  he°i(i  'i'n  retain  the  whole,  or  so  much  thereof  as  may  be  necessary. 
u'nTted  ''states!  °^  anv  moneys  due  on  any  account  from  the  United  States 
to  such  State,  and  to  apply  the  same  to  the  payment  of 
such  principal  and  interest,  or  either,  or  to  the  reimburse- 
ment, with  interest  thereon,  of  moneys  advanced  by  the 
United  Slates  on  account  of  interest  due  on  such  stocks  or 
bonds. 

Approved.  March  ^o.  1870. 

ACT  OF  JULY  8,  1870. 

ifi  stnt  L., CHAP.  CCXXIX. — An  act  proriding  for  refunding  th<> 
'mil-rest  paid  by  the  State  of  Massachusetts  on  money 
e.cpended  by  her  on  account  of  the  irar  of  eighteen 
hundred  and  ttrclre  to  eighteen  hundred  and  fifteen. 

(This  act   provides  for  the  payment  to  Massachusetts 
of  an  allowance  for  interest  on  money  expended  by  said 


LAWS   CONCERNING    MONEY,   BANKING,   AND   LOANS.  203 

State  on  account  of  the  war  of  1812-1815  with  Great 
Britain  by  an  issue  of  United  States  certificates  of  indebt- 
edness, of  the  denomination  of  one  thousand  dollars  each, 
to  run  for  five  years,  with  interest  at  four  per  cent  per 
annum,  payable  semiannually.) 

ACT  OF  JULY  14,  1870. 

CHAP.  CCLVI. — An  act  to  authorise  the  refunding  of  the     *Q  stat-  L- 
national  debt. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled. That  the  Secretary  of  the  Treasury  is  hereby  Secretary  of 

,  i        .        ,   ,       .  .  , .          .         ,       t  h  e     Treasury 

authorized  to  issue,  in  a  sum  or  sums  not  exceeding  in  the  may  issue  not 

U         J       J          "IV  1     Tl  •        OVer   *200,000,- 

aggregate  two  hundred  million  dollars,  coupon  or  rems-  ooo  coupon  or 

reels  tered    5 

tered  bonds  of  the  United  States,  in  such  form  as  he  may  per  cent  bonds, 
prescribe,  and  of  denominations  of  fifty  dollars,  or  some  ter  ten1  years ; 

,,.    i         j>    ,1  i  i  -,      •          "•          ,.    ,-,  ^denomination; 

multiple  or  that  sum,  redeemable  in  coin  or  the  present  principal    and 
standard  value,  at  the  pleasure  of  the  United  States,  after  wekfcom1^' 
ten  years  from  the  date  of  their  issue,  and  bearing  inter-  CeembCer°  i76~ 

est,  payable  semi-annually  in  such  coin,  at  the  rate  of  five  'AI'SO,  not  over 

i  -,.       $300,000,000 

per  cent,  per  annum;  also  a  sum  or  sums  not  exceeding  ^   per   cent 

in  the  aggregate  three  hundred  million  dollars  of  like  able  s'aftereeS- 

bonds,  the  same  in  all  respects,  but  payable  at  the  pleasure  te 

of  the  United  States,  after  fifteen  years  from  the  date  of 

their  issue,  and  bearing  interest  at  the  rate  of  four  and  a 

half  per  cent,  per  annum;  also  a  sum  or  sums  not  exceed-  *  f 'ooVooVooo 

ing  in  the  aggregate  one  thousand  million  dollars  of  like  *   p,er   c'ent 

bonds,    redeem- 

bonds,  the  same  in  all  respects,  but  payable  at  the  pleasure  ill)le  after  thir- 

.  •  .,  ty  years. 

of  the  United  States,  after  thirty  years  from  the  date  of 
their  issue,  and  bearing  interest,  at  the  rate  of  four  per 
cent,  per  annum ;  all  of  which  said  several  classes  of  bonds  AH  to  be  ex- 

1  e  m  p  t    fro  in 

and  the  interest  thereon  shall  be  exempt  from  the  pay-  'United    states 

1  •-      or  state  taxes. 

ment  of  all  taxes  or  duties  of  the  United  States,  as  well    Revised  stat- 
utes, .iiOl. 

as  from  taxation  in  any  form  by  or  under  State,  munici- 
pal, or  local  authority:  and  the  said  bonds  shall  have  set  i:on<is  to  set 

J  •  .  forth  what  and 

forth  and  expressed  upon  their   face  the  above  specified  when  payable, 
conditions,  and  shall,  with  their  coupons,  be  made  pay- 
able at  the  Treasury  of  the  United  States.     But  nothing  I|(iI(5()I^|1<}K,d'i',;t 
in  this  act.  or  in  any  other  law  now  in  force,  shall  be  con- creased. 
strued  to  aiithori/e  any  increase  whatever  of  the  bonded 
debt  of  the  United  States. 

SKC.  'J.  And  be  it  further  ei«ict<'<].  That  the  Secretary  of 
the  Treasury  is  hereby  authori/.ed  to  sell  and  dispose  o! 
15712°— 10 n 


204  NATIONAL   MONETARY   COMMISSION. 


s?if  rtoandsmtt  any  of  the  bonds  issued  under  this  act>  at  not  less  than 

for   colnw  and  t^ie^r  Par  value  f  or  coin,  and  to  apply  the  proceeds  thereof 

apply  proceeds,  to  tjie  redemption  of  any  of  the  bonds  of  the  United 

Jinfee<>oai8740f  States  outstanding,  and  known  as  five-twenty  bonds  at 

cha^ge^cr  five-  their  Par  v^ue>  or  ne  ma7  exchange  the  same  for  such 

twenties  at  par.  five-twenty  bonds,  par  for  par;  but  the  bonds  hereby 

authorized  shall  be  used  for  no  other  purpose  whatsoever. 

t  ionprforr'ex-  And  a  sum  not  exceeding  one-half  of  one  per  cent,  of  the 

peRev?sed  stat-  bonds  herein  authorized  is  hereby  appropriated  to  pay  the 

89'       expense  of  preparing,  issuing,  advertising,  and  disposing 

of  the  same. 

(Section  3  provides  that,  after  the  maturity  of  any  of 
the  bonds  herein  authorized,  payment  thereof  shall  be 
made  at  the  discretion  of  the  Secretary  of  the  Treasury. 
the  bonds  to  be  called  for  by  public  notice  specifying 
their  dates  and  numbers,  beginning  with  the  bonds  last 
dated  and  numbered,  and  the  interest  on  bonds  thus  se- 
lected ceasing  three  months  after  the  date  of  such  notice. 
(Section  4  authorizes  the  Secretary,  with  any  coin  that 
is  lawfully  applicable,  to  pay  at  par  and  cancel  any  of  the 
five-twenty  bonds  that  may  become  redeemable  by  the 
terms  of  their  issue;  the  bonds  to  bo  called  for  by  public 
notice  as  above,  interest  ceasing  in  like  manner,  and  the 
bonds  to  be  called  in  numerical  order,  beginning  with  the 
bonds  first  numbered  and  issued.) 


secretary     gEC.  5,  ^n([  je  it  further  enacted.  That  the  Secretarv 

may,  within  '  .  .  . 

two  years,  re-  of  the  Treasurv  is  herebv  authorized,  at  anv  time  within 

ceive  gold  coin  " 

on  deposit  and  two  years  from  the  passage  of  this  act.  to  receive  gold 

issue   certifl-  •  L 

rates  therefor,  coin  of  the  United   States  on  deposit  for  not  less  than 

bearing  interest 

at  m.t  over  i'i  thirtv  davs.  in  sums  of  not  less  than  one  hundred  dollar.-. 

per     cent     per 

annum.  \;\\\\    the   Treasurer   or   any    assistant   treasurer   of   the 

United  States,  authorized  by  the  Secretary  of  the  Treas- 
ury to  receive  the  same,  Avho  shall  issue  therefor  certifi- 
cates of  deposit,  made  in  such  form  as  the  Secretary  of 
the  Treasury  shall  prescribe,  and  said  certificates  of  de- 
posit shall  bear  interest  at  a  rate  not  exceeding  two  and 
Deposits,,,  li;i]f  p(.].  cent,  per  annum:  and  anv  amount  of  gold  coin 

when   and   how 

c'irnvn'"  vvitll~so  (lcj)ositcd  may  be  withdrawn  from  deposit  at  any  time 
after  thirty  days  from  the  date  of  deposit,  and  after  ten 

<•<•  "HO°  r\vhen°  davs"  notice.  and  on  the  return  of  said  certificates:  J*r<>- 
riffcf/.  That  the  interest  on  all  such  deposits  shall  cease 

fi-iVi'-d  (1  on"  de-  :md   determine,  at   the   pleasure  of  the   -Secretary   of  the 

LTappiieT  <0  Treasury.  And  not  less  than  twenty-live  per  cent,  of 
the  coin  deposited  for  or  represented  by  said  certificates 
of  deposits  shall  be  retained  in  the  Treasury  for  the  pay- 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  205 

ment  of  said  certificates;  and  the  excess  beyond  twenty- 
five  per  cent,  may  be  applied,  at  the  discretion  of  the 
Secretary  of  the  Treasury,  to  the  payment  or  redemption 
of  such  outstanding  bonds  of  the  United  States,  hereto- 
fore issued  and  known  as  the  five-twenty  bonds,  as  he 
may  designate  under  the  provisions  of  the  fourth  section 
of  this  act ;  and  anv  certificates  of  deposit  issued  as  afore-  certificates  of 

.  ...  ..  deposit,  etc..  re- 

said,  may  be  received  at  par  with  the  interest  accrued  ceived  m  pay 

.  ,,  ,          ,  .  ment   of   bonds 

thereon,  in  payment  tor  anv  bonds  authorized  to  be  issued  hereby  author- 

-  •     "  ized. 

by  this  act. 

SEC.  6.  And  be  it  further  enacted.  That  the  United   united  states 

' ,  b  o  n  d  s    p  u  r  - 

States  bonds  purchased  and  now  held  in  the  Treasury  in  chased  and  now 

.  .    .  .  .        .          „*          n  e 1 d     in     the 

accordance  with  the  provisions  relating  to  a  sinking  fund, Treasury  to  be 

0  •  destroyed. 

of  section  five  of  the  act  entitled  "An  act  to  authorize  the    Revised  stat- 
utes, 369o. 
issue  of  United  States  notes,  and  for  the  redemption  or 

funding  thereof,  and  for  funding  the  floating  debt  of  the 
United  States/'  approved  February  twenty-fifth,  eighteen 
hundred  and  sixty-two,  and  all  other  United  States  bonds 
which  have  been  purchased  by  the  Secretary  of  the  Treas- 
ury, with  surplus  funds  in  the  Treasury,  and  now  held  in 
the  Treasury  of  the  United  States  shall  be  cancel [l]ed 
and  destroyed,  a  detailed  record  of  such  bonds  so  cancelled  0fKfo°rbethflrst 
and  destroyed,  to  be  first  made  in  the  books  of  the  Treas-  made- 
u rv  Department.     Anv  bonds  hereafter  applied  to  said   such  bonds  so 

hereafter     pur- 

sinking  fund,  and  all  other  United  States  bonds  redeemed  Biased  and  held 

to    bo    I ikcwisc 

or  paid  hereafter  by  the  United  States,  shall  also  in  like  recorded   and 

clcst  roved 

manner  be  recorded,  cancel [l]ed,  and  destroyed,  and  the 
amount  of  the  bonds  of  each  class  that  have  been  can- 
cel [1  led  and  destroyed  shall  be  deducted  respectively 
from  the  amount  of  each  class  of  the  outstanding  debt  of 
the  United  States.  In  addition  to  other  amounts  that  A  n 
may  be  applied  to  the  redemption  or  payment  of  the<-st 
public  debt,  an  amount  equal  to  the  interest  on  all  bonds nm  t< 

11  •  xi  £  •  i       •     i   •  £         i      i      n    i  v      i    fmul   to    be   ap" 

belonging  to  the  aforesaid  sinking  fund  shall  be  applied, plied    to    pay- 

•  rr.  i  •  •          men!    <>f  public 

as  the  Secretary  ot  the  treasury  shall  from  time  to  time  debt, 
direct,  to  the  payment  of  the  public  debt  as  provided  forutes,  :;•;<><>. 

in  section  five  of  the  act  aforesaid.     And  the  amount  so    Amount  t<>  i><> 
.  .  annually  appro- 

to  I)*1  applied  is  hereby  appropriated  annually   tor  thatpriated. 
purpose,  out  of  the  receipts  for  duties  on  imported  goods. 
Approved,  July  14.  1870. 


206  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  JANUARY  20,  1871. 

3996  Stat'  L"  CHAP.  XXIII.  —  An  act  to  amend  an  act  entitled  "An  act 
to  authorize  the  refunding  of  the  national  debt." 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
per^ent'bonds  ~bled,  That  the  amount  of  bonds  authorized  by  the  act 
™rVa  sVd  !  "o  approved  July  fourteen,  eighteen  hundred  and  seventy, 
fn°d°'  interest  entitled  "An  act  to  authorize  the  refunding  of  the  national 
muarteri  Payal)le  debt,"  to  be  issued  bearing  five  per  centum  interest  per 
utesV3689Stat  annum'  ^e,  anc^  ^he  same  *s:  increased  to  five  hundred 
millions  of  dollars,  and  the  interest  of  any  portion  of  the 
bonds  issued  under  said  act,  or  this  act,  may,  at  the  dis- 
cretion of  the  Secretary  of  the  Treasury,  be  made  payable 
:  Provided*  however,   That  this  act  shall 


not  to  exceed,  noj.  |De  construed  to  authorize  any  increase  of  the  total 
,  _Se1eC7a»cto  Dec.  Amount  of  bonds  provided  for  bv  the  act  to  which  this  act 

1  t  t  Aoio,  ScC.  —  . 

is  an  amendment. 

Approved,  January  20,  1871. 

ACT  OF  MAY  23.  1872. 

17  stat.  L..CHAP.  CXCVII.  —  An  act  defining  and  limiting  the  appro- 
priation of  certain  moneys  for  the  preparation,  issue, 
and  reissue  of  the  securities  of  the  United  States,  and 
for  other  purposes. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assern- 
!Setc°!^?C(A  Tnat  tne  expenses  of  the  issue,  reissue,  transfer, 
to°be  delivery,  redemption,  and  destruction  of  securities,  legal- 
ont^en(^er    n°tes,    fractional    currency,    checks,    certificates. 
ceed  "  etc*0  **"  commissions,  and  for  any  plate  and  seal  engraving  and 
uK|vi3s|^9stat-  printing  required  by  the  Treasury  Department,  shall  be 
Repealed  bypaid  from  and  shall  not  exceed  the  appropriation  of  one 

sec.  4.  act  June  1 

:io.  1874.          per  centum   of  the  amount   of  legal-tender  notes,  frac- 
tional currency  and  securities  issued  during  each  fiscal 
year:  Provided  ,  That  nothing  herein  contained  shall  be 
et£  '  m  '  tation>  construed  to  increase  or  enlarge'  the  appropriation  con- 
see  sec.  4.      taiiied   in  the  second  section  of  the  act  entitled  "An  act 
(o  authorize  the  refunding  of  the  national  debt."  approved 
July  fourteenth,  eighteen  hundred  and  seventy. 
Approved.  May  23,  1872. 


LAWS   CONCEBNING    MONEY,    BANKING,   AND   LOANS.  207 

ACT  OF  JUNE  1,  1872. 

CHAP.  CCLIV. — An  act  to  provide  for  the  issue  of  bonds     IT  stat.  L.. 
in  lieu  of  destroyed  or  de fared  bonds  of  the  United 
States. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  whenever  it  shall  appear  to  the  Secretary  of  Bonds  of  the 

r   .  United     States 

the  ireasury,  by  clear  and  unequivocal  proof,  that  any  may  be  issued 

.,,.„,  -it  •   i  in  Hen  of  those 

interest-bearing  bond  of  the  United  States  has,  without  destroyed  or 

defaced. 

bad  faith  upon  the  part  of  the  owner,  been  destroyed,    Revise^  stat- 

wholly  or  in  part,  or  so  defaced  as  to  impair  its  value 

to   the  holder,   and   which  bond  shall   be   identified   by 

number  and  description,  the  Secretary  of  the  Treasury 

shall,  under  such  regulations  and  with  such  restrictions 

as  to  time  and  retention  for  security  or  otherwise  as  he 

may  prescribe,  issue  a  duplicate  of  such  bond,  having 

the  same  time  to  run,  bearing  like  interest  as  the  bond 

so  proved  to  have  been   destroyed  or  defaced,   and  so 

marked   as  to   show  the  original  number  of  the  bond 

destroyed  and  the  date  thereof:  Provided.  That  where,     called bonds 

to  be  paid. 

such  destroyed  or  defaced  bonds  shall  appear  to  have 
been  of  such  a  class  or  series  as  has  been  or  may,  before 
such  application,  be  called  in  for  redemption,  instead 
of  issuing  duplicates  thereof  they  shall  be  paid,  with 
such  interest  only  as  would  have  been  paid  if  presented 
in  accordance  with  such  call. 

SEC.  2.  That  the  owner  of  such  destroyed  or  defaced  st^nee'^ofefce" 
bond  shall  surrender  the  same,  or  so  much  thereof  as  may  b°ndS  /?  dg've 
remain,  and  shall  file  in  the  Treasury  a  bond  in  a  penal  ^  wifh  sure- 
sum   double   the   amount  of  said  destroyed   or   defaced 
bond,  and  the  interest  which  would  accrue  thereon  until 
the  principal  thereof  is  due  and  payable,  with  two  good 
and   sufficient  sureties,   residents  of  the   United   States, 
to  be  approved  by  the  Secretary  of  the  Treasury,  with 
condition   to    indemnify   and   save   harmless  the   United 
States  from  any  claim  upon  the  said  destroyed  or  defaced 
bond. 

Approved,  June  1,  1872. 

NOTE. — -A  more  restrict**!  provision  for  the  issuance  of  lost  or 
destroyed  bonds  vv;ts  contained  in  Joint  Resolution  No.  41),  of 
March  3,  1871  (16  Stat.  L.,  000). 


208  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  MARCH  3,  1873. 

sol7  Stat'  L"  CHAP.  CCXXVI. — An  act  making  appropriations  for  the 
legislative,  executive,  and  judicial  expenses  of  the  Gov- 
ernment for  the  year  ending  June  thirtieth,  eighteen 
hundred  and  seventy- four,  and  for  other  purposes. 


ry  to      SEC.  2-  That  the  Secretary  of  the  Treasury  is  directed 
metnts°toPcer-  to  withhold  all  paj'ments  to  any  railroad  company  and 
nies'f°o  r  ^ts  assigns,  on  account  of  freights  or  transportation,  over 


freight,  etc.  their  respective  roads,  of  any  kind,  to  the  amount  of 
payments  made  by  the  United  States  for  interest  upon 
bonds  of  the  United  States  issued  to  any  such  company, 
and  which  shall  not  have  been  reimbursed  together  with 
the  five  per  cent,  of  net  earnings  due  and  unapplied  as 
companies  pr0vided  bv  law:  and  such  company  may  bring  suit  in 

may  bring  suit  1  ^  '  .  . 

in   court   of  the  court  of  claims  to  recover  the  price  of  such  freight 

Claims.  _  .  *. 

and  transportation  ;  and  in  such  suit  the  right  of  such 
company  to  recover  the  same  upon  the  law  and  the  facts 
of  the  case  shall  be  determined  and  also  the  rights  of  the 
United  States  upon  the  merits  of  all  the  points  presented 
by  it  in  answer  thereto  by  them  and  either  party  to  such 
Appeal  tosuit  mav  appeal  to  the  Supreme  Court;  and  both  said 

Supreme  Court.  •  ' 

Causes  to  courts  shall  give  such  cause  or  causes  precedence  of  all 

have    p  r  e  <•  e  - 

dence.  other  business. 

*  *  *  *  * 

Approved,  March  3,  18T3. 

ACT  OF  MARCH  3.  1873. 

r>o!7  Stat'  L"  ("IIAP-  CCLXI.  —  An  act  for  the  creation  of  a  court  for 
flic  adjudication  and  disposition  of  certain  moneys 
receired  Into  the  Treasury  under  an  award  made  by  the 
tribunal  <>f  arbitration  constituted  by  rirtue  of  tJie  first 
article  of  the  treat.  >/  concluded  at  Washington  the  eighth 
of  May,  anno  Itaniini  eighteen  hundred  and  seventy- 
one,  between  the  I'nited  States  of  America  and  the 
Queen  of  (freat  Britain. 

Be  it  enacted  by  the  Senate  and  Houxe  of  Representa- 
tives of  the  l'nit(d  States  of  America  iti  (,'ongress  assent- 
bled,  That  immediately  upon  the  payment  of  the  sum  of 
money  awarded  to  the  United  Staves  by  the  tribunal  of 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  209 

arbitration  at  Geneva  to  be  paid  by  the  Government  of     ™e  ^  money 
Great  Britain,  the  same  shall  be  paid  into  the  Treasury,  .Uni*ed    s***?* 

r  .  -  '  by  Great  Brlt- 

and  used  to  redeem,  so  far  as  it  may,  the  public  debt  of  t^e^ribim-u  at 
the  United  States,  and  the  amount  equal  to  the  debt  so  £eenuesvea'  'e°™ to 
redeemed  shall  be  invested  in  the  five  per  cent,  registered  Tunee->8ai874°^ 
bonds  of  the  United  States  to  be  held  subject  to  the  future  (J<*  of  April  11', 
disposition  of  Congress. 
Approved,  March  3,  1873. 

ACT  OF  MARCH  3,  1873. 
CHAP.  CCLXVIIL— An  act  to  establish  the  custom-house     17  stat.  L., 

602. 

value  of  the  sovereign  or  pound  sterling  of  Great  Brit- 
ain, and  to  fix  the  Par  of  Exchange. 

Be  it  enacted  by  the  Seriate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  value  of  foreign  coin  as  expressed  in  the  .  value  of  for- 

elgncoinln 

money  of  account  of  the  United  States  shall  be  that  of  united    states 

money     of    ac- 

the  pure  metal  ol  such  coin  of  standard  value:  and  the  count,  to  be,  etc. 

....  '  .  Values  of 

values  or  the  standard  coins  in  circulation  of  the  various  standard  coins 

In     circulation 

nations  of  the  world  shall  be  estimated  annually  by  the  to  be  estimated 

•  V.  -I        annually      and 

director  of  the  mint,  and  be  proclaimed  on  the  first  day  proclaimed. 
of  January  by  the  Secretary  of  the  Treasury. 

SEC.  2.  That  in  all  payments  by  or  to  the  treasury,   ,  The     sover- 

.      "          .  .  .  eign,  or  pound 

whether  made  here  or  in  foreign  countries,  where  it  be-  sterling  to  be 

5  .    ,  .  equal  to  what. 

comes  necessary  to  compute  the  value  or  the  sovereign  or 
pound  sterling,  it  shall  be  deemed  equal  to  four  dollars 
eighty-six  cents  and  six  and  one-half  mills,  and  the  same 
rule  shall  be  applied  in  appraising  merchandise  imported 
where  the  value  is,  by  the  invoice,  in  sovereigns  or  pounds 
sterling,  and  in  the  construction  of  contracts  payable  in 
sovereigns  or  pounds  sterling;  and  this  valuation  shall  This  ™iua- 
be  the  par  of  exchange  between  Great  Britain  and  the  of  exchange 

1  Cont  r  a  c  t  s 

United  States:  and  all  contracts  made  after  the  first  day  ?S*r    Jan-    J- 

'.  •     1S74,  upon  any 

of  January,  eighteen  hundred  and  seventy-four,  based  oth|r  Par  to  be 
on  an  assumed  par  of  exchange  with  Great  Britain  of 
fifty-four  pence  to  the  dollar,  or  four  dollars  forty-four 
and  four  ninths  cents  to  the  sovereign  or  pound  sterling, 
shall  be  null  and  void. 

SEC.  3.  That    all   acts   and    parts   of   acts   inconsistent       Repealing 
with  these  provisions  be,  and  the  same  are  hereby,  re- 
pealed. 

Approved.  March  3,  1873. 

XOTK. — For  previous  determinations  of  the  value  of  the  pound 
sterling  see  the  acts  of  July  It,  is:52  (4  Stat.  L.,  film,  and  July 
27,  1S41^  (5  ibid.,  4%). 


210  NATIONAL  MONETARY  COMMISSION. 

EEVISED  STATUTES  APPLICABLE  TO  THE  SUBJECT  OF 
FINANCE. 

tie^thl  se£     SEC-  248-  The  Secretary  of  the  Treasury  shall,  from 
retary.  time  to  time,  digest  and  prepare  plans  for  the  improve- 

ment and  management  of  the  revenue,  and  for  the  sup- 
port of  the  public  credit;  shall  superintend  the  collection 
of  the  revenue;  shall,  from  time  to  time,  prescribe  the 
forms  of  keeping  and  rendering  all  public  accounts  and 
making  returns  ;  shall  grant,  under  the  limitations  herein 
established,  or  to  be  hereafter  provided,  all  warrants  for 
moneys  to  be  issued  from  the  Treasury  in  pursuance  of 
appropriations  by  law;  shall  make  report,  and  give  in- 
formation to  either  branch  of  the  legislature  in  person  or 
in  writing,  as  may  be  required,  respecting  all  matters  re- 
ferred to  him  by  the  Senate  or  House  of  Representatives, 
or  which  shall  appertain  to  his  office  ;  and  generally  shall 
perform  all  such  services  relative  to  the  finances  as  he 
shall  be  directed  to  perform. 

SEC.  257.  The  Secretary  of  the  Treasury  shall  make  the 
following  annual  reports  to  Congress: 

First.  A  report  on  the  subject  of  finance,  containing 
estimates  of  the  public  revenue  and  public  expenditures 
for  the  fiscal  year  then  current,  and  plans  for  improving 
and  increasing  the  revenues  from  time  to  time,  for  the 
purpose  of  giving  information  to  Congress  in  adopting 
modes  of  raising  the  money  requisite  to  meet  the  public 
expenditures. 


SEC-  34T:^  A11  duties  on  imports  shall  be  paid  in  gold 
silver  coin  only,  [or  coin  certificates],  or  in  demand 
paidency  to  be  Treasury  notes,  issued  under  the  authority  of  the  acts  of 
bra  cl^t  sdsii£  ^uty  seventeen,  eighteen  hundred  and  sixty-one,  chapter 
i^ebe^7>yi87t7°f  ^ve'  and  February  twelve,  eighteen  hundred  and  sixly- 
ch6oousec8il'  two'  cnaPter  twenty;  and  all  taxes  and  all  other  debts  and 
v°23Dec  1857  demands  than  duties  on  imports,  accruing  or  becoming 
' 


voi  n  sec'  6'  due  to  the  United  States,  shall  be  paid  in  gold  and  silver 
is?;/  ch"  '  >r)'  colu->  Treasury  notes,  United  States  notes,  or  notes  of 
S(C;'ri9  vo1'  12>  national  banks;  and  upon  every  such  payment  credit  shall 
5  Aug.,  1861,  be  given  for  the  amount  of  principal  and  interest  due  on 
v°2  FebP'i8o'>'  an-v  T]reasury  n°te  [or  notes]  not  received  in  payment  on 
ch-  ~.V.',ovo1'  ^P  the  day  when  the  same  are  received. 

p.      338  ;       2o  •' 

Pel)  18«U,  ch.  :::'.,  sees.  1,  r>,  vol.  1L>,  pp.  345,  .",40;  11  July,  1SR2,  ch. 
14''  see  1  vol.  lli,  p.  W2;  1  March,  IKO.'i,  ch.  7.''.,  sees.  :*,  5,  vol.  \'2, 
pp.  710,  711.  147,  14!*;  :',  June,  18(14,  ch.  :'>0f>,  see.  '2'.',.  vol.  1  :{,  p.  100; 
:'.0  June,  1804,  ch.  \1'1,  see.  '2,  vol.  13,  p.  218.  Amended  and  part  repealed 
by  act,  Feb.  '27,  1877. 

The  words  in  ordinary  romnn  typo  in  bnifkots  were  added,  and 
those  in  italics,  were  struck  out  by  act  of  February  27,  1S7T. 


LAWS   CONCERNING    MONEY,    BANKING,    AND    LOANS.  211 

SEC.  3-476.  Treasury  notes  bearing  interest  ma}T  be  paid  no^es^Vivibie 
to  any  creditor  of  the  United  States  at  their  face  value,  Jyr.,  debts    °f 

J  '  Lnited    States. 

excluding  interest,  or  to  any  creditor  willing  to  receive  ch3  ^ar-s'1863, 
them  at  par,  including  interest.  so"  June^ilw' 

ch.  172,  sec.  2,  vol.  13,  p.  218'. 

SEC.  3481.  Whenever  any  State  is  in  default  in  the  m  Detention  ^o* 
payment  of  interest  or  principal  on  investments  in  stocks  ^j^8   in   de~ 
or  bonds  issued  or  guaranteed  by  such  State  and  held  by  1S=05  c\^^ 
the  United  States  in  trust,  the  Secretary  of  the  Treasury  10'  P-  77- 
shall  retain  the  whole,  or  so  much  thereof  as  may  be  neces- 
sary, of  any  moneys  due  on  any  account  from  the  United 
States  to  such  State,  and  apply  the  same  to  the  payment 
of  such  principal  and  interest,  or  either,  or  to  the  re- 
imbursement, with  interest  thereon,  of  moneys  advanced 
by  the  United  States  on  account  of  interest  due  on  such 
stocks  or  bonds. 

SEC.  3576.  No  portrait  shall  be  placed  upon  any  of  the,.  Portraits  of 

"  living    persons 

bonds,  securities,  notes,  fractional  or  postal  currency  of  n,°  t  ,  t  °    b,e 

1  '  placed  on  bonds 

the  United  States,  while  the  original  of  such  portrait  isor_n°.tes-  ,. 

i    Apr.  ,1866, 


vol.    14. 


.        . 

SEC.  3591.  The  rooms  provided  in  the  Treasury  Build-    The  Treasury 

of    the    Lnited 

mg  at  the  seat  of  Government  for  the  use  of  the  Treasurer  states.  ^^ 
of  the  United  States,  his  assistants,  and  clerks,  and  occu-£  9°'_9S-'  3-  v- 
pied  bv  them,  and  the  fire-proof  vaults  and  safes  erected  Cooke  et  al- 

i          ,  ~    m  •  v.  T  .   S.,  01   U. 

therein  for  the  keeping  of  the  public  moneys  in  the  pos-  s-.  38°- 
session  and  under  the  immediate  controll  of  the  Treasurer, 
and  such  other  apartments  as  are  provided  as  places  of 
deposit  of  the  public  money,  shall  be  the  Treasury  of  the 
United  States. 

SEC.  3592.  The  mints  at  Carson  City,  and  at  Denver,  ancder.t«i^mi°fts 
and  the  assay-office  at  Boise  City,  shall  be  places  of  de-  hjolfto*°ies)e  de 
posit  for  such  public  moneys  as  the  Secretary  of  the  0  -\£  i'^  I862' 
Treasury  may  direct.  Marp'  isoV  C* 

96.   K.   5.   v.   12,   p.   770.      19   Feb.,   1869.   c.   33,   s.   4,   v.   15,   p'.'  271.  '  12 
Fob.,  1873,  c.  131,  ss.  05,  66,  v.  17,  p.  435. 

SEC.  3593.  All  public  moneys  paid  into  any  depository     J'"'1'1*:  '»on- 

J      "  "  •    eys    subject    to 

shall  be  subject  to  the   draft  of  the  Treasurer  of  the'1,'"1"    of    the 

J  1  reasurer. 

United  States,  drawn  agreeably  to  appropriations  made(.  r;0A""-{  \s4f]' 
by  law.  i'-  5<J- 

SEC.  3594.  The  superintendent  of  the  mint  at  Carson  OT1?lI0pfer^11|1ctnJt 
City,  and  the  superintendent  of  the  assay-office  at  Boise  ^\souof!ii"e  "at 
City,  shall  be  assistant  treasurers  of  the  United  States,  aml/;;;'^','^'.^ 
shall  respectively  have  the  custody  and  care  of  all  public  tr.t^sA1^.rsi80., 
moneys  deposited  therein,  and  shall  perform  all  the  duties  '^  •'•'•  ^.f'-  ^ 
required  of  them  in  reference  to  the  receipt,  safe-keeping,^.'11';1  .-^'v''',^ 

p.  770.      19  Fct).,    lH(!i),  c.   33,  s.  4,  v.   1  f>,  p.  L'7I.      3  Mar..    ISTl.'c.   113,' 
a.  1,  v,  10,  p,  485.      12  Feb.,  1873,  c.  131,  ss.  05,  00,  v.  17,  p.  435. 


212  NATIONAL  MONETARY   COMMISSION. 

transfer,  and  disbursement  of  all  such  moneys,  as  pro- 
vided by  law. 
et^ppofna™seist-     SEC.  3595.  There  shall  be  assistant  treasurers  of  the 


United  States,  appointed  from  time  to  time  by  the  Presi- 
9  °p'  'eo5'  vf  ^ent?  by  and  with  the  advice  and  consent  of  the  Senate, 
2^rs  i486v  '  14'  *°  serve  f  or  the  term  of  four  years,  as  follows  : 
is™  cl6i4nl:      One  at  Boston. 

i'2y'PelP187l;       One  at  New  York' 

v"  i^'p.^i:  One  at  Philadelphia. 

c  L'-'ir"s  s87?'  One  at  Baltimore. 

lVi5Peated  '  in  (One  at  Charleston.} 

AuV  l  1876  "  One  at  New  Orleans. 

287,"  v.  19;  P:    One  at  Saint  Louis- 

One  at  San  Francisco. 

One  at  Cincinnati. 

One  at  Chicago. 

(By  statute  of  August  15,  1876,  c.  287,  v.  19,  p.  155,  so 
much  of  this  section  as  authorizes  the  appointment  of  an 
assistant  treasurer  at  Charleston  was  repealed.) 

NOTE.  —  -For  list  of  acts  providing  for  assistant  treasurers  of 
the  United  States,  see  note  to  section  5,  act  of  August  0,  1S46 
(9  Stat.  L.,  59). 

(Sec.  3596  prescribes  the  salaries  of  assistant  treas- 
urers.) 
Receipt   of      3EC>  3597.  The  salaries  named  in  the  preceding  section 

com  m  issions  ! 

and  perquisites  shall  be  in  full  for  the  services  of  the  respective  officers, 

forbidden. 

(9tf  "jf""1^4^'  an<^  none  °^  them  shall  charge  or  receive  any  commission, 
9-  v-  °5-  Pay,  or  perquisite,  for  any  official  service  of  any  character 

or  description  whatsoever.  Every  such  officer  who  makes 
any  such  charge,  or  receives  any  such  compensation,  shall 
be  deemed  guilty  of  a  misdemeanor,  and  shall  be  fined  or 
imprisoned,  or  both. 

Roomsforuse      SEC.  3598.  The  rooms  assigned  by  law  to  be  occupied  by 

o  f        assistant  J  •' 

treasurers         the    assistant    treasurers,    together    with    the    lire-proof 

0  Aug.,  1840,  ' 

c.  iMi,  SB.  3,  4,  vaults  therein,  or  connected  therewith,  shall  be  appropri- 

v.  it,   p.   ;>9.    lu 

i'«"°'s  ^870>1«'ated  to  the  use  of  the  assistant  treasurers,  and  for  (he 
i'-  15--  safe-keeping  of  the  public  moneys  deposited  with  them, 

respectively. 
Their  care      ksKc.    3599.  The    assistant    treasurers    shall    have    the 

:md   the   use  of 

""(';  r\T"siK40  charge  and  care  of  the  rooms,  vaults,  and  safes  assigned 
c.  no,  SH.  :{,  4,  to  them,  respectively,  and  shall  there  perform  (he  duties 

v.  !),  p.  HO.     15  *-  ' 

i'.V"'"s  ^87v°'io  mll|ire(l    °f  them   relating  to  the   receipt,   safe-keeping, 
i'-  15-'  transfer,  and  disbursement  of  the  public  moneys. 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOAWS.  213 

(Sections  3000  and  3001  require  the  assistant  treasurers 
to  give  bonds,  and  provide  for  subordinate  officers,  etc.) 

SEC.  3002.  The  assistant  treasurer  at  New  York  may,    Deputyas- 
with  the  approval  of  the  Secretary  of  the  Treasury,  ap-u/er    at    New 
point  from  among  his  clerks  a  competent  person  to  be    c  Mar..  isc>2, 
called  the  deputy  assistant  treasurer  of  the  United  States.  ia,  p.'  353.  ' 
Such   deputy   assistant,  treasurer,   in   addition   to   other 
duties  performed  by  him,  and  the  duties  which  he  may  be 
required  to  perform  by  the  assistant  treasurer,  is  author- 
ized to  witness  the  execution  of  all  transfers  of  Govern- 
ment stock  and  powers  of  attorney,  and  to  sign  all  bullion- 
receipts,  with  like  effect  as  if  the  same  were  witnessed  or 
signed  by  the  assistant  treasurer  in  person. 

(Sections  3003  to  3012,  inclusive,  authorize  the  employ- 
ment of  subordinate  officers,  etc.,  at  various  subtreas- 
uries.) 

SEC.  3013.  In  case  of  the  sickness  or  unavoidable  ab-     Deputies  i  n 

.  case     of     sick- 

sence  of  any  assistant  treasurer  or  depositary  from  his  nessor  absence. 
office,  he  may,  with  the  approval  of  the  Secretary  of  the  c.  32,  v.  is,  p! 
Treasury,  authorize  the  chief  clerk,  or  some  other  clerk 
employed  therein,  to  act  in  his  place,  and  to  discharge  all 
the  duties  required  by  law  of  such  assistant  treasurer  or 
depositary.  The  official  bond  given  by  the  principal  of 
the  office  shall  be  held  to  cover  and  apply  to  the  acts  of 
the  person  appointed  to  act  in  his  place  in  such  cases. 
Such  acting  officer  shall  moreover,  for  the  time  being,  be 
subject  to  all  the  liabilities  and  penalties  prescribed  by 
law  for  the  official  misconduct,  in  like  cases,  of  the  as- 
sistant treasurer  or  depositary,  respectively,  for  whom 
he  acts. 

SEC.  3015.  All  collectors  and  receivers  of  public  money     collectors  of 

£  -i  •     ,  •  -.I   •       xi         TV   j.    •   j_       .c    /i   i         i  •      public     moneys 

of  every  description,  within  the  District  of  Columbia, to  pay  over, 
shall,  as  often  as  they  may  be  directed  by  the  Secretary  c.  oo,"s'.'  o,  v. 
of  the  Treasury  or  the  Postmaster-General  so  to  do,  pay  '  1*2  Feb.,  1873, 
over  to  the  Treasurer  of  the  United  States,  at  the  Treas-  VT,  p.^s!'"' 
ury,   all    public   moneys   collected   by   them    or   in   their 
hands.    All  such  collectors  and  receivers  of  public  moneys 
within  the  cities  of  New  York,  Boston,  Philadelphia,  New- 
Orleans,  San  Francisco,  Baltimore,  Charleston,  and  Saint 
Louis  shall,   upon    the  same  direction,   pay  over  to  the 
assistant   treasurers   in    their   respective   cities,   at   their 
offices,  respectively,   all   the   public   moneys  collected    by 
them,  or  in  their  hands ;  to  be  safely  kept  by  the  respect  ive 
depositaries,  until  otherwise  disposed  of  according  to  law. 


214  NATIONAL,   MONETARY   COMMISSION. 

It  shall  be  the  duty  of  the  Secretary  and  Postmaster- 
General,  respectively,  to  direct  such  payments  by  the  col- 
lectors and  receivers  at  all  the  said  places,  at  least  as  often 
as  once  in  each  week,  and  as  much  oftener  as  they  may 
think  proper. 

(See  section  5490.) 

™  dfs"  SEC.  3616.  All  marshals,  district  attorneys,  and  other 
ma0/  pay^nto persons  than  those  mentioned  in  the  preceding  section, 
Ir6alugy,'  1846,  having  public  money  to  pay  to  the  United  States,  may 
9,  j)°'62.  lo>  v'  PaJ  the  same  to  any  depositary  constituted  by  or  in  pur- 
c.  Jilo^1!!!,' suance  °f  1&W5  which  may  be  designated  by  the  Secretary 
v.  16,  p.  216.  'of  the  Treasury. 

(See  sections  5504,  5505.) 

depSfteS*  i?tS  ^EC.  361^'  The  gross  amount  of  all  moneys  received  from 
°U3  liar  Ctis49  wnatever  source  for  the  use  of  the  United  States,  except 
9  p1(398  lf  v'  as  otherwise  provided  in  the  next  section,  shall  be  paid 
e  T^Ts1?5*!'^  ^ie  °fficer  or  agent  receiving  the  same  into  the  Treas- 
P.  507.  Ury5  at  as  early  a  day  as  practicable,  without  any  abate- 

ment or  deduction  on  account  of  salary,  fees,  costs, 
charges,  expenses,  or  claim  of  any  description  whatever. 
But  nothing  herein  shall  affect  any  provision  relating  to 
the  revenues  of  the  Post-Office  Department. 

buSS  officer!!      SEC.  3620.  It   shall   be  the   duty  of  every  disbursing 
c.1*?!?*.'1!??'.  officer  having  any  public  money  intrusted  to  him  for  dis- 
1427PFeb'  1877  bursemcnt,  to  deposit  the  same  with  the  Treasurer  or 
2499'  v'  19>  P'  some  one  °f  the  assistant  treasurers  of  the  United  States, 
and  to  draw  for  the  same  only  as  it  may  be  required  for 
payments  to  be  made  by  him  in  pursuance  of  law  [and 
draw  for  the  same  only  in  favor  of  the  persons  to  whom 
payment  is  made:]  and  all  transfers  from  the  Treasurer 
of  the  United  States  to  a  disbursing  officer  shall  be  by 
draft  or  warrant  on  the  Treasury  or  an  assistant  treas- 
urer of  the  United  States.     In  places,  however,  where 
there  is  no  treasurer  or  assistant  treasurer,  the  Secretary 
of  the  Treasury  may,  when  he  deems  it  essential  to  the 
public   interest,   specially   authorize   in   writing  the   de- 
posit of  such  public  money  in  any  other  public  depository, 
or.  in  writing,  authorize  the  same  to  be  kept  in  any  other 
manlier,  and  under  such  rules  and  regulations  as  he  may 
deem  most  safe  and  effectual  to  facilitate  the  payments  to 
public  creditors. 
(See  section  HISS.) 

(The  words  in  brackets  were  added  in  accordance  with 
the  act  of  February  27,  1877.) 


LAWS    CONCEBNING    MONEY,    BANKING,    AND    LOANS.  215 

SEC.  3621.  Every  person  who  shall  have  moneys  of  the  m  £®P£slts  °ef 
United  States  in  his  hands  or  possession  shall  pay  the 
same  to  the  Treasurer,  an  assistant  treasurer,  or  some 
public  depositary  of  the  United  States,  and  take  his  re- 
ceipt for  the  same,  in  duplicate,  and  forward  one  of  them 
forthwith  to  the  Secretary  of  the  Treasury. 

(See  section  5492.) 

SEC.  3639.  The  Treasurer  of  the  United  States,  all 
assistant  treasurers,  and  those  performing  the  duties  of  f^moneyi  pub 
assistant  treasurer,  all  collectors  of  the  customs,  all  sur-  c  |0A^g£  Jf  4g- 
veyors  of  the  customs,  acting  also  as  collectors,  all  re-  P-  |°ju]  .  1852 
ceivers  of  public  moneys  at  the  several  land-offices,  all  £-Q  54'  s.j  7>  v- 
postmasters,  and  all  public  officers  of  whatsoever  char-  c  \gfr^  1283^- 
acter,  are  required  to  keep  safely,  without  loaning,  using,  ^VA^ise* 
depositing  in  banks,  or  exchanging  for  other  funds  than  c-0  59>  |g95'  v- 
as  speciallv  allowed  bv  law,  all  the  public  money  collected  ^  jviar.,  1863, 

J  -  .  J  c.    96,    s.    u,    v. 

by  them,  or  otherwise  at  any  time  placed  in  their  pos-  12-  P-  77°-  , 

*      .  .  4  July,  1864, 

session  and  custody,  till  the  same,  is  ordered,  by  the  proper  c.  242,  s.  5,  v. 
Department  or  officer  of  the  Government,  to  be  trans-    i8Feb.,i869, 

c     33     s.    4     v. 

ferred  or  paid  out  ;  and  when  such  orders  for  transfer  is,  271. 
or  payment  are  received,  faithfully  and  promptly  to  make 
the  same  as  directed,  and  to  do  and  perform  all  other 
duties  as  fiscal  agents  of  the  Government  which  may  be 
imposed  by  any  law,  or  by  any  regulation  of  the  Treas- 
ury Department  made  in  conformity  to  law.  The  Presi- 
dent is  authorized,  if  in  his  opinion  the  interest  of  the 
United  States  requires  the  same,  to  regulate  and  increase 
the  sums  for  which  bonds  are.  or  may  be.  required  by 
law,  of  all  district  attorneys,  collectors  of  customs,  naval 
officers,  and  surveyors  of  customs,  navy  agents,  receivers 
and  registers  of  public  lands,  paymasters  in  the  army, 
commissary-general,  and  by  all  other  officers  employed  in 
the  disbursement  of  the  public  moneys,  under  the  di- 
rection of  the  War  or  Xavy  Departments. 

(See  sections  5489-5197.) 

SEC.  3040.  The  Secretary  of  the  Treasury  may,  except  mj™°sffro°* 
as  provided  in  the  next  section,  transfer  the  moneys  in  ^.^i1i;"'iesa|1° 
the   hands   of   any   depositary   of  public   moneys   to   the  tho^fd^  1840 
Treasury  of  the  United  States  to  the  credit  of  the  Treas-  ;;•  !;%[-''10>  ^ 
urer;  and  he  may  transfer  moneys  in  (lie  hands  of  one 
depositary  to  any  other  depositary,  as  the  safety  of  the 
public  moneys  and  the  convenience  of  the  public;  service 
shall  seem  to  him  to  require. 

SEC.  3041.  The  Postmaster-General  may  transfer  monev     TninKivr    <>r 

sits. 


belonging  to   the    postal    service   between    th 

assistant    treasurers,   and    designated    depositaries,   at    hi 


216  NATIONAL    MONETARY    COMMISSION. 

discretion,  and  as  the  safety  of  the  public  money  and  the 

convenience  of  the  service  may  require. 

e  s^in10  Treas      SEC.  3644.  All  moneys  paid  into  the  Treasury  of  the 
ury  and  depos-  United  States  shall  be  subject  to  the  draft  of  the  Treas- 

itorles    subject  •> 

to     draft     ofurer>     And  for  the  purpose  of  payments  on  the  public 

Treasurer.  •  i        •       i  i 

Aug.  6, 1846,  account  the  Treasurer  is  authorized  to  draw  upon  any  of 
9,  p.  ei.  the  depositaries,  as  he  may  think  most  conducive  to  the 

public  interest  and  to  the  convenience  of  the  public  credit- 
ors. Each  depositary  so  drawn  upon  shall  make  returns 
to  the  Treasury  and  Post-Office  Departments  of  all 
moneys  received  and  paid  by  him,  at  such  times  and  in 
such  forms  as  shall  be  directed  by  the  Secretary  of  the 
Treasury  or  the  Postmaster-General. 

Regulations     gEC.  3645.  It  shall  be  the  duty  of  the  Secretary  of  the 

for       present-  .  ^ 

ment  of  drafts.  Treasury  to  issue  and  publish  regulations  to  enforce  the 
speedy  presentation  of  all  Government  drafts,  for  pay- 
ment, at  the  place  where  payable,  and  to  prescribe  the 
time,  according  to  the  different  distances  of  the  deposi- 
taries from  the  seat  of  Government,  within  which  all 
drafts  upon  them,  respectively,  shall  be  presented  for 
payment ;  and,  in  default  of  such  presentation,  to  direct 
any  other  mode  and  place  of  payment  which  he  may 
deem  proper:  but,  in  all  these  regulations  and  directions, 
it  shall  be  his  duty  to  guard,  as  far  as  may  be,  against 
those  drafts  being  used  or  thrown  into  circulation  as  a 
paper  currency  or  a  medium  of  exchange. 

(See  sections  5405.  5496.) 
Examination      SEC.  3649.  The  Secretary  of  the  Treasury  is  authorized 

of  depositaries.  .          .  ,'  -,         .,     ,       ,  '      , 

Aug.  6, 1846,  to  cause  examinations  to  be  made  of  the  books,  accounts. 
»',  p.  '&•>'.  'and  money  on  hand,  of  the  several  depositaries:  and  for 

Mar.  :5.  1875,  ,.  '    .     .  -    -. 

c.  129,  v.  18,  p.  that  purpose  to  appoint  special  agents,  as  occasion  may 
require,  with  such  compensation,  not  exceeding  six  dollars 
per  day  and  traveling  expenses,  as  he  may  think  reason- 
able, to  be  fixed  and  declared  at  the  time  of  each  appoint- 
ment. The  agent  selected  to  make  these  examinations 
shall  be  instructed  to  examine  as  well  the  books,  accounts, 
and  returns  of  the  officer,  as  the  money  on  hand,  and  the 
manner  of  its  being  kept,  to  the  end  that  uniformity  and 
accuracy  in  the  accounts,  as  well  as  safety  to  the  public 
moneys,  may  be  secured  thereby. 

Examination  Sicr.  3(550.  In  addition  to  the  examinations  provided 
of  accounts  of  .  .  ft 

custodians    o f  f or  in  the  preceding  section,  it  shall  be  the  duty  of  each 

public    moneys. 

Aug.  <;,  1840,  naval  officer  and  surveyor,  as  a  check  upon  the  assistant 
»',  i>.  '«•.'.'          '  treasurers,  or  the  collector  of  the  customs,  of  their  respec- 
tive districts:  of  each  register  of  a  land-office,  as  u  check 


LAWS    CONCERNING   MONEY,    BANKING,   AND    LOANS.  217 

upon  the  receiver  of  his  land-office;  and  of  the  director 
and  superintendent  of  each  mint  and  branch-mint,  when 
separate  officers,  as  a  check  upon  the  treasurers,  respec- 
tively, of  the  mints,  or  the  persons  acting  as  such,  at  the 
close  of  each  quarter  of  the  year,  and  as  much  oftener  as 
they  are  directed  by  the  Secretary  of  the  Treasury  to  do 
so,  to  examine  the  books,  accounts,  returns,  and  money 
on  hand,  of  the  assistant  treasurers,  collectors,  receivers 
of  land-offices,  treasurers  of  the  Mint  and  each  branch- 
mint,  and  persons  acting  as  such,  and  to  make  a  full,  ac- 
curate, and  faithful  return  of  their  condition  to  the  Sec 
retary  of  the  Treasury. 

SEC.  3651.  Xo  exchange  of  funds  shall  be  made  by  any     Exchange  of 
disbursing  officer  or  agent  of  the  Government,  of  anv  stricted. 

.          .  ,    '.    ,  Aug.  6,  1S40, 

grade  or  denomination  whatsoever,  or  connected  with  any  c.  oo,  s.  20,  v. 
branch  of  the  public  service,  other  than  an  exchange  for   'Feb. 2i>, iso-j. 
gold,  silver.  United  States  notes,  and  national-bank  notes;  i2,'P.'  345. ' 
and  every  such  disbursing  officer,  when  the  means  for  his  c.'  i42,_sl  i,  v! 
disbursements  are  furnished  to  him  in  gold,  silver,  United     kaV.  3,  ises, 

'  .  c     73     s.    •'?     v. 

States  notes,  or  national-bank  notes,  shall  make  his  pay- 1:>,  p.'  710.^ 
ments  in  the  moneys  so  furnished;  or  when  they  are  f  ur- c.  106,  s/23,  v.' 
nished  to  him  in  drafts,  shall  cause  those  drafts  to  be   '  rP's.  ,-!>ity 
presented  at  their  place  of  payment,  and  properly  paid  Lean,  iho. 
according  to  law.  and  shall  make  his  payments  in  the 
money  so  received   for  the  drafts  furnished,  unless,  in 
either  case,  he  can  exchange  the  means  in  his  hands  for 
gold  and  silver  at  par.     And  it  shall  be  the  duty  of  the 
head  of  the  proper  Department  immediately  to  suspend 
from  duty  any  disbur.-ing  officer  or  agent  who  violates 
the  provisions  of  this  section,  and  forthwith  to  report  the, 
name  of  the  officer  or  agent  to  the  President,  with  the  fact 
of  the  violation,  and  all  the  circumstances  accompanying 
the  same,  and  within  the  knowledge  of  the  Secretary,  to 
the  end  that  such  officer  or  agent  may  be  promptly  re- 
moved from  office,  or  restored  to  his  trust  and  the  per- 
formance of  his  duties,  as  the  President  may  deem  just 
and  proper. 

SEC.  -WoS.  No  officer  of  the  United  States  shall,  either     iTominm  <>n 

V         j.1  i-          ,1  11  -i  •  n     ,  sales    of    public 

directly  or  indirectly,  sell  or  dispose  01  to  any  person,  moneys    to    \»- 
for   a    premium,   any   Treasury   note,   draft,   warrant,   or  "".u'L. !;.  islr,.' 
other  public  security,  not  his  private  property,  or  sell  orf»',  j,.  05.' 
dispose  of  the  avails  or  proceeds  of  such  note,  draft,  war- 
rant, or  security,  in  his  hands  for  disbursement,  without 
making  ret  urn  of  such  premium,  and  accounting  therefor 
bv  char<rinir  the  same  in  his  accounts  to  the  credit  of  the 


218  NATIONAL   MONETARY   COMMISSION. 

United  States ;  and  any  officer  violating  this  section  shall 
be  forthwith  dismissed  from  office. 

tru^funds* °'  SEC-  3659>  A11  funds  held  in  trust  by  the  United  States, 
18f j6  ^  25 1  g' and  *ne  annual  interest  accruing  thereon,  when  not  other- 
2,  v/5,  p.  465.  wise  required  by  treaty,  shall  be  invested  in  stocks  of  the 

United  States,  bearing  a  rate  of  interest  not  less  than  five 

per  centum  per  annum. 
Permanent     SEC.  3689.  There  are  appropriated,  out  of  any  moneys 

annual     appro-  L  c       •  '  J  •> 

m  the  Treasury  not  otherwise  appropriated,  for  the  pur- 
poses hereinafter  specified,  such  sums  as  may  be  nec- 
essary for  the  same  respectively ;  and  such  appropriations 
shall  be  deemed  permanent  annual  appropriations. 


UNDER    THE    TREASURY    DEPARTMENT. 


Interest  on  the  public  debt: 
For  payment  of  interest  on  the  public  debt,  under  the 
several  acts  authorizing  the  same. 

Bonds  issued  to  Pacific  Railway  : 
i  July  186°      F°r  payment  of  interest  on  bonds  issued  by  authority 


120,  sec.  5  Of  jaw  t()  p.lcific  Railway. 

vol.  12,  p.  402.  J 


ch 

vo 

2  July, T864,  ch.  210.  sees.  7,  8,  vol.  13,  p.  359. 

23 May,  1872,  Expenses  of  national  loan: 

ch.  107,  vol.  17,  L  .  . 

P.  15G.  lo  pay  the  expenses  of  the  issue,  re-issue,  transfer,  de- 

livery, redemption,  and  destruction  of  securities,  legal- 
tender  notes,  fractional  currency,  checks,  certificates,  com- 
missions, and  for  any  plate  and  seal  engraving  and  print- 
ing required  by  the  Treasury  Department,  one  per  centum 
of  the  amount  of  legal-tender  notes,  fractional  currency, 
and  securities  issued  during  each  fiscal  year. 

,i!425oy'se<S.72:  Refunding  the  national  debt: 

V('>6  Va'nP'i87i'      **f  on('-nalf  °f  <>ne  per  centum  of  the  amount  of  bonds 

'j'Noo'  v°!'  lfif  authorized  under  the  act  of  July  fourteen,  eighteen  hun- 
dred and  seventy,  to  pay  the  expenses  of  preparing,  issu- 
ing, and  disposing  of  the  same. 

HJ-'^fVr*0?/  Sinking  fund  : 

vol.  12,  p.  :;w.  Qf  olie  per  centum  of  the  entire  debt  of  the  United 
States,  to  be  set  apart  as  a  sinking  fund  for  the  purchase 
or  payment  of  the  public  debt,  in  such  manner  as  the  Sec- 
retary of  the  Treasury  shall  from  time  to  time  direct. 

•':•  •<'•  :!-•  *  '•',- 

j-nymont  in  Si-:r.  MW.  The  faith  of  the  United  States  is  solemnly 
plcd^.d  to  the  payment  in  coin  or  its  equivalent  of  all  the 
obligations  of  the  United  States  not  bearing  interest, 


LAWS   CONCERNING    MONEY,    BANKING,   AND    LOANS.  219 

known  as  United  States  notes,  and  of  all  the  interest- 
bearing  obligations  of  the  United  States,  except  in  cases 
where  the  law  authorizing  the  issue  of  any  such  obligation 
has  expressly  provided  that  the  same  may  be  paid  in  law- 
ful money  or  other  currency  than  gold  and  silver.  But 
none  of  the  interest-bearing  obligations  not  already  due 
shall  be  redeemed  or  paid  before  maturity,  unless  at  such 
time  United  States  notes  are  convertible  into  coin  at  the 
option  of  the  holder,  or  unless  at  such  time  bonds  of  the 
United  States  bearing  a  lower  rate  of  interest  than  the 
bonds  to  be  redeemed  can  be  sold  at  par  in  coin.  The 
faith  of  the  United  States  is  also  solemnly  pledged  to 
make  provisions  at  the  earliest  practicable  period  for  the 
redemption  of  the  United  States  notes  in  coin. 

SEC.  3694.  The  coin  paid  for  duties  on  imported  goods  of^0pi£ 'paid1  for 
shall  be  i-.et  apart  as  a  special  fund,  and  shall  be  applied  duties- 
as  follows: 

First.  To  the  payment  in  coin  of  the  interest  on  the  in^%^e0nnpubf 
bonds  and  notes  of  the  United  States.  lic  debt- 

25  Feb.,  1862,  ch.  33,  sec.  5,  vol.  12,  p.  346. 

Second.  To  the  purchase  or  payment  of  one  per  centum    sinking  fund 
of  the  entire  debt  of  the  United  States,  to  be  made  within  Mar-  3*  1875- 
each  fiscal  year,  which  is  to  be  set  apart  as  a  sinking- 
fund,  and  the  interest  of  which  shall  in  like  manner  be 
applied  to  the  purchase  or  payment  of  the  public  debt, 
as  the  Secretary  of  the  Treasury  shall  from  time  to  time 
direct. 

Third.  The  residue  to  be  paid  into  the  Treasury. 

SEC.  3605.  All  bonds  applied  to  the  sinking-fund,  and      cancellation 

T^    •       i      >  11  n  ^  '     •  °f    bonds     re- 

all  other  united  States  bonds  redeemed  or  paid  by  the  deemed  or  paid. 

TT     .       ,     Oj  i      11    i  1111  i  14  July,  1870, 

united  States,  shall  be  canceled  and  destroyed.     A  de- ch.  256,  sec._6, 

•11  i       i>     i       i          i  11  in  iin  v°l-  16)  P-  -73. 

tailed  record  of  the  bonds  so  canceled  and  destroyed  shall 
be  first  made  in  the  books  of  the  Treasury  Department. 
The  amount  of  the  bonds  of  each  class  that  have  been 
canceled  and  destroyed  shall  be  deducted  respectively 
from  the  amount  of  each  class  of  the  outstanding  debt. 
of  the  United  States. 

SEC.  3696.  In  addition  to  other  amounts  that  may  be     Addition  to 

,.     ..    ,       ,,  ,  ,.  „  ,,  i  i-       i   i_i    sinking  fund. 

applied  to  the  redemption  or  payment  of  the  public  debt, 
an  amount  equal  to  the  interest  on  all  bonds  belonging 
to  the  sinking-fund  shall  be  applied,  as  the  Secretary  of 
the  Treasury  shall  from  time  to  time  direct,  to  the  pay- 
ment of  the  public  debt. 

SEC.  3697.  The  Secretary  of  the  Treasury  is  authorized.  ofR6ed£?p<St 
with  any  coin  in  the  Treasury  which  he  may  lawfully  b( 
15712°— 10 15 


220  NATIONAL   MONETARY    COMMISSION. 

apply  to  such  purpose,  or  which  may  be  derived  from  the 
sale  of  any  of  the  bonds  which  he  may  be  authorized  to 
dispose  of  for  that  purpose,  to  pay  at  par  and  cancel  any 
six  per  centum  bonds  of  the  United  States  of  the  kind 
known  as  five-twenty  bonds,  which  have  become  or  shall 
hereafter  become  redeemable  by  the  terms  of  their  issue. 
But  the  particular  bonds  so  to  be  paid  and  canceled  shall 
in  all  cases  be  indicated  and  specified  by  class,  date,  and 
number,  in  the  order  of  their  numbers  and  issue,  begin- 
ning with  the  first  numbered  and  issued,  in  a  public  notice 
to  be  given  by  the  Secretary  of  the  Treasury,  and,  in 
three  months  after  the  date  of  such  public  notice,  the 
interest  on  the  bonds  so  selected  and  advertised  to  be  paid 
shall  cease, 
payment  of  gEC>  3(593.  -phe  Secretary  of  the  Treasury  shall  cause 

Interest.  .  " 

9  Feb.,  1847,  to  be  paid,  out  of  anv  money  m  the  Treasury  not  other- 

ch.  7,  vol.  9.  •         1  •  /•   IT 

wise  appropriated,  any  interest  falling  due,  or  accruing, 
on  any  portion  of  the  public  debt  authorized  by  law. 
Anticipation      gEC<  3G99.  The  Secretary  of  the  Treasury  may  antici- 

of  interest.  .  » 

17  Mar.,  1SG4,  pate  the  payment  of  interest  on  the  public  debt,  bv  a 

res.  20,  vol.  13.  L  -     J  /  .  .   , 

p.  404.  period  not  exceeding  one  year,  from  time  to  time,  either 

with  or  without  a  rebate  of  interest  upon  the  coupons, 
as  to  him  may  seem  expedient ;  and  he  is  authorized  to 
dispose  of  any  gold  in  the  Treasury  of  the  United  States, 
not  necessary  for  the  payment  of  interest  of  the  public 
debt.  The  obligation  to  create  the  sinking-fund  shall 
not,  however,  be  impaired  thereby. 

Purchase  of     SEC.  3700.  The   Secretary  of  the  Treasury  may  pur- 
17  Mar.,  1862,  chase  coin  with  any  of  the  bonds  or  notes  of  the  United 

vol.  12",  p.  37o!  States,  authorized  by  law.  at  such  rates  and  upon  such 
terms  as  he  may  deem  most  advantageous  to  the  public 
interest. 

fromxtea?aptionn  SEr-  s701-  A11  stock?,  bonds.  Treasury  notes,  anrl  other 
obligations  of  the  United  States,  shall  be  exempt  from 

1864*  ch"  "7"'  taxation  by  or  under  State  or  municipal  or  local  authority. 

sec.  i,  vol.  i:;,'p.  IMS:  2s  .inn.,  isr.r.,  HI.  22.  sec.  1.  vol.  i:\.  p.  -425;  :; 

ch.  73,  sec.  1,  vol.  12,  p.  710  ;  25  Feb.,  18(52,  ch.  '.','.',,  sec.  2,  vol.  12,  p.  .S46  ; 

vol.  16,  p.  272;  :',  Mar.,  ist;i.  Hi.   )7,  sec.  1.  vol.  i:;.  p.  i:i;  ::  Mar..  1  so:;, 

Mar.,   1865,  ch.  77,  sec.  2,  vol.   1.",,  p.  -Ii5!t  ;    14  .lulv.   ls70,  ch.  2. "if,,  sec.   1, 

Bank  v.  Supervisors,  7  Wall.,  2(5. 

f0rDUbondsadee      kSEC-  3"02-  ^'hcncver  it  appears  to  the  Secretary  of  the 

stri°j?me  187°  Treasury,    by    clear    and    unequivocal    proof,    that    any 

^j  254,  sec^i,  interest-bearing  bond  of  the  United  States  has.  without 

bad   faith   upon  the  part   of  the  owner,  been  destroyed, 

wholly  or  in  part,  or  so  defaced  as  to  impair  its  value  to 

the  owner,  and  such  bond   is   identified  by   number  and 

description,  the  Secretary  of  the  Treasury  shall,  under 


LAWS    CONCEKNING    MONEY,    BANKING,    AND    LOANS.  221 

such  regulations  and  with  such  restrictions  as  to  time  and 
retention  for  security  or  otherwise  as  he  may  prescribe, 
issue  a  duplicate  thereof,  having  the  same  time  to  run, 
bearing  like  interest  as  the  bond  so  proved  to  have  been 
destroyed  or  defaced,  and  so  marked  as  to  show  the  orig- 
inal number  of  the  bond  destroyed  and  the  date  thereof. 
But  when  such  destroyed  or  defaced  bonds  appear  to  have 
been  of  such  a  class  or  series  as  has  been  or  ma}r,  before 
such  application,  be  called  in  for  redemption,  instead  of 
issuing  duplicates  thereof,  they  shall  be  paid,  with  such 
interest  only  as  would  have  been  paid  if  they  had  been 
presented  in  accordance  with  such  call. 

SEC.  3703.  The  owner  of  such  destroyed  or  defaced d 
bond  shall  surrender  the  same,  or  so  much  thereof  as  maybonds 
remain,  and  shall  file  in  the  Treasury  a  bond  in  a  penal 
sum  of  double  the  amount  of  the  destroyed  or  defaced 
bond,  and  the  interest  which  would  accrue  thereon  until 
the  principal  becomes  due  and  payable,  with  two  good  and 
sufficient  sureties,  residents  of  the  United  States,  to  be 
approved  by  the  Secretary  of  the  Treasury,  with  condi- 
tion to  indemnify  and  save  harmless  the  United  States 
from  any  claim  upon  such  destroyed  or  defaced  bond. 

SEC.  3704.  Whenever  it  is  proved  to  the  Secretary  of  the    Duplicate  of 

.  ,  lost    registered 

Ireasury,   by  clear  and  satisfactory  evidence,  that  any  pond    may    be 
dulv  registered  bond  of  the  United  States,  bearing  inter-    3  Mar.,  ISTI, 

.  ..  res.  49,  vol.  16, 

est,  issued  for  valuable  consideration  in  pursuance  of  law.  P.  coo. 
has  been  lost  or  destroyed,  so  that  the  same  is  not  held  by 
any  person  as  his  own  property,  the  Secretary  shall  issue 
a  duplicate  of  such  registered  bond,  of  like  amount,  and 
bearing  like  interest  and  marked  in  the  like  manner  as 
the  bond  so  proved  to  be  lost  or  destroyed. 

SEC.  3705.  The  owner  of  such  missing  bond  shall  first  m?sns!?^n^or 
file  in  the  Treasury  a  bond  in  a  penal  sum  equal  to  the 
amount  of  such  missing  bond,  and  the  interest  which 
would  accrue  thereon,  until  the  principal  thereof  becomes 
due  and  payable,  with  two  good  and  sufficient  sureties, 
residents  of  the  United  States,  to  be  approved  by  the  Sec- 
retary of  the  Treasury,  with  condition  to  indemnify  and 
save  harmless  the  United  States  from  any  claim  because 
of  the  lost  or  destroyed  bond. 

SEC.  3700.  The  Secretary  of  the  Treasury  is  hereby  au-     Exchange  of 

.  .  -i-iii       registered     for 

tnorized  to  issue,  upon  such  terms  and  under  such  regula- coupon  bonds 

.   fc  ;{OJune,  ISM, 

tions  as  he  may  from  tune  to  tune  prescribe,  registered ch.  172,  sec.  7, 

11-  u  t  i  •     r         *  u      i  vo1-  13'  p-"°- 

bonds  in  exchange  tor  and  in  lieu  01  any  coupon-bonds 

which  have  been  or  may  be  lawfully  issued ;  such  regis- 


222  NATIONAL  MONETARY  COMMISSION. 

tered  bonds  to  be  similar  in  all  respects  to  the  registered 
bonds  issued  under  the  acts  authorizing  the  issue  of  the 
coupon-bonds  offered  for  exchange. 

officers**  or  SEC.  3707.  When  any  officer  or  agent  duly  authorized 
stio  Aug0ti846  t°  receive,  redeem,  or  cancel  any  Treasury  notes  issued  by 
voi  ^p^oj2' authority  of  law,  shall  receive,  or  pay,  any  Treasury  note 
which  has  been  previously  received  or  redeemed  by  any 
officer  or  agent  having  authority  to  receive  or  redeem  such 
note,  and  which  has  subsequently  thereto  been  purloined 
and  put  into  circulation,  the  Secretary  of  the  Treasury, 
upon  full  and  satisfactory  proof  that  the  same  has  been 
received  or  paid  in  good  faith,  and  in  the  exercise  of 
ordinary  prudence,  may  allow  a  credit  for  the  amount  of 
such  note,  to  the  officer  or  agent  so  receiving  or  paying  the 
same. 

Section  3708,  as  codified  in  section  177  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 
1122)  : 
imitating  se-     It  shall  not  be  lawful  to  design,  engrave,  print,  or  in 

cu  ri  t  ies    or  '     .          L  ' 

printing  adver-any  manner  make  or  execute,  or  to  utter,  issue,  distribute, 

tisements.1  .  : 

tbereon.  circulate,  or  use,  any  business  or  professional  card,  notice, 

placard,  circular,  handbill,  or  advertisement,  in  the  like- 
ness or  similitude  of  any  bond,  certificate  of  indebtedness, 
certificate  of  deposit,  coupon.  United  States  note.  Treas- 
ury note,  gold  certificate,  silver  certificate,  fractional  note, 
or  other  obligation  or  security  of  the  United  States  which 
has  been  or  may  be  issued  under  or  authorized  by  any 
Act  of  Congress  heretofore  passed  or  which  may  here- 
after be  passed ;  or  to  write,  print,  or  otherwise  impress 
upon  any  such  instrument,  obligation,  or  security,  any 
business  or  professional  card,  notice,  or  advertisement, 
or  any  notice  or  advertisement  of  any  matter  or  thing 
Punishment  whatever.  Whoever  shall  violate  any  provision  of  this 
section  shall  be  fined  not  more  than  five  hundred  dollars. 

,,  I',']-!?"  an1      &EC.    5153.  All    national    banking    associations,    desig- 

liabihtles       of 

associationsnated  for  that  purpose  bv  the  Secretary  of  the  Treasury, 

when      desig-  ••/•'IT  .  „ 

nated  as  depos- shall  be  depositaries  or  public  money,  except  receipts  from 

itaries   of   pub-  l 

He  moneys.       customs,  under  such  regulations  as  may  be  prescribed  by 

:<  .Tune,  1804,  » 

rh.  100,  sec.  45,  the  Secretary:  and  they  may  also  be  employed  as  financial 

v.  1.3,  p.  113. 

agents  of  the  Government ;  and  they  shall  perform  all 
.such  reasonable  duties,  as  depositaries  of  public  moneys 
and  financial  agents  of  the  Government,  as  may  be  re- 
quired of  them.  The  Secretary  of  the  Treasury  shall  re- 
quire the  associations  thus  designated  to  give  satisfactory 
security,  by  the  deposit  of  United  States  bonds  and  other- 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  223 

wise,  for  the  safe-keeping  and  prompt  payment  of  the 
public  money  deposited  with  them,  and  for  the  faithful 
performance  of  their  duties  as  financial  agents  of  the 
Government.  And  every  association  so  designated  as  re- 
ceiver or  depositary  of  the  public  money  shall  take  and 
receive  at  par  all  of  the  national  currency  bills,  by  what- 
ever association  issued,  which  have  been  paid  into  the 
Government  for  internal  revenue,  or  for  loans  or  stocks. 
(See  sees.  3639-3649,  5489.) 
SEC.  5158.  The  term  "United  States  bonds,"  as  used,  united  states 

7  bonds  denned. 

throughout    this   chapter,   shall   be    construed   to   mean     June  3,  iscu, 

!  •  '  c.   106,  s.  4,   v. 

registered  bonds  of  the  United  States.  is,  P-  100. 

SEC.  5260.  The  Secretary  of  the  Treasury  is  directed    secretary  of 

.  .,  ,  Treas  u  r  y     to 

to  withhold  all  payments  to  anv  railroad  company  and  withhold    Pay- 

P  .     '  meats    to    cer- 

its  assigns,  on  account  of  freights  or  transportation  over  tain  railroads. 

.  .  i  •      i  Al3.r.  3,  1873, 

their  respective  roads  ot  any  kind,  to  the   amount  of  c.  226,  s.  2,  v. 

T    Ti    fSOfi 

payments  made  bv  the  United  States  for  interest  upon    ^une22,i874, 

*•  *  c414v!8 

bonds  of  the  United  States  issued  to  any  such  company, pi  200.' 
and  which  shall  not  have  been  re-imbursed,  together  with 
the  five  per  centum  of  net  earnings  due  and  unapplied, 
as  provided  by  law. 

SEC.  5413.  as  codified  in  section  147  of  the  Penal  Code 
of  the  United  States,  March  4,  1909  (35  Stat.  L.,  1115)  : 

The  words  "  obligation  or  other  security  of  the  United     "Obligation 
States"  shall  be  held  to  mean  all  bonds,  certificates  ofcurity  'pY  the 
indebtedness,   national-bank   currency,    coupons.    United  defined.  t$ 
States  notes,  Treasury  notes,  gold  certificates,  silver  cer- 
tificates,   fractional   notes,    certificates   of   deposit,   bills, 
checks,  or  drafts  for  money,  drawn  by  or  upon  authorized 
officers  of  the  United   States,  stamps  and  other  repre- 
sentatives  of   value,   of   whatever   denomination,   which 
have  been  or  may  be  issued  under  any  act  of  Congress. 

Section  5414,  as  codified  in  section  148  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L.. 
1115)  : 

Whoever,  with  intent  to  defraud,  shall  falsely  make.     F"^1,n.K.or 

c  o  u  Dteifeiting 

forge,  counterfeit,  or  alter  any  obligation  or  other  security  securltles' 
of  the  United  States  shall  be  fined  not  more  than  five; 
thousand  dollars  and  imprisoned  not  more  than  fifteen 
years. 

Section  5415,  as  codified  in  section  149  of  the  Penal 
Code  of  the  United  States,  March  4.  1909  (35  Stat.  I,.. 
1115)  : 

Whosoever  shall  falsely  make,  forge,  or  counterfeit.  <>i' i  ^^""a'tfo'nai- 
cause  or  procure  to  be  made,  forged,  or  counterfeited,  orbanknotes- 


224  NATIONAL   MONETARY   COMMISSION. 

shall  willingly  aid  or  assist  in  falsely  making,  forging, 
or  counterfeiting,  any  note  in  imitation  of,  or  purporting 
to  be  in  imitation  of,  the  circulating  notes  issued  by  any 
banking  association  now  or  hereafter  authorized  and  act- 
ing under  the  laws  of  the  United  States ;  or  whoever  shall 
pass,  utter,  or  publish,  or  attempt  to  pass,  utter,  or  pub- 
lish, any  false,  forged,  or  counterfeited  note,  purporting 
to  be  issued  by  an}7  such  association  doing  a  banking  busi- 
ness, knowing  the  same  to  be  falsely  made,  forged,  or 
counterfeited ;  or  whoever  shall  falsely  alter,  or  cause  or 
procure  to  be  falsely  altered,  or  shall  willingly  aid  or 
assist  in  falsely  altering,  any  such  circulating  notes,  or 
shall  pass,  utter,  or  publish,  or  attempt  to  pass,  utter,  or 
publish  as  true,  any  falsely  altered  or  spurious  circulating 
note  issued,  or  purporting  to  have  been  issued,  by  any 
such  banking  association,  knowing  the  same  to  be  falsely 
altered  or  spurious,  shall  be  fined  not  more  than  one 
thousand  dollars  and  imprisoned  not  more  than  fifteen 
years. 

Section  5430,  as  codified  in  section  150  of  the  Penal 
Code  of  the  United  States,  March  4,  1909   (35  Stat.  L., 
1116)  : 
rsing  plates     Whoever,  having  control,  custody,  or  possession  of  any 

to   print   notes,  .  . 

without  author- pi  ate,  stone,  or  other  thing,  or  anv  part  thereof,  from 

Ity,  etc.  .  .  . 

which  has  been  printed,  or  which  may  be  prepared  by 
direction  of  the  Secretary  of  the  Treasury  for  the  purpose 
of  printing,  any  obligation  or  other  security  of  the  United 
States,  shall  use  such  plate,  stone,  or  other  thing,  or  any 
part  thereof,  or  knowingly  suffer  the  same  to  be  used  for 
the  purpose  of  printing  any  such  or  similar  obligation 
or  other  security,  or  any  part  thereof,  except  as  may  be 
printed  for  the  use  of  the  United  States  by  order  of  the 
proper  officer  thereof:  or  whoever  by  any  way.  art,  or 
means  shall  make  or  execute,  or  cause  or  procure  to  be 
made  or  executed,  or  shall  assist  in  making  or  executing 
any  plate,  stone,  or  other  thing  in  the  likeness  of  any 
plate  designated  for  the  printing  of  such  obligation  or 
other  security:  or  whoever  shall  sell  any  such  plate,  stone, 
or  other  thing,  or  bring  into  the  United  States  or  any 
place  subject  to  the  jurisdiction  thereof,  from  anv  for- 
eign place,  any  such  plate,  stone,  or  other  thing,  except 
under  the  direction  of  the  Secretary  of  the  Treasury  or 
other  proper  officer,  or  with  any  other  intent,  in  either 
case,  than  that  such  plate,  stone,  or  other  thing  be  used 
for  the  printing  of  the  obligations:  or  other  securities  of 


LAWS   CONCERNING    MONEY,    BANKING,   AND    LOANS.  225 

the  United  States;  or  whoever  shall  have  in  his  control, 
custody,  or  possession  any  plate,  stone,  or  other  thing  in 
any  manner  made  after  or  in  the  similitude  of  any  plate, 
stone,  or  other  thing,  from  which  any  such  obligation  or 
other  security  has  been  printed,  with  intent  to  use  such 
plate,  stone,  or  other  thing,  or  to  suffer  the  same  to  be 
used  in  forging  or  counterfeiting  any  such  obligation  or 
other  security,  or  any  part  thereof;  or  whoever  shall  have 
in  his  possession  or  custody,  except  under  authority  from 
the  Secretary  of  the  Treasury  or  other  proper  officer, 
any  obligation  or  other  security  made  or  executed,  in 
whole  or  in  part,  after  the  similitude  of  any  obliga- 
tion or  other  security  issued  under  the  authority  of 
the  United  States,  with  intent  to  sell  or  otherwise 
use  the  same;  or  whoever  shall  print,  photograph,  or 
in  any  other  manner  make  or  execute,  or  cause  to  be 
printed,  photographed,  made,  or  executed,  or  shall  aid  in 
printing,  photographing,  making,  or  executing  any  en- 
graving, photograph,  print,  or  impression  in  the  likeness 
of  any  such  obligation  or  other  other  security,  or  any 
part  thereof,  or  shall  sell  any  such  engraving,  photograph, 
print,  or  impression,  except  to  the  United  States,  or  shall 
bring  into  the  United  States  or  any  place  subject  to  the 
jurisdiction  thereof,  from  any  foreign  place  any  such 
engraving,  photograph,  print,  or  impression,  except  by 
direction  of  some  proper  officer  of  the  United  States; 
or  whoever  shall  have  or  retain  in  his  control  or  pos-  Distinctive 

„  , .      .  ,          .  ill;!       Paper    without 

session,  after  a  distinctive  paper  has  been  adopted  by  the  authority. 
Secretary  of  the  Treasury  for  the  obligations  and  other 
securities  of  the  United  States,  any  similar  paper  adapted 
to  the  making  of  any  such  obligation  or  other  security, 
except  under  the  authority  of  the  Secretary  of  the  Treas- 
ury or  some  other  proper  officer  of  the  United  States, 
shall  be  fined  not  more  than  five  thousand  dollars,  or  irn-  Punishment 

for. 

prisoned  not  more  than  fifteen  years,  or  both. 

Section  5431,  as  codified  in  section  151  of  the  Penal 
Code  of  the  United  States,  March  1,  1909  (35  Stut.  L., 
1110)  : 

Whoever,  with  intent  to  defraud,  shall  pass,  utter,  pub-  f  Jj^c^obiUa" 
lish,  or  sell,  or  attempt  to  pass,  utter,  publish,  or  sell,  or  tions- 
shall  bring  into  the  United  States  or  any  place  subject 
to  the  jurisdiction  thereof.  Avith  intent  to  pass,  publish, 
utter,  or  sell,  or  shall  keep  in  possession  or  conceal  with 
like  intent,  any  falselv  made,  forced,  counterfeited,  or 


226  NATIONAL   MONETARY   COMMISSION. 

altered  obligation  or  other  security  of  the  -United  States, 
^Punishment s}ia]j  be  fine(j  not  more  than  five  thousand  dollars  and 
imprisoned  not  more  than  fifteen  years. 

Section  5432,  as  codified  in  section  152  of  the  Penal 
*  Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 

1117): 
Taking  im-     Whoever,  without  authority  from  the  United  States, 

p  ressions    of 

tool  s,  impie- shall  take,  procure,  or  make,  upon  lead,  foil,  wax,  plaster, 
paper,  or  any  other  substance  or  material,  an  impression, 
stamp,  or  imprint  of,  from,  or  by  the  use  of  any  bedplate, 
bedpiece,  die,  roll,  plate,  seal,  type,  or  other  tool,  imple- 
ment, instrument,  or  thing  used  or  fitted  or  intended  to 
be  used  in  printing,  stamping  or  impressing,  or  in  mak- 
ing other  tools,  implements,  instruments,  or  things  to  be 
used  or  fitted  or  intended  to  be  used  in  printing,  stamp- 
ing, or  impressing  any  kind  or  description  of  obligation 
or  other  security  of  the  United  States  now  authorized 
or  hereafter  to  be  authorized  by  the  United  States,  or 
circulating  note  or  evidence  of  debt  of  any  banking  asso- 

Punishment ciation  under  the  laws  thereof,  shall  be  fined  not  more 
than  five  thousand  dollars,  or  imprisoned  not  more  than 
ten  years,  or  both. 

Having  \m-      Section  5433,  as  codified  in  section  153  of  the  Penal 

lawful     posses- 

sion  of  impres-  Code  of  the  United  States,  March  4,  1909   (35  Stat.  L., 

sions. 

HIT)  : 

Whoever,  with  intent  to  defraud,  shall  have  in  his 
possession,  keeping,  custody,  or  control,  without  author- 
ity from  the  United  States,  any  imprint,  stamp,  or 
impression,  taken  or  made  upon  any  substance  or  ma- 
terial whatsoever,  of  any  tool,  implement,  instrument,  or 
thing,  used  or  fitted  or  intended  to  be  used,  for  any  of 
the  purposes  mentioned  in  the  preceding  section;  or  who- 
ever, with  intent  to  defraud,  shall  sell,  give,  or  deliver 
punishment  any  such  imprint,  stamp,  or  impression  to  any  other  per- 
son, shall  be  fined  not  more  than  five  thousand  dollars,  or 
imprisoned  not  more  than  ten  years,  or  both. 

e.)im't«"rfi.itB  J"  Section  J">434,  as  codifiod  in  section  154  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 
1117)  : 

Whoever  shall  buy.  sell,  exchange,  transfer,  receive, 
or  deliver  any  false,  forged,  counterfeited,  or  altered 
obligation  or  other  security  of  the  United  States,  or 
circulating  note  of  any  banking  association  organized 
or  acting  under  the  laws  thereof,  which  has  been  or 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  227 

may  hereafter  be  issued  by  virtue  of  any  Act  of  Con- 
gress, with  the  intent  that  the  same  be  passed,  published, 
or  used  as  true  and  genuine,  shall  be  fined  not  more  fo Punishment 
than  five  thousand  dollars,  or  imprisoned  not  more  than 
ten  years,  or  both. 

SEC.   5435.  Every  person  who   falsely  personates  any atFinlsefp1er?2n" 
true  and  lawful  holder  of  anv  share  or  sum  in  the  public0/  public 

J  i  stocks. 

stocks  or  debt  of  the  United  States,  or  any  person  entitled  ,3  ^ar-'  ls'^, 

J    J  ch.  60,  sec.  IS, 

to  any  annuity,  dividend,  pension,  prize-money,  wages,  or  vo1-  4>  P-  12°- 
other  debt  due  from  the  United  States,  and,  under  color 
of  such  false  personation,  transfers  or  endeavors  to  trans- 
fer such  public  stock  or  any  part  thereof,  or  receives  or 
endeavors  to  receive  the  money  of  such  true  and  lawful 
holder  thereof,  or  the  money  of  any  person  really  entitled 
to  receive  such  annuity,  dividend,  pension,  prize-money, 
wages,  or  other  debt,  shall  be  punished  by  a  fine  of  not 
more  than  five  thousand  dollars,  and  by  imprisonment  at 
hard  labor  not  more  than  ten  years.  (Amended,  35 
Stat.  L.,  1095.) 

SEC.   5436.  Every  person  who  knowingly   or  fraudu-    False  demand 

\  "  on    fraudulent 

lentlv  demands  or  endeavors  to  obtain  anv  share  or  sum  power  of  attor- 

DGV. 

in  the  public  stocks  of  the  United  States,  or  to  have  any  ~IM<I. 
part  thereof  transferred,  assigned,  sold,  or  conveyed,  or 
to  have  any  annuity,  dividend,  pension,  prize-money, 
wages,  or  other  debt  due  from  the  United  States,  or  any 
part  thereof,  received  or  paid  by  virtue  of  any  false, 
forged,  or  counterfeited  power  of  attorney,  authority,  or 
instrument,  shall  be  punished  by  a  fine  of  not  more  than 
five  thousand  dollars,  and  by  imprisonment  at  hard  labor 
not  more  than  ten  years.  (Amended,  35  Stat.  L.,  1095.) 

Section  5437,  as  codified  in  section  174  of  the  Penal  ^f^f0  expired 
Code  of  the  United  States,  March  4,  1909   (35  Stat.  L..  banks- 
1122)  : 

In  all  cases  where  the  charter  of  any  corporation 
which  has  been  or  may  be  created  by  act  of  Congress 
has  expired  or  may  hereafter  expire,  if  any  director, 
officer,  or  agent  of  the  corporation,  or  any  trustee  thereof, 
or  any  agent  of  such  trustee,  or  any  person  having  in 
his  possession  or  under  his  control  the  property  of  the 
corporation  for  the  purpose  of  paying  or  redeeming 
its  notes  and  obligations,  shall  knowingly  issue,  reissue, 
01-  utter  as  money,  or  in  any  other  way  knowingly  put  in 
circulation  any  bill.  note,  chock,  draft,  or  other  security  Punishment 
purporting  to  have  been  made  by  any  such  corporation 
whose  charter  has  expired,  or  by  any  officer  thereof,  or 


228  NATIONAL   MONETARY   COMMISSION. 

purporting  to  have  been  made  under  authority  derived 
therefrom,  or  if  any  person  shall  knowingly  aid  in  any 
such  act,  he  shall  be  fined  not  more  than  ten  thousand 
dollars,  or  imprisoned  not  more  than  five  years,  or  both. 
But  nothing  herein  shall  be  construed  to  make  it  unlawful 
for  any  person,  not  being  such  director,  officer,  or  agent 
of  the  corporation,  or  any  trustee  thereof,  or  any  agent 
of  such  trustee,  or  any  person  having  in  his  possession 
or  under  his  control  the  property  of  the  corporation  for 
the  purpose  hereinbefore  set  forth,  who  has  received  or 
Circulation mav  hereafter  receive  such  bill,  note,  check,  draft,  or 

permitted.  J  .  .  .  . 

other  security,  bona  fide  and  in  the  ordinary  transactions 
of  business,  to  utter  as  money  or  otherwise  circulate  the 
same. 
Secreting  or      Section  5453,  as  codified  in  section  155  of  the  Penal 

embezzling 

tools  and  ma- Code  of  the  United  States,  March  4,  1909   (35  Stat.  L., 

te rials  for 
printing  securi-  1117)  ' 
ties. 

Whoever,  without  authority  from  the  United  States, 
shall  secrete  within,  embezzle,  or  take  and  carry  away 
from  any  building,  room,  office,  apartment,  vault,  safe, 
or  other  place  where  the  same  is  kept,  used,  employed, 
placed,  lodged,  or  deposited  by  authority  of  the  United 
States,  any  bedpiece.  bedplate,  roll,  plate,  die,  seal,  type, 
or  other  tool,  implement,  or  thing  used  or  fitted  to 
be  used  in  stamping  or  printing,  or  in  making  some 
other  tool  or  implement  used  or  fitted  to  be  used  in  stamp- 
ing or  printing,  any  kind  or  description  of  bond,  bill, 
note,  certificate,  coupon,  postage  stamp,  revenue  stamp, 
fractional  currency  note,  or  other  paper,  instrument, 
obligation,  device,  or  document,  now  or  hereafter  author- 
ized by  law  to  be  printed,  stamped,  sealed,  prepared, 
issued,  uttered,  or  put  in  circulation  on  behalf  of  the 
United  States:  or  whoever,  without  such  authority,  shall 
so  secrete,  embezzle,  or  take  and  carry  away  any  paper, 
parchment,  or  other  material  prepared  and  intended  to  be 
used  in  the  making  of  any  such  papers,  instruments,  obli- 
gations, devices,  or  documents;  or  whoever,  without  such 
authority,  shall  so  secrete,  embezzle,  or  take  and  carry 
away  any  paper,  parchment,  or  other  material  printed  or 
stamped,  in  \vhole  or  part,  and  intended  to  be  prepared, 
issued,  or  put  in  circulation  on  behalf  of  the  United 
States  as  one  of  the  papers,  instruments,  or  obligations 
hereinbefore  named,  or  printed  or  stamped,  in  whole  or 
part,  in  the  similitude  of  any  such  paper,  instrument,  or 
obligation,  whether  intended  to  issue  or  put  the  same  in 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  229 

circulation  or  not,  shall  be  fined  not  more  than  five  thou-  fQ  Punishment 

sand  dollars,  or  imprisoned  not  more  than  ten  years,  or 

both. 

SEC.  5488.  Every  disbursing:  officer  of  the  United  States     Disbursing 

.  .  •     .          .     i    j.      i  •        •  officer    unlaw- 

who  deposits  anv  public  monev  intrusted  to  him  in  any  fully  deposit- 

,  .  j.i        •       -i    i        i  ing,  converting, 

place  or  in  anv  manner,  except  as  authorized  by  law,  or  loan  ing,  or 

.  ,    '          transferring 

converts  to  his  own  use  in  any  way  whatever,  or  loans  public  money. 

.  .  ...  J  14  June,  1866, 

with  or  without  interest,  or  tor  any  purpose  not  pre-  ch.  122,  sec.  2, 

vol.  14,  p.  64. 

scribed  by  law  withdraws  from  the  Treasurer  or  any 
assistant  treasurer,  or  any  authorized  depository,  or  for 
any  purpose  not  prescribed  by  law  transfers  or  applies 
any  portion  of  the  public  money  intrusted  to  him,  is.  in 
every  such  act,  deemed  guilty  of  an  embezzlement  of  the 
money  so  deposited,  converted,  loaned,  withdrawn,  trans- 
ferred, or  applied;  and  shall  be  punished  by  imprison- 
ment with  hard  labor  for  a  term  not  less  than  one  year 
nor  more  than  ten  years,  or  by  a  fine  of  not  more  than 
the  amount  embezzled  or  less  than  one  thousand  dollars, 
or  by  both  such  fine  and  imprisonment.  (Amended,  35 
Stat,  L..  1105.) 

(See  sections  3620,  5497.) 

SEC.  5489.  If  the  Treasurer  of  the  United  States,  or    Failure  of 

.  .  ,.        ,  .  „    .,    Treasurer,  etc.. 

any  assistant  treasurer,  or  anv  public  depositary,  fails  to  safely  keep 

j,  1  ,  ,,  j     '       .       ,    ,  ,.    f  public  moneys. 

saielv  to  keep  all  moneys  deposited  by  any  disbursing    3  Mar.,  isr,7, 

ffi  v  u         •  n  'n  cb-  114'  sec-  -' 

omcer  or  disbursing  agent,  as  well  as  all  moneys  depos-  vol.  11,  p.  249. 

ited  by  any  receiver,  collector,  or  other  person  having 

moneys  of  the  United  States,  he  shall  be  deemed  guilty 

of  embezzlement  of  the  moneys  not  so  safely  kept,  and 

shall  be  imprisoned  not  less  than  six  months  nor  more 

than  ten  years,  and  fined  in  a  sum  equal  to  the  amount 

of  money  so  embezzled.     (Amended,  35  Stat.  L..  1105.) 

(See  section  3039.) 

SEC.   5490.  Every  officer  or  other  person  charged  by    custodians  of 
anv  act  of  Congress  with  the  safe-keeping  of  the  public  facing  to  safe- 

.  ly  keep,  without 

moneys,  who  fails  to  safely  keep  the  same,  without  loan- loaning,  etc. 

.  .  .   :  .    .          .  0  Aug..  1S4G, 

ing.  using,  converting  to  ins  own  use.  depositing  in  banks,  c.  90.  s.  ic,  v. 

or  exchanging  for  other  funds  than  as  specially  allowed" 

by  law.  shall  be  guilty  of  embezzlement  of  the  money  so 

loaned,    used,    converted,   deposited,    or   exchanged;    and 

shall  be  imprisoned  not  less  than  six  months  nor  more 

than  ten  years,  and  fined  in  a  sum  equal  to  the  amount  of 

money  so  embezzled.      (Amended.  35  Stat.  I,..  1  105.) 

(See  sec-lion  3C>39.) 

SEC.  5-191.  Every  officer  or  agent  of  the  United  States  fi™\]™r^£r 
who,  having  received  public  money  which  lie  is  not   an-  :"',';'"^"!,r;i1  ^40, 

c.  !io,  s.   If,,  v,  y,'  p.  6-'i. 


230  NATIONAL    MONETARY   COMMISSION. 

186-'  c  iggVtkorized  *°  retain  as  salary,  pay,  or  emolument,  fails  to 
%VMar  ,Pite7'  rencler  his  accounts  for  the  same  as  provided  by  law,  shall 
pe|-7148f  v>  14>  be  deemed  guilty  of  embezzlement,  and  shall  be  fined  in  a 
1870,  /  295  ys'sum  e(lual  to  the  amount  of  the  money  embezzled,  and 
15,  v.  16,  p.  334.  shall  be  imprisoned  not  less  than  six  months  or  more  than 

ten  years.     (Amended,  35  Stat.  L.,  1095.) 
P  olll  treas°  rl-      (  See  sections  3622,  3633.  ) 

QU6rldug   1846      SEC.  5492.  Every  person  who,  having  moneys  of  the 

9  p°63S'  16>  v'  United  States  in  his  hands  or  possession,  fails  to  make 

c  ii4ars  1385T>  deposit  of  the  same  with  the  Treasurer,  or  some  assistant 

11,  p.  249.        treasurer,  or  some  public  depositary  of  the  United  States, 

when  required  so  to  do  by  the  Secretary  of  the  Treasury, 

or  the  head  of  any  other  proper  Department,  or  by  the 

accounting  officers  of  the  Treasury,  shall  be  deemed  guilty 

of  embezzlement  thereof,  and  shall  be  imprisoned  not  less 

than  six  months  nor  more  than  ten  years,  and  fined  in  a 

sum  equal  to  the  amount  of  money  embezzled.      (Amended, 

35  Stat.  L..  1105.) 

re(*ivinwfetcy  ^EC>  ^497.  Every  banker,  broker,  or  other  person  not 
ment  em^ezzle"  an  authorized  depositary  of  public  moneys,  who  know- 
1866  c'  if)°  V  ^n&l.v  receives  fi'om  any  disbursing  officer,  or  collector  of 
3,  v.  14,  p.  65.  internal  revenue,  or  other  aent  of  the  United  States,  an 


public  money  on  deposit,  or  by  way  of  loan  or  accommo- 
dation, with  or  without  interest,  or  otherwise  than  in  pay- 
ment of  a  debt  against  the  United  States,  or  who  uses, 
transfers,  converts,  appropriates,  or  applies  any  portion 
of  the  public  money  for  any  purpose  not  prescribed  by 
law,  and  every  president,  cashier,  teller,  director,  or  other 
officer  of  any  bank  or  banking  association,  who  violates 
any  of  the  provisions  of  this  section,  is  guilty  of  an  act 
of  embezzlement  of  the  public  money  so  deposited,  loaned, 
transferred,  used,  converted,  appropriated,  or  applied, 
and  shall  be  punished  as  prescribed  in  section  fifty-four 
hundred  and  eighty-eight.  (Amended.  35  Stat.  L..  1106.) 
(See  sections  3639,  3651.) 

ACTS   SUBSEQUENT   TO   THE   REVISED   STATUTES. 

ACT  OF  DECEMBER  17,  1873. 

is  stat.  L.,  CHAT.   \.--An  art  to  itroeidc  for  the  redemption  of  the 
i>t.  .''.,  p.  i. 

2uan  of  eighteen  hundred  and  "fifty-eight. 

Kortemption     fte  if  eiwf.ted  l>u  tJic  Senate  and  House  of  Iiepresenta- 

of    loan,    1S;(8,     _  •'  t  ' 

V1,1'    1(ir>i.,  ,7"'-  t'n'cfs  of  f/te  United  Kfnti-x  of  America  in  (Ion (ire NX  assem- 

11,     p.     .'>  (i  .> ;  ' 

isr,!)^  HI    ^^led.  That  for  the  purpose  of  redeeming  the  bonds  issued 
p.  430!  'under  the  act  entitled  'An  act  to  authorize  a  loan  not 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  231 

exceeding  the  sum  of  twenty  millions  of  dollars,'  ap- 
proved June  fourteenth,  eighteen  hundred  and  fifty-eight, 
as  amended  March  third,  eighteen  hundred  and  fifty-nine, 
called  the  loan  of  eighteen  hundred  and  fifty-eight,  it  is 
hereby  declared  to  be  the  pleasure  of  the  United  States  to  coupon  bonds 

J  .  made  payable 

pay  all  the  coupon  bonds  of  said  loan  on  the  first  day  of  i8a7°  uary  1> 
January,  eighteen  hundred  and  seventy-four,  at  which     interest  to 

*       .    e  .        .  cease,  when. 

date  the  interest   thereon  shall   cease,   and   coin   in   the  Appropriation 

of  com. 

Treasury  sufficient  to  redeem  said  coupon  bonds  is  hereby 
appropriated  for  that  purpose. 

SEC.  2.  That  the  Secretary  of  the  Treasury  may  issue  i,0ndse  niay^be' 
an  equal  amount,  at  par  of  principal  and  interest,  of  five-  csusaUnge  /<?,.  aenxv 
per-centum  bonds  of  the  funded  loan  under  the  act  forj^gl^  loan 
refunding  the  national  debt,  approved  July  fourteenth,  i8T^ch-256, 

'  vol.  16,  p.  272. 


.       ,     .         . 

eighteen  hundred  and  seventy,  and  the  act  amendatory  pji,  en.  23, 
thereof,  approved  January  twentieth,  eighteen  hundred 
and  seventy-one,  for  any  of  the  bonds  of  the  loan  of 
eighteen  hundred  and  fifty-eight,  which  the  holders 
thereof  may  on  or  before  February  first,  eighteen  hun- 
dred and  seventy-four,  elect  to  exchange  for  the  five-per- 

centum  bonds  of  the  said  funded  loan,  with  interest  from    NO  commis- 

sions,   etc.,    to 
said  January  first:  Provided.  That  no  commissions  or'>e  allowed  on 

exchanges. 

allowances  whatever  shall  be  paid  for  the  exchange  of 
bonds  hereby  authorized,  and  no  interest  shall  be  allowed 
on  the  new  bonds  for  any  time  for  which  interest  is  paid 
on  the  bonds  exchanged. 
Approved,  December  17,  1873. 

ACT  OF  JUNE  20,  1874. 

CHAP.  328.  —  An  act  making  appropriations  for  the  legis- 
lative, executive,  and  judicial  expenses  of  the  Govern- 
ment for  the  year  ending  June  thirtieth,  eighteen  hun- 
dred and  seventy  -five,  and  for  other  purposes. 

*  %  •%  -Sf.  * 

SEC.  4.  That  the  act  entitled  "An  act  limiting  the  ap-  mStalSl£ 
propriation  of  certain  moneys,  for  the  preparation,  issue,  na1ta01uan0afn°  r 
and  re-issue  of  certain  securities  of  the  United  States, 
and    for  other  purposes,"   approved   May  twenty-third,  v^87^'  c^'  Jjj7.' 
eighteen  hundred  and  seventy-two,  and  all  other  acts  and 
parts  of  acts  making  permanent  appropriations  for  the 
expenses  of  the  national  loan,  except  the  second  section  s  1287^,cbj|3^> 
of  the  act  approved  July  fourteenth,  eighteen  hundred  272- 
and  seventy,  entitled  "An  act  to  authorize  the  refunding 
of  the  national  debt,"  are  hereby  repealed,  this  repeal  to 
take  place  on  the  first  day  of  July  next;  and  hereafter 


232  NATIONAL   MONETARY   COMMISSION. 

the  Secretary  of  the  Treasury  shall  annually  submit  to 


be    unmted  s  detailed  estimates  of  appropriations  required 

annually.         for  saj(j  expenses;  and  for  the  fiscal  year  ending  June 
thirtieth,  eighteen  hundred  and  seventy-five,  the  follow- 
ing sums,  or  so  much  thereof  as  may  be  necessary,  are 
nauonaiTo  a°n  nereDy  appropriated  to  defray  the  expenses  of  the  na- 
Junee|oe°875g^ona^  ^oanj  ^or  ^e  following  clerical  and  other  employees, 
to  wit  :     *     *     * 

*  *  *  *  * 

Approved,  June  20,  1874. 

ACT  OF  JUNE  23,  1874. 
if  s^t-  L.,  CHAP.   459.  —  An   act  for   the   creation    of  a   court   for 

PL.  o,  p.  -i-io.  '  ' 

the  adjudication  and  disposition  of  certain  moneys  re- 
ceived into  the  Treasury  under  an  award  made  by  the 
tribunal  of  arbitration  constituted  by  virtue  of  the  'first 
article  of  the  treaty  concluded  at  Washington  the  eighth 
of  Jfay.,  anno  Domini  eighteen  hundred  and  seventy- 
one^  between  the  United  States  of  America  and  the 
Queen  of  Great  Britain. 


out"  of  "wh^t      SEC-  15-  That  the  Secretary  of  the  Treasury  is  hereby 

money  paid,      authorized  and  required  to  pay  the  said  respective  judg- 

ments of  said  court,  out  of  any  such  money  in  the  Treasury 

secretary  of  not  otherwise  appropriated:  and  for  that  purpose  he  is 

the      Treasury  1  L       *- 

authorized    to  herebv  authorized  when  necessarv  to  issue  and  sell  at  pub- 

sell    bonds    for    .  ,  .          '  .  ,, 

the  purpose,  lie  sale,  after  ten  days'  notice  of  the  time  and  place  of 
sale,  at  not  less  than  par  in  coin,  a  sufficient  amount  of 

A  sfieiiacic-fif  collPon  or  registered  bonds  of  the  United  States,  in  such 
form  as  he  may  prescribe,  of  denominations  of  fifty  dol- 
lars, or  some  multiple  of  that  sum.  redeemable  in  coin  of 
the  present  standard  value,  at  the  pleasure  of  the  United 
States  after  ten  years  from  the  date  of  their  issue,  and 
bearing  interest  payable  quarterly  in  such  coin  at  the  rate 
of  five  per  centum  per  annum  ;  and  upon  the  payment, 
from  time  to  time,  of  the  said  respective  judgments  of 
said  court  as  before  provided,  the  bonds  of  the  United 
1873,  ch.  States  mentioned  in  the  act  approved  March  third, 

soi!  eighteen  hundred  and  seventy-three,  entitled  "An  act  for 

the  creation  of  a  court  for  the  adjudication  and  disposi- 
tion of  certain  moneys  received  into  the  Treasury  under 
an  award  made  by  the  tribunal  of  arbitration  constituted 

r,Y01-    17>   P-  by  virtue  of  the  first  article  of  the  treaty  concluded  at 

o7o. 

Washington  the  eighth  of  May,  anno  Domini  eighteen 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  233 

hundred  and  seventy-one,  between  the  United  States  of 
America  and  the  Queen  of  Great  Britain,"  shall  be  can- 
celed and  extinguished  to  the  amount  of  such  payments; 
and  when  all  such  payments  shall  have  been  made,  any     certain 
such  bonds  remaining  shall  be  also  canceled  and  extin-  canceled10  and 
guished;  and  after  the  payment  of  the  said  judgments, 
and  the  re-imbursement  of  the  expenses  as  herein  pro- 
vided,  if  there  shall  remain  any  part  of  the  said  money, r 
the  same  shall  be  and  remain  a  fund  from  which  Congress  ^ n^ft 
may  hereafter   authorize   the   payment   of  other   claims fund)  etc 
thereon.     *     *     * 


Approved,  June  23,  1874. 

ACT  OF  JANUARY  14,  1875. 
CHAP  15.  —  An  act  to  provide  for  the  resumption  of  specie     is  stat.  L., 

pt.  3,  p.  296. 

payments. 
Be  it  enacted  by  the  Senate  and  House  of  Representa-     issue  of  sii- 

V6r     col  ns     for 

fives  of  the  United  States  of  America  in  Congress  as-  the  redemption 
sembled*  That  the  Secretary  of  the  Treasury  is  hereby  currency  au- 
authorized  and  required,  as  rapidly  as  practicable,  to 
cause  to  be  coined,  at  the  mints  of  the  United  States, 
silver  coins  of  the  denominations  of  ten,  twenty-five,  and 
fifty  cents,  of  standard  value,  and  to  issue  them  in  re- 
demption of  an  equal  number  and  amount  of  fractional 
currency  of  similar  denominations,  or,  at  his  discretion, 
he  may  issue  such  silver  coins  through  the  mints,  the  sub- 
treasuries,  public  depositaries  and  post-offices  of  the 
United  States;  and,  upon  such  issue,  he  is  hereby  author- 
ized and  required  to  redeem  an  equal  amount  of  such 
fractional  currency,  until  the  whole  amount  of  such  frac- 
tional currency  outstanding  shall  be  redeemed. 

SEC.  2.  That  so  much  of  section  three  thousand  five     Repeal  of  au- 
hundred  and  twentv-four  of  the  Revised  Statutes  of  the  charge  a'  per- 

c  6  ii  I  ii  £  6      for 

United  States  as  provides  for  a  charge  of  one-fifth  of  one  conversion    of 

n'-iiiii-         •  .hullioninto 

per  centum  for  converting  standard  gold  bullion  into  coin  coin. 

is  hereby  repealed:  and  hereafter  no  charge  shall  be  made  statutes!  3524. 


for  that  service. 
SEC.  3.  That 

,.  TT     • 

seventy-seven    of   the    Revised    Statutes    of    the    Umteda  «sr  ega  t 

0  ,  .      .    .  .  amount  of  cl 


SEC.  3.  That   section  five  thousand  one  hundred   and     Repeal    of 

limitation       of 

a  t  e 

0  ,  .      .    .  .  f  clr- 

States,  limiting  the  affgreirate  amount  of  circulating  notes  cuiating  notes. 

,.         ;.,,,.  •    ,-  i    •  Soe    Revised 

or  national  banking  associations,  be.  and  is  hereby,  re-  statutes.  5177. 
pealed;  and  each  existing  bunking  association  may  in- 


234  NATIONAL    MONETARY   COMMISSION.  ^ 

crease  its  circulating  notes  in  accordance  with  existing 

law  without  respect  to  said  aggregate  limit;  and  new 

banking  associations  may  be  organized  in  accordance  with 

Repeal    of  existing  law  without  respect  to  said  aggregate  limit;  and 

provisions    for  s   .    .  /          .  .   ,    ,  ,  ,          ,.        . 

withdrawal  the  provisions  of  law  for  the  withdrawal  and  redistri- 

and  redistrlbu-,      ,.  ,  .         ,  ,  ,  0 

tion.  bution  of  national  bank  currency  among  the  several  States 

statutes,  5181.  and  Territories  are  hereby  repealed.    And  whenever,  and 
so  often,  as  circulating  notes  shall  be  issued  to  any  such 
states  notes  in  banking  association,  so  increasing  its  capital  or  circu- 
oooeooof  fo°be^a^nS  notes,  or  so  newly  organized  as  aforesaid,  it  shall 
aecertatn  ratio  ^e  ^e  duty  of  the  Secretary  of  the  Treasury  to  redeem 
nationa?asbank  ^ie  legal-tender  United  States  notes  in  excess  only  of 
circulation.       three    hundred    million  of    dollars,    to    the    amount    of 
eighty  per  centum   of  the  sum  of  national-bank  notes 
so  issued  to  any  such  banking  association  as  aforesaid 
and   to   continue    such    redemption    as   such   circulating 
notes   are   issued    until   there   shall   be   outstanding  the 
tion  ofd  f  nTted sum    °^   three   hundred   million    dollars   of   such   legal- 
cofneaftertejsann-  tender  United  States  notes,  and  no  more.     And  on  and 
uary  i,  1879.    after  the  first  day  of  January,  anno  Domini,  eighteen 
hundred  and  seventy-nine,  the  Secretary  of  the  Treasury 
shall  redeem,  in  coin,  the  United  States  legal-tender  notes 
then  outstanding  on  their  presentation  for  redemption,  at 
Appropria- the  office  of  the  assitant  treasurer  of  the  United  States  in 
the  city  of  New  York,  in  sums  of  not  less  than  fifty  dol- 
lars.    And  to  enable  the  Secretary  of  the  Treasury  to  pre- 
pare and  provide  for  the  redemption  in  this  act  author- 
ized or  required,  he  is  authorized  to  use  any  surplus  reve- 
Saieofbonds  nue.s.  from  time  to  time,  in  the  Treasury  not  otherwise 

toprovide  .  . 

means    of    re- appropriated,  and  to  issue,  sell  and  dispose  of,  at  not  less 

deeming  . 

united    states  than  par.  in  coin,  either  of  the  descriptions  of  bonds  of 

notes. 

see  1870,  ch.  the  United  States  described  in  the  act  of  Congress  ap- 
272.  proved  July  fourteenth,  eighteen  hundred  and  seventy, 

entitled.  "An  act  to  authorize  the  refunding  of  the  na- 
tional debt,"  with  like  qualities,  privileges,  and  exemp- 
tions, to  the  extent  necessary  to  carry  this  act  into  full 
effect,  and  to  use  the  proceeds  thereof  for  the  purposes 
aforesaid.  And  all  provisions  of  law  inconsistent  with 
the  provisions  of  this  act  are  hereby  repealed. 
Approved,  January  14,  1875. 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  235 

ACT  OF  MARCH  3,  1875. 

CHAP.  130.  —  An  act  making  appropriations  for  sundry     is  stat.  L., 
civil  expenses  of  the  Government  for  the  fiscal  ' 


ending  June  thirtieth,  eighteen  hundred  and  seventy- 
six,  and  for  other  purposes. 


SEC.  3.  That  to  carry  into  effect  the  provisions  of  sec-     F?rc*  .to  be 

J  r  employed  mcar- 

tion  three  of  the  act  entitled  "An  act  fixing  the  amount  r>:ing  °"t  Pr°- 

"p       .          .  visionsof  1874, 

of  United  States  notes,  providing  for  a  redistribution  of  c-  343,  s-  3. 
the  national-bank  currency,  and  for  other  purposes  "  ap- 
proved June  twentieth,  eighteen  hundred  and  seventy- 
four,  the  Secretary  of  the  Treasury  is  authorized  to  ap- 
point the  following  force,  to  be  employed  under  his  direc- 

tion, namely: 

*  *  *  *  * 

*     *     *     And  at  the  end  of  each  month,  the  Secretary     office  of  the 

m  111-1  i       m  i        e    11  Comptroller  of 

of  the  Treasury  shall  reimburse  the  Treasury  to  the  full  the  currency. 
amount  paid  out  under  the  provisions  of  this  section  by 
transfer  of  said  amount  from  the  deposit  of  the  national 
banking-associations  with  the  Treasury  of  the  United 
States  ;  and  at  the  end  of  each  fiscal  year  he  shall  trans- 
fer from  said  deposit  to  the  Treasury  of  the  United 
States  such  sum  as  may  have  been  actually  expended 
under  his  direction  for  stationery,  rent,  fuel,  light,  and 
other  necessary  incidental  expenses  which  have  been  in- 
curred in  carrying  into  effect  the  provisions  of  the  said 
section  of  the  above  named  act. 

#  *  >;:  :j:  # 

SEC.  11.  That  the  Secretary  of  the  Treasury  is  hereby     Red  em  p 

t5on    of 


.  r          -i 

authorized,  at  such  times  as  may  be  necessary,  for  the  pur-  K.  _s.,    3694 

pose  of  obtaining  bonds  for  the  sinking-fund,  in  compli- 

ance with  sections  three  thousand  six  hundred  and  ninety- 

four  to  three  thousand  six  hundred  and  ninety-seven,  in- 

clusive, of  the  Revised  Statutes  of  the  United  States,  to 

give  public  notice  that  he  will  redeem,  in  coin,  at  par,  any 

bonds  of  the  United  States,  bearing  interest  at  the  rate  of 

six  per  centum,  of  the  kind  known  as  live-twenties;  and  in 

three  months  after  the  date  of  such  public  notice,  the  in- 

terest on  the  bonds  so  .selected  and  called  for  payment 

shall  cease. 

*  *  *  *  # 

Approved,  March  3,  1875. 
15712°—  10  -  10 


236  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  MARCH  3.  1875. 

t1!  S463  L''  CHAP.  134. — An  act  making  appropriations  for  the  re- 
pair, preservation,  and  completion  of  certain  public 
works  on  rivers  and  harbors,  and  for  other  purposes. 

***** 

James  B.      SEC.  4.  That  James  B.  Eads,  of  Saint  Louis,  Missouri, 

ers  to  con -be,  and  he  is  hereby,  authorized,  with  such  others  as  may 

etcU,°  to  Jema'fn- be  associated   with   him,  on  the  conditions  hereinafter 

between0  south  mentioned,  to   construct  such  permanent   and   sufficient 

Pass  of  Missis-  •    ,  i  •  •>•  i 

sippi  River  and  ]ettees  and  such  auxiliary  works  as  are  necessary  to  create 

lc°'  and  permanently  maintain,  as  hereinafter  set  forth,  a 

wide  and  deep  channel  between  the  South  Pass  of  the 

Mississippi  River  and  the  Gulf  of  Mexico,  and  for  that 

purpose  he  may  construct,  in  the  river,  outlet,  or  pass, 

and  likewise  in  the  Gulf  of  Mexico,  such  Avails,  jettees, 

dikes,  levees,  and  other  structures,  &  employ  such  boats, 

rafts,  and  appliances,  as  he  may,  in  the  prosecution  of 

said  work  deem  necessary :  Provided,     * 

o  b  i  i  g  a  -      SEC.     .  That  the  option  of  discharging  the  obligations 

tions  to  be  dis-  .  *  .  '    .   ,          . 

charged  i n  herein  assumed  bv  the  united  States,  either  in  monev  or 
moneyor.  ' 

bonds.  bonds,  is  expressly  reserved ;  and  the  Secretary  or  the 

Treasury  is  hereby  directed  to  issue  the  bonds  of  the 
United  States,  bearing  five  per  centum  interest,  of  the 
character  and  description  set  out  in  the  act  entitled  "An 
act  to  authorize  the  refunding  of  the  public  debt,"  ap- 
proved July  fourteenth,  eighteen  hundred  and  seventy, 
to  said  Eads  or  his  legal  representatives,  in  payment  at  par 
of  the  aforesaid  warrants  of  the  Secretary  of  War,  unless 
the  Congress  of  the  United  States  shall  have  previously 
provided  for  the  payment  of  the  same  by  the  necessary 
United  appropriations  of  money:  Provided, That  in  no  case  shall 

We  forn?osses,  the  Government  of  the  United  States  be  liable  for  any 
losses  incurred  by  said  Eads  and  his  associates  in  the 
performance  of  the  work  herein  mentioned,  nor  shall  any 
payments  thereon  be  made  in  excess  of  the  sums  nor  con- 
trary to  the  terms  hereinbefore  prescribed. 
Approved.  March  3,  IbTD. 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  237 

ACT  OF  MARCH  3,  1875. 
CHAP.  167. — An  act  to  authorize  the  Secretary  of  the     *£  stat.  L., 

pt.  o,  p.  507. 

Treasury  to  adjust  and  remit  certain  taxes  and  penal- 
ties claimed  to  be  due  from  mining  and  other  corpora- 
tions and  for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  Secretary  of  the  Treasury  be,  and  he  is  certain  pen- 

J .  J          '  alties    on    min- 

herebv.  authorized  and  directed  to  settle  and  release  anv  ins  and  manu- 

i    .          «  •  •!••-!  •  "    lecturing    cor- 

claims  for  tax  on  circulation  of  evidences  of  indebtedness  porations     re- 

.    .  „  mitted. 

made  against  any  mining,  manufacturing  or  other  cor- 
porations other  than  against  any  national  banking-asso- 
ciation, State  bank,  or  banking-association,  by  such  cor- 
porations paying  the  tax,  without  penalty,  that  shall 
have  accrued  thereon  since  Xovember  first,  eighteen  hun- 
dred and  seventy-three;  and  that  the  provisions  of  sec-  f'il"  C3on2- 
tion  three  thousand  four  hundred  and  twelve  of  the  Re- strued- 
vised  Statutes  of  the  United  States  shall  not  be  con- 
strued in  pending  cases,  except  as  to  national  banking- 
associations,  to  apply  to  such  evidences  of  indebtedness 
issued  and  reissued  prior  to  the  passage  of  this  act,  but 
said  section  shall  be  construed  as  applying  to  such  evi- 
dences of  indebtedness  issued  after  the  passage  hereof. 
Approved,  March  3,  1875. 

ACT  OF  APRIL  11,  1876. 

CHAP.  55. — An  act  to  enable  the  Secretary  of  the  Treas-  3210  stat  L" 
nry  to  pay  judgments  provided  for  in  an  act  approved 
February  fifteenth,  eighteen  hundred  and  seventy-six, 
entitled  "An  act  providing  for  the  payment  of  judg- 
ments rendered  under  section  11  of  chapter  4&9  of  the 
laws  of  the  first  session  of  the  Forty-third  Congress" 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tit'cs  of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  Secretary  of  the  Treasury,  for  the  purpose  Judgments 

,.  •          ,1       •      i  •  i     i    <•  i  of      Alabama 

oi  paving  the  judgments  provided  for  in  an  act  approved  claims     court, 

.    ,  sale    of    bonds 

rebruary  iiiteenth,  eighteen  hundred  and  seventy-six,  en- for  payment  of. 
titled  "'An  act  providing  for  the  payment  of  judgments 
rendered  under  section  eleven,  of  chapter  four  hundred    I876,ch.  1C 
and  fifty-nine  of  the  laws  of  the  first  session  of  the  Forty- 
third    Congress,"    is    hereby    authorized    to   convert    into 
coupon-bonds,  and  to  sell,  after  live  days'  notice,  so  many 


238  NATIONAL  MONETARY  COMMISSION. 

as  may  be  necessary   for  this  purpose  of  the  five  per 

centum  registered  bonds  of  the  United  States  now  held 

subject  to  the  disposition  of  Congress  under  the  provi- 

1873,  ch.  sions  of  the  act  approved  March  third,  eighteen  hundred 

60i.'  and  seventy-three,  chapter  two  hundred  and  sixty-one. 

^i874'  C-JV      SEC.  2.  That  so  much  of  section  fifteen  of  the  act  ap- 

4o9.     sec.      15, 

is  stat.,  248.  proved  June  twenty-third,  eighteen  hundred  and  seventy- 
four,  chapter  four  hundred  and  fifty-nine,  as  conflicts 
with  this  act,  is  hereby  repealed. 
Approved.  April  11,  1876. 

ACT  OF  MAY  31,  1878. 

8720  stat-   L- CHAP.  146. — .1;;  aft  to  forbid  the  further  retirement  of 

United  States  legal-tender  notes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tive* of  the  United  States  of  America  in  Congress  assem- 
notlf1  Vunher  ^^'  That  from  and  after  the  passage  of  this  act  it  shall 
°f>  not  *)e  hiwful  f'01'  the  Secretary  of  the  Treasury  or  other 
Februar     4'f  °ffic'er  under  him  to  cancel  or  retire  any  more  of  the 
stafutesRe358i*  United  States  legal-tender  notes.    And  when  any  of  said 
notes  may  be  redeemed  or  be  received  into  the  Treasury 
under  any  law  from  any  source  whatever  and  shall  belong 
to  the  United  States,  they  shall  not  be  retired  cancelled 
or  destroyed   but   they   shall  be   reissued   and   paid   out 
Proviso.        again  and  kept   in   circulation:  Provided  That  nothing 
utes,  3582.        herein  shall  prohibit  the  cancellation  and  destruction  of 
mutilated    notes   and    the   issue   of   other   notes   of   like 
denomination  in  their  stead,  as  now  provided  by  law. 

All   acts  and    parts   of  acts  in   conflict   herewith   are 
hereby  repealed. 

Approved,  May  31.  1878. 

ACT  OF  JUNE  8,  1878. 
20  stat.  L.,  CHAP.    170.— Art   Aft  to  authorise  Hie  Secretary  of  the 

102.  '          ' 

Treasury  to  constitute.  Superintendents  of  Mints  or 
Assay  cm  in  Amidy-offi^ex,  Assistant  Treasurer*  of  tJic 
United  States. 

Be  it  enadcd  /»/  the  Senate  and  House  of  Representa- 
tive* of  the  United,  State*  of  America,  in  Congress  awcm- 
ontssupofrlnm1nf9  Ue(1,  Tnat  tlu>  Secretary  of  the  Treasury  be  and  he  is 
may1  i>elsoonstis  hereby  authorized  to  constitute  any  superintendent  of  a 
treasurersstant  mmt  or  assayer  of  any  assav-oflicc.  an  assistant  treasurer 
obe!" What  pur" of  the   United   States   without    additional   compensation, 


LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.     239 

to  receive  gold  coin  and  bullion  on  deposit  for  the  pur- 
poses provided   for  in  section  two  hundred  and  fifty- 
four  of  the  Revised  Statutes. 
Approved,  June  8,  1878. 

ACT  OF  JUNE  11,  1878. 

CHAP.    180. — An   act   providing   a   permanent   form   of    20  stat.  L., 
wcnt  for  the  District  of  Columbia. 


SEC.  7.  That  the  offices  of  sinking-fund  commissioners   offices  of  sink- 
are  hereby  abolished,  and  all  duties  and  powers  possessed  missionersaboi- 

.-.'  ..  ,,  T     ,  -i      i      n    i       ished    and    du- 

by  said  commissioners  are  transferred  to,  and  shall  be  ties  transferred 
exercised  by   the  Treasurer  of  the  United  States,  who  united   states. 
shall  perform  the  same  in  accordance  with  the  provisions 
of  existing  laws. 


Approved,  June  11,  1878. 

ACT  OF  JANUARY  25,  1879. 
CHAP.   24. — An  act  to   facilitate,   the  refunding  the  na-     20  stat.  u, 

'          ,77,  265. 

t tonal  debt. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled^ That  the  Secretary  of  the  Treasury  is  hereby  au-     Public  debt, 
thorized  in  the  process  of  refunding  the  national  debt 
under   existing   laws   to   exchange   directly    at   par   the     Ef^.ha^ge  £* 
bonds  of  the  United  States  bearing  interest  at  four  per  wr>t  bonds. 
centum  per  annum  authorized  by  law  for  the  bonds  of 
the  United  States  commonly  known  as  five-twenties  out- 
standing and  uncalled,  and,  whenever  all  such  five-twenty 
bonds  shall  have  been  redeemed,  the  provisions  of  this 
section  and   all  existing  provisions  of  law   authorizing 
the  refunding  of  the  national  debt  shall  apply  to  any 
bonds  of  the  United  States  bearing  interest  at  five  per 
centum  per  annum  or  a  higher  rate,  which  may  be  re- 
deemable.    Tn  any  exchange  made  under  the  provisions      interest. 
of  this  section   interest  may   be   allowed,   on   the   bonds 
redeemed,  for  a  period  of  throe  months. 

Approved,  January  25,  1879. 


240  NATIONAL   MONETARY    COMMISSION. 

ACT  OF  FEBRUARY  26,  1879. 

20  stat.  L.,  CHAP.  102.  —  An  act  to  authorise  the  issue  of  certificates 
of  deposit  in  aid  of  the  refunding  of  the  public  debt. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 

Pubiic  debt,  bled,  That  the  Secretary  of  the  Treasury  is  hereby  author- 
ized and  directed  to  issue,  in  exchange  for  lawful  money 
of  the  United  States  that  may  be  presented  for  such  ex- 

certiflcates  change,  certificates  of  deposit,  of  the  denomination  of  ten 

funding.  °f    e"  dollars,  bearing  interest  at  the  rate  of  four  per  centum 

per  annum,  and  convertible  at  any  time,  with  accrued 

interest,  into  the  four  per  centum  bonds  described  in  the 

Proceeds.  refunding  act  ;  and  the  money  so  received  shall  be  applied 
only  to  the  payment  of  the  bonds  bearing  interest  at  a 
rate  of  not  less  than  five  per  centum  in  the  mode  pre- 
scribed by  said  act,  and  lie  is  authorized  to  prescribe  suit- 
able rules  and  regulations  in  conformity  with  this  act. 
Approved.  February  20.  1870. 

ACT   OF  MARCH  3.   1879. 

20  stat.  L.,  CHAP.  182.  —  An  act  making  appropriations  for  sundry 
ciril  expenses  of  the  government  for  the  fiscal  year  end- 
ing June  thirtieth,  eighteen  hundred  and  eighty*  and 
for  other  purposes, 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  assem- 

tloAgpproprIa~  We<^,  That  the  following  sums  be,  and  the  same  are  hereby, 

expenses^  dvl1  appropriated   for  the  objects  hereinafter  expressed,  for 

the  fiscal  year  ending  June  thirtieth,  eighteen  hundred 

and  eighty,  namely  : 


MISCELLANEOUS  OB.JKCTS  T'XDKH  THE  TRKAST  RY  DEPARTMENT. 

*  *  *  :i:  * 

iKTft,  HI.  r',1^9.  *;  and  so  much  of  the  act  "  making  appropria- 

tions for  the  legislative,  executive,  and  judicial  expenses 
of  the  government  for  the  fiscal  year  ending  June  thir- 
tieth. eighteen  hundred  and  seventy-nine,  and  for  other 
purposes."  approved  .June  nineteenth,  eighteen  hundred 
and  seventy-eight,  as  authorizes  the  Secretary  of  the 

Bullion    rer-Treasurv  to  issue  coin  certificates  in  exchange  for  bullion 

tlflcatew.  .  .     '  ,    „  .  .  ,  ,..  .  . 

deposited  tor  coinage  at  mints  and  assay-oJliccs  other  than 


LAWS    CONCEKNING    MONEY,   BANKING,    AND    LOANS.  241 

those  mentioned  in  section  thirty-five  hundred  and  forty-     R.  s.,  3545. 
five  of  the  Revised  Statutes,  be,  and  the  same  is  hereby, 
repealed:  said  repeal  to  take  effect  at  the  end  of  the 
present  fiscal  year. 

***** 

Approved,  March  3,  1879. 

ACT  OF  MARCH  3.  1879. 
CHAP.  186.  —  An  act  to  promote  the  education  of  the  blind.     20  stat.  L., 

(This  act  provides  an  appropriation  of  $250,000  to  be 
invested  in  1  per  cent  bonds,  the  interest  on  said  bonds  to 
be  paid  over  to  the  trustees  of  the  American  Printing 
House  for  the  Blind;  the  trustees  to  make  report  to  the 
Secretary  of  the  Treasury.) 

Approved,  March  3,  1879. 

ACT    OF    MARCH    3,  1881. 

CHAP.  133.  —  An  act  making  appropriations  for  sundry  ^  stat-  L-> 
civil  expenses  of  the  government  for  the  fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  eighty- 
two,  and  for  other  purposes. 

*  *  *  :Jc  * 

SEC.  2.  That  the  Secretarj*  of  the  Treasury  may  at  any  secretary  of 
time  apply  the  surplus  money  in  the  Treasury  not  other-  pfy'^uT  p°i  uPs 
wise  appropriated,  or  so  much  thereof  as  he  may  con-  Treasury  to 
sider  proper,  to  the  purchase  or  redemption  of  United  *£?£  h^tio°n  rof 
States  bonds:  Provided,  That  the  bonds  so  purchased  or 
redeemed  shall  constitute  no  part  of  the  sinking  fund, 
but  shall  be  canceled. 

*  *  •'.-  :j:  * 

Approved,  March  3.  1881. 

ACT   OF  JULY   12,  1882. 


CHAP.  200.-  —  An   act  to  enable   national-banking  associ-    ^22  stat.  L., 
at'ton.8  to  extend  their  corporate  existence,  and  for  other 
purposes. 

***** 

SEC.  11.  That  the  Secretarv  of  the  Treasurv  is  herebv     Three  and  a 

,1        .        -i     .  •  ,        VT-  „      ,'     half    per     cent 

authorized  to  receive  at  the  Treasury  any  bonds  of  the  bonds  received 

TT    •,     i    oj.  •  •       'n  exchange  for 

United  States  bearing  three  and  a  half  per  centum  in-  three  per  cent 

I*  G  '  r  I  S  t  O  r  G  (1 

terest,  and  to  issue  in  exchange  therefor  an  equal  amount  bonds. 
of  registered  bonds  of  the  United  States  of  the  denomi- 


242  NATIONAL  MONETARY   COMMISSION. 

nations  of  fifty,  one  hundred,  five  hundred,  one  thousand, 
and  ten  thousand  dollars,  of  such  form  as  he  may  pre- 
scribe, bearing  interest  at  the  rate  of  three  per  centum 
per  annum,  payable  quarterly  at  the  Treasury  of  the 
United  States.  Such  bonds  shall  be  exempt  from  all 
taxation  by  or  under  State  authority,  and  be  payable  at 
Proviso.  the  pleasure  of  the  United  States:  Provided,  That  the 
bonds  herein  authorized  shall  not  be  called  in  and  paid 
so  long  as  any  bonds  of  the  United  States  heretofore 
issued  bearing  a  higher  rate  of  interest  than  three  per 
centum,  and  which  shall  be  redeemable  at  the  pleasure 
of  the  United  States,  shall  be  outstanding  and  uncalled. 
The  last  of  the  said  bonds  originally  issued  under  this 
act,  and  their  substitutes,  shall  be  first  called  in,  and  this 
order  of  payment  shall  be  followed  until  all  shall  have 
been  paid. 

***** 

Approved,  July  12,  1882. 

ACT   OF   MAY   16,  1884. 

2923  stat  L- CHAP.  52. — An  act  to  prevent  and  punish  the  oounter- 
f citing  within  the  United  States  of  notes,  bonds,  and 
other  securities  of  foreign  Governments. 

(This  act  provides  penalties  for  counterfeiting  within 
the  United  States  the  notes,  bonds,  or  securities  of  foreign 
governments.) 

(This  act  was  amended  by  the  act  of  March  4.  1909 
(chap.  321.  35  Stat.  L.,  pp.  Ill"  to  1119).  See  sections 
15G  to  162  inclusive.) 

ACT  OF  MARCH  31,  1886. 

24  stat.  L.,  9.  CHAP.  41. — An  act  to  amend  section  three  hundred  and 
four  of  the  Rer'mcd  Statutes  of  the  United  States,  au- 
thorizlixj  the  temporary  appointment  of  an  Acting 
Assistan t  Treasurer. 

Be  it  enacted  by  the  Senate  ami  House  of  Representa- 

tn'cs  of  the  L  nitfid  States  of  America  in  Congrens  axsem- 

•>M      S>"    B5i"  ^e^i  That  section  three  hundred  and  four  of  the  Revised 

amended.         '  Statutes  of  the  United. States  be.  and  the  same  is  hereby, 

amended  so  as  to  read  as  follows: 
Assistant      '•  Si-x\  '>04.  The  Treasurer  mav.  in  his  discretion,  and 

Treasurer. 

with  the  consent  of  the  Secretary  of  the  Treasury,  an- 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  243 

thorize  the  Assistant  Treasurer  to  act  in  the  place  and 
discharge  any  or  all  the  duties  of  the  Treasurer  of  the 
United  States;  and  in  the  event  of  the  absence  or  illness 
of  either  the  Treasurer  or  the  Assistant  Treasurer,  or 
both,  the  Secretary  of  the  Treasury  may,  on  the  recom- 
mendation of  the  Treasurer  appoint  for  a  term  not  exceed- 
ing thirty  days  at  one  time,  from  among  the  clerks  in  the 
Treasury,  any  one  of  said  clerks  to  be  Acting  Assistant  gigf^j.08  tr*asg' 
Treasurer  during  such  absence  or  illness:  Provided.  how-"rer  .to..  Per: 

'.  form  duties  of 

ever,  That  no  such  appointment  shall  be  made  until  the 
official  bond  given  by  the  principal  of  the  office  shall  be 
made  in  terms  to  cover  and  apply  to  the  acts  and  defaults 
of  every  such  person  so  appointed  from  time  to  time. 
Such  acting  officer  shall,  moreover,  for  the  time  being, 
be  subject  to  all  the  liabilities  and  penalties  prescribed  by 
law  for  the  official  misconduct  in  like  cases  of  the  Assist- 
ant Treasurer,  for  whom  he  acts/' 
Approved,  March  31,  1886. 

ACT  OF  MARCH  3,  188T. 

CHAP.  345. — An  act  authorising  an  investigation  of  the  ^^  stat-  L- 
books,  accounts,  and  methods  of  railroads  which  have 
received  aid  from  the   United  States,  and  for  other 
purposes. 

(Sections  1,  2,  and  3  provide  for  a  commission  to  inves- 
tigate the  books,  workings,  and  consolidation,  etc.,  of 
said  railroads  and  to  report  whether  the  interests  of  the 
United  States  require  any  extension  of  the  time  for  per- 
formance of  their  obligations  to  the  Government.) 

SEC.  4.  That  whenever,  in  the  opinion  of  the  President.  o^^u^ted 
it  shall  be  deemed  necessary  to  the  protection  of  the  inter-  ^g08^'  prior 
ests  and  the  preservation  of  the  security  of  the  United 
States  in  respect  of  its  lien,  mortgage,  or  other  interest  in 
any  of  the  property  of  any  or  all  of  the  several  companies 
upon  which  a  lien,  mortgage,  or  other  incumbrance  para- 
mount to  the  right,  title,  or  interest  of  the  United  States 
for  the  same  property,  or  any  part  of  the  same,  may  exist 
and  be  then  lawfully  liable  to  be  enforced,  the  Secretary 
of  the  Treasury  shall,  under  the  direction  of  the  Presi- 
dent, redeem  or  otherwise  clear  off  such  paramount  lien, 
mortgage,  or  other  incumbrance  by  paying  the  sums  law- 
fully due  in  respect  thereof  out  of  the  Treasury:  and  the 
United  States  shall  thereupon  become  and  be  subrogated 
to  all  rights  and  securities  (heretofore  pertaining  to  the 


244  NATIONAL   MONETARY   COMMISSION. 

debt,  mortgage,  lien,  or  other  incumbrance  in  respect  of 
toPprotect'ntIe  which  such  payment  shall  have  been  made.  It  shall  be 
united  states' ^e  ^u^  °^  ^ie  Attorney-General,  under  the  direction  of 
the  President,  to  take  all  such  steps  and  proceedings,  in 
the  courts  and  otherwise,  as  shall  be  needful  to  redeem 
such  lien,  mortgage,  or  other  incumbrance,  and  to  protect 
and  defend  the  rights  and  interests  of  the  United  States 
in  respect  of  the  matters  in  this  section  mentioned,  and  to 
take  steps  to  foreclose  any  mortgages  or  liens  of  the 
United  States  on  any  such  railroad  property. 

oflns?ntknieii1g     SEC.  5.  That  the  sinking-funds  which  are  or  may  be 
funds.  \\Q\d  in  the  Treasury  for  the  security  of  the  indebtedness 

of  either  or  all  of  said  railroad  companies  may,  in  addi- 
-  tion  to  the  investments  now  authorized  by  law,  be  in- 
vested in  any  bonds  of  the  United  States  heretofore  issued 
for  the  benefit  of  either  or  all  of  said  companies,  or  in 
any  of  the  first-mortgage  bonds  of  either  of  said  com- 
panies which  have  been  issued  under  the  authority  of  any 
law  of  the  United  States  and  secured  by  mortgages  of 
their  roads  and  franchises,  which  by  any  law  of  the 
United  States  have  been  made  prior  and  paramount  to 
the  mortgage,  lien,  or  other  security  of  the  United  States 
in  respect  of  its  advances  to  either  of  said  companies  as 
provided  by  law. 

Approved,  March  3.  1887. 

ACT  OF  MARCH  2,  1889. 


25  stat.  L.,  CHAP.  411. — Ail  act  making  appropriations  for  sundry 
ciril  expenses  of  the  Government  for  the  fiscal  year 
endinr/  June  thirtieth,  eighteen  hundred  and  ninety, 
and  for  otlicr  purposes. 


,,omauses  °n  *  *  *  :  Awl  provided  further,  That  hereafter  the 
name  of  each  person  whose  portrait  shall  be  placed  upon 
any  of  the  plates  for  bonds,  securities,  notes  and  silver 
certificates  of  the  United  States  shall  be  inscribed  below 
.such  portrait  :  * 


*  * 

Approved.  March  '2,  1889. 


LAWS  CONCEBNING  MONEY,  BANKING,  AND  LOANS.     245 

ACT  OF  OCTOBER  1,  1890. 

CHAP.  1246. — An  act  to  provide  for  the  incorporation  of    26  stat.  L., 
trust,  loan,  mortgage,  and  certain  other  corporations 
ivithin  the  District  of  Columbia. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa-    District    o  f 
tives  of  the  United  States  of  America  in  Congress  as-     Corporations 
sembled.  That  corporations  may  be  formed  within  theau 
District  of  Columbia  for  the  purposes  hereinafter  men- 
tioned in  the  following  manner: 

Any  time  hereafter  any  number  of  natural  persons.     Minimum 
citizens  of  the  United  States,  not  less  than  twenty-five,  porators. 
may  associate  themselves  together  to  form  a  company  for 
the  purpose  of  carrying  on  in  the  District  of  Columbia 
any  one  of  three  classes  of  business  herein  specified,  to 
wit  : 

First.  A  safe  deposit,  trust,  loan,  and  mortgage  busi-     Safe  deposit, 

etc.,   business. 

ness. 

Second.  A  title  insurance,   loan,   and   mortgage  busi-     Title    lnsur,- 

ance,  etc.,  busi- 
ness, ness. 

Third.  A    security,    guaranty,    indemnity,    loan,    and,  Security. etc., 

*  '     e  -  •  *  i  business. 

mortgage  business:  Provided,  That  the  capital  stock  of     Provisos. 

any  of  said  companies  shall  not  be  less  than  one  million 

of  dollars:  Provided  further.  That  any  of  said  companies 

may  also  do  a  storage  business  when  their  capital  stock     Minimum 

fc  J  capital. 

amounts  to  the  sum  of  not  less  than  one  million  two  hun-     storage  busi- 
ness. 
dred  thousand  dollars. 

(The  remaining  sections  2  to  34,  inclusive,  prescribe 
method  of  organization,  etc..  establish  rules  for  the  con- 
duct of  business,  etc.) 

Approved,  October  1,  1800. 

ACT  OF  FEBRUARY  10.  1891. 

CHAP.  127. — An  act  farther  to  prevent  counterfeiting  0/'74r,r>  stat  L" 
manufacture  of  dies,  tools,  or  other  implements  used 
in  counterfeiting,  and  providing  penalties  therefor,  and 
providing  for  the  issue  of  search  'warrants  in  certain 
cases. 


SEC.  4.  That  all  counterfeits  of  any  of  the  obligations  oro  fon(1-tnr|fttetd 
other  securities  of  the  United   States  or  of  any  fo  reign  ^j^ 
Government,  or  counterfeits  of  any  of  the  coins  of  tin- 
United  States  or  of  any  foreign  Government,  and  all  ma- 


246  NATIONAL   MONETARY    COMMISSION. 

terial  or  apparatus  fitted  or  intended  to  be  used,  or  that 
shall  have  been  used,  in  the  making  of  any  such  counter- 
feit obligations  or  other  securities  or  coins  hereinbefore 
mentioned,  that  shall  be  found  in  the  possession  of  any 
person  without  authority  from  the  Secretary  of  the  Treas- 
ury or  other  proper  officer  to  have  the  same,  shall  be  taken 
possession  of  by  any  authorized  agent  of  the  Treasury 
Department  and  forfeited  to  the  United  States,  and  dis- 
posed of  in  any  manner  the  Secretary  of  the  Treasury  may 
direct, 
issue  of  SEC.  5.  That  the  several  judges  of  courts  established 

search      w  a  r  -  ......  ,     .  .      . 

rants  in  such  under  the  laws  of  the  United  States  and  the  commission- 
ers of  such  courts  may,  upon  proper  oath  or  affirmation, 
within  their  respective  jurisdictions,  issue  a  search  war- 
rant authorizing  any  marshal  of  the  United  States,  or  any 
other  person  specially  mentioned  in  such  warrant,  to  enter 
any  house,  store,  building,  boat,  or  other  place  named  in 
such  warrant,  in  the  daytime  only,  in  which  there  shall 
appear  probable  cause  for  believing  that  the  manufac- 
ture of  counterfeit  money,  or  the  concealment  of  counter- 
feit money,  or  the  manufacture  or  concealment  of  counter- 
feit obligations  or  coins  of  the  United  States,  or  of  any 
foreign  government,  or  the  manufacture  or  concealment 
of  dies,  hubs,  molds,  plates,  or  other  things  fitted  or  in- 
tended to  be  used  for  the  manufacture  of  counterfeit 
money,  coins,  or  obligations  of  the  United  States  or  of 
any  foreign  government,  or  of  any  bank  doing  business 
under  the  authority  of  the  United  States  or  of  any  State 
or  Territory  thereof,  or  of  any  bank  doing  business  under 
the  authority  of  any  foreign  government  or  of  any  polit- 
ical division  of  any  foreign  government,  is  being  carried 
on  or  practiced,  and  there  search  for  any  counterfeit 
money,  coins,  dies,  hubs,  molds,  plates,  and  other  things, 
Seizures.  and  for  any  such  obligations,  and  if  any  such  be  found  to 
seize  and  secure  the  same,  and  to  make  return  thereof  to 
the  proper  authority:  and  all  such  counterfeit  money, 
coins,  dies.  hubs,  molds,  plates,  and  other  things  and  all 
such  counterfeit  obligations  so  seized  shall  be  forfeited  to 
the  United  States. 

Approved  February  10.  1891. 

(This  act  was  amended  by  the  act  of  March  4.  1909 
(chap.  :Ji>l.  :>>.">  Slat.  L..  pp.  lli;0  and  lli>l).  See  sections 
109  to  173,  inclusive.) 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  247 

ACT  OF  AUGUST  13,  1894. 
CHAP.  281. — An  act  to  subject  to  state  taxation  national    28  stat.  L., 

97C 

bank  notes  and   United  States  Treasury  notes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa-   statetaxation 
fives  of  the  United  States  of  America  in  Congress  assem- currency   ana 

blecL  That  circulating  notes  of  national  banking  associa-  notes    author- 
ized 
tions  and  United  States  legal  tender  notes  and  other  notes 

and  certificates  of  the  United  States  payable  on  demand 

and  circulating  or  intended  to  circulate  as  currency  and 

gold,  silver  or  other  coin  shall  be  subject  to  taxation  as 

money  on  hand  or  on  deposit  under  the  laws  of  any  State 

or  Territory:  Provided,  That  any  such  taxation  shall  be     Proviso. 

exercised  in  the  same  manner  and  at  the  same  rate  that    To  be  taxed 

any  such  State  or  Territory  shall  tax  money  or  currency  ^Osne°  *  h  e  r 

circulating  as  money  within  its  jurisdiction. 

SEC.  2.  That  the  provisions  of  this  Act  shall  not  be   Existing  laws, 
deemed  or  held  to  change  existing  laws  in  respect  of  the 
taxation  of  national  banking  associations. 

Approved,  August  J3,  1894. 

ACT  OF  AUGUST  15,  1894. 

CHAP.  290. — An  act  making  appropriations  for  current  ^  28  stat.  L., 
and  contingent  expenses  of  the  Indian  Department  and 
fulfilling  treaty  stipulations  with  various  Indian  tribes 
for  the  fiscal  year  ending  June  thirtieth,  eighteen  hun- 
dred and  ninety-five,  and  for  other  purposes. 
***** 

SEC.  19.  *.     And  the  Secretary  of  the  Treasury    Cherokee  N.I- 

is  hereby  authorized  to  issue  to  the  Cherokee  Nation  or  to    °Bonds  to  be 

.,  •  •  -,  j?-iiji  c;T       TT-J-ILU  issued  for  pay- 

its  assigns  evidences  or  indebtedness  or  the  united  Statesing  instaii- 
of  America,  bearing  interest  at  the  rate  of  four  per 
centum  per  annum,  payable  annually  on  the  fourth  day 
of  March  of  each  year,  in  amounts  of  one  thousand  and 
ten  thousand  dollars,  respectively,  for  the  respective 
amounts  of  the  second,  third,  fourth,  and  fifth  install- 
ments, maturing  respectively  on  the  fourth  day  of  March, 
eighteen  hundred  and  ninety-six,  the  fourth  day  of  March, 
eighteen  hundred  and  ninety-seven,  the  fourth  day  of 
March,  eighteen  hundred  and  ninety-eight,  and  the 
fourth  day  of  March,  eighteen  hundred  and  ninety-nine, 
and  amounting  in  the  aggregate  to  six  million  six  him- 


248  NATIONAL   MONETARY   COMMISSION. 

dred  and  forty  thousand  dollars,  as  specified  in  said  act  of 
64a°L  27>  P'  March  third,  eighteen  hundred  and  ninety -three ;  and  this 
provision  shall  not  be  construed  to  extend  the  time  nor 
to  increase  the  amount  of  the  liability  of  the  Government 
as  provided  in  section  ten  of  the  said  Act  of  March  third, 
eighteen  hundred  and  ninety-three. 


Approved,  August  15,  1894. 

ACT  OF  MAY  28,  1896. 

29  stat.  L-CHAP.  252. — An  act  making  appropriations  for  the  legis- 
lative, executive,  and  judicial  expenses  of  the  Govern- 
ment for  the  fiscal  year  ending  June  thirtieth,  eighteen 
hundred  and  ninety-seven,  and  for  oilier  purposes. 
***** 

SEC.  5.  That  section  thirty-six  hundred  and  twenty-one 
of  the  Revised  Statutes  is  amended  to  read  as  follows: 
Moneys  to  be      "SEC.  3621.  Every  person  who  shall  have  moneys  of 

deposited    in  J 

public    deposi-the  United  States  in  his  hands  or  possession,  and  disburs- 

taries. 

or.?,1;    s-    -??•  i'l^T  officers  having  moneys  in  their  possession  not  required 

.sO-l,      p.       1 14, 

amended.  for  current  expenditure,  shall  pay  the  same  to  the  Treas- 
urer, an  Assistant  Treasurer,  or  some  public  depositary 
of  the  United  States,  without  delay,  and  in  all  cases 
within  thirty  days  of  their  receipt.  And  the  Treasurer, 
the  Assistant  Treasurer,  or  the  public  depositary  shall 
issue  duplicate  receipts  for  the  moneys  so  paid,  trans- 
mitting forthwith  the  original  to  the  Secretary  of  the 
Treasury,  and  delivering  the  duplicate  to  the  depositor: 
Proviso.  Provided.  That  nostal  revenues  and  debts  due  to  the  Post- 

IV)stal     rev-   ,,,,.-,  .  ,   .  .         ,  . 

( )Hice  Department  shall  be  paid  into  the  Ireasury  m  the 
manner  now  required  by  law." 

***** 

Approved.  May  2S.  ls«iC.. 

ACT  OF  JUNE   1-",.   180ft. 


30  stat.  L..CHAP.  -14ft. --.I//  <n-t  1<>  /u'oridi-   ir<n/x  <ind  tncans  to  meet 
ira/'  expenditures,  find  far  <>th<  r  imrpoxcx. 

*  *  *  *  * 

issue  of  cor-      Srr.  32.  That  the  Secretary  of  the  Treasury  is  author- 

tilicntcs    of    in-  . 

f]H)f<-(im'ss  nu-ixed  to  borrow  from  time  to  tune,  at  a  rate  of  interest  not 

thori/cd. 

exceeding  three  per  centum  per  annum,  such  sum  or  sums 
as,  in  his  judgment,  may  be  necessary  to  meet  public  ex- 


LAWS    CONCERNING    MONEY,    BANKING,   AND   LOANS.  249 

penditures,  and  to  issue  therefor  certificates  of  indebted- 
ness in  such  form  as  he  may  prescribe  and  in  denomina- 
tions of  fifty  dollars  or  some  multiple  of  that  sum;  and 
each  certificate  so  issued  shall  be  payable,  with  the  interest 
accrued  thereon,  at  such  time,  not  exceeding  one  year  from 
the  date  of  its  issue,  as  the  Secretary  of  the  Treasury  may 
prescribe:  Provided,  That  the  amount  of  such  certificates  _rroyiso. 
outstanding  shall  at  no  time  exceed  one  hundred  millions 
of  dollars ;  and  the  provisions  of  existing  law  respecting 
counterfeiting  and  other  fraudulent  practices  are  hereby  .  counterfeit- 
extended  to  the  bonds  and  certificates  of  indebtedness 
authorized  by  this  act. 

SEC.  33.  That  the  Secretary  of  the  Treasury  is  hereby     issue     of 
authorized  to  borrow  on  the  credit  of  the  United  States  cure  loan  'au- 
from  time  to  time  as  the  proceeds  may  be  required  to 
defray  expenditures  authorized  on  account  of  the  exist- 
ing war  (such  proceeds  when  received  to  be  used  only  for 
the  purpose  of  meeting  such  war  expenditures)  the  sum 
of  four  hundred  million  dollars,  or  so  much  thereof  as 
may   be  necessary,   and  to  prepare   and   issue  therefor, 
coupon  or  registered  bonds  of  the  United  States  in  such 
form  as  he  may  prescribe,  and  in  denominations  of  twenty  —  d  e  n  omina- 

"    (ions,  etc. 

dollars  or  some  multiple  of  that  sum,  redeemable  in  coin 
at  the  pleasure  of  the  United  States  after  ten  years  from 
the  date  of  their  issue,  and  payable  twenty  years  from 
such  date,  and  bearing  interest  payable  quarterly  in  coin 
at  the  rate  of  three  per  centum  per  annum ;  and  the  bonds 
herein  authorized  shall  be  exempt  from  all  taxes  or  duties 
of  the  United  States,  as  well  as  from  taxation  in  any 
form  by  or  under  State,  municipal,  or  local  authority: 
Provided,  That  the  bonds  authorized  by  this  section  shall  Provisos. 
be  first  offered  at  par  as  a  popular  loan  under  such  regula-  Popular  loan, 
tions,  prescribed  by  the  Secretary  of  the  Treasury,  as  will. 
give  opportunity  to  the  citizens  of  the  United  States  to 
participate  in  the  subscriptions  to  such  loan,  and  in 
allotting  said  bonds  the  several  subscriptions  of  indi- 
viduals shall  be  first  accepted,  and  the  subscriptions  for 
the  lowest  amounts  shall  be  first  allotted:  Provided  fur- 
ther. That  any  portion  of  any  issue  of  said  bonds  not  h™d£0noV°sub- 
subscribed  for  as  above  provided  may  be  disposed  of  by  •st'1'ilicd  for- 
the  Secretary  of  the  Treasury  at  not  less  than  par,  under 
such  regulations  as  lie  may  prescribe,  but  no  commissions 
shall  be  allowed  or  paid  thereon;  and  a  sum  not  exceed- 
ing one-tenth  of  one  per  centum  of  the  iimount  of  the 
bonds  and  certificates  herein  authorized  is  hereby  appro- 


250  NATIONAL   MONETARY   COMMISSION. 

priated  out  of  any  money  in  the  Treasury  not  otherwise 
appropriated,  to  pay  the  expense  of  preparing,  advertis- 
ing, and  issuing  the  same. 

***** 
Approved,  June  13,  1898. 

ACT  OF  JULY  1,  1898. 

60?°  stat  L-'CnAP.  546.  —  An  act  making  appropriations  for  sundry 
civil  expenses  of  the  Government  for  the  -fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  ninety- 
nine,  and  for  other  purposes. 

*  "  r°Uer      *     *     * 


further,  That  hereafter  all  bonds, 

notes,    and    checks    shall    be   printed    from    hand-roller 
presses. 

*  *  *  * 

Approved,  July  1,  1898. 

ACT  OF  JULY  7,  1898. 

659°  Stat  L"  CHAP.  571.  —  An  act  making  appropriations  to  supply  defi- 
ciencies in  the  appropriations  for  the  fiscal  year  ending 
June  thirtieth,  eighteen  hundred  and  ninety-eight,  and 
for  prior  years,  and  for  other  purposes. 


-        SETTLEMENT  WITH  THE  CENTRAL  PACIFIC  AND  WESTERN 

%£(1Isacificrail~ PACIFIC  RAILROADS:   That  the  Secretary  of  the  Treasury, 
tocos™™^ssii°nnhe  Secretary  of  the  Interior,  and  the  Attorney-General, 
* ° an(^  tn(''r  successors  in  office,  be,  and  they  are  hereby,  ap- 
pointed a  commission  with  full  power  to  settle  the  in- 
debtedness to  the  Government  growing  out  of  the  issue 
of  bonds  in  aid  of  the  construction  of  the  Central  Pacific 
and    Western    Pacific   bond-aided    railroads,   upon   such 
terms  and  in  such  manner  as  may  be  agred  upon  by  them, 
or  by  a  majority  of  them,  and  the  owners  of  said  rail- 
I'rovisos.       roads:  Provided,  That  any  and  all  settlements  thus  made 
tbe  President,   shall  be  submitted  in  writing  to  the  President  for  his  ap- 
proval or  disapproval,  and  unless  approved  by  him  shall 
not  be  binding. 
Minimum      That  said  commission  shall  not  agree  to  accept  a  less 

sum    to    be   ac-  .     1 

sum  in  settlement  of  the  amount  due  the  United  States 
than  the  full  amount  of  the  principal  and  interest  and 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  251 

all  amounts  necessary  to  reimburse  the  United   States 
for  moneys  paid  for  interest  or  otherwise :  And  also  pro- 
vided, That  said  commission  are  hereby  empowered  to  ments.8  °f  pay" 
grant  such  time  or  times  of  payment  by  installment,  and 
at  such  rates  of  interest,  to  be  not  less  than  three  per 
centum  per  annum,  payable  semiannually,  and  with  such 
security    as    to    said   commission    may    seem    expedient: 
Provided,  however,  That  in  any  settlement  that  may  bechfrig"al    dls" 
made  the  final  payment  and  full  discharge  of  said  indebt- 
edness shall  not  be  postponed  to  exceed  ten  years  and  the 
whole  amount,  principal  and  interest,  shall  be  paid  in 
equal  semiannual  installments  within  the  period  so  lim- 
ited, and  in  any  settlement  made  it  shall  be  provided 
that  if  default  shall  be  made  in  any  payment  of  either   aD^en"lt:    In 
principal  or  interest  or  any  part  thereof  then  the  whole 
sum  and  all  installments,  principal   and   interest,  shall 
immediately    become    due    and    payable,    notwithstand- 
ing any  other  stipulation  of  said  settlement:  Provided 
further,  That  unless  the  settlement  herein  authorized  be 
perfected  within  one  year  after  the  passage  of  this  Act 
the  President  of  the  United  States  shall  at  once  proceed 
to   foreclose   all   liens   now   held   by   the   United   States  lnFJ££«\Fu3 
against  said  railroad  companies  and  to  collect  the  indebt-  settlement. 
edness  herein  sought  to  be  settled,  and  nothing  in  this 
Act  contained  shall  be  held  to  waive  or  release  any  right,     NO  waiver  of 

"        *  existing    liens, 

lien,  or  cause  of  action  already  held  by  the  United  Stages,  etc. 

That  there  is  hereby  appropriated,  out  of  any  money      Appropria- 
in  the  Treasury  not  otherwise  appropriated,  the  sum  of  pensea  of  corn- 
twenty  thousand  dollars  to  defray  the  expenses  of  said  m 
commission  in  making  the  said  settlement. 

Approved,  July  7,  1898. 

JOINT  RESOLUTION,  JULY  7,  1898. 

(No.  55.)   Joint  resolution  to  provide  for  annexing  the     so  stat.   L., 
Hawaiian  Islands  to  the  United  States. 


The  public  debt  of  the  Republic  of  Hawaii,  lawfully    united  states 

to    nssumo    the 

existing  at  the  date  of  the  passage  of  this  joint  resolution,  public  <ipi>t  of 

Hawaii, 
including  the  amounts  due  to  depositors  in  the  Hawaiian 

Postal  Savings  Bank,  is  hereby  assumed  by  the  Govern- 
ment of  the  United  States;  but  the  liability  of  the  United llmlt. 

States  in  this  regard  shall  in  no  case  exceed  four  million 
15712"— 10 17 


252  NATIONAL    MONETARY    COMMISSION. 

dollars.     So  long,  however,  as  the  existing  Government 
and  the  present  commercial  relations  of  the  Hawaiian 
Islands  are  continued  as  hereinbefore  provided  said  Gov- 
—  interest.       ernment  shall  continue  to  pay  the  interest  on  said  debt. 

***** 
Approved,  July  7.  1898. 

ACT  OF  MARCH  14,  1900. 

_si  stat.  L.,  CHAP.  41. — An  act  to  define  and  fix  the  standard  of  value, 
±  Supp.  R.  s.,     to  maintain  the  parity  of  all  forms  of  money  issued  or 

coined  by  the  United  States,  to  refund  the  public  debt, 

and  for  other  purposes. 

standard  of     ge  jf  enacted  Ini  the  Sertate  and  House  of  Rcpresenta- 

value  nxed.  •'  ' 

— -ffoid  dollar    tires  of  the  United  State*  of  America  in  Congress  assem- 

K.  3.,  S  3511.  '  .    '  . 

26189b'  945P(i^  '  That  the  dollar  consisting  of  twenty-five  and  eight- 
Supp.  R.  s., tenths  grains  of  gold  nine-tenths  fine,  as  established  by 
—parity  of  section  thirtv-five  hundred  and  eleven  of  the  Revised 

v  a  1  u  e    to    be  ^  " 

maintained.  Statutes  of  the  United  States,  shall  be  the  standard  unit 
of  value,  and  all  forms  of  money  issued  or  coined  by  the 
United  States  shall  be  maintained  at  a  parity  of  value 
with  this  standard,  and  it  shall  be  the  duty  of  the  Secre- 
tary of  the  Treasury  to  maintain  such  parity. 

Treasury      SEC.  2.  That  United  States  notes,  and  Treasury  notes 

July  °  14.   i-'ii ;  issued  under  the  Act  of  July  fourteenth,  eighteen  hundred 

R.'S.,  "74)UpP'and  ninety,  when  presented  to  the  Treasury  for  redemp- 

in~rgoid.en     'etion.  shall  be  redeemed  in  gold  coin  of  the  standard  fixed 

in  the  first  section  of  this  act.  and  in  order  to  secure  the 

prompt  and  certain  redemption  of  such  notes  as  herein 

provided  it  shall  be  the  duty  of  the  Secretary  of  the  Treas- 

Maintenanre  urv  to  set  apart   in  the  Treasury  a  reserve  fund  of  one 

of  reserve  fund,  i  i        i  i£-xv  ^-\-  in         '•  11         •  i  i      11- 

hundred  and  ntty  million  dollars  in  gold  coin  and  bullion, 
which  fund  shall  be  used  for  such  redemption  purposes 
only,  and  whenever  and  as  often  as  any  of  said  notes  shall 
be  redeemed  from  said  fund  it  shall  be  the  duty  of  the 
Secretary  of  the  Treasury  to  use  said  notes  so  redeemed 
to  restore  and  maintain  such  reserve  fund  in  the  manner 
— by  exchange  following,  to  wit:   First,  by  exchanging  the  notes  so  re- 
deemed for  any  gold  coin  in  the  general  fund  of  the  Treas- 
d^'no'sTt's'of U1T?   second,   by   accepting  deposits  of  gold   coin   at   the 
—by  procuring  r^reasury    or    a*    an.v    s"btreasury    in    exchange    for    the 
K°]l{1-s    s  ;<700  United  States  notes  so  redeemed  :  third,  by  procuring  gold 
—by    bond    is- (.ojn  ^y  ^g  11S(,  of  Haj,|  I1(,tt>s.  in  accordance  with  the  pro- 
visions  of   section    thirty-seven    hundred    of    the    Revised 
Statutes  of  the   United  States.     If  the  Secretary  of  the 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  253 

Treasury  is  unable  to  restore  and  maintain  the  gold  coin 
in  the  reserve  fund  by  the  foregoing  methods,  and  the 
amount  of  such  gold  coin  and  bullion  in  said  fund  shall 
at  any  time  fall  below  one  hundred  million  dollars,  then 
it  shall  be  his  duty  to  restore  the  same  to  the  maximum 
sum  of  one  hundred  and  fifty  million  dollars  by  borrowing 
money  on  the  credit  of  the  United  States,  and  for  the  debt 
thus  incurred  to  issue  and  sell  coupon  or  registered  bonds 
of  the  United  States,  in  such  form  as  he  may  prescribe,  in 
denominations  of  fifty  dollars  or  any  multiple  thereof, 
bearing  interest  at  the  rate  of  not  exceeding  three  per  — rate  of  in- 

1        terest. 

centum  per  annum,  payable  quarterly,  such  bonds  to  be 
payable  at  the  pleasure  of  the  United  States  after  one 
year  from  the  date  of  their  issue,  and  to  be  payable,  prin- 
cipal and  interest,  in  gold  coin  of  the  present  standard 
value,  and  to  be  exempt  from  the  payment  of  all  taxes  or 
duties  of  the  United  States,  as  well  as  from  taxation  in 
any  form  by  or  under  State,  municipal,  or  local  authority ; 
and  the  gold  coin  received  from  the  sale  of  said  bonds    Disposition  of 
shall  first  be  covered  into  the  general  fund  of  the  Treasury  ofnbonds°m  ' 
and  then  exchanged,  in  the  manner  hereinbefore  provided, 
for  an  equal  amount  of  the  notes  redeemed  and  held  for 
exchange,  and  the  Secretary  of  the  Treasury  may,  in  his 
discretion,  use  said  notes  in  exchange  for  gold,  or  to  pur- 
chase or  redeem  any  bonds  of  the  United  States,  or  for— redemption 
any  other  lawful  purpose  the  public  interests  may  require.0 
except  that  they  shall  not  be  used  to  meet  deficiencies  in 
the  current  revenues.     That  United  States  notes  when 
redeemed  in  accordance  with  the  provisions  of  this  section 
shall  be  reissued,  but  shall  be  held  in  the  reserve  fund— notes  to  he 
until  exchanged  for  gold,  as  herein  provided ;  and  the  gold 
coin  and  bullion  in  the  reserve  fund,  together  with  the     Limit  to  re- 
redeemed  notes  held  for  use  as  provided  in  this  section, 
shall  at  no  time  exceed  the  maximum  sum  of  one  hundred 
arid  fifty  million  dollars. 

SEC.  3.  That  nothing  contained  in  this  act  shall  be  con-     (Duality     of 

i    ,          /v  ,1        •,          i    ,         i  ,.  .  ,      .silver  dollar. 

strued  to  a  fleet  the  legal-tender  quality  as  now  provided. etc.,  unaffected, 
by  law  of  the  silver  dollar,  or  of  any  other  money  coined 
or  issued  by  the  United  States. 

SEC.  4.  That  there  be  established  in  the  Treasury  Do-     Divisions  of 
partment,  as  a  part  of  the  office  of  the  Treasurer  of  the  dom'ption    es'- 
United  States,  divisions  to  be  designated  and  known  as 
the  division  of  issue  and  the  division  of  redemption,  to 
which   shall   be  assigned,  respectively,   under  such   regu- 
lations as  the  Secretary  of  the  Treasury  may  approve, 


254  NATIONAL   MONETARY   COMMISSION. 

all  records  and  accounts  relating  to  the  issue  and  redemp- 
tion of  United  States  notes,  gold  certificates,  silver  cer- 
— duties.  tificates,  and  currency  certificates.  There  shall  be  trans- 
ferred from  the  accounts  of  the  general  fund  of  the  Treas- 
ury of  the  United  States,  and  taken  up  on  the  books  of 
said  divisions,  respectively,  accounts  relating  to  the  re- 
serve fund  for  the  redemption  of  United  States  notes  and 
Treasury  notes,  the  gold  coin  held  against  outstanding 
gold  certificates,  the  United  States  notes  held  against 
outstanding  currency  certificates,  and  the  silver  dollars 
held  against  outstanding  silver  certificates,  and  each  of 
the  funds  represented  by  these  accounts  shall  be  used  for 
the  redemption  of  the  notes  and  certificates  for  which 
they  are  respectively  pledged,  and  shall  be  used  for  no 
other  purpose,  the  same  being  held  as  trust  funds, 
cancellation  SEC.  5.  That  it  shall  be  the  duty  of  the  Secretary  of 

of     Treasury 

notes   for   sii-  £ne  Treasurv.  as  fast  as  standard  silver  dollars  are  coined 

ver    dollars  . 

coined,  etc.  under  the  provisions  of  the  acts  of  July  fourteenth,  eight- 
een hundred  and  ninety,  and  June  thirteenth,  eighteen 
hundred  and  ninety-eight,  from  bullion  purchased  under 
the  act  of  July  fourteenth,  eighteen  hundred  and  ninety, 
to  retire  and  cancel  an  equal  amount  of  Treasury  notes 
whenever  received  into  the  Treasury,  either  by  exchange 
in  accordance  with  the  provisions  of  this  act  or  in  the 
ordinary  course  of  business,  and  upon  the  cancellation 
ISSUP  of  sii-  Of  Treasurv  notes  silver  certificates  shall  be  issued  against 

ver  certificates.  • 

the  silver  dollars  so  coined, 
coid  certifi-      SEC.  C.  That  the  Secretary  of  the  Treasury  is  hereby 

cates   to   be   is-  ..  .  .  „  ." 

sued    on   de-  authorized  and  directed  to  receive  deposits  or  gold  coin 

posits   of  tfold.       . 

with  the  I  reasurer  or  any  assistant  treasurer  or  the 
United  States  in  sums  of  not  less  than  twenty  dollars,  and 
to  issue  gold  certificates  therefor  in  denominations  of 
not  less  than  twenty  dollars,  and  the  coin  so  deposited 
shall  be  retained  in  the  Treasury  and  held  for  the  pay- 
ment of  such  certificates  on  demand,  and  used  for  no  other 
—to  be  count-  purpose.  Such  certificates  shall  be  receivable  for  customs, 

ed   as  hank   re-  -111,1-1  -, 

serve,  etc.  taxes,  ana  all  public  dues,  and  when  so  received  may  be 
reissued,  and  when  held  by  any  national  banking  associ- 
ation may  be  counted  as  a  part  of  its  lawful  reserve: 
I'rovided,  That  whenever  and  so  long  as  the  gold  coin 
held  in  the  reserve  fund  in  the  Treasury  for  the  re- 
demption of  United  States  notes  and  Treasury  notes  shall 
fall  and  remain  below  one  hundred  million  dollars  the 
authority  to  issue  certificates  as  herein  provided  shall  be 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  255 

suspended :    And  provided  further.  That  whenever  and    suspension  of 

f  '  .  authority  to  is- 

so  long  as  the  aggregate  amount  of  United  States  notes sue  certificates. 
and  silver  certificates  in  the  general  fund  of  the  Treasury 
shall  exceed  sixty  million  dollars  the  Secretary  of  the 
Treasury  may,  in  his  discretion,  suspend  the  issue  of  the 
certificates  herein  provided  for:    And  provided  further, 
That  of  the  amount  of  such  outstanding  certificates  one-    Denomination 
fourth  at  least  shall  be  in  denominations  of  fifty  dollars 
or  less:    And  provided  further,  That  the  Secretary  of 
the  Treasury  may,  in  his  discretion,  issue  such  certifi- 
cates in  denominations  of  ten  thousand  dollars,  payable 
to  order.    And  section  fifty-one  hundred  and  ninety-three     Repea_i  of 
of  the  Revised  Statutes  of  the  United  States  is  hereby 
repealed. 

SEC.  7.  That  hereafter  silver  certificates  shall  be  issued  Denomination 
only  of  denominations  of  ten  dollars  and  under,  except  cates. 
that  not  exceeding  in  the  aggregate  ten  per  centum  of  the 
total  volume  of  said  certificates,  in  the  discretion  of  the 
Secretary  of  the  Treasury,  may  be  issued  in  denomina- 
tions of  twenty  dollars,  fifty  dollars,  and  one  hundred 
dollars;  and  silver  certificates  of  higher  denomination 
than  ten  dollars,  except  as  herein  provided,  shall,  when- 
ever received  at  the  Treasury  or  redeemed,  be  retired  and 
canceled,  and  certificates  of  denominations  of  ten  dollars 
or  less  shall  be  substituted  therefor,  and  after  such  sub- — on  reissue, 
stitution,  in  whole  or  in  part,  a  like  volume  of  United 
States  notes  of  less  denomination  than  ten  dollars  shall 
from  time  to  time  be  retired  and  canceled,  and  notes  of 
denominations  of  ten  dollars  and  upward  shall  be  re- 
issued in  substitution  therefor,  with  like  qualities  and 
restrictions  as  those  retired  and  canceled. 

SEC.  8.  That  the  Secretary  of  the  Treasury  is  hereby    silver     bui- 

1  •  1  T       "  '11          IT  •'      I'011          I1111V  l>e 

authorized  to  use,  at  his  discretion,  any  silver  bullion  in  used    for   sub- 

i       m  f     i  -in  11      sidiary  coinage 

the  Ireasury  or  the  United  States  purchased  under  the  issu),  July  1-1, 
Act  of  July  fourteenth,  eighteen  hundred  and  ninety,  forsu'pp.    it.    s., 
coinage  into  such  denominations  of  subsidiary  silver  coin 
as  may  be  necessary  to  meet  the  public  requirements  for 
such  coin  :  Provided.  That  the  amount  of  subsidiary  silver-  limit. 
coin  outstanding  shall  not  at  anytime  exceed  in  the  aggre- 
gate  one   hundred   millions   of   dollars.     Whenever    any 
silver  bullion  purchased  under  the  act  of  July  fourteenth, 
eighteen  hundred  and  ninety,  shall  be  used  in  the  coinage- 
of  subsidiary  silver  coin,  an  amount   of  Treasury  notes 
issued  under  said  act  equal  to  the  cost  of  the  bullion  con 
tained  in  such  coin  shall  be  canceled  and  not  reissued.       nf  (nf,",,<8''11'itlon 


256  NATIONAL   MONETARY   COMMISSION. 


gEC.  9,  That  the  Secretary  of  the  Treasury  is  hereby 
ver  coins.         authorized  and  directed  to  cause  all  worn  and  uncurrent 
subsidiary  silver  coin  of  the  United  States  now  in  the 
Treasury,  and  hereafter  received,  to  be  recoined,  and  to 
—reimburse-  reimburse  the  Treasurer  of  the  United  States  for  the  dif- 

ment     of     loss  .  „  1  . 

from  face  rerence  between  the  nominal  or  race  value  of.  such  com 
and  the  amount  the  same  will  produce  in  new  coin  from 
any  moneys  in  the  Treasury  not  otherwise  appropriated. 


of  Redemption      gEC.  n.  That  the  Secretary  of  the  Treasury  is  hereby 
authorized  to  receive  at  the  Treasury  any  of  the  outstand- 
ing bonds  of  the  United  States  bearing  interest  at  five  per 
centum  per  annum,  payable  February  first,  nineteen  hun- 
dred and  four,  and  any  bonds  of  the  United  States  bear- 
ing interest  at  four  per  centum  per  annum,  payable  July 
first,  nineteen  hundred  and  seven,  and  any  bonds  of  the 
0  — reissue  of  United  States  bearing  interest  at  three  per  centum  per 
bonds.  annum,  payable  August  first,  nineteen  hundred  and  eight, 

and  to  issue  in  exchange  therefor  an  equal  amount  of 
coupon  or  registered  bonds  of  the  United  States  in  such 
form  as  he  may  prescribe,  in  denominations  of  fifty  dol- 
lars or  any  multiple  thereof,  bearing  interest  at  the  rate 
of  two  per  centum  per  annum,  payable  quarterly,  such 
bonds  to  be  payable  at  the  pleasure  of  the  United  States 
after  thirty  years  from  the  date  of  their  issue,  and  said 
bonds  to  be  payable,  principal  and  interest,  in  gold  coin 
of  the  present  standard  value,  and  to  be  exempt  from  the 
payment  of  all  taxes  or  duties  of  the  United  States,  as 
well  as  from  taxation  in  any  form  by  or  under  State, 
municipal,  or  local  authority:  Provided,  That  such  out- 
—  valuation,  standing  bonds  may  be  received  in  exchange  at  a  valua- 
tion not  greater  than  their  present  worth  to  yield  an  in- 
come of  two  and  one-quarter  per  centum  per  annum;  and 
in  consideration  of  the  reduction  of  interest  effected,  the 
Secretary  of  the  Treasury  is  authorized  to  pay  to  the 
holders  of  the  outstanding  bonds  surrendered  for  ox- 
change,  out  of  any  money  in  the  Treasury  not  otherwise 
appropriated,  a  sum  not  greater  than  the  difference  be- 
tween their  present  worth,  computed  as  aforesaid,  and 
their  par  value,  and  the  payments  to  be  made  hereunder 
shall  be  held  to  lx>  payments  on  account  of  the  sinking 
R.  R.,  i  3694.  f  unc]  Created  by  section  thirty-six  hundred  and  ninety- 
four  of  the  Revised  Statutes: 


LAWS  CONCEKNING  MONEY,  BANKING,  AKD  LOANS.     257 

And  pi^omded  further.  That  the  two  per  centum  bonds,  Bonds  to  be 

.  ,  .    .  .     •  issued  at  par. 

to  be  issued  under  the  provisions  of  this  act  shall  be  issued 
at  not  less  than  par,  and  they  shall  be  numbered  consecu- 
tively in  the  order  of  their  issue,  and  when  payment  is 
made  the  last  numbers  issued  shall  be  first  paid,  and  this 
order  shall  be  followed  until  all  the  bonds  are  paid,  and 
whenever  any  of  the  outstanding  bonds  are  called  for 
payment  interest  thereon  shall  cease  three  months  after  interest  to 
such  call;  and  there  is  hereby  appropriated  out  of  any^?ieed 
money  in  the  Treasury  not  otherwise  appropriated,  tom< 
effect  the  exchanges  of  bonds  provided  for  in  this  act,  a 
sum  not  exceeding  one-fifteenth  of  one  per  centum  of  the 
face  value  of  said  bonds,  to  pay  the  expense  of  preparing 
and  issuing  the  same  and  other  expenses  incident  thereto. 
***** 

Approved,  March  14,  1900. 

NOTE.— The  act  of  May  2G,  1006  (34  Stat.  L.,  202),  amends  sec- 
tion 0  of  the  above  act  to  read  as  follows : 

"  Provided,  That  whenever  and  so  long  as  the  gold  coin  held  in     Proviso, 
the  reserve  fund  in  the  Treasury  for  the  redemption  of  United  if 

States  notes  and  Treasury  notes  shall  fall  and  remain  below  tiftvserve  is  below 

J  $50,000,000. 

million  dollars  the  authority  to  issue  certificates  as  herein  pro- 
vided shall  be  suspended,  but  the  Secretary  of  the  Treasury  is 
directed  to  coin,  within  reasonable  time,  any  and  all  gold  bullion  Bullion  to  be 
held  in  said  reserve  fund  in  excess  of  fiftv  million  dollars." 


coined. 


ACT  OF  JUNE  6.  1900. 

CHAP.  780. — An  act  to  create  a  commission  to  make  settle-  t>_ 
rnent  and  adjustment  u'ith  the  Sion,r.  City  and  Pacific 
Railroad  Company  of  its  indebtedness  to  the  Govern- 
ment of  the  United  States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled. That  the  Secretary  of  the  Treasury,  the  Secre-  siou*  city 

'  _  *  a  n  d  P  a  c  i  n  c 

tarv  of  the  Interior,  and  the   Attorney-General  of  the  Railroad. 

17  Commission 

United  States  are  hereby  authorized  and  empowered  to  to    adjust    in- 

.  debtedness  <>  f,. 

make  settlement  and  adjustment  of  the  Sioux  City  and  to  <;ovornment 

Pacific  Railroad  Company's  indebtedness  to  the  Govern- 
ment of  the  United  States:  and  to  that  end  may  receive  -powers, 
and  determine  upon  any  proposition  or  propositions  from 
said  Sioux  City  and  Pacific  Railroad  Company  or  from 
any  other  person  or  persons,  corporation  or  corporations, 
and  may  sell  or  assign  the  mortgage  given  by  said  com- 
pany to  the  United  States  and  do  any  and  al 


258  NATIONAL    MONETARY    COMMISSION. 

proper  and  necessary  to  effect  such  settlement  and  ad- 
justment and  secure  to  the  United  States  the  largest  sum 
possible  in  the  payment  of  said  indebtedness  up  to  the 
Proviso.        full  amount  thereof:  Provided,  That  they  deem  the  same 
tion,  etc.          for  the  best  interests  of  the  Government ;  and  when  such 
settlement  is  approved  by  the  President  it  shall  become 
operative,  and  the  Attorney-General  shall  make  the  nec- 
essary acquittances  to  said  railroad  company. 
Approved,  June  (>,  1900. 

ACT  OF  JUNE  0.  1900. 

si  stat.  L.,  CHAP.  797. — An  act  to  pro  ride  better  facilities  for  the 
safe-keeping  and  disbursement  of  public  moneys  in  the 
Philippine  Islands  and  in  the  islands  of  Cuba  and 
Porto  Rico. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the   United  States  of  America  in  Congress  as- 
Cuba.   Porto  sembled.  That  the  Secretary  of  the  Treasury  is  hereby 

Rico,  and  Phil-        ,i        •       i    ,        -i      •  11*11 

ippines.  authorized  to  designate  one  or  more  banks  or  bankers  in 

<,f  depositories  the  Philippine  Islands  and  in  the  islands  of  Cuba  and 

for  public  mon- -n  T>-  1-1  IT  i          i  • ,      -i 

eys.  I  orto  Kico  in  which  public  moneys  may  be  deposited : 

Provisos.       Provided.  That  the  banks  or  bankers  thus  designated  shall 

Security    de-  . 

posit.  give  satisfactory  security  for  the  safe-keeping  and  prompt 

payment  of  the  public  moneys  so  deposited  by  depositing 

in  the  Treasury,  United  States  bonds  to  an  amount  not 

less  than  the  aggregate  sum  at  any  time  on  deposit  with 

Application  such  banks  or  bankers:  And  prodded  further^  That  this 

to  Cuba.  *  .     '  / 

Act   shall    apply   to   Cuba    only   while   occupied   by   the 
United  States. 

Approved.  June  <',.  1900. 

JOINT  RESOLUTION  OF  JUNE  (>.  1900. 

:u  stat.  L.,  (No.  -V2.}  Joint  resolution  to  authorize  end  an  poircr  the 
Bunco  EspfJliol  <](  PI/I  rfn  Run  (Spanish  //'////'  of  Porto. 
Rico]  to  n /n end  it*  btj-ldii'*. 

Rexoli'cd  bi/  the  tic )i ate  and  Ilonxc  of  Represe-nto.tii'cs 

of  tin'  United  States  of  America  ///  Cumin1**  a-^xembled^ 

Banco  Kspa- That  the  Hanco  Fspafio]  de  Puerto  Kico  (Spani-h  Hank 

IKil      (lc      I'lllTll)  .  ..... 

it  i  co      may  of  Porto    Rico)    be.  and   the   said    institution    is   hereby, 
amend    Its    by-  .  .  .' 

laws.  authorized  and  empowered  to  amend   article  one  of    its 

by-law^,  wliich  ^\\(\  by-laws  arc1  referred  to  in.  and  pub- 
lished with,  the  royal  (Spanish)  decree  dated  May  lifth, 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  259 

anno  Domini  eighteen  hundred  and  eighty-eight,  grant- 
ing a  concession  to  said  bank,  so  as  to  change  its  name 
to  that  of  Bank  of  Porto  Rico  (Banco  de  Puerto  Rico) 
and  to  substitute  for  its  capital  in  pesos  the  equivalent 
in  money  of  the  United  States  at  the  ratio  established 
by  law,  and  to  amend  article  thirty-one  of  said  by-laws, 
so  that  to  be  a  councilor  of  said  bank  it  may  not  be 
necessary  to  be  a  Spaniard,  and  further  to  modify  and 
amend  said  by-laws,  but  always  in  accordance  with  ex- 
isting law,  and  subject  to  the  approval  of  the  governor 
of  Porto  Rico :  Provided,  That  nothing  herein  contained     po^Ters8^  0 1 
shall  be  held  to  enlarge  or  to  permit  the  enlargement,  enlarsed- 
in  any  manner  or  to  any  extent,  of  any  of  the  rights, 
powers,  or  privileges  granted  to  said  Banco  Espanol  de 
Puerto  Rico  (Spa*nish  Bank  of  Porto  Rico)  by  the  Gov- 
ernment of  Spain:  And  provided  further,  That  nothing  co1^  t  ^oVim- 
herein  contained  shall  be  held  in  any  wise  to  limit  or  abridsed- 
curtail  any  power  which  the  Government  or  the  Con- 
gress of  the  United  States  possesses  in  respect  of  said 
bank,  its  powers,  privileges,  or  franchises. 
Approved,  June  0,  1900. 

ACT  OF  MARCH  3,  1901. 

CHAP.  871. — An  act  to  amend  section  -fifty-one  hundred  14||  stat-  L-> 
and  fifty-three  of  the  Rerised  Statutes  of  the  United 
States. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  section  fifty-one  hundred  and  fifty-three  of 
the  Revised  Statutes  of  the  United  States  be  amended 
to  read  as  follows : 

"SEC.  5153.  All  national  banking  associations,  desig-  ^^ksdeposi1- 
nated  for  that  purpose  by  the  Secretary  of  the  Treasury,  ^j^  °f  ^'cept 
shall  be  depositaries  of  public   money,   except   receipts  £el|st*  ° m  s  rc~ 
from   customs,   under   such   regulations   as   may   be   pre- 
scribed by  the  Secretary,  but  receipts  derived  from  duties— exception  not 

1  applicable   to 

on  imports  in  Alaska,  the  Hawaiian   Islands,  and  other  11  a  w  a  i  i  , 
islands  under  the  "jurisdiction  of  the  United  States  mav      it.  s.,  sec. 

•     5)  -).'{,    p.    !>  !)  (5  , 

be  deposited  in  such  depositaries  subject  to  such  regula- amended, 
(ions;  and  such  depositaries  may  also  be  employed  as 
financial  agents  of  the  Government;  and  (hey  shall  per- 
form all  such  reasonable  duties  as  depositaries  of  public 
moneys  and  financial  agents  of  the  Government  as  may 
be  required  of  them.  The  Secretary  of  the  Treasury 


260  NATIONAL   MONETARY   COMMISSION. 

shall  require  the  associations  thus  designated  to  give 
satisfactory  security,  by  the  deposit  of  United  States 
bonds  and  otherwise,  for  the  safe-keeping  and  prompt 
payment  of  the  public  money  deposited  with  them,  and 
for  the  faithful  performance  of  their  duties  as  financial 
agents  of  the  Government.  And  every  association  so 
designated  as  receiver  or  depositary  of  the  public  money 
shall  take  and  receive  at  par  all  of  the  national  currency 
bills,  by  whatever  association  issued,  which  have  been 
paid  into  the  Government  for  internal  revenue  or  for 
loans  or  stocks/' 

Approved,  March  3,  1901. 

ACT  OF  JUNE  28.  1902. 

* 

32  stat.  L.,  CHAP.  1302. — An  act  to  provide  for  the  construction  of  a 
canal  connecting  the  waters  of  the  Atlantic  and  Pacific 
oceans. 


Bond  issue      SEC.  8.  That  the  Secretary  of  the  Treasurv  is  hereby  au- 

autborized    to  .  J  TCI". 

defray     ex-  thonzed  to  borrow  on  the  credit  of  the   united  States 

penses. 

from  time  to  time,  as  the  proceeds  may  be  required  to 
defray  expenditures  authorized  by  this  Act  (such  pro- 
ceeds when  received  to  be  used  only  for  the  purpose  of 
meeting  such  expenditures),  the  sum  of  one  hundred  and 
thirty  million  dollars,  or  so  much  thereof  as  may  be  neces- 
sary. and  to  prepare  and  issue  therefor  coupon  or  regis- 
tered bonds  of  the  United  States  in  such  form  as  he  may 

Denomina-  prescribe,  and  in  denominations  of  twenty  dollars  or  some 
multiple  of  that  sum,  redeemable  in  gold  coin  at  the  pleas- 
use  of  the  United  States  after  ten  years  from  the  date  of 
their  issue,  and  payable  thirty  years  from  such  date,  and 

interest.        bearing  interest  payable  quarterly  in  gold  coin  at  the  rate 

of  two  per  centum  per  annum;  and  the  bonds  herein  au- 

ta*;«mPtfromt  homed  shall  be  exempt   from  all  taxes  or  duties  of  the 

United  States,  as  well  as  from  taxation  in  any  form  by  or 

Proviso.  under  State,  municipal,  or  local  authority:  Provided. 
That  said  bonds  may  be  disposed  of  by  the  Secretary  of  the 
Treasury  at  not  less  than  par.  under  such  regulations  as  he 
may  prescribe,  giving  to  all  citixens  of  the  United  States 
an  equal  opportunity  to  subscribe  therefor,  but  no  com- 
missions  shall  be  allowed  or  paid  thereon:  and  a  sum  not 
exceeding  one-tenth  of  one  per  centum  of  the  amount  of 
the  bonds  herein  authorized  is  hereby  appropriated,  out 


"  '  m  u  m 


LAWS    CONCERNING    MONEY,    BANKING,    AND   LOANS.  261 

of  any  money  in  the  Treasury  not  otherwise  appropriated, 
to  pay  the  expense  of  preparing,  advertising,  and  issuing 
the  same. 

Approved,  June  28,  1902. 

ACT  OF  JULY  1,  1902. 

CHAP.  1369.  —  An  act  temporarily  to  provide  for  the  ad-     32  stat.  L., 
ministration  of  the  affairs  of  civil  government  in  the 
Philippine  Islands,  and  for  other  purposes. 


SEC.  85.  That  the  treasury  of  the  Philippine  Islands  of 
and   such  banking  associations   in   said   islands  with   a  money. 
paid  up  capital  of  not  less  than  two  million  dollars  and 
chartered  by  the  United  States  or  any  State  thereof  as 
may  be  designated  by  the   Secretary   of  War  and  the 
Secretary  of  the  Treasury  of  the  United  States  shall  be 
depositories  of  public  money  of  the  United  States,  subject 
to  the  provisions  of  existing  law  governing  such  deposi- 
.tories  in  the  United  States  :  Provided,  That  the  Treasury     Proviso. 
of  the  government  of  said  islands  shall  not  be  required  to  bonds,  etc.,  not 
deposit  bonds  in  the  Treasury  of  the  United  States,  or  L° 
to  give  other  specific  securities  for  the  safe-keeping  of 
public  money  except  as  prescribed,  in  his  discretion,  by 
the  Secretarv  of  War. 


Approved,  July  1,  1902. 

ACT  OF  DECEMBER  21,  1905. 

CHAP.  3. — An  act  supplemental  to  an  act  entitled  "An  act  34  stat.  L.,  5. 
to  provide  for  the  construction  of  a  canal  connecting 
the  waters  of  the  Atlantic  and  Pacific  oceans"  approved 
June  twenty -eighth,  nineteen  hundred  and  two,  and 
making  appropriation  for  Isthmian  Canal  construction, 
and  for  other  purposes. 

l>e  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Conarexs  (tNseni- 
lled,  That  the  two  per  cent  bonds  of  the  Fulled  States 
authorized  by  section  eight  of  the  Act  entitled  "An  Act 
to  provide  for  the  construction  of  a  canal  connecting  the 
waters  of  the  Atlantic  and  Pacific  oceans,''  approved 
June  twenty-eight,  nineteen  hundred  and  two,  .shall  have 


262  NATIONAL   MONETARY   COMMISSION. 


*ne  r^hts  and  privleges  accorded  by  law  to  other  two 
1  Per  cent  bonds  of  the  United  States,  and  every  national 
banking  association  having  on  deposit,  as  provided  by 
law,  such  bonds  issued  under  the  provisions  of  said  sec- 
4sl  °  '  '  32'  p'  ^on  eight  of  said  Act  approved  June  twenty-eight,  nine- 
teen hundred  and  two,  to  secure  its  circulating  notes,  shall 
pay  to  the  Treasurer  of  the  United  States,  in  the  months 
Taxes.          of  January  and  July,  a  tax  of  one-fourth  of  one  per  cent 
each  half  year  upon  the  average  amount  of  such  of  its 
notes  in  circulation  as  are  based  upon  the  deposit  of  said 
two  per  cent  bonds;  and  such  taxes  shall  be  in  lieu  of 
existing  taxes   on  its  notes  in   circulation   imposed  by 
5°?4  S"ioso8°  '  section  fifty-two  hundred  and  fourteen  of  the  Revised 
Statutes. 

(Section  2  appropriates  the  sum  of  eleven  million  dol- 
lars to  continue  the  construction  of  the  Isthmian  Canal  : 
"  Provided,  That  all  expenditures  from  the  appropriation 
herein  made  shall  be  reimbursed  to  the  Treasury  of  the 
United  States  out  of  the  proceeds  of  the  sale  of  bonds 
48J  °  *  •  32>  P-  authorized  in  section  eight  of  the  said  act  approved  June 
twenty-eighth,  nineteen  hundred  and  two." 

(Section  3  requires  reports  from  officers  in  Canal  Zone, 
including  an  itemized  account  of  all  moneys  received  and 
expended,  etc.) 

Approved,  December  21,  1905. 

NOTE.  —  The  proviso  in  section  2  of  the  above  net  is  repeated  in 
the  following  acts:  February  27,  1900  (34  Stat.  I,.,  33)  ;  June  30, 
1900  (34  Stat.  L.,  702)  ;  March  4,  1907  (34  Stat.  L.,  1309)  ;  May 
27,  1908  (35  Stat.  L.,  3SO)  ;  March  4,  1909  (35  Stat.  L.,  1025). 

ACT  OF  JUNE  25,  190G. 


4GO. 


34  stat.  L.,  CHAP.  3530.  —  An  act  to  modify  the  requirements  of  the 
act  entitled  "An  act  to  promote  the  education  of  the 
blind"  approrcd  March  third,  eighteen,  hundred  and 
seventy-nine. 

Be  it  enacted  l>y  the  Senate  and  House  .of  Represcnta- 
tircH  of  the  United  State*  of  America  in  Congress  axsem- 


thc?,iTndtlon  °f  /y/W'  Thut  tno  >um  <)f  two  "iwlri'd  :in(l  fi%  thousand 
dollars  heretofore  invested    in    United   States   registered 

matu0r'wiCdb'.rH]s  f°ur  l)C'r  centlun  bonds,  funded  loan  of  nineteen  hundred 

f"ndde  a  tnist{ind  seven,  inscribed  "  Secretary  of  the  Treasury,  trustee-- 

interest  to  the  Treasurer  of  the  United  States  for  credit 

of    appropriation    'To    promote    the    education    of    the 

blind,'  "  shall  upon  the  maturity  and  redemption  of  said 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  263 

bonds  on  the  first  day  of  July,  nineteen  hundred  and 
seven,  in  lieu  of  reinvestment  in  other  Government  bonds, 
be  set  apart  and  credited  on  the  books  of  the  Treasury 
Department  as  a  perpetual  trust  fund;  and  the  sum  of 
ten  thousand  dollars,  being  equivalent  to  four  per  centum 
on  the  principal  of  said  trust  fund,  be,  and  the  same  is 
hereby,  appropriated,  out  of  any  moneys  in  the  Treasury 
not  otherwise  appropriated,  and  such  appropriation  shall 
be  deemed  a  permanent  annual  appropriation  and  shall  Permanent 

i  i     i    •       ii  j    -c        j-i  annual  appro- 

be  expended  m  the  manner  and  lor  the  purposes  author-  pnation  in 

ized  bv  the  Act  approved  March  third,  eighteen  hundred  est.' 

,  .    .     ,   u  .  +li  Disposition. 

and  seventy-nine,  entitled    An  act  to  promote  the  educa- 
tion of  the  blind,"  approved  March  third,  eighteen  him-  46^01-  20>  p- 
dred  and  seventy-nine. 
Approved,  June  25,  190(5. 

ACT  OF  MAY  30,  1908. 
CHAP.  229. — An  act  to  amend  the  national  banking  laws.  _ .|5  stat-  L-> 

o46. 
***** 

SEC.  15.  That  all  national  banking  associations  desig-     interest  pay- 

e,  '     able  on  special 

nated  as  regular  depositaries  of  public  monev  shall  pav  deposits  of  pub 

J  _  i     '     he  moneys. 

upon  all  special  and  additional  deposits  made  by  the 
Secretary  of  the  Treasury  in  such  depositaries,  and  all 
such  associations  designated  as  temporary  depositaries  of 
public  money  shall  pay  upon  all  sums  of  public  money 
deposited  in  such  associations  interest  at  such  rate  as  the 
Secretary  of  the  Treasury  may  prescribe,  not  less,  how- 
ever, than  one  per  centum  per  annum  upon  the  average 
monthly  amount  of  such  deposits:  Provided*  hou*ere)\  Provisos. 
That  nothing  contained  in  this  Act  shall  be  construed  to 
change  or  modify  the  obligation  of  any  association  or 
anv  of  its  officers  for  the  safe-keeping  of  public  monev:  safe-keeping 

not  modified. 

Provided  further.  That  the  rate  of  interest  charged  upon  terIeIsntiform  In" 
such  deposits  shall  be  equal  and  uniform  throughout  the 
United  States. 

*  #  *  *  * 

SEC.   17.  That  a   Commission   is  hereby  created,  to  be  M^netaVy°coin 
called  the  "National  Monetary  Commission,"  to  be  com- I,"1,!;?.1011    '' r 
posed  of  nine  members  of  the  Senate,  to  be  appointed  by  m^t 
the  Presiding  Officer  thereof,  and  nine  members  of  (he 
House  of  Representatives,  to  be  appointed  by  the  Speaker 
thereof:   and    any    vacancy  on   the  Commission   shall   be 
filled  in  the  same  manner  as  the  original  appointment. 


264  NATIONAL    MONETARY    COMMISSION. 


SEC.  18'  That  ^  sha11  be  the  dut^  of  this  Commission  to 
system,  inquire  into  and  report  to  Congress  at  the  earliest  date 
practicable,  what  changes  are  necessary  or  desirable  in 
the  monetary  system  of  the  United  States  or  in  the  laws 
relating  to  banking  and  currenc}',  and  for  this  purpose 

Authority,  they  are  authorized  to  sit  during  the  sessions  or  recess  of 
Congress,  at  such  times  and  places  as  they  may  deem 
desirable,  to  send  for  persons  and  papers,  to  administer 
oaths,  to  summons  and  compel  the  attendance  of  witnesses, 

officials.  and  to  employ  a  disbursing  officer  and  such  secretaries, 
experts,  stenographers,  messengers,  and  other  assistants 
as  shall  be  necessary  to  carry  out  the  purposes  for  which 
said  Commission  was  created.  The  Commission  shall  have 

Powers.  the  power,  through  subcommittee  or  otherwise,  to  examine 
witnesses  and  to  make  such  investigations  and  examina- 
tions, in  this  or  other  countries,  of  the  subjects  committed 
to  their  charge  as  they  shall  deem  necessary. 

Appropria-  ksEC-  19.  That  a  sum  sufficient  to  carry  out  the  purposes 
of  sections  seventeen  and  eighteen  of  this  Act.  and  to  pay 
the  necessary  expenses  of  the  Commission  and  its  mem- 
bers, is  hereby  appropriated,  out  of  any  money  in  the 
Treasury  not  otherwise  appropriated.  Said  appropria- 

immediateiy  tion  shall  be  immediately  available  and  shall  be  paid  out 

available. 

on  the  audit  and  order  of  the  chairman  or  acting  chairman 

of  said  Commission,  which  audit  and  order  shall  be  con- 

Accounrs.      elusive  and  binding  upon  all  Departments  as  to  the  cor- 

rectness of  the  accounts  of  such  Commission. 

of  Termination      c;KC-  oo.  That  this  Act  shall  expire  by  limitation  on  the 
thirtieth  day  of  June,  nineteen  hundred  and  fourteen. 
Approved.  May  30,  1908. 

ACT  OF  MARCH  4,  1909. 

^35  stat.  L.,  CHAP.  298.  —  An  ar-t  malting  appropriations  to  supply  de- 
fi-ieneiex  in  fhe  appropriations  for  the  fixral  year  ending 
J  line  thirtieth,  nineteen  Imndred  and  nine,  and  for 
year*,  and  for  other  purposes. 


MO* et  V °(?  m-      rl  n!lt  th°  members  of  the  National  Monetary  Commis- 
mission.  sioii.  who  were  appointed  on   the  thirtieth  day  of  May, 

nineteen  hundred  and  eight,  under  the  provisions  of  sec- 
tion seventeen  of  the  Act  entitled  "An  Act  to  amend  the 
national  banking  laws."  approved  May  thirtieth,  nineteen 
continued,  hundred  and  eight,  shall  continue  to  constitute  the  Na- 
tional Monetary  Commission  until  the  final  report  of  said 


LAWS    CONCERNING    MONEY,'  BANKING,    AND    LOANS.  265 

commission  shall  be  made  to  Congress ;  and  said  National 
Monetary  Commission  are  authorized  to  pay  to  such  of  compensa- 
its  members  as  are  not  at  the  time  in  the  public  service 
and  receiving  a  salary  from  the  Government,  a  salary 
equal  to  that  to  which  said  members  would  be  entitled  if 
they  were  members  of  the  Senate  or  House  of  Representa- 
tives. All  Acts  or  parts  of  Acts  inconsistent  with  this 
provision  are  hereby  repealed. 

***** 

Approved,  March  4,  11)01). 

ACT  OF  AUGUST  5,  1909. 

CHAP.  6.- — An  act  to  provide  revenue,  equalize  duties  and 
encourage  the  industries  of  the  United  States,  and  for 
other  purposes. 

***** 

SEC.  39.  That  the  Secretary  of  the  Treasury  is  hereby     Panama  ca- 

authorized  to  borrow  on  the  credit  of  the  United  States    Additional  is- 
sue    of     bonds 

from  time  to  time,  as  the  proceeds  may  be  required  to  f  o  r    constmc- 

defray  expenditures  on  account  of  the  Panama  Canal  and 

to  reimburse  the  Treasury  for  such  expenditures  already 

made  and  not  covered  by  previous  issues  of  bonds,  the 

sum  of  two  hundred  and  ninety  million  five  hundred  and    Amount. 

"   .  .  Vol.      32,      p. 

sixty-nine  thousand  dollars  (which  sum  together  with  the  484. 
eighty-four  million  six  hundred  and  thirty-one  thousand 
nine  hundred  dollars  already  borrowed  upon  issues  of 
two  per  cent  bonds  under  section  eight  of  the  Act  of 
June  twenty-eighth,  nineteen  hundred  and  two,  equals  the 
estimate  of  the  Isthmian  Canal  Commission  to  cover  the 
entire  cost  of  the  Canal  from  its  inception  to  its  comple- 
tion), and  to  prepare  and  issue  therefor  coupon  or  regis- 
tered bonds  of  the  United  States  in  such  form  as  he  may 
prescribe,  and  in  denominations  of  one  hundred  dollars,  .nenomina- 

( ions. 

five  hundred  dollars,  and  one  thousand  dollars,  payable 

fifty  years  from  the  date  of  issue,  and  bearing  interest     raynbic  in 

.  fifty  years. 

payable  quarterly  in  gold  coin  at  a   rate  not  exceeding    inion-si. 
three  per  centum  per  annum;  and  the,  bonds  herein  au- 
thorized shall  be  exempt  from  all  taxes  or  duties  of  t-lic  fi.(I^{^.{),^I<1)n 
United  States,  as  well  as  from  taxation  in  any  form  by  or 
under   State,   municipal,   or    local    authority:    Provided, 
That  said  bonds  may  be  disposed  of  by  the  Secretary  of 
the  Treasury  at  not  less  than  par.  under-  such  regulations 
as  he  mav  orescribe.  giving  to  all  citi/ens  of  the  United 


266  NATIONAL    MONETARY    COMMISSION. 

States  an  equal  opportunity  to  subscribe  therefor,  but  no 

commissions  shall  be  allowed  or  paid  thereon  ;  and  a  sum 

not  exceeding  one-tenth  of  one  per  centum  of  the  amount 

Appropriation  of  the  bonds  herein  authorized  is  hereby  appropriated, 

for  expenses.  .  ",  . 

out  of  any  money  in  the  Treasury  not  otherwise  appro- 
priated, to  pay  the  expenses  of  preparing,  advertising, 

issue  of  2  per  and  issuing  the  same;  and  the  authority  contained  in  sec- 
cent   bonds  re-    .  .  <•    T  i 

peaied.  tion  eiffht  or  the  Act  01  June  twenty-eighth,  nineteen 

Vol.     3l!,     p  .  .          . 

4*4.  '  hundred  and  two,  for  the  issue  of  bonds  bearing  interest 

at  two  per  centum  per  annum,  is  hereby  repealed. 

SEC.  40.  That  section  thirty-two  of  an  Act,  entitled, 
"An  Act  providing  ways  and  means  to  meet  war  expendi- 
tures, and  for  other  purposes,"  approved  June  thirteenth, 
eighteen  hundred  and  ninety-eight,  be,  and  the  same  is 
hereby,  amended  to  read  as  follows: 
certificates  of  -  That  the  Secretary  of  the  Treasury  is  authorized  to 

indebtedness.  *  " 

Vol.  :j.o.  p.  borrow  from  time  to  time,  at  a  rate  of  interest  not  exceed- 

4<;<i,  amended.     . 

issue  author-  m<r  three  per  centum  per  annum,  such  sum  or  sums  as, 

izert    at    ;i    per  .    ^         .         l  . 

cent.  in  his  judgment,  may  be  necessary  to  meet  public  expendi- 

tures, and  to  issue  therefor  certificates  of  indebtedness  in 

such  form  as  he  may  prescribe  and  in  denominations  of 

fifty  dollars  or  some  multiple  of  that  sum:  and  each  cer- 

Payabiewith-  tificate  so  issued  shall  be  payable,  wTith  the  interest  ac- 

in  one  year.  . 

crued  thereon,  at  such  time,  not  exceeding  one  year  from 
the  date  of  its  issue,  as  the  Secretary  of  the  Treasurer 

proviso.         mav  prescribe:  ProridecL  That  the  sum  of  such  certifi- 
A  mount     in- 
n-eased. catos  outstanding  shall  at  no  time  exceed  two  hundred 

Laws  as  to  millions  of  dollars:  and  the  provisions  of  existing  law 

counterfeiting,  .  .    .  '    . 

etc.,  applicable,  respecting  counterfeiting  and  other  fraudulent  practices 
are  hereby  extended  to  the  bonds  and  certificates  of 
indebtedness  authorized  by  this  Act." 

***** 

Approved.  August  5.  1!)0!>.      (5.05  p.  m.) 
|  PUBLIC—  Xo.  :tt.] 

An  fift  prescribing  ccrlnin  provisions  arid  conditions,  un- 
der n'hicJi  bond*  and  certificates  of  indebtedness  of  the 
United  Ntatcx  nuiy  l>e  iwiied  *  and  for  other  purposes. 


Ji<    it  enacted  bi/  the  ticnate  and  House  of  Kejt're 

.x  of  the  United  States  of  America  in  Congress  assem- 
bled, That  any  bonds  and  certificates  of  indebtedness  of 
the  United  States  hereafter  issued  shall  be  payable,  prin- 
cipal and  interest,  in  United  States  gold  coin  of  the  pres- 


LAWS   CONCERNING    MONEY,    BANKING,    AND   LOANS.  267 

ent  standard  of  value ;  and  that  such  bonds  may  be  issued 
in  such  denominations  as  may  be  prescribed  by  the  Secre- 
tary of  the  Treasury. 

SEC.  2.  That  any  certificates  of  indebtedness  hereafter 
issued  shall  be  exempt  from  all  taxes  or  duties  of  the 
United  States,  as  well  as  from  taxation  in  any  form  by 
or  under  state,  municipal,  or  local  authority;  and  that 
a  sum  not  exceeding  one-tenth  of  one  per  centum  of  the 
amount  of  any  certificates  of  indebtedness  issued  is  hereby 
appropriated,  out  of  any  money  in  the  Treasury  not 
otherwise  appropriated,  to  pay  the  expenses  of  prepar- 
ing, advertising,  and  issuing  the  same. 

SEC.  3.  That  all  acts  or  parts  of  acts  inconsistent  with 
the  provisions  of  this  act  are  hereby  repealed. 

Approved,  February  4,  1910. 
15712°— 10 18 


BANKING 


'BANKING. 


ACT  OF  FEBRUARY  25,  1791. 

CHAP.  X.  —  An  act  to  incorporate  the  subscribers  to  the  A-    stat-    L- 
Bank  of  the  United  States.  [Expired.] 

Whereas,  it  is  conceived  that  the  establishment  of  a  Preamble. 
Bank  for  the  United  States,  upon  a  foundation  sufficiently 
extensive  to  answer  the  purposes  intended  thereby,  and  at 
the  same  time  upon  the  principles  which  afford  adequate 
security  for  an  upright  and  prudent  administration 
thereof,  will  be  very  conducive  to  the  successful  conduct- 
ing of  the  national  finances;  will  tend  to  give  facility  to 
the  obtaining  of  loans,  for  the  use  of  the  Government,  in 
sudden  emergencies;  and  will  be  productive  of  consider- 
able advantage  to  trade  and  industry  in  general  :  There- 
fore, 

SECTION  1.  Be  is  enacted  l>y  the  Senate  and  House  of 
Representatives  of.  the  United  States  of  America  in  Con- 
gress assembled,  That  a  Bank  of  the  United  States  shall 


be  established;  the  capital  stock  whereof  shall  not  exceed  Hank    of    the 

Tinted    States, 

ten  millions  of  dollars,  divided  into  twenty-five  thousand*^    amount 

;iml  division  or 

shares,  each  share  being  four  hundred  dollars;  and  that  it*  stock,  and 

;       .  .  .  time     of     sub- 

subscriptions.  towards  constituting  the  said  stock,  shall,  scrlbln»- 

on  the  first  Monday  of  April  next,  be  opened  at  the  city 

of  Philadelphia,  under  the  superintendence  of  such  per- 

sons. not  less  than  three,  as  shall  be  appointed  for  that 

purpose  by  the  President  of  the  United  States  (who  is 

hereby  empowered   to  appoint  the  said   persons  accord- 

ingly) •  which  subscriptions  shall  continue  open,  until  the.,  ^-j)!0*^1"1 

whole  of  the  said  stock  shall  have  been  subscribed. 

SEC.  2.  And  be  it  further  enacted,  That  it  shall  be  law-  ,/!>sll^cHlVd) 
ful    for  any  person,  co-partnership,  or  body   politic,  to 
subscribe  for  such  or  so  many  shares,  as  he,  she.  or  they 
shall  think  fit.  not  exceeding  one  thousand,  except  as  shall 
be  hereafter  directed  relatively  to  the.  United  States:  a  ml  ||()'i'isr  ?/  °^M 
that  the  sums,  respectively  subscribed,  except  on  behalf  ofjV.V.'pili.Vi'r  <IH>'' 
the  United  States,  shall  be,  payable  one  fourth  in  gold  and  ).;;  ,1;;'J"lls<'ril1 

269 


270  NATIONAL   MONETARY    COMMISSION. 

silver,  and  three  fourths  in  that  part  of  the  public  debt, 
which,  according  to  the  loan  proposed  in  the  fourth  and 
fifteenth  sections  of  the  act,  entitled  "An  act  making  pro- 
vision for  the  debt  of  the  United  States,"  shall  bear  an 
accruing  interest,   at   the  time  of  payment,  of  six   per 
centum  per  annum,  and  shall  also  be  payable  in  four 
equal  parts,  in  the  aforesaid  ratio  of  specie  to  debt,  at  the 
when  to  be  distance  of  six  calendar  months  from  each  other;  the  first 
.  whereof  shall  be  paid  at  the  time  of  subscription. 

(Section  3  makes  the  subscribers  a  corporation  by  the 
name  of  "  the  president,  directors,  and  company  of  the 
Bank  of  the  United  States,''  to  continue  until  March  4, 
1811;  and  empowers  them  to  hold  property  not  exceeding 
fifteen  millions  of  dollars,  including  the  amount  of  their 
capital  stock,  and  to  make  all  convenient  regulations,  and 
to  do  all  necessary  things,  subject  to  the  limitations  and 
provisions  of  this  act. 

(Section  4  provides  for  the  annual  election  of  twenty- 
five  directors,  and  requires  the  directors  to  choose  one  of 
their  number  as  president. 

(Section  5  requires  that  as  soon  as  four  hundred  thou- 
sand dollars,  in  gold  and  silver,  shall  have  been  received 
from  the  subscribers,  a  time  shall  be  fixed  for  the  election 
of  directors,  and  the  operations  of  the  bank  shall  then 
begin  at  the  city  of  Philadelphia. 

(Section  G  empowers  the  directors  to  employ  the  neces- 
sary officers,  clerks,  and  servants,  and  to  govern  the 
affairs  of  the  corporations.) 

°f  SEC-  7<  A'"ft  ^  ^  f"rther  enacted,  That  the  following 
rules,  restrictions,  limitations  and  provisions,  shall  form 
and  be  fundamental  articles  of  the  constitution  of  the  said 
corporation,  viz. 

hoiders°howkto  -^  ^u'  n"in')01>  <>f  votes  to  which  each  stockholder  shall 
Vn.f)'orH«»nWhto ')('  (>ntitled,  shall  be  according  to  the  number  of  shares  he 
scribed  Saii<ib  Hna^  hold,  in  the  proportions  following:  That  is  to  say. 
for  one  share,  and  not  more  than  two  shares,  one  vote:  for 
every  two  shares  above  two,  and  not  exceeding  ten.  one 
vole:  for  every  four  shares  above  ten,  and  not  exceeding 
thirty,  one  vote:  for  every  six  shares  above  thirty,  and  not 
exceeding  sixty,  one  vote:  for  every  eight  shares  above 
sixty,  and  not  exceeding  one  hundred,  one  vote:  and  for 
every  ten  shares  above  one  hundred,  one  vote: — Hut  no 
person,  co-partnership,  or  body  politic  shall  be  entitled  to 
a  greater  number  than  thirty  votes.  And  after  the  first 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  271 

election,  no  share  or  shares  shall  confer  a  right  of  suffrage, 
\vhich  shall  not  have  been  holden  three  calendar  months 
previous  to  the  day  of  election.  Stockholders  actually 
resident  within  the  United  States,  and  none  other,  may  incertain  cases 

,  *    may     vote     by 

vote  in  elections  by  proxy.  proxy. 

II.  Not  more  than  three  fourths  of  the  directors  in     Number     of 

electors  o  1  i ""  i  - 

office,  exclusive  of  the  president,  shall  be  eligible  for  the  we  for  ensuing 
next  succeeding  year:  but  the  director,  who  shall  be  presi- " 
dent  at  the  time  of  an  election,  may  always  be  re-elected. 

III.  None  but   a   stockholder,  being  a   citizen  of  the  who  as  direct- 
United  States,  shall  be  eligible  as  a  director. 

IV.  Xo  director  shall   be  entitled  to  any  emolument 
unless  the  same  shall  have  been  allowed  by  the  stock- 
holders  at   a   general   meeting.     The   stockholders   shall     c  o  m  P  e  n  - 

.  sation  to  be  al- 

make  such  compensation  to  the  president,  for  his  extraor-  lowed, 
dinary  attendance  at  the  bank,  as  shall  appear  to  them 
reasonable. 

V.  Xot  less  than  seven  directors  shall  constitute  a  board     HOW  to  con- 

stitute  a  board. 

for  the  transaction  of  business,  of  whom,  the  president 
shall  always  be  one,  except  in  case  of  sickness,  or  necessary 
absence;  in  which  case  his  place  may  be  supplied  by  any 
other  director,  whom  he.  by  writing  under  his  hand,  shall 
nominate  for  the  purpose. 

VI.  Anv  number  of  stockholders,  not  less  than  sixtv,     Nnmbfr,    of 

•   •  stockho  1  d  e  r  s 

who.  together,  shall  be  proprietors  of  two  hundred  shares  empowered    to 

call  a  meeting. 

or  upwards,  shall  have  power  at  any  time  to  call  a  general et*. 
meeting  of  the  stockholders,  for  purposes  relative  to  the 
institution,  giving  at  least  ten  weeks  notice,  in  two  pub- 
lic gazettes  of  the  place  where  the  bank  is  kept,  and 
specifying,  in  such  notice,  the  object  or  objects  of  such 
meeting. 

VII.  Everv  cashier  or  treasurer,  before  he  enters  upon     cashier  and 

1          treas  u  r  e  r   to 

the  duties  of  his  office,  shall  be  required  to  give  bond, give  bond. 
with  two  or  more  sureties,  to  the  satisfaction  of  the  di- 
rectors, in  a  sum  not  less  than  fifty  thousand  dollars,  with 
condition  for  his  good  behaviour. 

VIII.  The  lands,  tenements  and  hereditaments  which  it    Limitation  of 

property  ; 

shall  be  lawful  for  the  said  corporation  to  hold,  shall  be 
only  such  as  shall  be  requisite  for  its  immediate  accom- 
modation in  relation  to  the  convenient  transacting  of  its 
business,  and  such  as  shall  have  been  bond,  fide  mortgaged 
to  it  by  way  of  security,  or  conveyed  to  it  in  satisfaction 
of  debts  previously  contracted  in  the  course  of  its  deal- 
ings, or  purchased  at  sales  upon  judgments  which  shall 
have  been  obtained  for  such  debts. 


272  NATIONAL   MONETARY   COMMISSION. 

Sv  °sbanebat      IX'  The  total  amount  of  the  debts,  which  the  said  cor- 

any  time  owe.   poration  shall  at  any  time  owe,  whether  by  bond,  bill, 

note,  or  other  contract,  shall  not  exceed  the  sum  of  ten 

millions   of   dollars,   over   and    above   the   monies   then 

actually  deposited  in  the  bank  for  safe  keeping,  unless 

the  contracting  of  any  greater  debt  shall  have  been  pre- 

in    case    of  viouslv  authorized  bv  a  law  of  the  United  States.     In 

excess,     direct-  '  IT*  i  i      •     •  • 

ors  accountable  case  or  excess,  the  directors,  under  whose  administration  it 

pacities  and  shall  happen,  shall  be  liable  for  the  same,  in  their  natural 
and  private  capacities;  and  an  action  of  debt  may,  in 
such  case,  be  brought  against  them,  or  any  of  them,  their 
or  any  of  their  heirs,  executors  or  administrators,  in  any 
court  of  record  of  the  United  States,  or  of  either  of  them,  by 
any  creditor  or  creditors  of  the  said  corporation,  and  may 

™iatedbe  prose"be  prosecuted  to  judgment  and  execution;  any  condition. 
covenant,  or  agreement  to  the  contrary  notwithstanding. 
But  this  shall  not  be  construed  to  exempt  the  said  corpora- 

fa  vor°  of*  ab"  el"  ^on>  or  *ne  landg?  tenements,  goods  or  chattels  of  the 


excess*  time  of  same?  fi'om  being  also  liable  for  and  chargeable  with  the 
said  excess.  Such  of  the  said  directors,  who  may  have 
been  absent  when  the  said  excess  was  contracted  or  cre- 
ated, or  who  may  have  dissented  from  the  resolution  or 
act  whereby  the  same  was  so  contracted  or  created,  may 
respectively  exonerate  themselves  from  being  so  liable, 
by  forthwith  giving  notice  of  the  fact,  and  of  their  ab- 
sence or  dissent,  to  the  President  of  the  United  States,  and 
to  the  stockholders,  at  a  general  meeting,  which  they  shall 
have  power  to  call  for  that  purpose. 

Corporation      X.  The  said  corporation  mav  sell  anv  part  of  the  pub- 
may    sell    pub- 

IIartdebof  Vts^0  ^e^  wnerc°f  i{s  stock  shall  be  composed,  but  shall  not 

stock,  i.ut  not  i)e  at  liberty  to  purchase  anv  public  debt  whatsoever;  nor 
purchase,  etc.  ...  ' 

shall  directly  or  indirectly  deal  or  trade  in  any  thing,  ex- 

cept bills  of  exchange,  gold  or  silver  bullion,  or  in  the 
sale  of  goods  really  and  truly  pledged  for  money  lent  and 
not  redeemed  in  due  time:  or  of  goods  which  shall  be  the 

and    tnk-p    not  produce  of  its  lands.     Neither  shall  the  said  corporation 

more     than     <•  1 

per  cent   pcrtake  more  than  at  the  rate  of  six  per  centum  per  annum, 

annum. 

for  or  upon  its  loans  or  discounts. 

HOW  iind  for      xi.  No  loan  shall  be  made  bv  the  said  corporation,  for 
w  ha  t      objects 
t<.  make  loans.  (jle  uso  or  on  Account   of  the  (  loveriuneiit  of  the   United 

States,  to  an  amount  exceeding  one  hundred  thousand 
dollars,  or  of  anv  particular  State,  to  an  amount  exceed- 
ing fiftv  thousand  dollars,  or  of  ;inv  foreign  prince  or 
state,  unless  previously  authorized  by  a  law  of  the  United 
States. 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  273 

XII.  The  stock  of  the  said  corporation  shall  be  assign-  et(fnsdh  ^ 1 1  a  • 
able  and  transferable,  according  to  such  rules  as  shall  be 
instituted  in  that  behalf,  by  the  laws  and  ordinances  of 

the  same. 

XIII.  The  bills  obligatory  and  of  credit,  under  the 
seal  of  the  said  corporation,  which  shall  be  made  to  any 

person  or  persons,   shall  be   assignable  by   indorsement  be    assignable, 
thereupon,  under  the  hand  or  hands  of  such  person  or 
persons,  and  of  his,  her,  or  their  assignee  or.  assignees, 
and  so  as  absolutely  to  transfer  and  vest  the  property 
thereof  in  each  and  every  assignee  or  assignees  succes- 
sively, and  to  enable  such  assignee  or  assignees  to  bring  and 
and  maintain  an  action  thereupon  in  his.  her,  or  their 
own  name  or  names. 

And  bills  or  notes,  which  mav  be  issued  bv  order  of  thebiiis  to  be  ob- 

.  .  ,  ligatory. 

said  corporation,  signed  by  the  president,  and  counter- 
signed by  the  principal  cashier  or  treasurer  thereof,  prom- 
ising the  payment  of  money  to  any  person  or  persons,  his, 
her,  or  their  order,  or  to  bearer,  though  not  under  the  seal 
of  the  said  corporation,  shall  be  binding  and  obligatory 
upon  the  same,  in  the  like  manner,  and  with  the  like 
force  and  effect,  as  upon  any  private  person  or  persons,  if 
issued  by  him  or  them,  in  his,  her,  or  their  private  or 
natural  capacity  or  capacities;  and  shall  be  assignable 
and  negotiable,  in  like  manner,  as  if  they  were  so  issued 
by  such  private  person  or  persons — that  is  to  say.  those 
which  shall  be  payable  to  any  person  or  persons,  his,  her, 
or  their  order,  shall  be  assignable  by  indorsement,  in  like 
manner,  and  with  the  like  effect,  as  foreign  bills  of  ex- 
change now  are;  and  those  which  are  payable  to  bearer, 
shall  be  negotiable  and  assignable  by  delivery  only. 

XIV.  Half  vearlv  dividends  shall  be  made  of  so  much     Dividends  of 

profits  made. 

of  the  profits  of  the  bank,  as  shall  appear  to  the  directors 
advisable:  and  once  in  every  three  years,  the  directors 
shall  lay  before  the  stockholders,  at  a  general  meeting, 
for  their  information,  an  exact  and  particular  statement 
of  the  debts,  which  shall  have  remained  unpaid  after  the 
expiration  of  the  original  credit,  for  a  period  of  treble 
the  term  of  that  credit;  and  of  the  surplus  of  profit,  if 
any,  after  deducting  losses  and  dividends.  If  there  -hall 
be  a  failure  in  the  payment,  of  any  part  of  any  sum,  sub- 
scribed by  any  person,  co-partnership,  or  body  politic,  the 
party  failing  shall  lose  the  benefit  of  any  dividend,  which 
may  have  accrued,  prior  to  the  time  for  making  such 
payment,  and  during  the  delay  of  the  same. 


274  NATIONAL   MONETARY   COMMISSION. 

offices  may      XV.  It  shall  be  lawful  for  the  directors  aforesaid,  to 

be     established          •  T  i        «•  ini-in  •  i  • 

within   united  establish  offices  wheresoever  they  shall  think  fit,  within 

States,  for  dis-  .  i>    T 

count  and  de- the  United  States,  for  the  purposes  01  discount  and  de- 
posit only,  etc.         .          ,  ,  ,    .        . 

posit  only,  and  upon  the  same  terms,  and  in  the  same 

manner,  as  shall  be  practised  at  the  bank ;  and  to  commit 
the  management  of  the  said  offices,  and  the  making  of  the 
said  discounts,  to  such  persons,  under  such  agreements, 
and  subject  to  such  regulations  as  they  shall  deem  proper; 
not  being,  contrary  to  law.  or  to  the  constitution  of  the 
bank. 

officer  at  the      XVI.  The  officer  at  the  head  of  the  Treasury  Depart- 
Treusm-y  to  be  meiit  of  the  United  States,  shall  be  furnished,  from  time 

furnished    with 

statements.  to  time,  as  often  as  he  may  require,  not  exceeding  once  a 
week,  with  statements  of  the  amount  of  the  capital  stock 
of  the  said  corporation,  and  of  the  debts  due  to  the  same ; 
of  the  monies  deposited  therein;  of  the  notes  in  circula- 
tion, and  of  the  cash  in  hand;  and  shall  have  a  right  to 
inspect  such  general  accounts  in  the  books  of  the  bank, 
Not  of  pri-as  shall  relate  to  the  said  statements.  Provided.  That 

vate  nature.  .  .  . 

this  shall  not  be  construed  to  imply  a  right  of  inspecting 
the  account  of  any  private  individual  or  individuals  with 
the  bank, 
penalty    for      SEC.  8.  And  ~bc  it  further  enacted,  That  if  the  said  cor- 

buying  or  sell-  . 

ing  goods,  etc.  poration.  or  any  person  or  persons  for  or  to  the  use  of  the 
same,  shall  deal  or  trade  in  buying  or  selling  any  goods, 
wares,  merchandise,  or  commodities  whatsoever,  contrary 
to  the  provisions  of  this  act,  all  and  every  person  and  per- 
sons, by  whom  any  order  or  direction  for  so  dealing  or 
trading  shall  have  been  given,  and  all  and  every  person 
and  persons  who  shall  have  been  concerned  as  parties  or 
agents  therein,  shall  forfeit  and  lose  treble  the  value  of  the 
goods,  wares,  merchandises,  and  commodities,  in  which 
such  dealing  and  trade  shall  have  been;  one  half  thereof 
to  the  use  of  the  informer,  and  the  other  half  thereof  to 
the  use  of  the  United  States,  to  be  recovered  with  costs 
of  suit. 

m"r  bpm°ady  SK(<-  °-  An(I  1>C  li  f'»'tl">r  enurted,  That  if  the  said  cor- 
vanced  or  lent.  poi-;lt ion  shall  advance  or  lend  any  sum,  for  the  use  or  on 
account  of  the  Government  of  the  United  States,  to  an 
amount  exceeding  one  hundred  thousand  dollars;  or  of 
any  particular  State  to  an  amount  exceeding  fifty  thou- 
sand dollars;  or  of  any  foreign  prince  or  state,  (unless 
previously  authorized  thereto  by  a  law  of  the  United 
States.)  all  and  every  person  and  persons,  by  and  with 
whose  order,  agreement,  consent,  approbation,  or  conniv- 


LAWS   CONCEKNING    MONEY,    BANKING,   AND   LOANS.  275 

ance,  such  unlawful  advance  or  loan  shall  have  been  made, 
upon  conviction  thereof,  shall  forfeit  and  pay,  for  every 
such  offence,  treble  the  value  or  amount  of  the  sum  or 
sums  which  shall  have  been  so  unlawfully  advanced  or 
lent ;  one  fifth  thereof  to  the  use  of  the  informer,  and  the 
residue  thereof  to  the  use  of  the  United  States ;  to  be  dis- 
posed of  by  law  and  not  otherwise. 

SEC.  10.  And  be  it  further  enacted.  That  the  bills  or     Bins  or  notes 

.  '  •     •       11  made  receivable 

notes  of  the  said  corporation,  originally  made  payable,  orM;     u  n  it  ed 
which  shall  have  become  payable  on  demand,  in  gold  and 
silver  coin,  shall  be  receivable  in  all  payments  to  the 
United  States. 

SEC.  11.  And  be  it  further  enacted.  That  it  shall  be    subscriptions 

'  '  madeby  Lnited 

lawful  for  the  President  of  the  United  States,  at  anv  time  states,  how  to 

be  paid.  etc. 

or  times,  within  eighteen  months  after  the  first  day  of 
April  next,  to  cause  a  subscription  to  be  made  to  the  stock 
of  the  said  corporation,  as  part  of  the  aforesaid  capital 
stock  of  ten  millions  of  dollars,  on  behalf  of  the  United 
States,  to  an  amount  not  exceeding  two  millions  of  dol- 
lars; to  be  paid  out  of  the  monies  which  shall  be  bor- 
rowed by  virtue  of  either  of  the  acts,  the  one  entitled 
"An  act  making  provision  for  the  debt  of  the  United  1790>  ch-  34- 
States;"  and  the  other  entitled  "An  act  making  provision 
for  the  reduction  of  the  public  debt;''  borrowing  of  the  ITOO,  ch.  47. 
bank  an  equal  sum,  to  be  applied  to  the  purposes,  for 
which  the  said  monies  shall  have  been  procured ;  reim- 
bursable in  ten  years,  by  equal  annual  instalments;  or 
at  any  time  sooner,  or  in  any  greater  proportions,  that 
the  Government  may  think  fit. 

SEC.  12.  And  be  it  further  enacted.  That  no  other  bank     >To    other 

'  "  .          bank   to   be  es- 

shall  be  established  by  any  future  law   or  the  United  tabiished. 
States,  during  the  continuance  of  the  corporation  hereby 
created;    for   which  the   faith  of  the  United   States  is 
hereby  pledged. 

Approved,  February  25,  1791. 

(Paragraph  XI  of  section  7  of  this  act  forbids  the 
loaning  of  money  by  the  Bank  to  the  United  States  in  a 
greater  sum  than  one  hundred  thousand  dollars:  but  sub- 
sequent acts  giving  authority  for  the  borrowing  of  money 
authorize  the  bank  to  loan  the  amounts  notwithstanding 
the  said  prohibition. 

(See  act  of  February  28.  1703,  chap.  18,  sec.  :i.  vol.  1, 
Stat.  L..  p.  J-teJi);  act  of  March  20,  171)1.  chap.  8,  sec.  1, 
vol.  1.  Stat.  L..  ]>.  :-M5;  act  of  .June  i).  17!M.  chap.  ('.:},  sec. 
2,  vol.  1.  Stat.  L.,  p.  3!)5;  act  of  December  18,  17JM.  chap. 


276  NATIONAL   MONETARY    COMMISSION. 

4,  sec.  2,  vol.  1,  Stat.  L.,  p.  404;  act  of  February  21,  1795, 
chap.  25,  sec.  1,  vol.  1,  Stat.  L.,  p.  418;  act  of  March  3, 
1795,  chap.  45,  sec.  19,  vol.  1,  Stat.  L.,  p.  438;  act  of 
March  3,  1795,  chap.  46,  sec.  6,  vol.  1,  Stat,  L.,  p.  439 ;  act 
of  May  30,  1796,  chap.  41,  sec.  5,  vol.  1,  Stat.  L.,  p.  487; 
act  of  May  31,  1796,  chap.  44,  sec.  1,  vol.  1,  Stat.  L.,  p.  488; 
act  of  June  1,  1T96.  chap.  51,  sec.  3,  vol.  1,  Stat.  L.,  p.  494; 
act  of  July  8, 1T97,  chap.  16,  sec.  1,  vol.  1,  Stat.  L.,  p.  534; 
act  of  July  16,  1798,  chap.  79,  sec.  1,  vol.  1,  Stat.  L.,  p. 
607;  act  of  July  16,  1798,  chap.  84,  sec.  2,  vol.  1,  Stat.  L., 
p.  609;  act  of  March  -2.  1799.  chap.  31,  sec.  9,  vol.  1,  Stat. 
L.,  p.  726;  act  of  May  7,  1800,  chap.  42,  sec.  1,  vol.  2,  Stat. 
L.,  p.  60:  act  of  February  26,  1803,  chap.  8,  sec.  2,  vol.  2, 
Stat.  L.,  p.  202 ;  act  of  November  10,  1803,  chap.  3,  sec.  3. 
vol.  2,  Stat.  L.,  p.  247 ;  act  of  March  26.  1804,  chap.  46,  sec. 
4,  vol.  2,  Stat.  L.,  p.  292 ;  act  of  February  13, 1806,  chap.  5, 
sec.  2,  vol.  2,  Stat.  L.,  p.  350;  act  of  June  28, 1809,  chap.  10, 
sec.  1,  vol.  2,  Stat.  L.,  p.  551 :  act  of  May  1,  1810,  chap.  45. 
sec.  1,  vol.  2,  Stat.  L.,  p.  610.) 

ACT  OF  MARCH  2.  1791. 

i  stat.  L.,  CHAP.  XI. — An  act  supplementary  to  the  act  intituled 
"An  act  to  incorporate  the  subscribers  to  the  Bank  of 
the  United  States."' 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 

Representatives  of  the  United  States  of  America  in  Con- 

s  ni> scrip-  qress  assembled,  That  the  subscriptions  to  the  stock  of 

tions    to    bank  '.',.. 

stock    pro- the  bank  01  the  united  States,  as  provided  by  the  act, 
iT'.ti,  cu.  iu.  intituled  ''An  act  to  incorporate  the  subscribers  to  the 

Bank  of  the  United  States/'  shall  not  be  opened  until 

the  first  Monday  in  July  next. 
Time  of  first      SEC.  2.  And  be  it  further  enacted,  That  so  much  of  the 

payment.  .          . 

first  payment  as  by  the  said  act  is  directed  to  be  in  the 
six  per  cent,  certificates  of  the  United  States,  may  be 
deferred  until  the  first  Monday  in  January  next. 

Not  more      SEC.  3.  And  be  it  further  cnacttd.  That  no  person,  cor- 
than     thirty  .  '       .  .  .      . 

shares    to    ix>  porat ion.  or  bodv  politic,  except  in  behalf  of  the  United 
subscribed      at  •  , 

one  time.  States,  shall,  lor  the  space  of  three  months  after  the  said 
first  Monday  in  July  next,  subscribe  in  any  one  day.  for 
more  than  thirty  shares. 

Specie    pro       SEC.  4.  And   be    it    further   cnacffd.   That    every    sub- 
portion,    when 

to  be  paid,  and  scriber  shall,  at   the   time  of  subscribing,  pav   into  the 

failure    in    fu-  . 

ture  payments  hands  of  the  persons  who  shall  be  appointed  to  receive 

to   forfeit    sum  *  l 

first  paid.        the  same,  the  specie  proportion  required  by  the  sum  act 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  277 

to  be  then  paid.  And  if  any  such  subscriber  shall  fail 
to  make  any  of  the  future  payments,  he  shall  forfeit  the 
sum  so  by  him  first  paid,  for  the  use  of  the  corporation. 

SEC.  5.  And  ~be  it  further  enacted.  That  such  part  of     In     what 

'  J  manner    public 

the  public  debt,  including  the  assumed  debt,  as  is  funded  (.!ebt  f«nded  at 

r  "  '3  per  cent  may 

at  an  interest  of  three  per  cent,  may  be  paid  to  the  bank,  £|  £ald  to  the 
in  like  manner  with  the  debt  funded  at  six  per  cent, 
computing  the  value  of  the  former  at  one  half  the  value 
of  the  latter,  and  reserving  to  the  subscribers  who  shall 
have  paid  three  per  cent,  stock,  the  privilege  of  redeem- 
ing the  same  with  six  per  cent,  stock,  at  the  above  rate 
of  computation,  at  any  time  before  the  first  day  of  Jan- 
uary, one  thousand  seven  hundred  and  ninety-three; 
unless  the  three  per  cent,  stock  shall  have  been  previously 
disposed  of  by  the  directors. 
Approved,  March  2,  1791. 

ACT  OF  FEBRUARY  28,  1793. 

CHAP.  XVIII. — An  act  making  appropriations  for  the  32|   stat-   L-> 
support  of  Government  for  the  year  one  tho'txand  seven 
hundred  and  ninety-three. 

SEC.  3.  And  l>e  it  further  enacted.  That  the  President    resident 

'  .  may  borrow 

of  the  United  States  be  authorized  to  borrow,  on  account  not  exceeding 

^  .  i^oOU,uUO. 

of  the  said  States,  any  sum  or  sums,  not  exceeding,  in 
the  wrhole,  eight  hundred  thousand  dollars,  at  a  rate  of 
interest  not  exceeding  five  per  centum  per  annum,  and 
reimbursable  at  the  pleasure  of  the  United  States,  to  be  ,  °  n  w_h  a  * 

'_  terms    and    of 

applied  for  the  purposes  aforesaid,  and  to  be  repaid  out  whom. 
of  the  said  surplus  of  the  duties  on  imports  and  tonnage, 
to    the   end    of   the   present   year,    one   thousand    seven 
hundred  and  ninety-three:    And  that  it  shall  bo  lawful 
for  the  Bank  of  the  United  States  to  lend  the  said  sum. 
And  the  President  of  the  United  States  shall   cause  so 
much  of  the  loan,  made  of  the  Bank  of  the  United  States, 
pursuant   to   the   eleventh   section  'of  the   act,  by   which  n(.1'7n"    ban^ 
it  is  incorporated,  to  be  paid  oil',  in  sums  not  less  than  J^w  to  1)C  ')ald 
fifty  thousand  dollars,  as,  in  his  opinion,  the  state  of  the 
Treasury   may,   from   time   to   time,   admit,   out    of  any 
monies  which  may  be  in  the  Treasury,  having  due  regard 
to  the  exigencies  of  Government,  and  the  appropriations 
made  and  to  be  made  by  Jaw. 
Approved,  February  28,  1793. 


278  NATIONAL,  MONETARY   COMMISSION. 

ACT  OF  MARCH  2,  1T93. 

i    stat.   L.,  CHAP.  XXV. — An  act  providing  for  the  payment  of  the 
[Obsolete.]        first  instalment  due  on  a  loan  made  of  the  Bank  of 
the  United  States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
President  bled,  That  the  President  of  the  United  States  be,  and  he 
tain  monies  to  hereby  is  authorized  and  empowered  to  apply  two  hun- 

pay  first  install-  J  .      /  .  i  •    u 

ment  to  Bank  dred  thousand  dollars,  of  the  monies  which  may  have 
states.  been  borrowed,  in   pursuance  of  the   fourth  section  of 

the  act,  intituled  "An  act  making  provision  for  the  re- 
1790,  ch.  47.  duction  of  the  public  debt,"  in  payment  of  the  first  instal- 
ment, due  to  the  Bank  of  the  United  States,  upon  a  loan 
made  of  the  said  bank,  in  pursuance  of  the  eleventh 
section  of  the  act  for  incorporating  the  subscribers  to 
the  said  bank. 

Approved,  March  2,  1793. 

ACT  OF  JUNE  4,  1794. 

i    stat.    L.,  CHAP.  XL. — An  act  providing  for  the  payment  of  the 
[Obsolete.]        second,  instalment  due  on  a  loan  made  of  the  Bank  of 
the  United  States. 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 

Representatives  of  the  United  States  of  America  in  Con- 

p  r  e  s  i  - gress  ax.sc//tbled.  That  the  President  of  the  United  States 

states  to  pay  be,  and  lie  hereby  is  authorized  and  empowered  to  apply 

second    install-  i        i      ,     '  c   ,1  i         P    c     ' 

ment    to    thetwo  hundred  thousand  dollars  or  the  proceeds  of  foreign 
foreign  loans,   loans  heretofore  transferred  to  the  United  States,  in  pay- 
ment of  the  second   instalment  due  to  the   Bank  of  the 
United  States,  upon  a  loan  of  the  said  bank,  made  pur- 
suant to  the  eleventh  section  of  the  act  for  incorporating 
Annual     pe-  the  subscribers  to  the  said  bank:  and   that   the   annual 
ment    of  each  period   for  the   payment   of  each   instalment  of  the  said 

installment.  . 

loan,  shall  be  deemed  to  be  the  last  day  of  December  in 
each  year. 
Appropria-      SKC.  2.  And  be  it  further  enacted,  That  a  sufficient  sum 

tion     for    pay-  .  .  '  . 

IIIK  interest  on  oi  the  (li vidends,  which  hsive  accrued,  or  which  shall  here- 
said  loan.  „  , 

alter  accrue,  on  the  stock  owned  by  the   I  nited   States. 

in  the  Hank  of  the  United  States,  be.  and  the  same  is 
hereby  appropriated  to  the  payment  of  the  interest,  which 
has,  or  shall  become  due.  on  the  loan  obtained,  as  afore- 
said. 

Approved,  June  4,  1794. 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  279 


ACT  OF  JUNE  5,  1794. 
CHAP.  XLVI. — An  act  to  authorize  the  President  of  the     i   stat.   L., 

376 

United  States  during  the  recess  of  the  present  Congress, 
to  cause  to  be  purchased  or  built  a  number  of  vessels 
to  be  equipped  as  galleys,  or  otherwise,  in  the  service 
of  the  United  States. 


SEC.  3.  And  be  it  further  enacted.  That  there  be  appro-    A 

.  tion  therefor. 

priated  for  the  purpose  aforesaid,  the  sum  of  eighty  thou- 
sand dollars  to  be  paid  out  of  the  proceeds  of  any  revenue 
of  the  United  States,  which  now  are,  or  hereafter  during 
the  present  session  shall  be  provided,  not  being  otherwise 
appropriated.  And  that  the  President  of  the  United  States ,,  r  r  e  *  T  - 

L  dent    author- 

be  authorized  to  take  on  loan  of  the  Bank  of  the  United  1JLe1?ntn°Aborrow 

Ipov,UUU. 

States,  or  of  any  other  body  politic  or  corporate,  person 
or  persons,  the  said  sum  of  eighty  thousand  dollars,  to  be 
reimbursed,  principal  and  interest,  out  of  the  said  pro- 
ceeds, appropriated  as  aforesaid,  according  to  such  con- 
tract or  contracts,  Avhich  shall  be  made  concerning  the 
same. 

Approved,  June  5,  1794. 

ACT  OF  JUXE  9,  1794. 

CHAP.  LXIII. — An  act  malnny  appropriations  for  cer-  3!)1    stat-    L- 
tain  purposes  therein  expressed. 


I'   r   o   s   i   - 
ent  of  the 


SEC.  2.  And  be  it  further  enacted.  That  the  President 
of  the  United  States  be  empowered  to  borrow,  on  behalf  United    states 
of  the  United  States,  of  the  Bank  of  the  United  States  sum. 
(which  is  hereby  authorized  to  lend  the  same),  or  of  any 
other  body  or  bodies  politic,  person  or  persons,  any  sum 
not  exceeding  in  the  whole,  one  million  of  dollars  to  be  ap-     Not    <>xro<><i 

!•-,,  ,.  •   -,  1,1  -i  1  i"tf  $1.000.000. 

plied  to  the  purposes  aforesaid,  and  to  be  reimbursed,  as 
well  interest  as  principal,  out  of  the  proceeds  of  the  said 
revenues. 

SEC.   3.  Provided  always,   and  be  it  further  eiwd <>-<!<     <vr<nin  sum 
That  there  shall  be  reserved  out  of  the  proceeds  of  the 
said  revenues,  a  sum  sufficient  to  pay  the.  interest  of  what- 
ever monies  may  be  borrowed   pursuant   to  the  act.  inti- 
tuled "An  act  making  further  provision  for  the  expenses     inn,  ch.  7. 


280  NATIONAL   MONETARY   COMMISSION. 

attending  the  intercourse  of  the  United  States  with  for- 
eign nations;  and  further  to  continue  in  force  the  act, 
intituled  "An  act  providing  the  means  of  intercourse 
between  the  United  States  and  foreign  nations ;  "  and 
such  sum  is  hereby  pledged  and  appropriated  for  that 
purpose,  according  to  the  terms  of  the  contract  or  con- 
tracts which  shall  or  may  be  made  concerning  the  said 
monies.  And  the  faith  of  the  United  States  is  hereby 
pledged  to  make  such  further  provision  therefor,  as  may 
be  necessary. 

Approved,  June  9,  1794. 

ACT  OF  JANUARY  8,  1795. 

i  stat.  L.,  CHAP.  XI. — An  act  providing  for  the  payment  of  certain 
[Obsolete.]        instalments  of  foreign  debts,'  and  of  the  third  instal- 
ment due  on  a  loan  made  of  the  Bank  of  the  United 
States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  assem- 
certain  in- bled,  That  the  President  of  the  United  States  be,  and  he 
debt,  how  to  be  hereby  is  authorized  and  empowered  to  cause  any  instal- 
ments of  the  foreign  debts,  which  may  fall  due  in  the 
year  one  thousand  seven  hundred  and  ninety-five,  and 
also  the  third  instalment  due  on  a  loan  made  of  the  Bank 
1701,  ch.  10.  of  the  United  States,  in  pursuance  of  the  eleventh  sec- 
tion of  the  act  for  incorporating  the  subscribers  to  the 
said  bank,  to  be  paid  out  of  the  proceeds  of  any  foreign 
loans  heretofore  made. 

Approved,  January  8.  1795. 

ACT  OF  FEBRUARY  '21,  1795. 

4isStat'  L"  ^HAI>-  XXV.- -/I?/.  <n-t  ft)/-  flic  reimbursement  of  a  loan 
[Obsolete.]         authorized  by  an  act  of  ihc  hixt  session  of  Congress. 

Bank    of      SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 

I'riitpfl    States  ,,  ...  .,   ,,       ,T     .,     j    c  f     .  ~ 

authorized  to liepresentatires  of  the  United  States  of  America  in  Con- 
gress assembled.  That  the  Bank  of  the  United  States  be, 
and  the  same  is  hereby  authorized  to  lend  to  the  United 
States,  the  whole,  or  any  part  of  the  sum  of  eight  hun- 
dred thousand  dollars  (remaining  unapplied)  in  pursu- 
ance of  the  authority  granted  to  borrow  one  million  of 
dollars,  by  the  act,  intituled  "An  act  making  further  pro- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  281 

vision  for  the  expenses  attending  the  intercourse  of  the 
United  States  with  foreign  nations;  and  further  to  con-     1794.  ch-  ?• 
tinue  in  force  the  act,  intituled  "An  act  providing  the 
means  of  intercourse  between  the  United  States  and  for- 
eign nations. 

SEC.  2.  And  be  it  further  enacted..  That  after  reserving  Ceftarinlureve' 
such  sums  as  may  be  sufficient  to  satisfy  prior  appropria-  °£f|  aPPr°Prl- 
tions,  there  be  further  appropriated,  in  aid  of  the  provi- 
sion heretofore  made,  out  of  the  proceeds  of  the  duties 
which  have  arisen,  or  may  arise  upon  carriages  for  the 
conveyance  of  persons;  upon  licenses  for  selling  wines 
and  foreign  distilled  spirituous  liquors  by  retail;  upon 
snuff  and  refined  sugar;  and  upon  property  sold  at  auc- 
tion ;  which  were  imposed  by  acts  passed  during  the  last 
session,  and  which  may  be  further  continued,  the  present 
session  of  Congress,  or  from  the  proceeds  of  such  duties 
or  revenues  as  may  be  established  in  lieu  thereof,  a  sum 
sufficient  to  the  reimbursement,  before  the  year  one  thou- 
sand eight  hundred  and  one,  of  any  loan  or  loans,  which 
have  been,  or  which  may  hereafter  be  made,  in  virtue  of 
the  act  aforesaid :  And  that  the  faith  of  the  United  States 
be,  and  the  same  is  hereby  pledged,  to  make  good  any 
deficiency  of  the  said  duties. 

Approved,  February  21,  1795. 

ACT  OF  JUNE  1,  1796. 

CHAP.  LI. — An  act  making  appropriations  for  the  sup-  4Q^  stat-  L- 
port  of  the  Military  and  Naval  Establishments  for  the 
year  one  thousand  seven  hundred  and  ninety-six. 


(Section  2  makes  reference  to  authority  of  Bank   oftvS&s  payable* 
United  States  to  make  a  loan.) 

SEC.  3.  And  be  it  further  enacted,  That  the  President  of 
the  United  States  be  empowered  to  borrow,  at  an  interest  UnYtealdstates 
not  exceeding  six  per  centum,  of  the  Bank  of  the  United^?^^}/^'^ 
States,  which  is  hereby  authorized  to  lend  the  same;  or  of isfy  tlua  act- 
any  body  or  bodies  politic,  person  or  persons,  any  sum  or 
sums  not  exceeding  in  the  whole,  six  hundred  and  fifty 
thousand  dollars,  and  to  be  applied  to  the  purposes  afore- 
said, and  to  be  reimbursed,  as  well  interest  as  principal, 
out  of  the  funds  aforesaid. 

Approved,  June  1,  1790. 

15712°— 10 1!) 


282  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  JUNE  27,  1798. 

57j.  s  tat.  L.,  CHAP.  LXI.  —  (This  act  prescribes  a  penalty  on  forging 
or  uttering  counterfeit  bills,  notes,  orders,  or  checks  by  or 
upon  the  Bank  of  the  United  States,  which  was  repealed 
by  the  act  of  February  24,  1807  (Chap.  XX,  2  Stat.  L., 
423)  which  see.) 

ACT  OF  JULY  16,  1798. 

609  S  t  a  *  '  L'  CHAP.  LXXXIV.  —  An  act  making  certain  appropria- 
tions; and  to  authorize  the  President  to  obtain  a  loan  on 
the  credit  of  the  direct  tax. 

***** 

dentenTayebor-      SEC.  2.  And  be  it  further  enacted,  That  the  President 

!T£  ntswon  "the  °^  ^ie  United  States  shall  be,  and  he  is  hereby  authorized 

rect  tax'  the  dl"  to  borrow  of  the  Bank  of  the  United  States,  who  are 

hereby  enabled  to  lend  the  same,  or  of  any  other  corpora- 

tion, persons  or  person,  the  sum  of  two  millions  of  dol- 

lars, upon  the  credit,  and  in  anticipation  of  the  direct  tax, 

laid  and  to  be  collected  within  the  United  States;  which 

tax  shall  be,  and  is  hereby  pledged  for  the  repayment  of 

any  loan  which  shall  be  obtained  thereon,  as  aforesaid; 

and   the   faith   of  the   United   States   shall   be,   and   is 

hereby  pledged  to  make  good  any  deficiency:  Provided, 

That  the  interest  to  be  allowed  for  such  loan,  shall  not 

exceed  six  per  centum  per  annum  ;  and  that  the  principal 

shall  be  reimbursed  at  the  pleasure  of  the  United  States. 

Approved,  July  16,  1798. 

ACT    OF    MARCH    2,  1799. 

726    Stat'    L''  CHAP.  XXXI.  —  An  act  giring  eventual  authority  to  the 
1802?  che  9.'  e  d     President  of  the  United  State*  to  augment  the  Army. 

(Sections  1  to  8  provide  for  augmenting  the  military 
force,  including  volunteers,  etc.) 

t  oprprthllapu°rn      SEC-  9-  And  be  it  further  ctKictcil,  That  for  the  ex- 
nctes  and       -  mention  of  this  act,  if  it  shall-  be  found  necessar    to  carr 


rowrUmoneyb°r  ^'  or  any  Par^  °^  ^  'n^°  en<ect,  there  be  appropriated  the 
sum  of  two  millions  of  dollars,  and  that  the  President  be 
authorized  to  borrow,  on  behalf  of  the  United  States,  the 
said  sum,  or  so  much  thereof  as  he  shall  deem  necessary 
(which  the  Bank  of  the  United  States  is  hereby  em- 
powered to  lend)  and  upon  such  terms  and  conditions  as 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  283 

he  shall  judge  most  advantageous  to  the  United  States: 
Provided,  That  such  terms  and  conditions  shall  not  re- 
strain the  United  States  from  paying  off  the  sum  which 
may  be  borrowed,  after  the  expiration  of  fifteen  years. 
.  SEC.  10.  And  be  it  further  enacted,  That  so  much  as  certain  du- 

i  ..  ,i  i  £  Xl        i     .'  •  ,     ties  pledged  to 

may  be  necessary  01  the  surplus  or  the  duties  on  imports  redeem  the 
and  tonnage,  beyond  the  permanent  appropriations  here- 
tofore charged  upon  them  by  law,  shall  be,  and  hereby  is 
pledged  and  appropriated  for  paying  the  interest  of  all 
such  monies  as  may  be  borrowed  pursuant  to  this  act, 
according  to  the  terms  and  conditions  on  which  the  loan 
or  loans,  respectively,  may  be  effected ;  and  also  for  pay- 
ing, by  discharging  the  principal  sum  or  sums  of  any  such 
loan  or  loans,  according  to  the  terms  and  conditions  to 
be  fixed  as  aforesaid. 

#  *  *  *  * 

Approved,  March  2,  1799. 

ACT   OF   APRIL  29,  1802. 

CHAP.  XXXII. — An  act  making  provision  for  the  re-     2    stat.    L., 
demption   of   the   ivhole   of   the   Public   Debt   of   the 
United  States. 

#  *  #  *  * 

(Section  3  provides  that  all  reimbursements  of  the 
principal  of  the  public  debt  shall  be  made  under  the 
superintendence  of  the  commissioners  of  the  sinking  fund, 
including  temporary  loans  heretofore  obtained  from  the 
Bank  of  the  United  States.) 

#  $  $  $  $ 

SEC.  5.  And  be  it  further  enacted.  That  for  the  purpose    commission- 
ers   authorized 

of  more  effectually  securing  the  reimbursement   of  the*0  employ  th«> 

J         .      .       fe  t  .  I'aiik      oi      the 

Dutch  debt,  the  commissioners  of  the  sinking  fund  mav,  T~nitod    states 

'  .  .  , :|s     an     ascnt, 

and  they  hereby  are  empowered,  with  the  approbation  of  for  fthof  pil,y~ 
the  President  of  the  United  States,  to  contract,  either  with  i>"tch    debt, 

etc*. 

the  Bank  of  the  United  States,  or  with  any  other  public 
institution,  or  with  individuals,  for  the  payment,  in  Hol- 
land, of  the  whole,  or  any  part,  of  the  principal  of  the 
said  Dutch  debt,  and  of  the  interest  and  charges  accruing 
on  the  same,  as  the  said  demands  become  due,  on  such 
terms  as  the  said  commissioners  shall  think  most  advan- 
tageous to  the  United  States;  or  to  employ  either  the 
said  Bank,  or  any  other  public  institution,  or  any  indi- 
vidual or  individuals,  as  agent  or  agents,  for  the  pur- 
pose of  purchasing  bills  of  exchange,  or  any  other  kind 


284  NATIONAL   MONETARY   COMMISSION. 

t  compensation  Of  remittances,  for  the  purpose  of  discharging  the  in- 
terest and  principal  of  said  debt,  and  to  allow  to  such 
agent  or  agents  a  compensation  not  exceeding  one-fourth 
of  one  per  cent,  on  the  remittances  thus  purchased  or 
procured  by  them  under  the  direction  of  the  said  com- 
missioners, and  as  much  of  the  duties  on  tonnage  and  mer- 
chandise as  may  be  necessary  for  that  purpose  is  hereby 
appropriated  towards  paying  the  extra  allowance  or 
commission  resulting  from  such  transaction,  or  trans- 
actions, and  also  to  pay  any  deficiency  arising  from  any 
loss  incurred  upon  any  remittance  purchased  or  procured 
under  the  direction  of  the  said  commissioners,  for  the 
purpose  of  discharging  the  principal  and  interest  of  the 
said  debt. 

***** 

Approved,  April  29,  1802. 

ACT  OF  FEBRUARY  26,  1803. 

2  stat.  L.,  CHAP.  VIII. — An  act  making  further  provision  for  the 
expenses  attending  the  intercourse  between  the  United 
States  and  foreign  nations. 

***** 

President  an-      gEC>  2.  And  be  it  further  enacted.  That  the  President 

thonzed  to  bor-  ' 

row  the  money.  of  the  United  States  may,  if  he  shall  deem  it  necessary, 

The      terms  ^  '  J  ' 

and  time  of  re-  and  he  hereby  is  authorized  to  borrow  the  whole,  or  any 

imbursement.  -    ,  .  J 

part  of  the  said  sum,  at  an  interest  not  exceeding  six 
per  centum  per  annum,  reimbursable  before  the  year  one 
thousand  eight  hundred  and  eleven:  and  it  shall  be  law- 
ful for  the  Bank  of  the  United  States  to  lend  the  whole, 
or  any  part  of  the  same. 

***** 
Approved,  February  26,  1803. 

ACT  OF  FEBRUARY  24,  1804. 

^•2  stat.  L.,  CHAP.  XIII. — An  act  for  laying  and  collecting  duties  on 
imports  and  tonnage  within  the  territories  ceded  to  the 
United  States  by  the  treaty  of  the  thirtieth  of  April, 
one  thousand  eight  hundred  and  three,  between  the 
United  States  and  the  French  Republic,  and  for  other 
purposes. 

***** 

o  tii  or  acts      SEC.  2.  And  be  it  further  enacted,  That  so  much  of 
Louisiana.      °  any  act  or  acts  of  the  United  States,  now  in  force,  or 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  285 

which  may  be  hereafter  enacted,  concerning  the  Bank    Act  concem- 
of  the  United  States,  and  for  the  punishment  of  frauds  °f  the  united 

Stutos '    *    *    * 

committed     on     the    same:     *     *     *     shall    extend    toexteud'ed    to 

11  f  i      re          -11  •  Louisiana. 

and  have  lull  force  and  enect  in  the  above-mentioned 
territories. 

***** 
Approved,  February  24,  1804. 

ACT  OF  MAECH  23,  1804. 

CHAP.  XXXII. — An  act  supplementary  to  the  act  intit-  _2   stat.    L., 
uled  "An  act   to   incorporate   the  subscribers   to   the~  [Obsolete.] 
Bank  of  the  United  States"  ruary  is,  1701, 

ch.   10. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  President  and  directors  of  the  Bank  of     Bank  of  the 
the  United  States  shall  be,  and  they  are  hereby  author-  authorized    t  o 

,    ,  .    i_v  i        a*  j.     T  ,  T     !  ...  establish  offices 

ized  to  establish  omces  or  discount  and  deposit  in  any  of  discount  and 
part  of  the   territories  or   dependencies  of  the   United 
States,  in  the  manner,  and  on  the  terms  prescribed  by 
the  act  to  which  this  is  a  supplement. 
Approved,  March  23,  1804. 

ACT  OF  MAECH  26,  1804. 

CHAP.  XLVI. — An  act  further  to  protect  the  commerce  0  2    stat.    L., 
and  seamen  of  the  United  States  against  the  Barbary     [Expired.] 
powers. 

***** 

SEC.  4.     *     *     *:  or  if  necessary  the  President  of  the     r resident 

J  authorized      to 

United  States  is  hereby  authorized  to  borrow  the  saidborrow     this 

sum. 

sum,  or  such  part  thereof  as  he  may  think  proper,  at  a 
rate  of  interest  not  exceeding  six  per  centum  per  annum, 
from  the  Bank  of  the  United  States,  which  is  hereby  em-  r.ank  of  the 

1  T'nited     States 

powered  to  lend  the  same,  or  trom  anv  other  body  or  authorized    to 

\    -i-  i-  •  /.  "  lcnd- 

bodies  politic  or  corporate,  or  from  any  person  or  per- 
sons; and  so  much  of  the  proceeds  of  the  duties  laid  by 
this   act,   as  may   be   necessary,  shall  be  and   is  hereby 
pledged  for  replacing  in  the  treasury,  the  said  sum  of  one     see  nets  of 
million  of  dollars,  or  so  much  thereof  as  shall  have  been  1*10!    cu.    r.  • 

ISl.'i,     oh.     40. 

thus  expended,  and  for  paying  the  principal  and  interest 
of  the  said  sum,  or  so  much  thereof  as  may  be  borrowed, 
pursuant  to  the  authority  given  in  this  section:  and  ;m  Accounts  <<> 

'     .  _  he    laid    before 

account  of  the  several  expenditures  made  under  this  act. <'"»-'•'-•** 
shall  be  laid  before  Congress  during  their  next  session. 
Approved.  March  20,  1804. 


286  NATIONAL   MONETARY  COMMISSION. 

ACT  OF  FEBRUARY  13,  1806. 

2   stat.   L.,  CHAP.  V. — An  act  making  provision  for  defraying  any 
[Obsolete.]        extraordinary  expenses  attending  the  intercourse  be- 
tween the  United  States  and  foreign  nations. 


President      SEC.  2.  And  ~be  it  further  enacted.  That  the  President 

authorized      to  .  '  . 

cause     the  or  the  United  States  be,  and  hereby  is  authorized,  it  nee- 
money    to    be  .  . 
borrowed.         essary,  to  borrow  the  said  sum,  or  any  part  thereof,  in  be- 
half of  the  United  States,  at  a  rate  of  interest  not  exceed- 
Rates  of  in-  ing  six  per  centum,  per  annum,  redeemable  at  the  will  of 
the  Congress  of  the  United  States.     And  it  shall  be  law- 
ful for  the  Bank  of  the  United  States  to  lend  the  whole, 
or  any  part  of  the  same. 

Fund    made      SEC.  3.  And  be  it  further  enacted,  That  so  much  as  may 

rUelemtburse^  be  necessary  of  the  surplus  of  the  duties  on  imports  and 

paf  am?' The  tonnage,  beyond  the  permanent  appropriation  heretofore 

Pnterest.0      ie  charged    upon   them,   by   law,   shall   be,   and   hereby    is 

pledged  and  appropriated  for  the  payment  of  the  interest, 

and  reimbursement  of  the  principal,  of  all  such  monies  as 

may  be  borrowed  in  pursuance  of  this  act,  according  to 

the  terms  and  conditions  on  which  the  loan  or  loans  may 

be  effected. 

Approved,  P'ebruary  13,  1806. 

ACT  OF  FEBRUARY  24,  1807. 

2    stat.    L.,  CHAP.  XX. — An  act  to  punish  frauds  committed  on  the 

Bank  of  the  United  States. 

Act  of  April      Be  it  enacted  hi/  the  Senate  and  House  of  Representa- 

10,     1810,    ch.  ,.  ,   ,,       TT     . ,  '  ,   0,     ,  ,     .  .         .       ~ 

44,  sec.  is.       tzves  of  the  United  States  oj  America  in  Congress  assem- 

ment  for  false-  hied r,  That  if  any  person  shall  falsely  make,  forge,  or 
ly  making,  forg-  ,,   .  i       <•   i     i  i       <>  i 

i  n  K  .  or  conn-  counterfeit,  or  cause  or  procure  to  be  talsely  made,  forged, 

terfeit ing  notes  »   .       ,  M1.       ,         .  ,  .       .       ,,    ,      ,  , 

of  the  Hank  of  or  counterfeited,  or  willingly  aid  or  assist  m  falsely  mak- 

tho     United-  ,,         .  <••,•  1-11  •••- 

states.  ing,  forging  or  counterfeiting  any  biff  or  note  in  imita- 

tion of,  or  purporting  to  be  a  bill  or  note  issued  by  order 
of  the  president,  directors  and  company  of  the  Bank  of 
the  United  States,  or  any  order  or  check  on  the  said 
bank  or  corporation,  or  any  cashier  thereof,  or  shall 
falsely  alter,  or  cause  or  procure  to  be  falsely  altered,  or 
willingly  aid  or  assist  in  falsely  altering  any  bill  or  note 
issued  by  order  of  the  president,  directors  and  company  of 
the  Bank  of  the  Unite^l  States,  or  any  order  or  check,  on 
the  said  bank  or  corporation,  or  any  cashier  thereof,  or 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.        '    287 

shall  pass,  utter  or  publish,  or  attempt  to  pass,  utter  or 
publish  as  true,  any  false,  forged,  or  counterfeited  bill,  or 
note,  purporting  to  be  a  bill,  or  note,  issued  by  order  of 
the  president,  directors  and  company  of  the  Bank  of  the 
United  States,  or  any  false,  forged,  or  counterfeited  order 
or  check,  upon  the  said  bank  or  corporation,  or  any 
cashier  thereof,  knowing  the  same  to  be  falsely  forged  or 
counterfeited,  or  shall  pass,  utter,  or  publish,  or  attempt 
to  pass,  utter  or  publish,  as  true,  any  falsely  altered  bill 
or  note,  issued  by  order  of  the  president,  directors  and 
company  of  the  Bank  of  the  United  States,  or  any  falsely 
altered  order  or  check,  on  the  said  bank  or  corporation,  or  checks  or 
or  any  cashier  thereof,  knowing  the  same  to  be  falsely01 
altered  with  intention  to  defraud  the  said  corporation,  or 
any  other  body  politic,  or  person ;  every  such  person  shall 
be  deemed  and  adjudged  guilty  of  felony,  and  being 
thereof  convicted  by  due  course  of  law,  shall  be  sentenced 
to  be  imprisoned,  and  kept  to  hard  labour,  for  a  period 
not  less  than  three  years,  nor  more  than  ten  years,  or 
shall  be  imprisoned  not  exceeding  ten  years,  and  fined 
not  exceeding  five  thousand  dollars :  Provided,  that  noth- 
ing herein  contained  shall  be  construed  to  deprive  the  Saving  of 
courts  of  the  individual  states  of  a  jurisdiction  under  thetion  of  state 
laws  of  the  several  states,  over  the  offence,  declared 
punishable  by  this  act. 

SEC.  2.  And  be  it  further  enacted,  That  the  act,  in-     Repeal    of 
tituled  "An  act  to  punish  frauds  committed  on  the  Bank  ITOS,  ch.  ei. 
of  the  United  States,"  passed  the  twenty-seventh  day  of 
June,  one  thousand  seven  hundred  and  ninety-eight,  shall 
be  and  the  same  is  hereby  repealed:  Provided  neverthe- 
less, that  the  repeal  of  the  said  act  shall  not  be  so  con- 
strued, as  to  prevent  the  trial,  condemnation  or  punish- 
ment of  any  person,  or  persons,  charged  with  or  guilty 
of  a  violation  of  any  of  its  provisions,  previous  to  the 
passing  of  this  act. 

Approved,  February  24,  1807. 

ACT  OF  JUNE  28,  1809. 

CHAP.   X. — An  act  supplementary   to  the   act,  entituled  __2    stat.    L., 
"An  act  making  further  provision  for  the  support  of" 
public  credit,  and  for  the  redemption  of  the  public 
debt." 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in,  Cony  re  ss  assem- 
bled, That  the  powers  vested  in  the  commissioners  of  the 


288  NATIONAL   MONETARY   COMMISSION. 

3  f795°chM45'  smking  f und,  by  the  tenth  section  of  the  act  to  which 
th^°cvommi°s-t^s  act  is  a  supplement,  shall  extend  to  all  the  cases  of 
slnkinl  °ffund  reimbursement  of  any  instalments  or  parts  of  the  capital, 
extended.         or  principal,  of  the  public  debt  now  existing,  which  may 
become  payable  according  to  law.     And  in  every  case 
in  which  a  loan  may  be  made  accordingly,  it  shall  be  law- 
ful for  such  loan  to  be  made  of  the  Bank  of  the  United 
States,  any  thing  in  any  act  of  Congress  to  the  contrary 
notwithstanding. 

Approved,  June  28,  1809. 

ACT  OF  FEBRUARY  15,  1811. 
621    Stat>    L'*CHAP.  XV. — An  act  concerning  the  Bank  of  Alexandria. 

(This  act  established  the  Bank  of  Alexandria,  and  in 
addition  to  prescribing  its  general  powers  and  duties 
provided  that  it  should  not  issue  any  note  for  a  smaller 
sum  than  five  dollars.  Other  acts  in  relation  to  banks 
in  the  District  of  Columbia  and  Territories,  with  some  of 
the  special  powers  and  duties  prescribed,  are  as  follows: 
February  15,  1811  (chap.  16,  2  Stat.  L..  625),  incor- 
porated the  Bank  of  Washington.  February  16,  1811 
(chap.  17,  2  Stat.  L.,  629),  incorporated  the  Farmers 
Bank  of  Alexandria.  February  16,  1811  (chap.  18,  2 
Stat.  L.,  633),  incorporated  the  Bank  of  Potomac;  not  to 
issue  notes  of  a  smaller  sum  than  five  dollars.  February 
18, 1811  (chap.  19,  2  Stat.  L.,  636),  incorporated  the  Union 
Bank  of  Georgetown.  May  16,  1812  (chap.  87,  2  Stat. 
L.,  735),  incorporated  the  Mechanics  Bank  of  Alex- 
andria ;  not  to  issue  notes  of  a  smaller  sum  than  five  dol- 
lars. March  3,  1817  (chap.  93,  3  Stat.  L.,  383),  incorpo- 
rated the  Farmers  and  Mechanics  Bank  of  Georgetown, 
the  Central  Bank  of  Georgetown,  the  Bank  of  the  Me- 
tropolis, the  Patriotic  Bank  of  Washington,  the  Real 
Estate  Bank  of  the  United  States,  and  the  Union  Bank 
of  Alexandria. 

(Section  14  provided,  among  other  things,  that  the 
banks  should  in  no  case  buy  and  sell  the  funded  debt  of 
Uie  United  States,  and  section  29  prohibited  unchartered 
banking  companies  within  the  District  of  Columbia  is- 
suing notes,  etc.  May  4,  1820  (chap.  62,  3  Stat.  L.,  570), 
charters  of  the  banks  in  the  District  of  Columbia  pay- 


LAWS    CONCERNING   MONEY,    BANKING,    AND   LOANS.  289 

ing  specie,  and  as  long  as  they  pay  specie  continued  until 
June  1,  1822;  charter  of  Bank  of  Columbia  limited  to 
June  1,  1822.  March  2,  1821  (chap.  18,  3  Stat.  L.,  618), 
extended  the  charters  of  the  Bank  of  Alexandria,  the 
Farmers  Bank  of  Alexandria,  the  Bank  of  Washington, 
the  Bank  of  the  Metropolis,  the  Patriotic  Bank  of  Wash- 
ington, the  Union  Bank  of  Georgetown,  the  Farmers  and 
Mechanics  Bank  of  Georgetown,  and  the  Bank  of  Co- 
lumbia. 

(Section  7  prescribed  that  no  note  under  five  dollars 
should  be  issued  by  any  of  said  banks ;  other  sections  pro- 
vide for  the  liquidation  of  the  Central  Bank  of  George- 
town and  Washington;  for  the  continuance  of  the  Bank 
of  Potomac;  for  the  consolidation  of  the  Union  Bank  of 
Alexandria  and  Bank  of  Potomac;  for  the  consolidation 
of  any  two  of  the  banks  whose  charters  are  extended,  etc. 
February  21,  1823  (3  Stat.  L.,  727),  extended  charter 
of  Mechanics  Bank  of  Alexandria.  February  9,  1836 
(chap.  5,  5  Stat.  L.,  1),  extended  the-  charters  of  the 
Bank  of  Potomac,  the  Farmers  Bank  of  Alexandria,  the 
Union  Bank  of  Georgetown,  the  Farmers  and  Mechanics 
Bank  of  Georgetown,  the  Bank  of  the  Metropolis,  the  Pa- 
triotic Bank  of  Washington,  and  the  Bank  of  Washington. 
February  25,  1836  (chap.  40,  5  Stat.  L.,  4),  extended  the 
charters  of  the  Bank  of  Columbia,  and  the  Bank  of  Alex- 
andria. July  2,  1836  (chap.  260,  5  Stat.  L.,  69),  extended 
charters  of  banks  mentioned  in  act  of  February  9,  1836 
(supra}.  March  3,  1837  (chap.  75.  5  Stat.  L.,  198),  the 
acts  of  the  legislative  assembly  of  the  Territory  of  Wis- 
consin incorporating  the  following  banks  approved :  The 
Bank  of  Milwaukee,  the  Miners  Bank  of  Dubuque,  and 
the  Bank  of  Mineral  Point,  with  the  condition  that 
none  of  said  banks  should  issue  bills  or  notes  for  circu- 
lation until  one-half  of  their  capital  should  be  actually 
paid  in.  May  25,  1838  (chap.  88,  5  Stat.  L.,  229),  ex- 
tended charter  of  the  Union  Bank  of  Georgetown,  and 
provided  for  closing  its  affairs.  Charter  further  ex- 
tended by  act  of  August  28,  1841  (5  Stat.  L.,  451).  May 
31,  1838  (chap.  91,  5  Stat.  L.,  232),  continued  the  cor- 
porate existence  of  the  following  banks:  The  Farmers 
and  Mechanics  Bank  of  Georgetown,  the  Bank  of  t lie- 
Metropolis,  the  Patriotic  Bank  of  Washington,  the  Bank 
of  Washington,  the  Fanners  Bank  of  Alexandria,  and  the 


290  NATIONAL   MONETARY   COMMISSION. 

Bank  of  Potomac;  provided,  said  banks  cease  receiving 
or  paying  out  all  paper  currency  of  less  denomination 
than  five  dollars,  redeem  all  their  notes  of  five  dollars  in 
gold  or  silver,  and  resume  specie  payments  in  1839  or 
sooner  if  the  principal  banks  of  Baltimore  and  Richmond 
should  sooner  resume  specie  payments  in  full.  July  5, 
1838  (chap.  154,  5  Stat.  L.,  254),  extended  charter  of 
Bank  of  Alexandria.  July  7,  1838  (chap.  212,  5  Stat.  L., 
809),  made  it  unlawful  for  any  individual,  company,  or 
corporation  to  issue,  pass,  or  offer  to  pass  within  the  Dis- 
trict of  Columbia,  any  note,  check,  draft,  bank  bill,  or 
any  other  paper  currency,  of  a  less  denomination  than 
five  dollars.  July  3,  1840  (chap.  40,  6  Stat.  L.,  802), 
continued  the  corporate  existence  of  certain  banks  in  the 
District  of  Columbia  and  extended  the  provisions,  etc., 
of  the  act  of  May  25,  1838  (5  Stat.  L.,  229),  to  them. 
August  28,  1841  (chap.  12,  5  Stat.  L.,  449),  extended  the 
charters  of  the  banks  mentioned  in  act  of  May  31,  1838 
(supra],  provided,  said  banks  resume  and  continue  the 
payments  of  all  their  notes  and  specie  liabilities,  in  specie, 
on  demand,  and  prohibited  the  issuing  of  notes  of  less 
than  five  dollars,  etc.  June  17,  1844  (chap.  98,  5  Stat.  L., 
677),  extended  charters  of  certain  banks  in  the  District 
of  Columbia  in  order  to  wind  up  their  affairs.  March  2, 
1847  (chap.  38,  9  Stat.  L.,  153),  extended  charter  of  the 
Union  Bank  of  Georgetown  in  order  to  close  its  affairs. 
December  27,  1854  (chap.  15,  10  Stat.  L.,  599),  provided 
for  suppressing  the  circulation  of  notes,  etc.,  of  less  than 
five  dollars  in  the  District  of  Columbia.  March  8,  1864 
(chap  21,  13  Stat.  L.,  17),  incorporated  the  Washington 
City  Savings  Bank.  May  5,  1870  (chap.  80,  16  Stat  L., 
102),  section  4,  provided  for  the  organization  of  manu- 
facturing, business,  and  other  corporations  in  the  Dis- 
trict of  Columbia,  and  the  act  of  June  17,  1870 
(chap.  131,  16  Stat.  L.,  153),  provided  that  savings  banks 
might  be  organized  thereunder.  May  24,  1870  (chap.  110, 
1G  Stat.  L.,  137).  incorporated  the  National  Union  Sav- 
ings Bank  of  the  District  of  Columbia.  January  20,  1873 
(chap.  43,  17  Stat.  L.,  412),  authorized  the  Comptroller 
of  the  Currency  to  examine  national  banks  in  the  Dis- 
trict of  Columbia.  June  30,  1876  (chap.  156,  19  Stat,  L., 
64),  provided  that  all  savings  banks  or  savings  and  trust 
companies  organized  under  any  act  of  Congress  shall 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  291 

make  to  the  Comptroller  of  the  Currency  the  same  re- 
ports as  national  banks,  and  be  subject  to  the  banking 
laws  so  far  as  applicable.  October  1,  1890  (chap.  1246, 
26  Stat.  L.,  625),  provided  for  the  incorporation  of  safe 
deposit,  trust,  loan,  mortgage,  and  other  companies  within 
the  District  of  Columbia,  and  the  provisions  of  which  act 
were  reenacted  in  the  District  of  Columbia  Code  March 
3,  1891,  sections  713  to  748  (31  Stat,  L.,  1303-1310),  as 
set  out  in  the  next  following  reference.  March  3,  1901 
(chap.  854  (Code),  31  Stat.  L.,  1284),  sections  605  to  640 
provide  for  the  incorporation  of  savings  bank  corpora- 
tions in  the  District  of  Columbia  and  prescribe  the  powers 
and  duties  thereof;  sections  687  to  700  apply  in  the  same 
manner  to  building  associations;  sections  713  and  714  to 
savings  banks,  and  sections  715  to  748  to  trust,  loan, 
mortgage,  and  certain  other  corporations;  section  713 
provides  that  all  savings  banks  or  savings  companies  or 
institutions  organized  to  do  business  in  the  District  of 
Columbia  shall  make  reports  to  the  Comptroller  of  the 
Currency,  and  be  subject  to  all  the  provisions  of  the  Re- 
vised Statutes,  etc.,  applicable  to  national  banks;  section 
714  provides  that  the  Comptroller  of  the  Currency  may 
cause  examination  to  be  made  of  any  bank  in  the  District 
of  Columbia ;  section  720  provides  that  trust,  loan,  mort- 
gage, and  certain  other  corporations  shall  report  to  the 
Comptroller  of  the  Currency  as  in  the  case  of  national 
banks,  and  that  the  Comptroller  shall  have  the  same 
visitorial  powers,  etc. ;  section  713  was  amended  by  act  of 
June  30,  1902  (32  Stat.  L.,  534),  by  omitting  the  para- 
graph making  such  banks  subject  to  the  provisions  of 
lawr  applicable  to  national  banks,  etc. ;  section  713  was 
further  amended  June  25,  190G  (34  Stat.  L.,  458)  to  in- 
clude other  banking  institutions ;  to  give  the  Comptroller 
of  the  Currency  power  to  take  possession  of  any  such 
bank  or  company  as  he  would  a  national  bank;  and  to  re- 
quire the  making  and  publication  of  reports;  section  714 
was  amended  by  the  same  act  to  apply  to  any  bank  men- 
tioned in  section  713  amended,  and  to  provide  for  the 
payment  of  the  expenses  of  an  examination  as  in  the  case 
of  a  national  bank.) 


292  NATIONAL   MONETABY   COMMISSION. 

ACT  OF  MARCH  14,  1812. 

694    Stat'    ^CHAP.  XLL — An  act  authorizing  a  loan  for  a  sum  not 
exceeding  eleven  millions  of  dollars. 


t  hLeaWbaUnksf  °in  SEC-  4-  And  *>e  it  further  enacted,  That  it  shall  be  lawful 
Columbia"'01  t°o  f or  any  of  tlie  banks  in  the  District  of  Columbia  to  lend 
orakanyhep  a°r  t  any  Pa1'^  °^  ^-ne  sum  authorized  to  be  borrowed  by  virtue 
thereof.  of  this  act,  any  thing  in  any  of  their  charters  of  incopora- 

tion  to  the  contrary  notwithstanding. 
Approved,  March  14,  1812. 

ACT  OF  MARCH  19,  1812. 

2    stat.    L.,  CHAP.  XL/Ill. — An  act  repealing  the  tenth  section  of  the 
[obsolete.]         act  to  incorporate  the  subscribers  to  the  Bank  of  the 
United  States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the   United  States  of  America  in  Congress  as- 
The  ten  tbxembled.  That  the  tenth  section  of  the  act,  entituled  "An 

section    of    the  . 

act  incorporat-  act  to   incorporate  the   subscribers  to  the  Bank  of  the 
repealed.          United  States,"  shall  be.  and  the  same  is  hereby  repealed. 
Approved,  March  10,  1812. 

ACT  OF  FEBRUARY  8.  1813. 

2    stat.    L.,  CHAP.  XXI. — An  act  authorizing  a  loan  for  a  sum  not 
exceed  ing  sixteen,  million.*  of  dollar*. 


Banks  in  the      gEC.  5.  And  1)C  it  further  enacted.  That  it  shall  be  law- 
District  of  Co-  J 
iiunbia  author- ful  for  any  of  the  banks  in  the  district  of  Columbia,  to 

Ized    to    1  P  n  d 

money  under  lend  any  part  of  the  sum  authorized  to  be  borrowed  by 

this  act.  . 

virtue  of  this  act.  any  thing  in  any  of  their  charters  of 
incorporation  to  the  contrary  notwithstanding. 
Approved.  February  8,  1813. 

ACT  OF  AUGUST  2.  1813. 

3  stat.  L.,  75.  CHAP.  LT. — An  aft  authorizing  a  loan  for  a  sum-  not  ex- 
ceeding seven  million*  five  hundred  thousand  doHars. 
*  *  *  *  * 

SEC.  5.  And  be  it,  further  enacted.  That  it  shall  be  law- 
ful for  any  of  the  banks  in  the  District  of  Columbia,  to 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  293 

lend  any  part  of  the  sum  authorized  to  be  borrowed  byBa,nks   in 
J  *  .  J  District  of  Co- 

virtue  of  this  act,  any  thing;  in  any  of  their  charters  of,lu™b'a    may 

'         •/  «  lend  the  money, 

incorporation  to  the  contrary  notwithstanding.  or  any  part  of 

Approved,  August  2,  1813. 

ACT   OF   AUGUST   2,  1813. 

CHAP.  LIII. — An  act  laying  duties  on  notes  of  banks,    3  stat  L"  TT- 
bankers,  and  certain  companies;  on  notes,  bonds,  and 
obligations  discounted  by  banks,  bankers,  and  certain 
companies;  and  on  bills  of  exchange  of  certain  de- 
scription. 

(This  act  of  14  sections  levies  stamp  duties,  as  its  title 
indicates,  to  be  collected,  from  December  31,  1813,  and  to 
continue  until  the  termination  of  the  existing  war  with 
Great  Britain,  and  for  one  year  thereafter,  and  no 
longer. ) 

ACT   OF   NOVEMBER    15,  1814. 

CHAP.  IV. — An  act  to  authorize  a  loan  for  a  sum  not  14|    stat-    L- 
exceeding   three  millions   of  dollars. 


SEC.  8.  And  be  it  further  enacted,  That  it  shall  be  law-  trlct^coi^m 
fill  for  any  of  the  banks  in  the  District  of  Columbia,  to  to^ontri'b^'/eu 
lend  any  part  of  the  sum  authorized  to  be  borrowed  bytheloan- 
virtue  of  this  act,  any  thing  in  any  of  their  charters  to 
the  contrary  notwithstanding. 

Approved,  November  15.  1814. 

ACT   OF   DECEMBER    10,  1814. 

CHAP.  XL — An   act   supplementary    to    an    act,   laying     sstat.L. 
duties  on  notes  of  banks,   bankers,  and  certain  com- 
panies, on  notes,  bonds,  and  obligations,  discounted  l>y 
banks,  bankers,  and  certain  companies,  and  on  bills  of 
cxclia'tige  of  certain  descriptions. 

(This  act  authorizes  the  Secretary  of  the  Treasury  to 
make  a  composition  with  private  bankers,  in  lieu  of  the 
stamp  duties  levied  by  the  act  of  August  2,  1813.) 


294 


NATIONAL,   MONETARY   COMMISSION. 

ACT  OF  DECEMBEE  21,  1814. 


3  s tat.  L., CHAP.  XV. — An  act  to  provide  additional  revenues  for 
defraying  the.  expenses  of  government  and  maintaining 
the  public  credit,  by  laying  duties  on  spirits  distilled 
within  the  United  States,  and  Territories  thereof,  and 
by  amending  the  act  laying  duties  on  licenses  to  dis- 
tillers of  spirituous  liquors. 

***** 

(Section  25  authorizes  the  anticipation  of  the  duties 
laid  by  this  act,  by  a  loan  upon  the  pledge  of  the  said 
duties  for  its  reimbursement,  for  an  amount  not  exceeding 
six  millions  of  dollars  and  at  a  rate  not  above  six  per 
cent,  the  money  so  obtained  to  be  applied  only  to  the  pur- 
poses to  which  the  duties  pledged  are  applicable  by  law. 
The  same  provision  is  embodied  in  the  act  of  January  9, 
1815,  laying  a  direct  tax.  See  3  Statutes  at  Large,  179.) 

Approved,  December  21,  1814. 

ACT  OF  JANUAEY  9,  1815. 

3  stat.  L.,  CHAP.  XXI. — An  act  to  provide  additional  revenues  for 
defraying  the  expenses  of  Government,  and  maintain- 

t Repealed.]  ing  the  public  credit,  by  laying  a  direct  tax  upon  the 
United  States,  and  to  provide  for  assessing  and  collect- 
ing the  same. 

***** 

Loans  au-      SEC.  42.  And  be  it  further  enacted,  That  it  shall  be 
ticipation  of  lawful  for  the  President  of  the  United  States  to  author- 
ize the  Secretary  of  the  Treasury  to  anticipate  the  collec- 
tion and  receipt  of  the  direct  tax  laid  and  imposed  by 
Act  of  Aug.  this  act,  and  by  the  said  act  of  Congress,  entitled  "An  act 
2,  1813,  ch.  37.  to  lay  and  cojlect  a  (]irect  tax  within  the  United  States," 

by  obtaining  a  loan  upon  the  pledge  of  the  said  direct 

taxes,  or  either  of  them,  for  the  reimbursement  thereof, 

to  an  amount  not  exceeding  six  millions  of  dollars;  and 

at  a  rate  of  interest   not  exceeding  six  per  centum   per 

annum.     And  any  bank  or  banks  now  incorporated,  or 

which  may  hereafter  be  incorporated,  under  the  authority 

of  the  United   States,  is,  and  are  hereby  authorized  to 

proviso.        make   such   loan:   Provided  al/r«>/*,   and  it   As-  e.i'prcKxlii 

act  o?CDec.  2?,,  declared,  That  the  money  so  obtained  upon  loan,  shall  be 

applied    to   the    purposes    aforesaid,   to    which    the    said 

direct  taxes  so  to  be  pledged  are  by  this  act  applied  and 

appropriated,  and  to  no  other  purposes  whatsoever. 

Approved,  January  9,  1815. 


LAWS  CONCEKNING  MONEY,  BANKING,  AND  LOANS.     295 

ACT  OF  APKIL  10,  1816. 

CHAP.  XLIV. — An  act  to  incorporate  the  subscribers  to     sstat.L., 
the  Bank  of  the  United  States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa-  [Expired.] 
tives  of  the  United  States  of  America,  in  Congress  assem- 
bled, That  a  Bank  of  the  United  States  of  America  shall  Act  of  Mar. 
be  established,  with  a  capital  of  thirty-five  millions  of  'A  Bank  of 

'       .  J  the     United 

dollars,  divided  into  three  hundred  and  fifty  thousand  states,  with  a 

J  capital  of  $35,- 

shares,  of  one  hundred  dollars  each  share.  Seventy  thou-  000,000,  etc. 
sand  shares,  amounting  to  the  sum  of  seven  millions  of 
dollars,  part  of  the  capital  of  the  said  bank,  shall  be  sub- 
scribed and  paid  for  by  the  United  States,  in  the  manner 
hereinafter  specified ;  and  two  hundred  and  eighty  thou- 
sand shares,  amounting  to  the  sufti  of  twenty-eight  mil- 
lions of  dollars,  shall  be  subscribed  and  paid  for  by  indi- 
viduals, companies,  or  corporations,  in  the  manner  herein- 
after specified. 

SEC.  2.  And  be  it  further  enacted.  That  subscriptions    Places,  etc., 

f o r   receiving? 

for  the  sum  of  twenty-eight  millions  of  dollars,  towards  subscriptions, 
constituting  the  capital  of  the  said  bank,  shall  be  opened 
on  the  first  Monday  in  July  next,  at  the  following  places : 
that  is  to  say,  at  Portland,  in  the  district  of  Maine;  at 
Portsmouth,  in  the  State  of  New  Hampshire ;  at  Boston, 
in  the  State  of  Massachusetts;  at  Providence,  in  the 
State  of  Rhode  Island;  at  Middletown,  in  the  State  of 
Connecticut;  at  Burlington,  in  the  State  of  Vermont;  at 
New  York,  in  the  State  of  New  York;  at  New  Bruns- 
wick, in  the  State  of  New  Jersey;  at  Philadelphia,  in  the 
State  of  Pennsylvania ;  at  Wilmington,  in  the  State  of 
Delaware;  at  Baltimore,  in  the  State  of  Maryland;  at 
Richmond,  in  the  State  of  Virginia;  at  Lexington,  in 
the  State  of  Kentucky;  at  Cincinnati,  in  the  State  of 
Ohio;  at  Raleigh,  in  the  State  of  North  Carolina;  at 
Nashville,  in  the  State  of  Tennessee;  at  Charleston,  in 
the  State  of  South  Carolina ;  at  Augusta,  in  the  State  of 
Georgia ;  at  New  Orleans,  in  the  State  of  Louisiana ; 
and  at  Washington,  in  the  District  of  Columbia.  And 
the  said  subscriptions  shall  be  opened  under  the  superin- 
tendence of  five  commissioners  at  Philadelphia,  and  of 
three  commissioners  at  each  of  the  other  places  aforesaid, 
to  be  appointed  by  the  President  of  the  United  States, 
who  is  hereby  authorized  lo  make  such  appointments, 
arid  shall  continue  open  every  day,  from  the  time  of 


296  NATIONAL   MONETARY   COMMISSION. 

opening  the  same,  between  the  hours  of  ten  o'clock  in 
the  forenoon  and  four  o'clock  in  the  afternoon,  for  the 
term  of  twenty  days,  exclusive  of  Sundays,  when  the 
same  shall  be  closed,  and  immediately  thereafter  the  com- 

for>raeceSi>v1tngm^ss^oners^  or  any  ^wo  °^  them,  at  the  respective  places 
subscriptions,  afOresaid,  shall  cause  two  transcripts  or  copies  of  such 
subscriptions  to  be  made,  one  of  which  they  shall  send  to 
the  Secretary  of  the  Treasury,  one  they  shall  retain,  and 
the  original  they  shall  transmit,  within  seven  days  from 
the  closing  of  the  subscriptions  as  aforesaid,  to  the  com- 
missioners at  Philadelphia  aforesaid.  And  oh  the  receipt 
of  the  said  original  subscriptions,  or  of  either  of  the  said 
copies  thereof,  if  the  original  be  lost,  mislaid,  or  detained, 
the  commissioners  at  Philadelphia  aforesaid,  or  a  ma- 
jority of  them,  shall  immediately  thereafter  convene,  and 
proceed  to  take  an  account  of  the  said  subscriptions.  And 
if  more  than  the  amount  of  twenty-eight  millions  of  dol- 
lars shall  have  been  subscribed,  then  the  said  last  men- 
tioned commissioners  shall  deduct  the  amount  of  such 
excess  from  the  largest  subscriptions,  in  such  manner  as 
that  no  subscription  shall  be  reduced  in  amount,  while 
any  one  remains  larger:  Provided,  That  if  the  subscrip- 
tions taken  at  either  of  the  places  aforesaid  shall  not 
exceed  three  thousand  shares,  there  shall  be  no  reduction 
of  such  subscriptions,  nor  shall,  in  any  case,  the  subscrip- 
tions taken  at  cither  of  the  places  aforesaid  be  reduced 
below  that  amount.  And  in  case  the  aggregate  amount  of 
the  said  subscriptions  shall  exceed  twenty-eight  millions 
of  dollars,  the  said  last  mentioned  commissioners,  after 
having  apportioned  the  same  as  aforesaid,  shall  cause  lists 
of  the  said  apportioned  subscriptions,  to  be  made  out, 
including  in  each  list  the  apportioned  subscription  for 
the  place  where  the  original  subscription  was  made,  one 
of  which  lists  they  shall  transmit  to  the  commissioners  or 
one  of  them,  under  whose  superintendence  such  subscrip- 
tions were  originally  made,  that  the  subscribers  may 
thereby  ascertain  the  number  of  shares  to  them  respec- 
tively apportioned  as  aforesaid.  And  in  case  the  aggre- 
gate amount  of  the  said  subscriptions  made  during  the 
period  aforesaid,  at  all  the  places  aforesaid,  shall  not 
amount  to  twenty-eight  millions  of  dollars,  the  subscrip- 
tions to  complete  the  said  sum  shall  be  and  remain  open 
at  Philadelphia  aforesaid,  under  the  superintendence  of 
the  commissioners  appointed  for  that  place;  and  the  sub- 
scriptions may  be  then  made  by  any  individual,  company, 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  297 

or  corporation,  for  any  number  of  shares,  not  exceeding, 
in  the  whole,  the  amount  required  to  complete  the  said 
sum  of  twenty-eight  millions  of  dollars. 

SEC.  3.  And  be  it  further  enacted.  That  it  shall  be  law-    Regulations 

,    ,     .  •     T    •  i       i  ,•  concerning  sub- 

fill  for  any  individual,  company,  corporation,  or  State,  scrlPHonB  and 

,,        J   ,          ...         '    ,      „-,      J'  j  '  .       .  'payments    on 

when  the  subscriptions  shall  be  opened  as  herein  before tbem.  &c. 
directed,  to  subscribe  for  any  number  of  shares  of  the 
capital  of  the  said  bank,  not  exceeding  three  thousand 
shares,  and  the  sums  so  subscribed  shall  be  payable,  and 
paid,  in  the  manner  following;  that  is  to  say,  seven 
millions  of  dollars  thereof  in  gold  or  silver  coin  of  the 
United  States,  or  in  gold  coin  of  Spain,  or  the  dominions 
of  Spain,  at  the  rate  of  one  hundred  cents  for  every 
twenty-eight  grains  and  sixty  hundredths  of  a  grain  of 
the  actual  weight  thereof,  or  in  other  foreign  gold  or 
silver  coin  at  the  several  rates  prescribed  by  the  first  sec- 
tion of  an  act  regulating  the  currency  of  foreign  coins  in 
the  United  States,  passed  tenth  day  of  April,  one  thou-chAj>r. 
sand  eight  hundred  and  six,  and  twenty-one  millions  of 
dollars  thereof  in  like  gold  or  silver  coin,  or  in  the  funded 
debt  of  the  United  States  contracted  at  the  time  of  the 
subscriptions  respectively.  And  the  payments  made  in 
the  funded  debt  of  the  United  States,  shall  be  paid  and 
received  at  the  following  rates :  that  is  to  say,  the  funded 
debt  bearing  an  interest  of  six  per  centum  per  annum,  at 
the  nominal  or  par  value  thereof;  the  funded  debt  bear- 
ing an  interest  of  three  per  centum  per  annum,  at  the  rate 
of  sixty-five  dollars  for  every  sum  of  one  hundred  dollars 
of  the  nominal  amount  thereof ;  and  the  funded  debt  bear- 
ing an  interest  of  seven  per  centum  per  annum,  at  the 
rate  of  one  hundred  and  six  dollars  and  fifty-one  cents, 
for  every  sum  of  one  hundred  dollars  of  the  nominal 
amount  thereof ;  together  with  the  amount  of  the  interest 
accrued  on  the  said  several  denominations  of  funded  debt, 
to  be  computed  and  allowed  to  the  time  of  subscribing  the 
same  to  the  capital  of  the  said  bank  as  aforesaid.  And 
the  payments  of  the  said  subscriptions  shall  be  made  and 
completed  by  the  subscribers,  respectively,  at  the  times 
and  in  the  manner  following;  that  is  to  say,  at  the  time  of 
subscribing  there  shall  be  paid  five  dollars  on  each  share, 
in  gold  or  silver  coin  as  aforesaid,  and  twenty-five  dol- 
lars more  in  coin  as  aforesaid,  or  in  funded  debt  as  afore- 
said; at  the  expiration  of  six  calendar  months  after  the 
time  of  subscribing,  there  shall  be  paid  the  further  sum 
of  ten  dollars  on  each  share,  in  gold  or  silver  coin  as 
15732" —10 20 


298  NATIONAL  MONETARY   COMMISSION. 

aforesaid,  and  twenty-five  dollars  more  in  coin  as  afore- 
said, or  in  funded  debt  as  aforesaid;  at  the  expiration 
of  twelve  calendar  months  from  the  time  of  subscribing, 
there  shall  be  paid  the  further  sum  of  ten  dollars  on  each 
share,  in  gold  or  silver  coin  as  aforesaid,  and  twenty- 
five  dollars  more,  in  coin  as  aforesaid,  or  in  funded  debt 
as  aforesaid. 

(Section  4  provides  for  the  payment  in  coin,  to  be 
made  to  the  commissioners  by  subscribers  at  the  time  of 
subscription,  for  the  transfer  of  certificates  of  funded 
debt  subscribed  by  them,  and  for  the  delivery  of  coin  and 
certificates  by  the  commissioners  to  the  president  and 
directors,  after  the  organization  of  the  bank.) 
-f«^be  J^1*™  SEC.  5.  And  be  it  further  enacted,  That  it  shall  be  law- 

otcttGS    EQ3.J     rC- 

funde™  debV  ^u*  ^or  *ne  United  States  to  pay  and  redeem  the  funded 
bank  &ma  ^eil  ^^  subscribed  to  the  capital  of  the  said  bank  at  the 
s?irver°etc a  n  d  rates  aforesaid,  in  such  sums,  and  at  such  times,  as  shall 
be  deemed  expedient,  any  thing  in  any  act  or  acts  of 
Congress  to  the  contrary  thereof  notwithstanding.  And 
it  shall  also  be  lawful  for  the  president,  directors,  and 
company,  of  the  said  bank,  to  sell  and  transfer  for  gold 
and  silver  coin,  or  bullion,  the  funded  debt  subscribed  to 
the  capital  of  the  said  bank  as  aforesaid:  Provided 
always,  That  they  shall  not  sell  more  thereof  than  the 
sum  of  two  millions  of  dollars  in  any  one  year;  nor  sell 
any  part  thereof  at  any  time  within  the  United  States, 
without  previously  giving  notice  of  their  intention  to  the 
Secretary  of  the  Treasury,  and  offering  the  same  to  the 
United  States  for  the  period  of  fifteen  days,  at  least,  at 
the  current  price,  not  exceeding  the  rates  aforesaid. 

ofTbteh?CTrteaars^     SEC>  6'  And  be  if;  further  enacted,  That  at  the  opening  of 

ury   to   sub-  subscription  to  the  capital  stock  of  the  said  bank,  the  Sec- 
scribe    on    be-  *  L 

Unifted0fstatese  retarv  °^  the  Treasury  shall  subscribe,  or  cause  to  be  sub- 
Ac-  scribed,  on  behalf  of  the  United  States,  the  said  number 
of  seventy  thousand  shares,  amounting  to  seven  millions 
of  dollars  as  aforesaid,  to  be  paid  in  gold  or  silver  coin,  or 
in  stock  of  the  United  States,  bearing  interest  at  the  rate 
of  five  per  centum  per  annum;  and  if  payment  thereof,  or 
of  any  part  thereof,  be  made  in  public  stock,  bearing  in- 
terest as  aforesaid,  the  said  interest  shall  be  payable  quar- 
terly, to  commence  from  the  time  of  making  such  pay- 
ment on  account  of  the  said  subscription,  and  the  principal 
of  the  said  stock  shall  be  redeemable  in  any  sums,  and  at 
any  periods,  which  the  Government  shall  deem  fit.  And 
the  Secretary  of  the  Treasury  shall  cause  the  certificates 


LAWS   CONCERNING    MONEY,    BANKING,   AND    LOANS.  299 

of  such  public  stock  to  be  prepared,  and  made  in  the 
usual  form,  and  shall  pay  and  deliver  the  same  to  the 
president,  directors,  and  company,  of  the  said  bank  on  the 
first  day  of  January,  one  thousand  eight  hundred  and 
seventeen,  which  said  stock  it  shall  be  lawful  for  the  said 
president,  directors,  and  company,  to  sell  and  transfer  for 
gold  and  silver  coin  or  bullion  at  their  discretion:  Pro- 
vided, They  shall  not  sell  more  than  two  millions  of  dol- 
lars thereof  in  any  one  year. 

SEC.  7.  And  be  it  further  enacted,  That  the  subscribers  The  s  u  b- 
to  the  said  Bank  of  the  United  States  of  America,  their  ban'k^incorpor6 
successors  and  assigns,  shall  be,  and  are  hereby,  created  a  at 
corporation  and  body  politic,  by  the  name  and  style  of 
"  The  President,  Directors,  and  Company,  of  the  Bank  of 
the  United  States,"  and  shall  so  continue  until  the  third 
day  of  March,  in  the  year  one  thousand  eight  hundred 
and  thirty-six,  and  by  that  name  shall  be.  and  are  hereby, 
made  able  and  capable,  in  law,  to  have,  purchase,  receive, 
possess,  enjoy,  and  retain,  to  them  and  their  successors, 
lands,  rents,  tenements,  hereditaments,  goods,  chattels  and 
effects,  of  whatsoever  kind,  nature,  and  quality,  to  an 
amount  not  exceeding,  in  the  whole,  fifty-five  millions  of 
dollars,  including  the  amount  of  the  capital  stock  afore- 
said ;  and  the  same  to  sell,  grant,  demise,  alien  or  dispose 
of;  to  sue  and  be  sued,  plead  and  be  impleaded,  answer 
and  be  answered,  defend  and  be  defended,  in  all  State 
courts  having  competent  jurisdiction,  and  in  any  circuit 
court  of  the  United  States:  and  also  to  make,  have,  and 
use,  a  common  seal,  and  the  same  to  break,  alter,  and  re- 
new, at  their  pleasure :  and  also  to  ordain,  establish,  and 
put  in  execution,  such  by-laws,  and  ordinances,  and  regu- 
lations, as  they  shall  deem  necessary  and  convenient  for 
the  government  of  the  said  corporation,  not  being  con- 
trary to  the  constitution  thereof,  or  to  the  laws  of  the 
United  States;  and  generally  to  do  and  execute  all  and 
singular  the  acts,  matters,  and  things,  which  to  thorn  it 
shall  or  may  appertain  to  do;  subject,  nevertheless,  to 
the  rules,  regulations,  restrictions,  limitations,  and  pro- 
visions, hereinafter  prescribed  and  declared. 

SEC.  8.  And  l>e  it  further  enacted*  That  for  the  man-     Twenty -five 

'  directors  ;     live 

agement  of  the  affairs  of  the  said  corporation,  there  shall  to  i)e  appointed 
be  twenty-five  directors,  five  of  whom,  being  stockholders,  ui'iit,  uc. 
shall    be    annually   appointed    by   the   President   of   the 
United  States,  by  and  with  the  advice  and  consent  of  tin; 
Seriate,  not  more  than  three  of  whom  shall  be  residents 


300  NATIONAL  MONETARY   COMMISSION. 

of  any  one  State ;  and  twenty  of  whom  shall  be  annually 
elected  at  the  banking  house  in  the  city  of  Philadelphia, 
on  the  first  Monday  of  January,  in  each  year,  by  the 
qualified  stockholders  of  the  capital  of  the  said  bank, 
other  than  the  United  States,  and  by  a  plurality  of  votes 
then  arid  there  actually  given,  according  to  the  scale  of 
voting  hereinafter  prescribed:  Provided  always.  That  no 
person,  being  a  director  in  the  Bank  of  the  United  States, 
or  any  of  its  branches,  shall  be  a  director  of  any  other 
concerning*' the  bank ;  and  should  any  such  director  act  as  a  director  in 
tc.0*  be  any  other  bank,  it  shall  forthwith  vacate  his  appointment 
in  the  direction  of  the  Bank  of  the  United  States.  And 
the  directors,  so  duly  appointed  and  elected,  shall  be 
capable  of  serving,  by  virtue  of  such  appointment  and 
choice,  from  the  first  Monday  in  the  month  of  January 
of  each  year,  until  the  end  and  expiration  of  the  first 
Monday  in  the  month  of  January  of  the  year  next  en- 
suing the  time  of  each  annual  election  to  be  held  by  the 
stockholders  as  aforesaid.  And  the  board  of  directors, 
annually,  at  the  first  meeting  after  their  election  in  each 
and  every  year,  shall  proceed  to  elect  one  of  the  directors 
to  be  president  of  the  corporation,  who  shall  hold  the 
said  office  during  the  same  period  for  which  the  direct- 
ors are  appointed  and  elected  as  aforesaid :  Provided  also, 
That  the  first  appointment  and  election  of  the  directors 
and  president  of  the  said  bank  shall  be  at  the  time 
and  for  the  period  hereinafter  declared:  And  provided 
also,  That  in  case  it  should  at  any  time  happen  that  an 
appointment  or  election  of  directors,  or  an  election  of  the 
president  of  the  said  bank,  should  not  be  so  made  as  to 
take  effect  on  any  day  when,  in  pursuance  of  this  act,  they 
ought  to  take  effect,  the  said  corporation  shall  not,  for 
that  cause,  be  deemed  to  be  dissolved;  but  it  shall  be 
lawful  at  any  other  time  to  make  such  appointments,  and 
to  hold  such  elections,  (as  the  case  may  be,)  and  the  man- 
ner of  holding  the  elections  shall  be  regulated  by  the  by- 
laws and  ordinances  of  the  said  corporation :  and  until 
such  appointments  or  elections  be  made,  the  directors  and 
president  of  the  said  bank,  for  the  time  being,  shall  con- 
tinue in  office:  And  provided  also,  That  in  case  of  the 
death,  resignation,  or  removal  of  the  president  of  the  said 
corporation,  the  directors  shall  proceed  to  elect  another 
president  from  the  directors  as  aforesaid:  and  in  case  of 
the  death,  resignation,  or  absence,  from  the  United  States, 
or  removal  of  a  director  from  office,  the  vacancy  shall  be 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  301 

supplied  by  the  President  of  the  United  States,  or  by  the 
stockholders,  as  the  case  may  be.  But  the  President  of 
the  United  States  alone  shall  have  power  to  remove  any 
of  the  directors  appointed  by  him  as  aforesaid. 

SEC.  9.  And  1e  it  further  enacted,  That  as  soon  as  the  t ,  ^aenne0rf  at^ 
sum  of  eight  millions  four  hundred  thousand  dollars  in  i^^'opf ration* 
gold  and  silver  coin,  and  in  the  public  debt,  shall  haveetc- 
been  actually  received  on  account  of  the  subscriptions  to 
the  capital  of  the  said  bank  (exclusively  of  the  subscrip- 
tion aforesaid,  on  the  part  of  the  United  States)  notice 
thereof  shall  be  given  by  the  persons  under  whose  super- 
intendence the  subscriptions  shall  have  been  made  at  the 
city  of  Philadelphia,  in  at  least  two  newspapers  printed  in 
each  of  the  places,  (if  so  many  be  printed  in  such  places 
respectively,)  where  subscriptions  shall  have  been  made, 
and  the  said  persons  shall,  at  the  same  time,  and  in  like 
manner,  notify  a  time  and  place  within  the  said  city  of 
Philadelphia,  at  the  distance  of  at  least  thirty  days  from 
the  time  of  such  notification,  for  proceeding  to  the  election 
of  twenty  directors  as  aforesaid,  and  it  shall  be  lawful 
for  such  election  to  be  then  and  there  made.  And  the 
President  of  the  United  States  is  hereby  authorized,  dur- 
ing the  present  session  of  Congress,  to  nominate,  and.  by 
and  with  the  advice  and  consent  of  the  Senate,  to  appoint, 
five  directors  of  the  said  bank,  though  not  stockholders, 
anything  in  the  provisions  of  this  act  to  the  contrary  not- 
withstanding; and  the  persons  who  shall  be  elected  and 
appointed  as  aforesaid,  shall  be  the  first  directors  of  the 
said  bank,  and  shall  proceed  to  elect  one  of  the  directors 
to  be  president  of  the  said  bank;  and  the  directors  and 
president  of  the  said  bank  so  appointed  and  elected  as 
aforesaid,  shall  be  capable  of  serving  in  their  respective 
office,  by  virtue  thereof,  until  the  end  and  expiration  of 
the  first  Monday  of  the  month  of  January  next  ensuing 
the  said  appointments  and  elections;  and  they  shall  then 
and  thenceforth  commence,  and  continue  the  operations 
of  the  said  bank,  at  the  city  of  Philadelphia. 

(Section  10  authorizes  the  directors  to  appoint  and 
govern  such  officers,  clerks,  and  servants  as  may  be  neces- 
sary for  executing  their  business.) 

SEC.  11.  And  le  it  further  enacted,  That  the  following  1|r{7t!,nljj™te<?tal 
rules,  restrictions,  limitations,  and  provisions,  shall  form 
and  be  fundamental  articles  of  the  constitution  of  the 
said  corporation,  to  wit : 


302  NATIONAL   MONETARY   COMMISSION. 

cerning8  voting  First.  The  number  of  votes  to  which  the  stockholders 
for  directors.  snall  be  entitled,  in  voting  for  directors,  shall  be  accord- 
ing to  the  number  of  shares  he,  she,  or  they,  respectively, 
shall  hold,  in  the  proportions  following,  that  is  to  say; 
for  one  share  and  not  more  than  two  shares,  one  vote; 
for  every  two  shares  above  two,  and  not  exceeding  ten,  one 
vote;  for  every  four  shares  above  ten,  and  not  exceeding 
thirty,  one  vote;  for  every  six  shares  above  thirty,  and 
not  exceeding  sixty,  one  vote ;  for  every  eight  shares  above 
sixty,  and  not  exceeding  one  hundred,  one  vote;  and  for 
every  ten  shares  above  one  hundred,  one  vote ;  but  no  per- 
son, co-partnership,  or  body  politic,  shall  be  entitled  to  a 
greater  number  than  thirty  votes;  and  after  the  first  elec- 
tion, no  share  or  shares  shall  confer  a  right  of  voting, 
which  shall  not  have  been  holden  three  calendar  months 
previous  to  the  day  of  election.  And  stockholders  actu- 
ally resident  within  the  United  States,  and  none  other, 
may  vote  in  elections  by  proxy. 
A  part  of  the  Second.  Xot  more  than  three-fourths  of  the  directors 

directors     a  p  - 

pointed  by  the  elected  bv  the  stockholders,  and  not  more  than  four-fifths 

stockholders  *•  ,  .  ' 

and   president, of  the  directors  appointed  bv  the  President  of  the  united 

alone  eligible  a  i         i      -n  i       •         «•  -i         • 

second  y  e  a  r ,  States,  who  shall  be  in  omce  at  the  time  ot  an  annual  elec- 
president   ai-tion,  shall  be  elected  or  appointed  for  the  next  succeeding 

ways  eligible.  i     iii     iii-        /E  xi          ±1 

year;  and  no  director  shall  hold  his  oihce  more  than  three 
years  out  of  four  in  succession  :  but  the  director  who  shall 
bo  the  president  at  the  time  of  an  election  may  always  be 
re-appointed,  or  re-elected,  as  the  case  may  bo. 
stockholders,      Third.  None  but  a  stockholder,  resident  citizen  of  the 

citizens,     may 

be    only    a  p- United  States,  shall  be  a  director:  nor  shall  a  director  be 

pointed    direct- 

ors.     Direct- 0iitit]Gd  to  anv  emoluments;  but  the  directors  mav  make 

ors  to  have  no  •  _  % 

compensation, such  compensation  to  the  president  for  his  extraordinary 

other   than   the 

president.         attendance  at  the  bank,  as  shall  appear  to  them  reason- 
able. 

seven  direc-     Fourtlt.  Not  loss  than  seven  directors  shall  constitute  a 
1'irs.    Including 
the    president, board  for  the  transaction  of  business,  of  whom  the  presi- 

may   constitute  .... 

a  i-oard.  dent  shall  always  be  one.  except  in  case  of  sickness  or 

iiow     ii  i  s  nocessarv  absence:  in  which  case  his  place  mav  be  sup- 

plnco     Is     sup-       .  .  .    .' 

piled  in  case  of  pjicd  j)V  anv  other  director  whom  ho.  by  writing,  under 

absence  or  sick-      .  '  '  *  . 

»ess.  ]iis  hand,  shall  depute  for  that  purpose.     And  the  director 

so  deputed  may  do  and  transact  all  the  necessary  business, 
belonging  to  the  oflico  of  the  president  of  the  said  cor- 
poration, during  the  continuance  of  the  sickness  or  neces- 
sary absence  of  the  president. 


LAWS   CONCEENING    MONEY,    BANKING,    AND    LOANS.  303 

Fifth.  A  number  of  stockholders,  not  less  than  sixty,  ,  General  meet- 

'  J  '  ing      of      the 

who,  together,  shall  be  proprietors  of  one  thousand  shares  stockholders, 
-  '  .  howtobe 

or  upwards,  shall  have  power  at  any  time  to  call  a  general  called. 

meeting  of  the  stockholders,  for  purposes  relative  to  the 
institution,  giving  at  least  ten  weeks'  notice  in  two  public 
newspapers  of  the  place  where  the  bank  is  seated,  and 
specifying  in  such  notice  the  object  or  objects  of  such 
meeting. 

Sixth.  Each  cashier  or  treasurer,  before  he  enters  upon  .  Cn*h  'er  to. 

"  *•         give  bonds  and 

the  duties  of  his  office,  shall  be  required  to  give  bond,  with  securlty- 
two  or  more  sureties,  to  the  satisfaction  of  the  directors, 
in  a  sum  not  less  than  fifty  thousand  dollars,  with  a  con- 
dition for  his  good  behaviour,  and  the  faithful  perform- 
ance of  his  duties  to  the  corporation. 
Seventh.  The    lands,    tenements,    and    hereditaments,    Limitation 

'  concerning,  and 

which  it  shall  be  lawful  for  the  said  corporation  to 


shall  be  only  such  as  shall  be  requisite  for  its  immediate  J^^  ™1feycobr(: 
accommodation  in  relation  to  the  convenient  transacting  poration. 
of  its  business,  and  such  as  shall  have  been  bona  fide  mort- 
gaged to  it  by  way  of  security,  or  conveyed  to  it  in  satis- 
faction of  debts  previously  contracted  in  the  course  of  its 
dealings,  or  purchased  at  sales,  upon  judgments  which 
shall  have  been  obtained  for  such  debts. 

Eighth.  The  total  amount  of  debts  which  the  said  cor-     Maximum  of 

.  .  .,,   debts  which  the 

poration  shall  at  anv  time  owe,  whether  by  bond,  bill,  corporation 

"  '  may      at      one 

note,  or  other  contract,  over  and  above  the  debt  or  debts  time  contract. 

due  for  money  deposited  in  the  bank,  shall  not  exceed  the 

sum  of  thirty-five  millions  of  dollars,  unless  the  contract- 

ing of  any  greater  debt  shall  have  been  previously  author- 

ized by  law  of  the  United  States.     In  case  of  excess,  the   Bj<|  ™tj|ead£ 

directors  under  whose  administration  it  shall  happen,  rotors    under 

1  L          whose  admmis- 

shall  be  liable  for  the  same  in  their  natural  and  private  tration  an  ex- 

cess  of   debt 

capacities:  and  an  action  of  debt  may  in  such  case  be^i1    be    cr°- 

ated. 

brought  against  them,  or  any  of  them,  their  or  any  of 
their  heirs,  executors,  or  administrators,  in  any  court  of 
record  of  the  United  States,  or  either  of  them,  by  any 
creditor  or  creditors  of  the  said  corporation,  and  may  bo 
prosecuted  to  judgment  and  execution,  any  condition,  cov- 
enant. or  agreement  to  the  contrary  notwithstanding. 
But  this  provision  shall  not  be  construed  to  exempt  the, 
said  corporation  or  the  lands,  tenements,  goods,  or  chat- 
tels of  the  same  from  being  also  liable  for,  and  chargeable 
with,  the  said  excess. 

Such  of  the  said  directors,  who  may  have  been  absent  S(,lI1!i''i,!'[n"(;'11^; 
when  the  said  excess  was  contracted  or  created,  or  \vho  "'L  "x''"1'llt'd- 


304  NATIONAL   MONETARY   COMMISSION. 

may  have  dissented  from  the  resolution  or  act  whereby  the 
same  was  so  cdntracted  or  created,  may  respectively  exon- 
erate themselves  from  being  so  liable,  by  forthwith  giving 
notice  of  the  fact,  and  of  their  absence  or  dissent,  to  the 
President  of  the  United  States,  and  to  the  stockholders,  at 
a  general  meeting,  which  they  shall  have  power  to  call  for 
that  purpose. 

in  what  the     Ninth.  The  said  corporation  shall  not,  directlv  or  indi- 
oorpo  ration  . 

m  n  y  transact  rectlv.  deal  or  trade  in  anv  thing  except  bills  of  exchange. 

business     and*  . 

trade.  gold  or  silver  bullion,  or  in  the  sale  of  goods  really  and 

truly  pledged  for  money  lent  and  not  redeemed  in  due 
time,  or  goods  which  shall  be  the  proceeds  of  its  lands.  It 
shall  not  be  at  liberty  to  purchase  any  public  debt  what- 
soever, nor  shall  it  take  more  than  at  the  rate  of  six  per 
centum  per  annum  for  or  upon  its  loans  or  discounts. 

iDg0acnertCaTn  Tenth.  No  loan  shall  be  made  by  the  said  corporation, 
the  ^or  *ne  use  or  on  account  °f  the  Government  of  the  United 


MI  ATc6!!1  i  n  £  States,  to  an  amount  exceeding  five  hundred  thousand 

eitatestates  but^°^ars'  or  °^  an-   particular  State,  to  an  amount  exceed- 

by  acts  of  con-  iRg  fifty  thousand  dollars,  or  of  any  foreign  prince  or 

state,  unless  previously  authorized  by  a  law  of  the  United 

States. 

Rules  to  be     Eleventh.  The  stock  of  the  said  corporation  shall  be  as- 
prescribed    for    .,,  ,  cii 

making   the  signable  and  transferable,  according  to  such  rules  as  shall 

stock     assign-         .         .  1-1         iiici         11 

able.  be  instituted  in  that  behalf,  by  the  laws  and  ordinances  of 

the  same. 
The  bins  ob-     Twelfth.  The  bills,  obligatory  and  of  credit,  under  the 

llgatory  and  of  '  .  .  . 

credit,     under  ^3]  of  the  said  corporation,  which  shall  be  made  to  anv 

the  seal  of  the  . 

corporation;  pcrson  or  persons,  shall   be  assignable  by  endorsement 

h  o  w       assign   x 

ahie.  thereupon,  under  the  hand  or  hands  of  such  person  or 

persons,  and  his.  her.  or  their  executors  or  administrators, 
and  his.  her  or  their  assignee  or  assignees,  and  so  as  ab- 
solutely to  transfer  and  vest  the  property  thereof  in  each 
and  every  assignee  or  assignees  successively,  and  to  en- 
able such  assignee  or  assignees,  and  his.  her  or  their  ex- 
ecutors or  administrators,  to  maintain  an  action  thereupon 
Proviso.  in  his.  her.  or  their  own  name  or  names:  Provided,  That 
said  corporation  shall  not  make  any  bill  obligatory,  or  of 
credit,  or  other  obligation  under  its  seal  for  the  payment 
of  a  sum  less  than  live  thousand  dollars.  And  the  bills 
or  notes  which  in;'v  be  issued  by  order  of  the  said  corpo- 
ration. signed  by  'the  president,  and  countersigned  by  the 
principal  cashier  or  treasurer  thereof,  promising  the  pay- 
ment of  money  to  any  person  or  persons,  his.  her  or  their 
order,  or  to  bearer,  although  not  under  the  seal  of  the  said 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  305 

corporation,  shall  be  binding  and  obligatory  upon  the 
same,  in  like  manner,  and  with  like  force  and  effect,  as 
upon  any  private  person  or  persons,  if  issued  by  him, 
her  or  them,  in  his,  her  or  their  private  or  natural  ca- 
pacity or  capacities,  and  shall  be  assignable  and  negoti- 
able in  like  manner  as  if  they  were  so  issued  by  such 
private  person  or  persons;  that  is  to  say,  those  which 
shall  be  payable  to  any  person  or  persons,  his,  her  or  their 
order,  shall  be  assignable  by  endorsement,  in  like  man- 
ner, and  with  the  like  effect  as  foreign  bills  of  exchange 
now  are;  and  those  which  are  payable  to  bearer  shall  be 
assignable  and  negotiable  by  delivery  only:  Provided,  Proviso. 
That  all  bills  or  notes,  so  to  be  issued  by  said  corporation, 
shall  be  made  payable  on  demand,  other  than  bills  or 
notes  for  the  payment  of  a  sum  not  less  than  one  hundred 
dollars  each,  and  payable  to  the  order  of  some  person  or 
persons,  which  bills  or  notes  it  shall  be  lawful  for  said 
corporation  to  make  payable  at  any  time  not  exceeding 
sixty  days  from  the  date  thereof. 

Thirteenth.  Half  yearly  dividends  shall  be  made  of    Half   yearly 
so  much  of  the  profits  of  the  bank  as  shall  appear  to  the  made. 
directors  advisable;   and  once  in  every  three  years  the 
directors  shall  lay  before  the  stockholders,  at  a  general 
meeting,  for  their  information,  an  exact  and  particular    A  statement 
statement  of  the  debts  which  shall  have  remained  unpaid  of  the  compa'ny 
after  the  expiration  of  the  original  credit,  for  a  period  fore  the  stock- 
of  treble  the  term  of  that  credit,  and  of  the  surplus  of  the 
profits,  if  any,  after  deducting  losses  and  dividends.     If    Delinquent 
there  shall  be  a  failure  in  the  payment  of  any  part  of  any  foVefVheS'oneflt 
sum  subscribed  to  the  capital  of  the  said  bank,  by  any0 
person,  co-partnership  or  body  politic,  the  party  failing 
shall  lose  the  benefit  of  any  dividends  which  may  have 
accrued  prior  to  the  time  for  making  such  payment,  and 
during  the  delay  of  the  same. 

Fourteenth.  The  directors  of  the  said  corporation  shall    offices  to  i>e 
establish  a  competent  office  of  discount  and  deposit  in  the  die'  District  of 

TA-    i    •    j.       j«    /-«    i         i  •  J-    ji        TT    -i      ••  Columbia    and 

District  of  Columbia,  whenever  any  law  of  the  United  the  several 
States  shall  require  such  an  establishment;  also  one  such authori/Wi  and 

/*.  n    -i-  -.     -.  .,    •  Cij  •  i   •    i      ,          required  by  law. 

olnce  or  discount  and  deposit  in  any  State  in  which  two 
thousand  shares  shall  have  been  subscribed  or  may  bo 
held,  whenever,  upon  application  of  the  legislature  of 
such  State,  Congress  may.  by  law,  require  the  same:  P/<>-  i 
rif'/eiJ.  The  directors  aforesaid  shall  not  be  bound  1o  es- 
tablish such  office  before  the  whole  of  the  capital  of  the 


306  NATIONAL   MONETARY   COMMISSION. 

bank  shall  have  been  paid  up.  And  it  shall  be  lawful  for 
the  directors  of  the  said  corporation  to  establish  offices 
of  discount  and  deposit,  wheresoever  they  shall  think  fit, 
within  the  United  States  or  the  Territories  thereof,  and 
to  commit  the  management  of  the  said  offices,  and  the 
business  thereof,  respectively  to  such  persons,  and  under 
such  regulations  as  they  shall  deem  proper,  not  being 
contrary  to  law  or  the  constitution  of  the  bank.  Or  in- 
stead of  establishing  such  offices,  it  shall  be  lawful  for 
the  directors  of  the  said  corporation,  from  time  to  time. 
to  employ  any  other  bank  or  bank's,  to  be  first  approved 
by  the  Secretary  of  the  Treasury,  at  any  place  or  places 
that  they  may  deem  safe  and  proper,  to  manage  and 
transact  the  business  proposed  as  aforesaid,  other  than 
for  the  purposes  of  discount,  to  be  managed  and  trans- 
acted by  such  offices,  under  such  agreements,  and  subject 
to  such  regulations,  as  they  shall  deem  just  and  proper. 

Xot  more  than  thirteen  nor  less  than  seven  managers 
or  directors,  of  every  office  established  as  aforesaid,  shall 
be  annually  appointed  by  the  directors  of  the  bank,  to 
serve  one  year;  they  shall  choose  a  president  from  their 
own  number  ;  each  of  them  shall  be  a  citizen  of  the  United 
States,  and  a  resident  of  the  State.  Territory  or  District, 
wherein  such  office  is  established;  and  not  more  than 
three-fourths  of  the  said  managers  or  directors,  in  office 
at  the  time  of  an  annual  appointment,  shall  be  re-ap- 
pointed for  the  next  succeeding  year;  and  no  director 
shall  hold  his  office  more  than  three  years  out  of  four,  in 
succession  ;  but  the  president  may  be  always  re-appointed. 
secretary  of  Fifteenth.  The  officer  at  the  head  of  the  Treasury  De- 

the   Treasury 

authorized  to  partment  of  the  United  States  shall  be  furnished,  from 

call    upon    the    .  .  . 

bank    for    a  time  to  time,  as  otten  as  he  mav  require,  not  exceeding 

statement,  not  '  •  .     " 

exceeding    a  once  a  week,  with  statements  of  the  amount  or  the  capital 

wc**k  1  v   oiio    of 

its  concerns',  stock  of  the  said  corporation  and  of  the  debts  due  to  the 
same:  of  the  moneys  deposited  therein;  of  the  notes  in 
circulation,  and  of  the  specie  in  hand:  and  shall  have  a 
right  to  inspect  such  general  accounts  in  the  books  of  the 
Proviso.  bank  as  shall  relate  to  the  said  statement:  Provided,  That 
this  shall  not  be  construed  to  imply  a  right  of  inspecting 
the  account  of  any  private  individual  or  individuals  with 
the  bank. 


er*utsta  nfizen     Sixteenth.  No  stockholder,  unless  he  be  a  citizen  of  the 
Sfa/11^!^.'?!  United  States,  shall  vote  in  the  choice  of  directors. 

oTmeji  niti\  \  o  i  e 

in  choice  of  directors. 

NO  smaller     Seventeenth.  No  note  shall  be  issued  of  less  amount 

notes    than    $5  _          ,    ... 

to  be  issued,     than  nve  dollars. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  307 

(Sections  12  and  13  prescribe  the  penalties  to  be  im- 
posed in  case  the  corporation,  or  any  person  to  its  use, 
shall  deal  in  goods,  wares,  or  merchandise  contrary  to  the 
provisions  of  this  act,  or  shall  lend  any  sum  of  money  for 
the  use  of  the  Government  of  the  United  States,  or  of  any 
particular  State,  or  any  foreign  prince  or  State,  except  as 
allowed  above,  and  without  being  previously  authorized 
thereto  by  law.) 

SEC.  14.  And  be  it  further  enacted.  That  the  bills  or     Notes  of  the 

„  ,.  .,  •      ,.  •    •       11  bank  receivable 

notes  or  the  said  corporation  originally  made  payable,  or  m  payments  of 
which  shall  have  become  payable  on  demand,  shall  be  re-  United  states, 

until   etc. 

ceivable  in   all   payments  to  the  United   States,  unless     Repealed, 
otherwise  directed  by  act  of  Congress. 

SEC.  15.  And  be  it  further  enacted.  That  during  the     The  bank  to 

.  •       1    i  £ive  the  neces- 

continuance  of  this  act,  and  whenever  required  by  theory  facilities 

.  ".without   any 

Secretary  or  the  Treasury,  the  said  corporation  shall  give  charge,  .for 
the  necessarv  facilities  for  transferring  the  public  funds  the  funds  of 

the  United 

from  place  to  place,  within  the  United  States,  or  the  Ter-  states  to  dif- 

,,  f  ,     ,          v    ,    .,      ,.  ,,  .  ferent    quar- 

ritories  thereof,  and  lor  distributing  the  same  in  pay-  ters. 
ment  of  the  public  creditors,  without  charging  commis- 
sions or  claiming  allowance  on  account  of  difference  of 
exchange,  and  shall  also  do  and  perform  the  several  and 
respective  duties  of  the  commissioners  of  loans  for  the 
several  States,  or  of  any  one  or  more  of  them,  whenever 
required  by  law. 

SEC.  16.  And  be  it  further  cnatced.  That  the  deposits    Deposits  of 

.  .         ,  -11       the  public  mon- 

oi  the  money  of  the  United  States,  in  places  in  which  the  ?ys  to  be  made 
said  bank  and  branches  thereof  mav  be  established,  shall  its  branches,  or 

,.  '-iii  i*  c  i  -I  '      ci  *b-e    lieasons    to 

be  made  in  said  bank  or  branches  thereof,  unless  the  Sec-  be  laid  before 

.  Congress  by  the 

retarv  of  the  Treasury  shall  at  any  time  otherwise  order  secretary  of 

11-  •  1-1  j.1         Ci  J-    1.1         m  the     Tl>easl"T 

and  direct;  in  which  case  the  Secretary  of  the  Ireasuryfor  its  not  be- 
shall  immediately  lay  before  Congress,  if  in  session,  and 
if  not,  immediately  after  the  commencement  of  the  next 
session,  the  reasons  of  such  order  or  direction. 

SEC.  17.  And  be  it  further  enacted,  That  the  said  cor-  M.^"i[)ft"^af1I.o°m 
poration  shall  not  at  any  time  suspend  or  refuse  payment  "^j^"/^"!; 
in  gold  and  silver,  of  anv  of  its  notes,  bills  or  obligations;  specie,  by  being 

J  t  '  made  cbarge- 

nor  of  any  monevs  received  upon  deposit  in  said  bank,  or  »1)lc  wi,th'lie 

J,  '  .  .  payment  of  in- 

in  any  of  its  offices  of  discount  and  deposit.    And  if  theterestat  the 

J  rate  of   \2   per 

said  corporation  shall  at  any  time  refuse  or  neglect  to  pay  j' <•  "  l  i)L>r  aQ- 
on  demand  any  bill,  note  or  obligation  issued  by  the  cor- 
poration, according  to  the  contract,  promise  or  undertak- 
ing therein  expressed;  or  shall  neglect  or  refuse  to  pay  on 
demand  any  moneys  received  in  said  bank,  or  in  any  of  its 
offices  aforesaid,  on  deposit,  to  the  person  or  persons  en- 


NATIONAL   MONETARY   COMMISSION. 

titled  to  receive  the  same,  then,  and  in  every  such  case, 
the  holder  of  any  such  note,  bill,  or  obligation,  or  the  per- 
son or  persons  entitled  to  demand  and  receive  such  moneys 
as  aforesaid,  shall  respectively  be  entitled  to  receive  and 
recover  interest  on  the  said  bills,  notes,  obligations  or 
moneys,  until  the  same  shall  be  fully  paid  and  satisfied, 
at  the  rate  of  twelve  per  centum  per  annum  from  the  time 

Proviso.  of  such  demand  as  aforesaid;  Provided,  That  Congress 
may  at  any  time  hereafter  enact  laws  enforcing  and  regu- 
lating the  recovery  of  the  amount  of  the  notes,  bills,  ob- 
ligations or  other  debts,  of  which  payment  shall  have 
been  refused  as  aforesaid,  with  the  rate  of  interest  above 
mentioned,  vesting  jurisdiction  for  that  purpose  in  any 
courts,  either  of  law  or  equity,  of  the  courts  of  the  United 
States,  or  Territories  thereof,  or  of  the  several  States,  as 
they  may  deem  expedient. 

(Sections  18  and  19  prescribe  the  penalties  for  forg- 
ing, counterfeiting,  or  altering  bills  or  notes  of  the  bank 
or  checks  drawn  upon  it,  and  for  passing  any  forged, 
counterfeited,  or  altered  bill,  note,  or  check,  and  also  for 
engraving  any  plate  to  be  used  in  forging  or  counterfeit- 
ing, or  having  in  possession  any  such  plate  or  blank  notes 
in  the  similitude  of  those  issued  by  the  corporation,  or 
any  paper  for  use  in  counterfeiting.) 

Bonus  to  be     SEC.  20.  And  be  it  further  enacted.  That  in  considera- 

p  a i d     to     the    .  .          '    . 

united  states  tion  of  the  exclusive  privileges  and  benefits  conferred  bv 

for    this    char-  .  l  c 

ter.  this  act,  upon  the  said  bank,  the  president,  directors,  and 

company  thereof,  shall  pay  to  the  United  States,  out  of 
the  corporate  funds  thereof,  the  sum  of  one  million  and 
five  hundred  thousand  dollars,  in  three  equal  payments; 
that  is  to  say:  five  hundred  thousand  dollars  at  the  ex- 
piration of  two  years;  five  hundred  thousand  dollars  at 
the  expiration  of  three  years;  and  five  hundred  thousand 
dollars  at  the  expiration  of  four  years  after  the  said  bank 
shall  be  organized,  and  commence  its  operations  in  the 
manner  herein  before  provided. 
congress  to  gEC.  21.  And  be  it  further  enacted.  That  no  other  bank 

establish    no  .  ' 

other  bank  ex- shall  be  established  bv  anv  future  law  of  the  United  States 

copt  in  the  I)is-  .  .  •  . 

trict  of  Coium- during  the  continuance  of  the  corporation  hereby  created, 
for  which  the  faith  of  the  United  States  is  hereby  pledged. 
Provided,  Congress  may  renew  existing  charters  for  banks 
in  the  District  of  Columbia,  not  increasing  the  capital 
thereof,  and  may  also  establish  any  other  bunk  or  banks 
in  said  district,  with  capitals  not  exceeding,  in  the  whole, 
six  millions  of  dollars,  if  they  shall  deem  it  expedient. 


LAWS   CONCERNING    MONEY,    BANKING,   AND   LOANS.  309 

And,  notwithstanding  the  expiration  of  the  term  for 
which  the  said  corporation  is  created,  it  shall  be  lawful  to 
use  the  corporate  name,  style,  and  capacity,  for  the  pur-  Authority  to 

"  •/      '  r          j  ^        ^  i  use  tue  name  or 

pose  of  suits  for  the  final  settlement  and  liquidation  of"16  corpora- 
tion,   etc.,    for 

the  affairs  and  accounts  of  the  corporation,  and  for  the  ^°  y**r*  «fter 

'  the   c  hart  c  r 

sale  and  disposition  of  their  estate,  real,  personal,  and  sha11  expire. 
mixed:  but  not  for  any  other  purpose,  or  in  any  other 
manner  whatsoever,  nor  for  a  period  exceeding  two  years 
after  the  expiration  of  the  said  term  of  incorporation. 

SEC.  22.  And  5e  it  further  enacted.  That  if  the  subscrip-    Limitation  of 

'  '  time  prescribed 

tions  and  payments  to  said  bank  shall  not  be  made  and  for  the.  tank's 
r  J  going  into  op- 

completed  so  as  to  enable  the  same  to  commence  its  opera-  eration. 

tions,  or  if  the  said  bank  shall  not  commence  its  opera- 
tions on  or  before  the  first  Monday  in  April  next,  then, 
and,  in  that  case,  Congress  may,  at  any  time,  within 
twelve  months  thereafter,  declare,  by  law,  this  act  null 
and  void. 

SEC.  23.  And  be  it  further  enacted.  That  it  shall,  at  all    committees 

'  .  '  "of  either  house 

times,  be  lawful,  for  a  committee  of  either  house  of  Con-of    Congress 

7  .  may  inspect  the 

gress,  appointed  ror  that  purpose,  to  inspect  the  books,  hooks,  etc.,  of 

,  ..  L     •  <•    i  •      tbe  bank- 

and  to  examine  into  the  proceedings  of  the  corporation     For  what 

hereby  created,  and  to  report  wrhether  the  provisions  of 
this  charter  have  been,  by  the  same,  violated  or  not ;  and 
whenever  any  committee,  as  aforesaid,  shall  find  and 
report,  or  the  President  of  the  United  States  shall  have 
reason  to  believe  that  the  charter  has  been  violated,  it  may 
be  lawful  for  Congress  to  direct,  or  the  President  to  order 
a  scire  facias  to  be  sued  out  of  the  circuit  court  of  the 
district  of  Pennsylvania,  in  the  name  of  the  United  States, 
(which  shall  be  executed  upon  the  president  of  the  cor- 
poration for  the  time  being,  at  least  fifteen  days  before 
the  commencement  of  the  term  of  said  court.)  calling  on 
the  said  corporation  to  show  cause  wherefore  the  charter 
hereby  granted,  shall  not  be  declared  forfeited;  and  it 
shall  be  lawful  for  the  said  court,  upon  the  return  of  the 
said  scire  facias,  to  examine  into  the  truth  of  the  alleged 
violation,  and  if  such  violation  be  made  appear,  then  to 
pronounce  and  adjudge  that  the  said  charter  is  forfeited 
and  annulled.  Provided,  ho-wever,  Every  issue  of  fact  Proviso. 
which  may  be  joined  between  the  United  States  and  the 
corporation  aforesaid,  shall  be  tried  by  a  jury.  And  it 
shall  be  lawful  for  the  court  aforesaid  to  require  the  pro- 
duction of  such  of  the  books  of  the  corporation  as  it  may 
deem  necessary  for  the  ascertainment  of  the  controverted 
facts:  and  the  final  judgment  of  the  court  aforesaid,  shall 
be  examinable  in  the  Supreme  Court  of  the  United  States. 


310  NATIONAL  MONETARY  COMMISSION. 

by  writ  of  error,  and  may  be  there  reversed  or  affirmed, 
according  to  the  usages  of  law. 

Approved,  April  10,  1816. 

(Paragraph  X  of  section  11  of  this  act  provides  that 
no  loans  shall  be  made  by  the  bank  for  the  use  of  the 
Government  of  the  United  States  to  an  amount  exceeding 
five  hundred  thousand  dollars,  but  subsequent  acts  giving 
authority  for  the  borrowing  of  money  authorize  the  bank 
to  loan  the  amounts  notwithstanding  the  said  prohibition. 
See  act  of  May  15,  1820,  chap.  103,  sec.  2,  vol.  3,  Stat.  L., 
p.  583;  act  of  March  3,  1821.  chap.  38,  sec.  2,  vol.  3,  Stat. 
L.,  p.  636 ;  act  of  May  24,  1824,  chap.  140,  sec.  1,  vol.  4, 
Stat.  L.,  p.  33 ;  act  of  May  26,  1824,  chap.  192,  sec.  2,  vol. 
4,  Stat.  L.,  p.  74;  act  of  March  3,  1825,  chap.  100,  sec.  2, 
vol.  4,  Stat.  L..  p.  129.) 

NOTE.— By  the  act  of  March  3,  1819  (3  Stat.  L.,  508),  the  pro- 
visions of  the  above  act  which  relate  to  the  right  of  voting  for 
directors  are  enforced,  by  prescribing,  in  every  case  where  more 
than  thirty  votes  are  offered  by  any  one  person,  oaths  as  to  the 
actual  ownership  of  the  shares,  to  be  taken  by  the  person  offering 
the  votes  and  by  the  signer  of  any  proxy.  And  the  same  act 
provides  against  the  bribery  by  gift  or  promise  of  the  president  or 
either  of  the  directors  of  the  bank,  or  of  either  of  its  branches,  in 
any  matter  coming  before  the  said  president  and  directors  for 
decision,  by  making  the  briber  and  the  person  bribed  punishable 
on  conviction  by  fine  and  imprisonment  at  the  discretion  of  the 
court,  and  further  disqualifies  them  from  holding  any  office  of 
trust  or  profit  under  the  corporation,  or  any  office  of  honor,  trust, 
or  profit  under  the  United  States. 
3  Stat  L.,  NOTE.— The  act  of  April  20,  1836  (5  Stat.  L.,  16),  repealed  all 

2  DO. 

laws  authorizing  or  requiring  the  Bank  of  the  United  States  to 
pay  pensions. 

(The  act  of  June  23,  1836  (5  Stat.  L.,  56,  see  page  322), 
authorized  the  Secretary  of  the  Treasury  to  act  as  the 
agent  of  the  United  States  in  all  matters  relating  to  their 
stock  in  the  Bank  of  the  United  States.) 

(The  resolution  of  March  3,  1837  (5  Stat.  L.,  200),  au- 
thorized the  Secretary  of  the  Treasury  to  accept  the  pro- 
posed settlement  of  the  Bank  of  the  United  States,  under 
the  Pennsylvania  charter,  for  the  stock  of  the  United 
States  in  the  Bank  of  the  United  States.) 

(The  act  of  March  2,  1838  (5  Stat.  L.,  211),  provided 
for  the  prevention  of  the  abatement  of  suits,  etc..  in  which 
the  late  Bank  of  the  United  States  was  a  party.) 

(The  act  of  July  7,  1838  (5  Stat.  L.,  296),  authorized 
the  Secretary  of  the  Treasury  to  sell  the  two  bonds  held 
by  the  United  States  against  the  Bank  of  the  United 
States  chartered  by  Pennsylvania.) 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  311 

ACT  OF  MARCH  3,  1817. 

CHAP.  XXXVIII. — An  act   transferring   the   duties   of  36|   stat    L- 
commissioner  of  loans  to  the  Bank  of  the  United  States, 
and  abolishing  the  office  of  commissioner  of  loans. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  assem- 
bled. That  the  Bank  of  the  United  States,  and  its  several  The  Bank  of 

.  the  United 

branches,  shall  be,  and  they  are  hereby,  required  to  do  states,  etc..  to 

'  ••    -i       •  ft  .      .     '  p  perform  thedu- 

and  perform  the  several  duties  of  commissioners  of  loans  ties  of  commis- 
for  the  several   States;    and   the   Bank   of  the  United  loans- 
States  and  its  several  branches,  and  such  State  banks  as 
the  Bank  of  the  United  States  may  employ  in  those  States 
where  no  branch  bank  shall  be  established,  shall  observe 
and  conform  to  the  directions  which  have  been  or  may 
hereafter  be  prescribed  by  the  Secretary  of  the  Treasury, 
with  the  approbation  of  the  President  of  the  United 
States,  touching  the  execution  of  the  duties  aforesaid. 

SEC.  2.  And  be  it  further  enacted,  That  all  such  duties 
and  acts  as  are  now  done  and  performed  by  the  commis- 
sioners of  loans,  in  transferring  stock  from  the  books  of 
one  loan  office  to  another,  or  to  the  books  of  the  Treas- 
ury, or  from  the  books  of  the  Treasury  to  the  books  of 
the  loan  offices,  shall  be  done  and  performed  by  the  presi- 
dent of  the  Bank  of  the  United  States,  the  president  of 
the  several  branches  of  the  said  bank,  and  by  the  presi- 
dent of  such  State  banks  as  the  Bank  of  the  United 
States  may  employ,  (in  States  where  no  branch  of  the 
United  States  Bank  shall  be  established:)  and  the  acts  of 
the  presidents  aforesaid  shall  be  countersigned  by  the 
cashiers  of  those  banks  respectively. 

SEC.  3.  And  be  it  further  enacted,  That  it  shall  be  the     The  secre- 

'  taryofthe 

duty  of  the  Secretary  of  the  Treasury  to  notify  the  presi-  Treasury   to 

J  "  "  "  notify    the 

dent  of  the  Bank  of  the  United  States,  that  the  duties  president  of 

"  '  theBank  of  the 

now  performed  by  the  commissioners  of  loans  will  be  rnitcd  states. 
transferred  to  the  Bank  of  the  United  States,  and  he  shall 
direct  the  commissioners  of  loans  and  the  agents  for  mili- 
tary pensions,  where  there  is  no  commissioner,  respec- 
tively, in  the  several  States,  to  deliver  to  the  president  of 
the  Bank  of  the  United  States,  or  to  the  president  of  a 
branch  thereof,  or  to  the  president  of  such  State  bank  as 
the  Bank  of  the  United  States  may  employ,  on  such  day 
or  days  as  he  may  designate,  the  register,  and  all  (he  rec- 
ords and  papers  of  their  respective  offices;  ami  it  sluill  be 


312  NATIONAL   MONETARY  COMMISSION. 

the  duty  of  the  said  commissioners  of  loans  and  agents 
for  pensioners  to  comply  with  the  said  direction,  and  also 
to  take  duplicate  receipts  for  the  delivery  of  the  rec- 
ords and  papers  herein  described,  one  of  which  shall  be 
transmitted,  without  delay,  to  the  Secretary  of  the  Treas- 
Proviso ;  as  ury :  Provided,  however.  That  the  Secretary  of  the  Treas- 

to     the     time,       J  .    '  '.         ...          ,,       ~          ,  I.-T 

etc.  ury  may  designate  such  time  before  the  first  day  of  Janu- 

ary, one  thousand  eight  hundred  and  eighteen,  for  the 
performance  of  the  duties  aforesaid,  as  the  public  con- 
Proviso ;  as  venience  will  permit :  And  provided  also.  That  this  act 

toStates  where  '  .       j  .  ,    ,.  .,., 

no  banks  are  shall  not  be  construed  to  extend  to  any  agent  for  military 

established    by  .  .  ,  ,  .    *       °        ,  ...  ,     " 

law.  pensions  in  any  State  where  there  is  no  bank  established 

by  law. 
offlceofcom-     gEC<  4.  And  l>e  it  further  enacted.  That  the  office  of 

missioner       of  '  / 

loans  abolished,  commissioner  of  loans,  upon  the  delivery  of  the  records 
and  papers,  as  herein  required,  to  the  Bank  of  the  United 
States,  or  its  branches,  or  to  the  State  banks  employed  by 
the  Bank  of  the  United  States  in  those  States  where  there 
may  be  no  branch,  shall  be,  and  hereby  is,  abolished ;  and 
the  pay  and  emoluments  of  the  said  commissioners  of 
loans,  and  the  clerks  and  persons  employed  by  them, 
after  such  delivery,  shall  respectively  cease  and  deter- 
mine. 

thtnp  r  ?m  p°t     SEC.  5.  And  be  it  further  enacted,  That  the  act,  entitled 
settlement    of  »^n  act  for  the  prompt  settlement  of  public  accounts," 

public  accounts  L  L  *•  ' 

!u   o°,rce«  £rom  shall  commence,  and  be  in  force,  on  and  after  the  third 

the  od  of  Mar.,  .  " 

i81.7-.  dav  of  this  instant,  March,  anv  thing  in  the  aforesaid  act 

Act  of  Mar.        *  .  . 

a,  1817,  ch.  45.  to  the  contrary  notwithstanding. 
Approved,  March  3,  1817. 

ACT  OF  MARCH  3,  1817. 

s  stat.  L.,  CHAP.  XCIII. — An  act  to  incorporate  the  subscribers  to 
certain  batiks  in  the  District  of  Columbia,  and  to  pre- 
vent the  circulation  of  the  notes  of  unincorporated 
associations  irithin  the  said  district. 

(Sections  1  to  13  provide  for  the  incorporation  of  the 
Farmers'  and  Mechanics'  Bank  of  Georgetown  and  pre- 
scribes rules,  etc. 

(Section  14  provides,  among  other  things,  that  the  bank 
shall,  in  no  case,  buy  and  sell  the  funded  debt  of  the 
United  States. 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  313 

(Sections  23,  24,  25,  26,  and  27  .apply  said  rules,  etc.. 
to  other  banks  in  Washington,  Georgetown,  and  Alexan- 
dria.) 

ACT  OF  MARCH  3,  1825. 

CHAP.  LXV.  —  An  Act  more  effectually  to  provide  for  the     4    stat.   L., 
punishment  of  certain  crimes  against  the  United  States, 
and  for  other  purposes. 


SEC.  17.  And  be  it  further  enacted,  That,  if  any  person  f^Sr  notes 
or  persons  shall  falsely  make,  forge,  or  counterfeit,  or  gecm^fy  of"^he 
cause  or  procure  to  be  falsely  made,  forged,  or  counter-  Un|tcetd  Of  ti\tpp' 
feited,  or  willingly  aid  or  assist  in  falsely  making,  forg-  ^  l^o,  ch.  9, 
ing,  or  counterfeiting,  any  paper,  writing,  or  instrument, 
in  imitation  of,  or  purporting  to  be,  an  indent,  certificate 
of  the  public  stock,  or  debt,  treasury  note,  or  other  public 
security  of  the  United  States,  or  any  letters  patent,  issued 
or  granted  by  the  President  of  the  United  States,  or  any 
bill,  check,  or  draft  for  money  drawn  by,  or  on  the  treas- 
urer of  the  United  States,  or  by,  or  on.  any  other  public 
officer  or  agent  of  the  United  States,  duly  authorized  to 
make.  draw,  accept,  or  p|iy  the  same,  on  behalf  and  for 
account  of  the  United  States,  (a)  or  if  any  person  or 
persons  shall  pass,  utter,  or  publish,  or  attempt  to  pass, 
utter,  or  publish,  as  true,  any  such  false,  forged,  or  coun- 
terfeited paper,  writing,  or  instrument,  knowing  the  same 
to  be  false,  forged,  or  counterfeited,  with  intent  to  de- 
fraud the  United  States,  or  any  body  politic  or  corpo- 
rate, or  any  other  person  or  persons  whatsoever  ;  or  if  any 
person  or  persons  shall  falsely  alter  any  indent,  certifi- 
cate of  the  public  stock,  or  debt,  treasury  note,  or  other 
public  security  of  the  United  States,  or  any  letters  patent, 
issued  or  granted  by  the  President  of  the  United  States-, 
or  any  bill,  check,  or  draft  for  money  drawn  by  or  on  the 
treasurer  of  the  United  States,  or  any  other  public  officer 
or  agent  of  the  United  States,  duly  authorized  to  make, 
draw,  accept,  or  pay  such  bill,  check,  or  draft,  or  if  any 
person  or  persons  shall  pass,  utter,  or  publish,  or  attempt 
to  pass,  utter,  or  publish,  as  true  and  unaltered,  any  such 
falsely  altered  indent,  certificate,  treasury  note,  or  other 
public  security,  letters  patent,  or  bill,  check,  or  draft. 
knowing  the  same  to  be  falsely  altered,  with  intent  to 
defraud  the  United  States,  or  any  body  politic  or  cor- 
porate, or  any  person  or  persons  whatsoever,  (b}  every 
15712'"1  10  -------  L'l 


314  NATIONAL    MONETARY    COMMISSION. 

such  person,  so  offending,  shall  be  deemed  guilty  of  felony, 
and  shall,  on  conviction  thereof,  be  punished  by  fine,  not 
exceeding  five  thousand  dollars,  and  by  imprisonment 
and  confinement  to  hard  labour,  not  exceeding  ten  years, 
according  to  the  aggravation  of  the  offence. 

(Section   18  makes  it   an   offense  and   punishable  to 
forge  Treasury  notes  or  other  public  securities  of  the 
United  States,  certificates  of  stock  of  the  United  States, . 
or  certificates  of  stock  of  the  Bank  of  the  United  States.) 

Approved,  March  3,  1825. 

ACT  OF  APRIL  11,  1836. 

5  stat.  L.,  s.  CHAP.  L. — An  act  to  repeal  so  much  of  the  act  entitled 
"An  act  transferring  the  duties  of  Commissioner  of 
Loans  to  the  Bank  of  the  United  States,  and  abolishing 
the  office  of  Commissioner  of  Loans"  as  -requires  the 
Bank  of  the  United  States  to  perform  the  duties  of 
Commissioner  of  Loans  for  the  several  States. 

(Section  1  repeals  the  provisions  of  the  act  of  March 
3,  1817,  which  transfer  the  duties  of  commissioner  of 
loans  to  the  United  States  Bstnk,  its  branches  and  state 
banks  employed  by  it,  and  requires  the  immediate  trans- 
fer of  all  papers  and  records  relating  to  said  duties  to  the 
Secretary  of  the  Treasury.) 
unnks  to  pay  SEC.  2.  And  be  it  further  enacted,  That  the  Bank  of 

nil   money   into  .  ' 

the     Treasury  the  united  States  and  its  several  branches,  and  the  State 

within        three 

months.  Banks  employed  by  the  Bank  of  the  United  States,  per- 

forming the  duties  of  Commissioners  of  Loans,  shall  be, 
and  they  are  hereby  required  to  pay  into  the  Treasur}"  of 
the  United  States,  within  three  months  after  the  passing 
of  this  act,  all  the  money  in  their  possession  for  the 
redemption  of  the  public  debt  of  the  United  States,  and 
the  interest  thereon  remaining  in  their  hands,  which  has 
not  been  applied  for  by  the  person  or  persons  entitled  to 
receive  the  same. 

SEC;.  3.  And  be  it  further  enacted.  That  it  shall  be  the 
duty  of  the  Secretary  of  the  Treasury  to  pay  over  to  the 
pel-son  or  persons  entitled  to  receive  the  same,  the  amount 
so  received  into  the  Treasury,  by  virtue  of  the  second  sec- 
tion of  this  act.  out  of  any  money  in  the  Treasury  not 
otherwise  appropriated. 

SKC.  1.  And  /><•  it  fiirt her  eu<i<-t<<l.  That  nothing  con- 
tained in  this  act  shall  be  construed  to  authori/e  the 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  315 

appointment  of  a  Commissioner  or  Commissioners  of 
Loans  in  any  State,  District,  or  Territory  of  the  United 
States. 

Approved,  April  11,  1836. 

NOTE.— By  the  act  of  April  20,  1836  (5  Stat.  L.,  16),  it  is  also 
provided  that  all  acts  and  parts  of  acts  enabling  the  Bank  of  tho 
United  States  or  its  branches  to  pay  pensions  granted  under  the 
authority  of  the  United  States  are  repealed,  and  that  payments  of 
pensions  shall  be  made  by  such  persons  and  corporations  as  the 
Secretary  of  War  may  direct. 

ACT  OF  JUNE  15,  1836. 

CHAP.  XCVII. — An  act  repealing  the  fourteenth  section    5    stat.    L., 
of  the  "Act  to  incorporate  the  subscribers  to  the  Bank 
of  the  United  States"  approved,  April  tenth,  eighteen 
hundred  and  sixteen. 

Be  it  enacted  by  the  Senate  and  House  of  Remesenta-     Fourteenth 

t     "  *  section     re- 

tives  of  the  United  States  of  America  in  Congress  assem-  peaied. 
'bled,  That  the  fourteenth  section  of  the  act  entitled  "An 
act  to  incorporate   the  subscribers  to  the  Bank  of  the 
United  States,"  approved  April  tenth,  eighteen  hundred 
and  sixteen,  shall  be,  and  the  same  is  hereby,  repealed. 
Approved,  June  15,  1836. 

ACT  OF  JUNE  23,  1830. 

CHAP.   CXV. — -An  act  to   regulate  the  deposites  of  the     5    stat.    L., 
public  money.  '    [Repealed.] 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  it  shall  be  the  duty  of  the  Secretary  of  the4  -\('!,  .['f.  Jl(I,}ly 
Treasury  to  select  as  soon  as  may  be  practicable  and::ri4- 
employ  as  the  depositories  of  the  money  of  the  United     socrotar.v  of 

1  >  tho      Treasury 

States,  such  of  the  banks  incorporated  by  the  several to  select  banks. 
States,  by  Congress  for  the  District  of  Columbia,  or  by 
the  Legislative  Councils  of  the  respective  Territories  for 
those  Territories,  as  may  be  located  at,  adjacent  or  con- 
venient to  the  points  or  places  at  which  the  revenues  may 
be  collected,  or  disbursed,  and  in  (hose  States,  Territories 
or  Districts  in  which  there-  are  no  banks,  or  in  which  no 
bank  can  be  employed  as  a  deposite  bank,  and  \vilhin 
which  the  public  collections  or  disbursements  require  a 
depository,  the  said  Secretary  may  ma!<e  arrangements 
with  a  bank  or  banks,  in  some  other  State,  Territory  or 


316  NATIONAL   MONETARY    COMMISSION. 

District,  to  establish  an  agency,  or  agencies,  in  the 
States,  Territories  or  Districts  so  destitute  of  banks,  as 
banks  of  deposite;  and  to  receive  through  such  agencies 
such  deposites  of  the  public  money,  as  may  be  directed  to 
be  made  at  the  points  designated,  and  to  make  such  dis- 
bursements as  the  public  service  may  require  at  those 
points;  the  duties  and  liabilities  of  every  bank  thus 
establishing  any  such  agency  to  be  the  same  in  respect  to 
its  agency,  as  are  the  duties  and  liabilities  of  deposite 
Proviso.  banks  generally  under  the  provisions  of  this  act:  Pro- 
vided, That  at  least  one  such  bank  shall  be  selected  in  each 
State  and  Territory,  if  any  can  be  found  in  each  State 
and  Territory  willing  to  be  employed  as  depositories  of 
the  public  money,  upon  the  terms  and  conditions  herein- 
after prescribed,  and  continue  to  conform  thereto;  and 
that  the  Secretary  of  the  Treasury  shall  not  suffer  to  re- 
main in  any  deposite  bank,  an  amount  of  the  public 
moneys  more  than  equal  to  three-fourths  of  the  amount 
of  its  capital  stock  actually  paid  in,  for  a  longer  time 
than  may  be  necessary  to  enable  him  to  make  the  trans- 
fers required  by  the  twelfth  section  of  this  act;  and  that 
the  banks  so  selected,  shall  be,  in  his  opinion,  safe  deposi- 
tories of  the  public  money,  and  shall  be  willing  to  under- 
take to  do  and  perform  the  several  duties  and  services. 
and  to  conform  to  the  several  conditions  prescribed  by 
this  act. 
where  there  is  SEC.  2.  And  1)6  it  further  enacted.  That  if,  at  anv  point 

no  hank  winch  '  ' 

the  secretary  or  place  at  which  the  public  revenue  mav  be  collected, 

approves,  or 

where  hanks  re- there  shall  be  no  bank  located,  which,  in  the  opinion  of  the 

fuse,     a     selec-  .      .  '  .    ,A 

tirm    may    he  Secrctarv  of  the  ireasurv,  is  in  a  safe  condition,  or  where 

mane    at    some     ,,,,',  ,         ' .'  ,  ., ' 

place  adjacent,  all  the  banks  at  such  point  or  place  shall  fail  or  refuse 
to  be  employed  as  depositories  of  the  public  money  of  the 
United  States,  or  to  comply  with  the  conditions  pre- 
scribed by  this  act,  or  where  such  banks  shall  not  have 
sufficient  capital  to  become  depositories  of  the  whole 
amount  of  moneys  collected  at  such  point  or  place,  he 
shall  and  may  order  and  direct  the  public  money  col- 
lected at  such  point  or  place  to  be  deposited  in  a  bank  or 
banks  in  the  same  State,  or  in  some  one  or  more  of  the 
adjacent  States  upon  the  terms  and  conditions  hereinafter 
Proviso.  prescribed:  /Vo/vV/rr/.  That  nothing  in  this  act  contained 
shall  be  so  construed  as  to  prevent  Congress  ;it  a;iy  time 
from  pacing  any  law  for  the  removal  of  the  public  money 
from  anv  of  the  said  banks,  or  from  changing  the  terms 
of  deposite.  or  to  prevent  the  said  banks  at  any  time  from 


LAWS    CONCERNING    MONEY,   BANKING,    AND    LOANS.  317 

declining  any  longer  to  be  the  depositories  of  the  public 
money  upon  paying  over,  or  tendering  to  pay,  the  whole 
amount  of  public  moneys  on  hand,  according  to  the  terms 
of  its  agreement  with  the  said  Secretary. 

SEC.  3.  And  be  it  further  enacted*  That  no  bank  shall    ?anks  to  fu,r- 

'  '  n  i  s  h      certain 

hereafter  be  selected  and  employed  by  the  Secretary  of  s  tatements ; 

r     J  J  •  copy    of    char- 

the  Treasury  as  a  depository  of  the  public  money,  until  ter> eu>- 
such  bank  shall  have  first  furnished  to  the  said  Secretar}^ 
a  statement  of  its  condition  and  business,  a  list  of  its 
directors,  the  current  price  of  its  stock;  and  also  a  copy 
of  its  charter;  and  likewise,  such  other  information  as 
may  be  necessary  to  enable  him  to  judge  of  the  safety  of 
its  condition. 

SEC.  4.  And  be  it  further  enacted,  That  the  said  banks, 
before  they  shall  be  employed  as  the  depositories  of  the 
public  money,  shall  agree  to  receive  the  same,  upon  the 
following  terms  and  conditions,  to  wit: 

First.  Each  bank  shall  furnish  to  the  Secretary  of  the    Terms  to  be 

„,  „  .  .  ,  ,  .         agreed     to     by 

.treasury,  from  time  to  time,  as  often  as  he  may  require,  the  banks, 
not  exceeding  once  a  week,  statements  setting  forth  its 
condition  and  business,  as  prescribed  in  the  foregoing 
section  of  this  act,  except  that  such  statements  need  not, 
unless  requested  by  said  Secretary,  contain  a  list  of  the 
directors,  or  a  copy  of  the  charter.  And  the  said  banks 
shall  furnish  to  the  Secretary  of  the  Treasury,  and  to  the 
Treasurer  of  the  United  States,  a  weekly  statement  of  the 
condition  of  his  account  upon  their  books.'  And  the  Sec- 
retary of  the  Treasury  shall  have  the  right,  by  himself, 
or  an  agent  appointed  for  that  purpose,  to  inspect  such 
general  accounts  in  the  books  of  the  bank,  as  shall  relate 
to  the  said  statements:  Prodded,  That  this  shall  not  be  Proviso, 
construed  to  imply  a  right  of  inspecting  the  account  of 
any  private  individual  or  individuals  with  the  bank. 

Secondly.  To  credit  as  specie,  all  sums  deposited  therein 
to  the  credit  of  the  Treasurer  of  the  United  States,  and  to 
pay  all  checks,  warrants,  or  drafts,  drawn  on  such  de- 
posites,  in  specie  if  required  by  the  holder  thereof. 

Thirdly.  To  give,  whenever  required  by  the  Secretary 
of  the  Treasury,  the  necessary  facilities  for  transferring 
the  public  funds  from  place  to  place,  within  the  United 
States,  and  the  Territories  thereof,  and  for  distributing 
the  same  in  payment  of  the  public  creditors,  without 
charging  commissions  or  claiming  allowance  on  account 
of  dill'erence  of  exchange. 


318  NATIONAL,   MONETARY    COMMISSION. 

Fourthly.  To  render  to  the  Government  of  the  United 

States  all  the  duties  and  services  heretofore  required  by 

law  to  be  performed  by  the  late  Bank  of  the  United 

States  and  its  several  branches  or  offices. 

Banks  issuing     SEC.  5.  And  be  it  further  enacted,  That  no  bank  shall 

notes  less  than  ,.   ,  ..         ,,   .,  ,  , . 

$.->  not  to  be  se-  be  selected  or  continued  as  a  place  ot  deposite  or  the  public 
money  which  shall  not  redeem  its  notes  and  bills  on  de- 
mand in  specie;  nor  shall  any  bank  be  selected  or  con- 
tinued as  aforesaid,  which  shall  after  the  fourth  of  July, 
in  the  year  one  thousand  eight  hundred  and  thirty-six, 
issue  or  pay  out  any  note  or  bill  of  a  less  denomination 
than  five  dollars;  nor  shall  the  notes  or  bills  of  any  bank 
be  received  in  payment  of  any  debt  due  to  the  United 
States  which  shall,  after  the  said  fourth  day  of  July,  in 
the  year  one  thousand  eight  hundred  and  thirty-six,  issue 
any  note  or  bill  of  a  less  denomination  than  five  dollars. 
secretary  may  SEC.  G.  And  l>e  it  further  enacted.  That  the  Secretary 

P6(iu!rc       S6CUF- 

of  the  Treasury  shall  be,  and  he  is  hereby  authorized,  arid 
it  shall  be  his  duty,  whenever  in  his  judgment  the  same 
shall  be  necessary  or  proper,  to  require  of  any  bank  so 
selected  and  employed  as  aforesaid,  collateral  or  addi- 
tional securities  for  the  safe  keeping  of  the  public  moneys 
deposited  therein,  and  the  faithful  performance  of  the 
duties  required  by  this  act. 
an-  SEC.  7.  And  le  it  further  enacted,  That  it  shall  be  law- 

en-  ' 

on-  till  for  the  Secretary  of  the  Treasury,  to  enter  into  con- 
. .  J  •  ' 

tracts  in  the  name  and  for  and  on  behalf  of  the  United 
States,  with  the  said  banks  so  selected  or  employed, 
whereby  the  said  banks  shall  stipulate  to  do  and  perform 
(he  several  duties  and  services  prescribed  by  this  act. 

i.-.Ni','.i1T.!{   Te      ^K(  •  ^'  '^"(1  ^>e  ^  j'H'ther  enacted,  That  no  bank  which 
discontinue.! shall  be  selected  or  employed  as  the  place  of  deposite  of 

Inn    for  certain  .  '  L 

the  public  money,  shall  be  discontinued  as  such  deposi- 
tory, or  the  public  money  withdrawn  therefrom,  except 
for  the  causes  hereinafter  mentioned,  that  is  to  say:  If  at 
any  lime,  any  one  of  said  banks  shall  fail  or  refuse  to  per- 
form any  of  said  duties  as  prescribed  by  this  act,  and 
stipulated  to  be  performed  by  its  contract;  or,  if  any  of 
said  bank-  shall  at  any  time  refuse  to  pay  its  own  notes 
in  specie  if  demanded;  or  shall  fail  to  keep  in  its  vaults 
such  an  amount  of  specie  as  shall  be  required  by  the  Sec- 
retary of  the  Treasury,  and  shall  be.  in  his  opinion,  neces- 
sary to  render  the  said  bank  a  safe  depository  of  the 
public  moneys,  having  due  regard  to  the  nature  of  the 


LAWS   CONCEENING   MONEY,   BANKING,   AND   LOANS.  319 

business  transacted  by  the  bank;  in  any  and  every  such 
case  it  shall  be  the  duty  of  the  Secretary  of  the  Treasury 
to  discontinue  any  such  bank  as  a  depository,  and  with- 
draw from  it  the  public  moneys  which  it  may  hold  on  de- 
posite at  the  time  of  such  discontinuance.  And  in  case 
of  the  discontinuance  of  any  of  said  banks,  it  shall  be  the 
duty  of  the  Secretary  of  the  Treasury  to  report  to  Con- 
gress immediately  if  in  session,  and  if  not  in  session,  then 
at  the  commencement  of  its  next  session,  the  facts  and 
reasons  which  have  induced  such  discontinuance.  And 
in  case  of  the  discontinuance  of  any  of  said  banks  as  a 
place  of  deposite  of  the  public  money  for  any  of  the 
causes  herein  before  provided,  it  shall  be  lawful  for  the 
Secretary  of  the  Treasury  to  deposite  the  money  thus 
withdrawn  in  some  other  banks  of  deposite  already  se- 
lected, or  to  select  some  other  bank  as  a  place  of  deposite, 
upon  the  terms  and  conditions  prescribed  by  this  act. 
And  in  default  of  any  bank  to  receive  such  deposite,  the 
money  thus  withdrawn  shall  be  kept  by  the  Treasurer  of 
the  United  States,  according  to  the  laws  now  in  force; 
and  shall  be  subject  to  be  disbursed  according  to  law. 

SEC.  9.  And  be  it  further  enacted,  That  until  the  Sec-  eiB  ^0°ekdst° °^ 
retary  of  the  Treasury  shall  have  selected  and  employed  continued  until, 
the  said  banks  as  places  of  deposite  of  the  public  money, 
in  conformity  to  the  provisions  of  this  act,  the  several 
State  and  District  banks  at  present  employed  as  deposi- 
tories of  the  money  of  the  United  States,  shall  continue 
to  be  the  depositories  aforesaid  upon  the  terms  and  con- 
ditions upon  which  they  have  been  so  employed. 

SEC.  10.  And  lie  it  further  enacted.  That  it  shall  be  the  ,  secretary   to 

lay  a  statement 

duty  of  the  Secretary  of  the  Treasury  to  lav  before  Con- 1> ? fore  con- 
gress. 
gress,  at  the  commencement  of  each  annual  session,  a 

statement  of  the  number  and  names  of  the  banks  employed 
as  depositories  of  the  public  money,  and  of  their  condi- 
tion, and  the  amount  of  public  money  deposited  in  each, 
as  shown  by  their  returns  at  the  Treasury ;  and  if  the  se- 
lection of  any  bank  as  a  depository  of  the  public  money 
be  made  by  the  Secretary  of  the  Treasury,  while  Con- 
gress is  in  session,  he  shall  immediately  report  the  name 
and  condition  of  such  bank  to  Congress ;  and  if  any  such 
selection  shall  be  made  during  the  recess  of  Congress,  lie 
shall  report  the  same  to  Congress  during  the  first  week  of 
its  next  session. 

SEC.  11.  A/id  be  it  further  enacted.  That  whenever  the  jn})""^  Punier 
amount  of  public  deposites  to  the  credit  of  the  Treasurer  !^;;'" _r"'rlim- 


320  NATIONAL   MONETARY   COMMISSION. 

of  the  United  States,  in  any  bank  shall,  for  a  whole 
quarter  of  a  year,  exceed  the  one-fourth  part  of  the 
amount  of  the  capital  stock  of  such  bank  actually  paid 
in,  the  bank  shall  allow  and  pay  to  the  United  States,  for 
the  use  of  the  excess  of  the  deposites  over  the  one- fourth 
part  of  its  capital,  an  interest  at  the  rate  of  two  per 
centum  per  annum,  to  be  calculated  for  each  quarter, 
upon  the  average  excesses  of  the  quarter ;  and  it  shall  be 
the  duty  of  the  Secretary  of  the  Treasury,  at  the  close  of 
each  quarter,  to  cause  the  amounts  on  deposite  in  each  de- 
posite  bank  for  the  quarter,  to  be  examined  and  ascer- 
tained, and  to  see  that  all  sums  of  interest  accruing  under 
the  provisions  of  this  section,  are,  by  the  banks  re- 
spectively passed  to  the  credit  of  the  Treasurer  of  the 
United  States  in  his  accounts  with  the  respective  banks. 
Transfers  un-  SEC.  12.  And  be  it  further  enacted,  That  all  warrants 
cases  declared  or  orders  f or  the  purpose  of  transferring  the  public  funds 
from  the  banks  in  which  they  now  are,  or  may  hereafter 
be  deposited,  to  other  banks,  whether  of  deposite  or  not, 
for  the  purpose  of  accommodating  the  banks  to  which 
the  transfer  may  be  made,  or  to  sustain  their  credit,  or  for 
any  other  purpose  whatever,  except  it  be  to  facilitate  the 
public  disbursements,  and  to  comply  with  the  provisions 
of  this  act,  be,  and  the  same  are  hereby,  prohibited  and 
declared  to  be  illegal ;  and  in  cases  where  transfers  shall 
be  required  for  purposes  of  equalization  under  the  pro- 
visions of  this  act,  in  consequence  of  too  great  an  accu- 
mulation of  deposites  in  any  bank,  such  transfers  shall 
be  made  to  the  nearest  deposite  banks  which  are  consid- 
ered safe  and  secure,  and  which  can  receive  the  moneys 
to  be  transferred  under  the  limitations  in  this  act  im- 
posed :  Provided,  That  it  may  be  lawful  for  the  President 
of  the  United  States  to  direct  transfers  of  public  money 
to  be  made  from  time  to  time  to  the  mint  and  branch 
mints  of  the  United  States,  for  supplying  metal  for  coin- 
ing. 
The  surplus  SEC.  13.  And  be  it  further  enacted.  That  the  money 

In     the      I  rens-  _  . 

nr.v  aimve  *r>,-  which  shall  be  in  the  Treasurv  of  the  United  States,  on 

111)11   Mild       t<>       III*  • 

deposited  with  the  first  dav  of  Januarv,  eighteen  hundred  and  thirty- 

I  lie     several  ,  ^  •         t  J 

seven,  reserving  the  sum  of  five  millions  of  dollars,  shall 
be  deposited  with  such  of  the  several  States,  in  propor- 
tion to  their  respective  representation  in  the  Senate  and 
House  of  Representatives  of  the  United  States,  as  shall, 
by  law.  authorize  their  Treasurers,  or  other  competent 
authorities  to  receive  the  same  or-  the  terms  hereinafter 
specified;  and  the  Secretary  of  the  Treasury  shall  deliver 


LAWS    CONCEKNING    MONEY,   BANKING,   AND    LOANS.  321 

the  same  to  such  Treasurers,  or  other  competent  authori- 
ties, on  receiving  certificates  of  deposite  therefor,  signed 
by  such  competent  authorities,  in  such  form  as  may  be 
prescribed  by  the  Secretary  aforesaid ;  which  certificates  Act  of  Oct.  i>, 
shall  express  the  usual  and  legal  obligations,  and  pledge 
the  faith  of  the  State,  for  the  safe  keeping  and  repay- 
ment thereof,  and  shall  pledge  the  faith  of  the  States 
receiving  the  same,  to  pay  the  said  moneys,  and  every 
part  thereof,  from  time  to  time,  whenever  the  same  shall 
be  required,  by  the  Secretary  of  the  Treasury,  for  the 
purpose  of  defraying  any  wants  of  the  public  treasury, 
beyond  the  amount  of  the  five  millions  aforesaid:  Pro- 
vided, That  if  any  State  declines  to  receive  its  proportion 
of  the  surplus  aforesaid,  on  the  terms  before  named,  the 
same  shall  be  deposited  with  the  other  States,  agreeing 
to  accept  the  same  on  deposite  in  the  proportion  afore- 
said: And  provided  further,  That  when  said  money,  or 
any  part  thereof,  shall  be  wanted  by  the  said  Secretary,  to 
meet  appropriations  by  law,  the  same  shall  be  called  for, 
in  rateable  proportions,  within  one  year,  as  nearly  as  con- 
veniently may  be,  from  the  different  States,  with  which 
the  same  is  deposited,  and  shall  not  be  called  for,  in  sums 
exceeding  ten  thousand  dollars,  from  any  one  State,  in 
any  one  month,  without  previous  notice  of  thirty  days, 
for  every  additional  sum  of  twenty  thousand  dollars, 
which  may  at  any  time  be  required. 

SEC.  14.  And  be  it  further  enacted.  That  the  said  de-   Proportions  in 

'  '  which    the    de- 

posites  shall  be  made  with  the  said  States  in  the  follow- posits  shall  be 

made. 

ing  proportions,  and  at  the  following  times,  to  wit :  one 
quarter  part  on  the  first  day  of  January,  eighteen  hun- 
dred and  thirty-seven,  or  as  soon  thereafter  as  may  be; 
one  quarter  part  on  the  first  day  of  April,  one  quarter 
part  on  the  first  day  of  July,  and  one  quarter  part  on  the 
first  day  of  October,  all  in  the  same  year. 

(Section  15  makes  provision  for  additional  clerks  on 
account  of  this  act.) 

Approved,  June  23,  1830. 

NOTE. — P>y  the  act  of  July  r>,  1838,  the  operation  of  the  last 
clause  of  section  5,  prohibiting  the  receipt  in  payments  to  the 
United  States  of  the  notes  of  any  bank  which  shall  issue  notes  of 
less  than  five  dollars  after  July  4,  1836,  is  suspended  until  October 
1,  1838;  but  from  said  last-mentioned  dates  the  notes  of  no  bank 
shall  be  so  received,  which  shall  after  that  date  issue,  reissue,  or 
pay  out  any  note  of  less  than  five  dollars.  (5  Stat.  L.,  255.) 


322  NATIONAL   MONETARY   COMMISSION. 

ACT  OP^  JUNE  23,  1836. 

5  stat.  L.,56.cHAP  CXVL—  An  act  authorizing  the  Secretary  of  the 
Treasury  to  act  as  the  agent  of  the  United  States  in  all 
matters  relating  to  their  stock  in  the  Bank  of  the 
United  States. 

Be  it  enacted  ly  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 


theTreSy  ?o  ^^'  That  fr°m  and  afteF  the  PaSSage  °f  this  act 

assume  and  ex-  be  the  duty  of  the  Secretary  of  the  Treasury,  to  assume 

erclsethe  J  "  ^ 

agency.  allj  exercise  the  agency  and  direction  m  behalf  of  the 

United  States,  over  property  in  the  Bank  of  the  United 
States,  whether  the  same  be  standing  on  the  books  of  the 
bank  in  the  name  of  the  United  States,  or  of  the  Treasurer 
of  the  United  States,  for  the  use  of  the  Secretary  of  the 
Navy,  for  the  payment  of  navy  pensions;  and  the  Sec- 
retary of  the  Treasury  is  hereby  invested  with  the  au- 
thority necessary  for  carrying  into  effect  the  duties  of 
said  agency,  by  voting  in  behalf  of  the  United  States  at 
any  meetings  of  the  stockholders,  and  performing  any 
other  act  in  relation  to  the  same  which  any  stockholder 
would  be  authorized  to  do. 
Directors  of  SEC.  2.  And  be  it  further  enacted.  That,  as  agent  of 

th<-  bank  to  fur-  .  '  '  ' 

iiish    gt  ate-  the    United    States,   as  aforesaid,   the   Secretary    of   the 

nients  to  him. 

i  reasury,  shall  be  furnished,  from  time  to  time,  as  often 
as  he  may  require—  by  the  directors  of  the  Bank  of  the 
United  States,  or  by  the  trustees  who  shall  have  been,  or 
may  be.  appointed,  either  by  said  directors  or  the  stock- 
holders of  said  bank,  or  in  their  behalf,  or  by  such  indi- 
viduals as  may  have  the  custody,  control,  or  possession 
of  the  books  and  effects  of  the  same  —  with  statements  of 
the  amount  of  the  capital  stock  of  the  said  corporation 
undivided,  of  the  debts  due  beyond  the  same  on  account 
of  said  bank,  of  the  moneys  remaining  on  deposite,  of  the 
notes  of  said  bank  outstanding,  and  of  the  specie  on  hand 
on  account  of  the  same,  and  said  Secretary  shall  have  the 
same  right  as  any  stockholder  to  inspect  and  examine,  or 
cause  to  be  inspected  and  examined,  all  such  accounts  in 
the  book's  of  said  bank,  or  of  any  trust  arising  out  of  or 
holding  the  eliVets  of  said  corporation,  as  shall  relate  to 
the  statements  hereby  required  to  be  made. 

mivrmrn'M."  Sf:r-  ^  -  '  "<l  '"'  'f  1  ^'ther  enacted,  That  the  Secretary  of 
!!;!shotai,"Vmel!H'  Treasury  be  anthori/ed  and  directed  to  receive  and 
'«»'«Trea.ury.(ieposite  in  the  Treasury  of  the  United  States,  anv  divi- 


\ 
LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  323 

dends  which  may  be  made  of  the  capital  stock  or  of  the 
surplus  profits  of  said  bank. 

SEC.  4.  And  ~be  it  further  enacted,  That  the  Secretary  TO  r  e c  e  i  v  e 
of  the  Treasury  shall  be,  and  he  hereby  is,  authorized  and  etc. 
empowered  to  receive  the  capital  stock  belonging  to  the 
United  States,  in  the  late  Bank  of  the  United  States,  in 
such  instalments,  and  payable  at  such  times,  and  with 
such  rates  of  interest,  as  he  shall  see  fit  to  agree  to;  and 
also,  to  settle  and  adjust  the  claim  for  surplus  profits, 
accruing  on  said  capital  stock,  on  such  terms  as  he  may 
think  proper,  and  in  like  manner  to  receive  the  amount 
thereof  in  such  instalments,  and  payable  at  such  times, 
and  with  such  rates  of  interest,  as  he  may  agree  to. 

Approved,  June  23,  1836. 

ACT  OF  JULY  4,  1836. 

CHAP.  CCCLIV. — An  act  supplementary  to  an  act  en-  n^  sta *•  L-> 
titled  "An  act  to  regulate  the  deposites  of  the  public    [Obsolete.] 
money"  passed  twenty-third  (of]  June  eighteen  hun- 
dred and  thirty-six. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled, That  nothing  in  the  act  to  which  this  is  a  sup-  0oActls2>fP  Ju^e 
plement,  shall  be  so  construed  as  to  prevent  the  Secre-  iis. 

Secretary    of 

tarv  of  the  Treasury  from  making  transfers  from  banks  the   Treasury 

"  f  D  m  a  y      m  a  k  e 

in  one  State  or  Territory,  to  banks  in  another  State  or  transfers  from 

m         •  t>  i  banks     In     one 

Territory,  whenever  such  transfers  mav  be  required,  in  state  or  Tem- 

.  /          tory    to     those 

order  to  prevent  large  and  inconvenient  accummulations  in  another, 
in  particular  places,  or  in  order  to  produce  a  due  equality, 
and  just  proportion,  according  to  the  provisions  of  said 
act. 

Approved.  July  4.  1836. 

ACT  OF  OCTOBFR  t>,  183T. 

CHAP.  I. — An  act  to  postpone  the  fourth   instalment  ^/.>0j  stat-  L-- 
deposite  >rtf/t  the  States. 

Be  it  enacted  l>y  the,  Senate  and  House  of  Representa- 
tives of  the   United  State*  of  America   in    Congress  as- 
xemb/ed.  That  the  transfer  of  the  fourth   instalment  <>f  ^ciS?{*;.Ju«.h! 
deposites  directed  to  be  made  with  the  States,  under  ^n(- 11p'oSs'tpon'ed 
thirteenth    section    of    the    act    of    June 


324  NATIONAL   MONETARY   COMMISSION. 

eighteen  hundred  and  thirty-six,  be  and  the  same  is 
hereby  postponed  till  the  first  day  of  January,  one  thou- 
i-roviso.  banc]  ejornt  hundred  and  thirty-nine:  Provided,  That  the 
three  first  instalments  under  the  said  act  shall  remain  on 
deposit?  with  the  States,  until  otherwise  directed  by 
Congress. 

Approved.  October  -2.  1837. 

ACT  OF  OCTOBER  1C.  1837. 

^  5  stat.  L.,  CHAP.  IX.  —  AH  act  for  adjusting  the  remaining  claims 

upon  the  late  deposite  banks. 

Be  it  enacted  Tjy  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 


o7bteh?eCTere*irsy-  ^ef^  Tnat  the  Secretary  of  the  Treasury  be,  and  he  is 
ury  Huthori/ed  hereby,  authorized  to  continue  to  withdraw  the  public 

to   continue   to  •"  L 

withdraw    the  moneys  now  remaining  in  any  of  the  former  deposite 

public    moneys  •  " 

fn  the  former  banks,  in  a   manner  as  gradual   and  convenient  to  the 

deposite  banks, 

in  a  manner  as  jnstitutions   as   shall   be   consistent   with   the   pecuniary 

convenient     to  /> 

them  as  shall  -wants  of  the  Government,  and  the  safety  of  the  funds 

he      consistent  .     • 

with  the  wants  thus  to  be  drawn;  and  that  no  further  interest  than  that 

of   the  (.oTern- 

ment.  etc.         required  by  the  deposite  act  of  the  twenty-third  of  June, 

Act    of   June        l  •  .  ' 

I'.x    is-'JO,    ch.  one  thousand  eight  hundred  and  thirty-six,  under  which 

those  deposites  were  made,  shall  be  demanded  of  any 

bank  which  has  met.  and  shall  hereafter  meet,  the  requi- 

This  provi-sjtjons  of   the   Department.     This   provision   shall    also 

Hion    to   extend  ' 

to    m  o  ne  y  s  extend  to  such  public  moneys  as  may  remain  in  any  of 

whether  stand-  ^  •  _ 

inK   to   thethe  said   banks,  whether  standing  to  the  credit  of  the 

credit     of     the 

rnit.-d    states  Treasurer  of  the  United  States,  or  of  any  disbursing  or 

1  reasurer,     or 

any  other  offi-  other  public  officer  of  the  Government. 

cerofthe 

(;overnment.         SKC.  '2.  A/id  be  it  further  enacted.  That  in  case  of  neg- 

In   c  a  H  e  of  -  pn 

.•my    of   saidJect  or  refusal  by  any  of  the  said  banks  to  comply  with 

banks  not  coin-  ...  -  . 

piyinjf  with  the  the  requisitions  of  the  Secretary  of  the  Treasury,  as  he 

requital  ions    or  .  .  • 

the  secretary  shall  make  them,  in  conformity  with  the  first  section  of 

of     the     Treas- 

ury, suits  shall  this    act.    suits    shall    be    instituted,    where    that    has    not 

|(p      instituted, 

unless,  etc.  already  been  done,  to  recover  the  amounts  due  to  the 
United  States,  unless  the  defaulting  bank  shall  forth- 
with cause  to  be  executed  and  delivered  to  the  Secretary 
of  the  Treasury  a  bond,  with  security  to  be  approved  by 
the  Solicitor  of  the  Treasury,  to  pay  to  the  United  States 
the  whole  money.-  due  from  it,  in  three  instalments:  the 
first  to  be  paid  on  the  (ir>t  day  of  July  next,  the  second 
on  the  fir-l  day  of  January,  eighteen  hundred  and  thirty- 
nine.  and  the  remaining  in-talmcnt  on  the  first  day  of 
July,  eighteen  hundred  and  thirty-nine;  and  the  default 


LAWS    CONCERNING   MONEY,   BANKING,   AND    LOANS.  325 

mentioned  in  this  act,  on  which  interest  is  to  commence 
at  the  rate  of  six  per  (centum  per  annum,)  shall  be 
understood  to  be  the  neglect  or  omission  of  said  banks,  or 
any  of  them,  to  answer  the  drafts  or  requisitions  of  the 
Secretary  of  the  Treasury  made  on  them  according  to  the 
provisions  of  the  first  section  of  this  act;  and  interest 
thereon  at  the  rate  of  six  per  centum  per  annum,  from 
the  time  of  default,  together  with  any  damages  which 
may  have  accrued  to  the  United  States  from  protests  of 
drafts  drawn  upon  it,  or  from  any  other  consequence  of 
its  failure  to  fulfil  its  obligations  to  the  public  treasury. 
Approved,  October  16,  1837. 

ACT  OF  JULY  5,  1838. 

CHAP.  CLVIII. — An  act  to  modify  the  last  clause  of  the25$  stat.  L., 
fifth  section  of  the  deposite  act  of  the  twenty-third  of 
June,  eighteen  hundred  and  thirty -six. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  last  clause  of  the  fifth  section  of  the  act  Act  of  June 

...     23,     1836,     ch. 

entitled     An  act  to  regulate  the  deposites  of  the  public  1 1  s ,    last 

.  .,  .  clause,    modi- 

money,    approved  on  the  twentv-third  dav  or  June,  eight-  fled   as   to   is- 

,  .  .          1      1       •  i"  sues    of    notes 

een  hundred  and  thirty-six,  declaring  that  the  notes  or  under  $5  . 
bills  of  no  bank  shall  be  received  in  payment  of  any  debt 
due  to  the  United  States,  which  shall,  after  the  fourth 
day  of  July,  in  the  year  one  thousand  eight  hundred  and 
thirty-six,  issue  any  note  or  bill  of  a  less  denomination 
than  five  dollars,  shall  be,  and  the  same  is  hereby,  so  far 
modified  as  that  the  interdiction  as  to  the  reception  of  the 
bills  and  notes  shall  not  continue  against  any  bank  which 
has,  since  the  said  fourth  day  of  July,  in  the  year  one 
thousand  eight  hundred  and  thirty-six,  insued  bills  or 
notes  of  a  less  denomination  than  five  dollars,  or  which 
shall  issue  any  such  bills  or  notes  prior  to  the  first  day 
of  October,  in  the  year  eighteen  hundred  and  thirty- 
eight,  but  that  from  and  after  the  said  last  mentioned 
day,  the  bills  or  notes  of  no  bank  shall  be  received  in  pay- 
ment of  any  debt  due  to  the  United  States,  which  bank 
shall,  after  that  date,  issue,  reissue,  or  pay  out  any  bill 
or  note  of  a  denomination  less  than  five  dollars. 
Approved,  July  5,  1838. 


326 


NATIONAL    MONETARY    COMMISSION. 

ACT  OF  JULY  T,  1838. 


5  stat.  L.,  CHAP.  CLXXXV. — An  act  to  prevent  the  issuing  and 
circulation  of  the  bills,  notes  and  other  securities  of 
corporations  created  by  acts  of  Congress  which  have 
expired. 

(Section  1  makes  it  a  high  misdemeanor  for  any  di- 
rector, agent,  or  trustee  of  any  corporation  created  by 
act  of  Congress,  the  charter  whereof  has  expired,  to  re- 
issue or  knowingly  put  in  circulation  any  bill,  note,  check, 
draft,  or  other  security  of  such  expired  corporation ;  and 
section  2  gives  to  the  circuit  courts  of  the  United  States 
jurisdiction,  on  bill  or  petition,  to  restrain  the  issue  or 
transfer  of  such  bills,  notes,  and  other  securities  when  in 
the  possession  or  control  of  any  director,  agent,  or  trus- 
tee of  such  expired  corporation,  and  to  cause  such  of  said 
bills,  notes,  and  securities  as  have  been  redeemed  to  be 
delivered  up  and  canceled.) 

Approved.  July  7,  1838. 

ACT  OF  JULY  7,  1838. 

3oi»  Stat'  L"  CHAP.  CCXII. — An  act  to  restrain  the  circulation  of 
xmall  notes,  as  a  currency,  in  the  District  of  Columbia, 
and  for  other  purposes. 

(This  act  made  it  unlawful  after  the  10th  of  April, 
183!),  to  issue,  etc..  in  the  District  of  Columbia,  any  note, 
etc..  loss  than  five  dollars,  and  after  the  passage  of  this  act 
(o  issue,  do  novo,  or  knowingly  to  pass.  etc..  within  the 
District,  any  note,  etc.,  of  less  than  five  dollars.  The  act 
of  December  i;T.  lSr>4  (10  Stat.  L.,  :>!><)).  contains  similar 
provisions.) 

ACT  OF  AUGUST  13.  1841. 

4.,[;  «'«'•  T'-Cn.\p.  VI F.— An  art  to  repeal  the  act  entitled  ".4;?  art  to 
prov/de  for  fhe  collection,  safe-keeping,  transfer,  and 
dtxbut'xenieiit  <>f  fhe  publ'tr  reroute,"  and  to  pro  ride  for 
fin-  juintxJuiH  nf  of  embezzler*  of  public  money,  and  for 
other  uroxex. 


Art    of    Jun 


***** 
S i-:r.  :',.  And  !„•  /'/  furthfi-  enitrfrd.  That  the  act  entitled, 
l1i!irr.,,''NihP'!n:i"A"   :lH    <0  i-<'g''l"t<'   <lic  doposits  of  the   public  money," 
"n  tin-  twenty-third  day  of  June,  eighteen  bun- 


LAWS    CONGESTING    MONEY,   BANKING,   AND   LOANS.  327 

dred  and  thirty-six,  excepting  the  thirteenth  and  four- 
teenth sections  thereof,  be  and  the  same  hereby  is  re- 
pealed. 

***** 

Approved  August.  13,  1841. 

ACT  OF  AUGUST  5,  1861. 

CHAP.  XLVI. — An  act  supplementary  to  an  act  entitled     }2  stat-  L- 
"An  act  to  authorize  a  national  loan,  and  for  other 


SEC.  6.  And  be  it  further  enacted.  That  the  provisions     Portions  Of 

'  subtreasury  act 

of  the  act  entitled  "An  act  to  provide  for  the  better  or-  suspended. 
ganization  of  the  Treasury,  and  for  the  collection,  safe- 
keeping, transfer,  and  disbursements  of  the  public  reve-    voi46ix°h'  to' 
nue,"  passed  August  six,  eighteen  hundred  and  forty-six, 
be  and  the  same  are  hereby  suspended,  so  far  as  to  allow 
the   Secretary  of  the  Treasury   to  deposit   any   of  the 
moneys  obtained  on  any  of  the  loans  now  authorized  by 
law,  to  the  credit  of  the  Treasurer  of  the  United  States, 
in   such  solvent  specie-paying  banks  as  he  may  select ;  go^t^pecie11- 
and  the  said  moneys,  so  deposited,  may  be  withdrawn  Payjns  banks, 
from  such  deposit  for  deposit  with  the  regular  author- 
ized depositaries,  or  for  the  payment'  of  public  dues,  or 
paid  in  redemption  of  the  notes  authorized  to  be  issued 
under  this  act,  or  the  act  to  which  this  is  supplementary, 
payable  on  demand,  as  may  seem  expedient  to,  or  be  di- 
rected by,  the  Secretary  of  the  Treasury. 

***** 

Approved,  August  r>5  1861. 

ACT  OF  FEBRUARY  2f>,  1863. 

CHAP.  LVIII. — An  act  to  provide  a  National  Currency.     12  stat.  L.( 
secured  by  a  Pledge  of  United  /States  titockx,  find  to 
provide  for  the  Circulation  and  Redemption,  thereof. 

(This  act  was  repealed  and  superseded  by  the  act  of 
similar  title  approved  June  3,  1864,  but  with  so  little 
change  in  its  leading  features  as  to  make  it  sufficient  in 
Ihis  place  to  refer  to  the  note  appended  to  the  act  of 
1864,  where,  the.  principal  points  of  difference  are  recited, 
and  to  extract  here  only  the  sections  providing  for  the 


328  NATIONAL   MONETARY  COMMISSION. 

apportionment  of  the  bank  circulation  and  for  the  issue 
of  secured  notes  by  State  banks.) 

*  *  *  *  * 

SEC.  17.  And  be  it  further  enacted,  That  the  entire 
amount 'of  circulating  notes  to  be  issued  under  this  act 
shall  rot  exceed  three  hundred  millions  of  dollars.  One 
hundred  and  fifty  millions  of  which  sum  shall  be  appor- 
tioned to  associations  in  the  States,  in  the  District  of 
Columbia,  and  in  the  Territories,  according  to  represent- 
ative population,  and  the  remainder  shall  be  appor- 
tioned by  the  Secretary  of  the  Treasury  among  associa- 
tions formed  in  the  several  States,  in  the  District  of 
Columbia,  and  in  the  Territories,  having  due  regard  to 
the  existing  banking  capital,  resources,  and  business,  of 
such  States,  District,  and  Territories. 

SEC.  61.  And  l>e  it  further  enacted,  That  any  banking 
association  or  corporation  lawfully  in  existence  as  a  bank 
of  circulation  on  the  first  day  of  January,  Anno  Domini 
eighteen  hundred  and  sixty-three,  organized  in  any  state, 
either  under  a  special  act  of  incorporation  or  a  general 

banking  law,  may,  at  any  time  within years  after  the 

passage  of  this  act  become  an  association  under  the  pro- 
visions of  this  act;  that  in  such  case  the  certificate  of 
association  provided  for  by  this  act  shall  be  signed  by 
the  directors  of  such  banking  association  or  corporation, 
and  in  addition  to  the  specifications  required  by  this  act, 
.shall  specify  that  such  directors  are  authorized  by  the 
owners  of  two-thirds  of  the  capital  stock  of  such  bank- 
ing association  or  corporation,  to  make  such  certificate 
of  association,  and  such  certificate  of  association  shall 
thereafter  have  the  same  effect,  and  the  same  proceedings 
shall  be  had  thereon,  as  is  provided  for  as  to  other  asso- 
ciations organized  under  this  act.  And  such  association 
or  corporation  thereafter  shall  have  the  same  powers  and 
privileges,  and  shall  be  subject  to  the  same  duties,  re- 
sponsibilities, and  rules,  in  all  respects,  as  is  (are)  pre- 
scribed in  this  act-  for  other  associations  organized  under 
it,  and  shall  be  held  and  regarded  as  an  association  under 
this  act. 

Si:r.  (\'2.  And  he  if  further  cnncteth  That  any  bank  or 
banking  association,  authorized  by  any  State  law  to  en- 
gage in  the  business  of  banking,  and  duly  organized  under 
such  State  law  at  the  lime  of  the  passage  of  this  act.  and 
which  shall  be  the  holder  and  owner  of  United  States 


LAWS   CONCERNING   MONEY,   BANKING,   AND    LOANS.  329 

bonds  to  the  amount  of  fifty  per  centum  of  its  capital 
stock,  may  transfer  and  deliver  to  the  Treasurer  of  the 
United  States  such  bonds,  or  any  part  thereof,  in  the 
manner  provided  by  this  act;  and  upon  making  such 
transfer  and  delivery,  such  bank  or  banking  association 
shall  be  entitled  to  receive  from  the  comptroller  of  the 
currency,  circulating  notes,  as  herein  provided,  equal  in 
amount  to  eighty  per  centum  of  the  amount  of  the  bonds 
so  transferred  and  delivered. 

SEC.  63.  And  l>e  it  farther  enacted,  That  upon  the  fail- 
ure of  any  such  State  bank  or  banking  association,  to 
redeem  any  of  its  circulating  notes  issued  under  the  pro- 
visions of  the  preceding  section,  the  comptroller  of  the 
currency  shall,  when  satisfied  that  such  default  has  been 
made,  and  within  thirty  days  after  notice  of  such  default, 
proceed  to  declare  the  bonds  transferred  and  delivered  to 
the  treasurer,  forfeited  to  the  United  States,  and  the  same 
shall  thereupon  be  forfeited  accordingly.  And  thereupon 
the  circulating  notes  which  have  been  issued  by  such  bank 
or  banking  association  shall  be  redeemed  and  paid  at  the 
Treasury  of  the  United  States,  in  the  same  manner  as 
other  circulating  notes  issued  under  the  provisions  of  this 
act  are  redeemed  and  paid. 

SEC.  64.  And  be  it  further  enacted,  That  the  bonds  for- 
feited, as  provided  in  the  last  preceding  section,  may  be 
cancelled  to  an  amount  equal  to  the  circulating  notes  re- 
deemed and  paid,  or  such  bonds  may  be  sold,  under  the 
direction  of  the  Secretary  of  the  Treasury,  and  after  re- 
taining out  of  the  proceeds  a  sum  sufficient  to  pay  the 
whole  amount  of  circulating  notes,  for  the  redemption  of 
which  such  bonds  are  held,  the  surplus,  if  any  remains, 
shall  be  paid  to  the  bank,  or  banking  association  from 
which  such  bonds  were  received. 

SEC.  65.  And  be  it  further  enacted,  That  Congress  re- 
serves the  right,  at  any  time,  to  amend,  alter,  or  repeal 
this  act. 

Approved.  February  25,  1863. 

ACT  OF  MARCH  3,  1863. 

CHAP.  LXXIIL — -An  act  to  provide  ways  and  meanx  for 
flu-  support  of  the  Government. 

'Jf  *  'X  *  :!: 

(Section  7.  after  providing  for  taxes  to  be  laid  upon 
the  circulation  of  all  banks  and  corporations,  whether  es- 
1. 77 12° —10 22 


330  NATIONAL,   MONETARY   COMMISSION. 

tablished  under  state  laws  or  under  the  act  of  February 
25,  1863,  directs  that  all  banks,  corporations,  or  indi- 
viduals issuing  notes  for  any  fractional  part  of  a  dollar 
after  April  1,  1863,  shall  be  taxed  ten  per  cent  per  annum 
upon  the  amount  of  such  fractional  notes.) 

***** 

Approved,  March  3,  1863. 

ACT  OF  JUNE  3,  1864. 

is  stat.  L.,  CHAP.  CVI. — An  act  to  provide  a  national  currency,  se- 
cured by  a  pledge  of  United  States  bonds,  and  to  pro- 
vide for  the  circulation,  and  redemption  thereof. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
currencj -Bu-  ue(j    That  there  shall  be  established   in  the  Treasury 

reauestab-  .  J 

iished.  Department  a  separate  Bureau,  which  shall  be  charged 

with  the  execution  of  this  and  all  other  laws  that  may 
be  passed  by  Congress  respecting  the  issue  and  regulation 
of  a  national  currency  secured  by  United  States  bonds. 
The  chief  officer  of  the  said  Bureau  shall  be  denominated 
comptroller  the  Comptroller  of  the  Currency,  and  shall  be  under  the 

renoy.  general  direction  of  the  Secretary  of  the  Treasury.  He 

Appointment,  shall  be  appointed  by  the  President,  on  the  recommenda- 
tion of  the  Secretary  of  the  Treasury,  by  and  with  the 
advice  and  consent  of  the  Senate,  and  shall  hold  his  office 
Term  of  office,  for  the  term  of  five  years  unless  sooner  removed  by  the 
President,  upon  reasons  to  be  communicated  by  him  to  the 
salary.  Senate;  he  shall  receive  an  annual  salary  of  five  thousand 

tr^ep»ty«>mp- dollars;  he  shall  have  a  competent  deputy,  appointed  by 
the  Secretary,  whose  salary  shall  be  two  thousand  five 
hundred  dollars,  and  who  shall  possess  the  power  and 
perform  the  duties  attached  by  law  to  the  office  of  Comp- 
troller during  a  vacancy  in  such  office  and  during  his 
absence  or  inability;  he  shall  employ,  from  time  to  time, 
the  necessary  clerks  to  discharge  such  duties  as  he  shall 
clerk*.  direct,  which  clerks  shall  be  appointed  and  classified  by 

the  Secretary  of  the  Treasury  in  the  manner  now  pro- 

io(t)!'kero'a1rh  vi(|(>(1  by  ltlw-  AVithin  fifteen  days  from  the  time  of 
!1(),j(V  Of  ]jjs  appointment  ih,.  Comptroller  shall  t:\ke  and 
subscribe  (he  oath  of  office  prescribed  by  the  Constitution 
and  laws  of  the  United  States;  and  he  shall  give  to  the 
United  States  a  bond  in  the  penalty  of  one  hundred  thou- 
sand dollars,  with  not  le>-  than  two  responsible  sureties. 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  331 

to  be  approved  by  the  Secretary  of  the  Treasury,  condi- 
tioned  for  the  faithful  discharge  of  the  duties  of  his 
office.     The  deputy  comptroller  so  appointed  shall  also 
take  the  oath  of  office  prescribed  by  the  Constitution  and     Oath    and 
laws  of  the  United  States,  and  shall  give  a  like  bond  in  comptroller. 
the  penaltv  of  fiftv  thousand  dollars.     The  Comptroller     Not  to  be  in- 

,     ,  .  .  terested  in  any 

and  deputy-comptroller  shall  not,  either  directly  or  mdi-  banking  asso- 

if.  .  .....          i  ciation. 

rectly,  be  interested  in  any  association  issuing  national 
currency  under  the  provisions  of  this  act. 

SEC.  2.  And  be  it  further  enacted.  That  the  Comp-     seal  of  cur- 

rencv  Bureau, 

troller  of  the  Currency,  with  the  approval  of  the  Secre- 
tary of  the  Treasury,  shall  devise  a  seal,  with  suitable 
inscriptions,  for  his  office,  a  description  of  which,  with 
a  certificate  of  approval  by  the  Secretary  of  the  Treasury,  and  where  to  be 
shall  be  filed  in  the  office  of  the  Secretary  of  State  with 
an  impression  thereof,  which  shall  thereupon  become  the 
seal  of  office  of  the  Comptroller  of  the  Currency,  and  the 
same  may  be  renewed  when  necessary.     Every  certificate,    e(rsrtlfn1J1^ai; 
assignment,  and  conveyance  executed  by  the  Comptroller,  g"^^!1  to  be 
in  pursuance  of  any  authority  conferred  on  him  by  law, 
and  sealed  with  his  seal  of  office,  shall  be  received  in 
evidence  in  all  places  and  courts  whatsoever;   and  all 
copies  of  papers  in  the  office  of  the  Comptroller,  certified 
by  him  and  authenticated  by  the  said  seal,  shall  in  all 
cases  be  evidence  equally  and  in  like  manner  as  the  origi-     impression 

.  Z  IT          i  may  be  upon 

nal.     An  impression  of  such  seal  directly  on  the  paper  paper, 
shall  be  as  valid  as  if  made  on  wax  or  wafer. 

SEC.  3.  And  be  it  further  enacted.  That  there  shall  be     Rooms  for 

Currency  Bu- 

assigned  to  the  Comptroller  of  the  Currency  by  the  Secre-  reau. 
tary  of  the  Treasury  suitable  rooms  in  the  Treasury  build- 
ing for  conducting  the  business  of  the  Currency  Bureau, 
in  which  shall  be  safe  and  secure  fire-proof  vaults,  in     Fire-proof 
which  it  shall  be  the  duty  of  the  Comptroller  to  deposit va 
and  safely  keep  all  the  plates  not  necessarily  in  the  pos- 
session of  engravers  or  printers,  and  other  valuable  things 
belonging  to  his  department;  and  the  Comptroller  shall 
from  time  to  time  furnish  the  necessary  furniture,  sta-     Furniture, 
tionery,  fuel,  lights,  and  other  proper  conveniences  forc 
the  transaction  of  the  said  business. 

SEC.   4.  And   be   it  further   enacted,   That   the   term  Term  "United 
"  United  States  bonds,"  as  used  in  this  act,  shall  bo  con- 1  <>'  inc  i  udc 
strued  to  mean  all  registered  bonds  novv-  issued,  or  that     Keviscji  stat- 
may  hereafter  be  issued,  on  the  faith  of  the  United  States 
by  the  Secretary  of  the  Treasury  in  pursuance  of  lav. 


332  NATIONAL   MONETARY   COMMISSION. 

Banking  as-     §EC>  5.  And  be  it  farther  enacted,  That  associations  for 

soclations,  how  ,  .  ,        „  ,    , 

may  be  formed,  carrying  on  the  business  of  banking  may  be  formed  by 
any  number  of  persons,  not  less  in  any  case  than  five, 
who  shall  enter  into  articles  of  association,  which  shall 
specify  in  general  terms  the  object  for  which  the  associa- 
tion is  formed,  and  may  contain  any  other  provisions, 
not  inconsistent  with  the  provisions  of  this  act,  which  the 
association  may  see  fit  to  adopt  for  the  regulation  of  the 
business  of  the  association  and  the  conduct  of  its  affairs, 
which  said  articles  shall  be  signed  by  the  persons  uniting 
to  form  the  association,  and  a  copy  of  them  forwarded 
to  the  Comptroller  of  the  Currency,  to  be  filed  and  pre- 
served in  his  office, 
organization  SEC.  6.  And  be  it  further  enacted,  That  the  persons 

certificate    to  .      .       '  l  . 

specify  uniting  to  form  such  an  association  shall,  under  then- 

hands,  make  an  organization  certificate,  which  shall 
specify — 

name,  First.  The  name  assumed  by  such  association,  which 

name  shall  be  subject  to  the  approval  of  the  Comptroller. 

place  of  busi-      Second.  The  place  where  its  operations  of  discount  and 

ness,  \ 

deposit  are  to  be  carried  on,  designating  the  State,  Ter- 
ritory, or  District,  and  also  the  particular  county  and 
city,  town,  or  village. 

capital  and  Third.  The  amount  of  its  capital  stock,  and  the  number 
of  shares  into  which  the  same  shall  be  divided. 

names,  etc.,  of  Fourth.  The  names  and  places  of  residence  of  the 
shareholders,  and  the  number  of  shares  held  by  each  of 
them. 

purpose  of  cer-      Fifth.  A  declaration  that  said  certificate  is  made  to  en- 

tlflcate.  -IT 

able  such  persons  to  avail  themselves  of  the  advantages 
of  this  act. 
certificate;  to      The  said   certificate  shall  be   acknowledged  before   a 

heacknowl-.-.  „  , 

fdged.  judge  of  some  court  of  record  or  a  notary  public,  and  such 

certificate,  with  the  acknowledgment  thereof  authenti- 
cated by  the  seal  of  such  court  or  notary,  shall  be  trans- 
mitted to  the  Comptroller  of  the  Currency,  who  shall  re- 
cord and  carefully  preserve  the  same  in  his  office.  Copies 
WlV  °^  sllcn  certificate,  duly  certified  by  the  Comptroller,  and 
authenticated  by  his  seal  of  office,  shall  be  legal  and  suffi- 
cient evidence  in  nil  courts  and  places  within  the  United 
States,  or  the  jurisdiction  of  the  Government  thereof,  of 
the  existence  of  such  association,  and  of  every  other  mat- 
ter oi-  thing  which  could  be  proved  by  the  production  of 
the  original  certificate. 


LAWS   CONCERNING   MONEY,  BANKING,   AND   LOANS.  333 


SEC.  7.  And  be  it  further  enacted.  That  no  association 
shall  be  organized  under  this  act,  with  a  less  capital  than  ^  Iess 
one  hundred  thousand  dollars,  nor  in  a  city  whose  popu- 
lation exceeds  fifty  thousand  persons,  with  a  less  capital 
than  two  hundred  thousand  dollars:  Provided,  That  Proviso. 
banks  with  a  capital  of  not  less  than  fifty  thousand  dol- 
lars may.  with  the  approval  of  the  Secretary  of  the  Treas- 
ury. be  organized  in  any  place  the  population  of  which 
does  not  exceed  six  thousand  inhabitants. 

SEC.  8.  And  be  it  further  enacted.  That  every  associa-    Associations, 

.    .  .    "  when  to  be  cor- 

tion  formed  pursuant  to  the  provisions  of  this  act  shall,  portions    and 

.,  '  .  f    .  .         .  '  when    to    com- 

from  the  date  of  the  execution  of  its  organization  cer-  mencebusiness. 
tificate,  be  a  body  corporate,  but  shall  transact  no  business 
except  such  as  may  be  incidental  to  its  organization  and 
necessarily  preliminary,  until  authorized  by  the  Comp- 
troller  of  the   Currency   to   commence   the  business   of 
banking.     Such  association  shall  have  power  to  adopt  a     seal. 
corporate  seal,  and  shall  have  succession   by  the  name 
designated  in  its  organization  certificate,  for  the  period 
of  twentv  years  from  its  organization,  unless  sooner  dis-    Mfly  continue 

1     "  °  '  twenty  years, 

solved  according  to  the  provisions  of  its  articles  of  asso-  unless,  etc. 

ciation,  or  by  the  act  of  its  shareholders  owning  two 

thirds  of  its  stock,  or  unless  the  franchise  shall  be  for- 

feited by  a  violation  of  this  act  :  bv  such  name  it  mav    General 

•••    powers. 

make  contracts,  sue  and  be  sued,  complain  and  defend,  in 
any  court  of  law  and  equity  as  fully  as  natural  persons; 
it  mav  elect  or  appoint  directors,  and  by  its  board  of  di-  Directors  and 

.  j7  officers. 

rectors  appoint  a  president,  vice-president,  cashier,  and 
other  officers,  define  their  duties,  require  bonds  of  them 
and  fix  the  penalty  thereof,  dismiss  said  officers  or  any 
of  them  at  pleasure,  and  appoint  others  to  fill  their  places, 
and  exercise  under  this  act  all  such  incidental  powers  as 
shall  be  necessary  to  carry  on  the  business  of  banking  by 
discounting  and  negotiating  promissory  notes,  drafts, 
bills  of  exchange,  and  other  evidences  of  debt  ;  by  receiv- 
ing deposits;  by  buying  and  selling  exchange,  coin,  and 
bullion;  by  loaning  money  on  personal  security;  by  ob- 
taining. issuing,  and  circulating  notes  according  to  the 
provisions  of  this  act;  and  its  board  of  directors  shall  ity-iaws. 
also  have  power  to  define  and  regulate  by  by-laws,  not 
inconsistent  with  the  provisions  of  this  act,  the  manner 
in  which  its  stock  shall  be  transferred,  its  directors  elected 
or  appointed,  its  officers  appointed,  its  property  trans- 
ferred. its  general  business  conducted,  and  all  the  privi- 
leges granted  by  this  act  to  associations  organized  under 


334  NATIONAL   MONETARY   COMMISSION. 

Revised  stat-  it  shaU  be  exercised  and  enjoyed ;   and  its  usual  business 

utes,  o!90.  ii- 

shall  be  transacted  at  an  office  or  banking  house  located 
in  the  place  specified  in  its  organization  certificate. 

Directors;  SEC.  9.  And  be  It  further  enacted,  That  the  affairs  of 
:  every  association  shall  be  managed  by  not  less  than  five 
one  to  be  presi-  directors,  one  of  whom  shall  be  the  president.  Every  di- 
rector shall,  during  his  whole  term  of  service,  be  a  citi- 
zen of  the  United  States ;  and  at  least  three  fourths  of  the 
directors  shall  have  resided  in  the  State,  Territory,  or 
District  in  which  such  association  is  located  one  year  next 
preceding  their  election  as  directors,  and  be  residents  of 
the  same  during  their  continuance  in  office.  Each  director 
shall  own,  in  his  own  right,  at  least  ten  shares  of  the  capi- 
tal stock  of  the  association  of  which  he  is  a  director. 
Each  director,  when  appointed  or  elected,  shall  take  an 

oath.  oath  that  he  will,  so  far  as  the  duty  devolves  on  him, 

diligently  and  honestly  administer  the  affairs  of  such  as- 
sociation, and  will  not  knowingly  violate,  or  willingly 
permit  to  be  violated,  any  of  the  provisions  of  this  act, 
and  that  he  is  the  bona  fide  owner,  in  his  own  right,  of  the 
number  of  shares  of  stock  required  by  this  act,  subscribed 
by  him.  or  standing  in  his  name  on  the  books  of  the  as- 
sociation, and  that  the  same  is  not  hypothecated,  or  in 
an}r  way  pledged,  as  security  for  any  loan  or  debt ;  which 
oath,  subscribed  by  himself,  and  certified  by  the  officer  be- 
fore whom  it  is  taken,  shall  be  immediately  transmitted 
to  the  Comptroller  of  the  Currency,  and  by  him  filed  and 
preserved  in  his  office. 

Term  of  of-  SKC.  10.  And  l>f  it  fit/'ther  enacted,  That  the  directors 
of  any  association  first  elected  or  appointed  shall  hold 
their  places  until  their  successors  shall  be  elected  and 

Elections,  qualified.  All  subsequent  elections  shall  be  held  annu- 
ally on  such  day  in  the  month  of  January  as  may  be  speci- 
fied in  the  articles  of  association:  and  the  directors  so 
elected  shall  hold  their  places  for  one  year,  and  until 
their  successors  are  elected  and  qualified.  But  any  di- 
rector ceasing  to  be  the  owner  of  the  requisite  amount  of 
stock',  or  having  in  any  other  manner  become  disqualified, 
ipR,  shall  thcivbv  vacate  his  place.  Anv  vacancv  in  the  board 

•  '  •  • 

shall  lie  filled  by  appointment  bv  the  remaining  directors, 
and  any  director  so  appointed  shall  hold  his  place  until 
the  next  tied  ion.  If  from  any  cause  an  election  of  di- 
rectors .-hall  not  !ic  made  at  the  time  appointed,  the  as- 
sociation shall  not  for  that  cause  be  dissolved,  but  an  elec- 
tion may  be  l.eid  on  any  .subsequent  day.  thirty  days' 


LAWS   CONCEP.NING   MONEY,  BANKING,   AND   LOANS.  335 

notice  thereof  in  all  cases  having  been  given  in  a  news- 
paper published  in  the  city,  town,  or  county  in  which  the 
association  is  located;  and  if  no  newspaper  is  published 
in  such  city,  town,  or  county,  such  notice  shall  be  pub- 
lished in  a  newspaper  published  nearest  thereto.  If  the 
articles  of  association  do  not  fix  the  day  on  which  the 
election  shall  be  held,  or  if  the  election  should  not  be  held 
on  the  day  fixed,  the  day  for  the  election  shall  be  desig- 
nated by  the  board  of  directors  in  their  by-laws,  or  other- 
wise :  Provided,  That  if  the  directors  fail  to  fix  the  day, 
as  aforesaid,  shareholders  representing  two  thirds  of  the 
shares  may. 

SEC.  11.  And  be  it  further  enacted,  That  in  all  elec-     voting    and 

.  '.  .  7  .  proxies. 

tions  of  directors,  and  in  deciding  all  questions  at  meet- 
ings of  shareholders,  each  shareholder  shall  be  entitled 
to  one  vote  on  each  share  of  stock  held  by  him.  Share- 
holders may  vote  by  proxies  duly  authorized  in  writing; 
but  no  officer,  clerk,  teller,  or  book-keeper  of  such  associa- 
tion shall  act  as  proxy ;  and  no  shareholder  wrhose  liability 
is  past  due  and  unpaid  shall  be  allowed  to  vote. 

SEC.  1-2.  And  be  it  further  enacted.  That  the  capital     capital  stock 

J  _  L  to  be  di  vicled 

stock  of  any  association  formed  under  this  act  shall  be  int°  shares. 
divided  into  shares  of  one  hundred  dollars  each,  and  be 
deemed  personal  property  and  transferable  on  the  books 
of  the  association  in  such  manner  as  may  be  prescribed 
in  the  by-laws  or  articles  of  association ;  and  every  per-     Transfer. 
son  becoming  a  shareholder  by  such  transfer  shall,  in  pro- 
portion to  his  shares,  succeed  to  all  the  rights  and  lia-  istiug  creditors 
bilities  of  the  prior  holder  of  such  shares,  and  no  change  paired, 
shall  be  made  in  the  articles  of  association  by  which  the 
rights,  remedies,  or  security  of  the  existing  creditors  of 
the  association  shall  be  impaired.     The  shareholders  of     individual 

liability. 

each  association  formed  under  the  provisions  of  this  act, 
and  of  each  existing  bank  or  banking  association  that  may 
accept  the  provisions  of  this  act,  shall  be  held  individu- 
ally responsible,  equally  and  ratably,  and  not  one  for  an- 
other, for  all  contracts,  debts,  and  engagements  of  such 
association  to  the  extent  of  the  amount  of  their  stock 
therein  at  the  par  value  thereof,  in  addition  to  the  amount 
invested  in  such  shares;  except  that  shareholders  of  any 
banking  association  now  existing  under  State  laws,  hav- 
ing not  less  than  five  millions  of  dollars  of  capital  actu- 
ally paid  in,  and  a  surplus  of  twenty  per  centum  on  hand, 
both  to  be  determined  by  the  Comptroller  of  the  Cur- 
rency, shall  be  liable  only  to  the  amount  invested  in  their 


336 


NATIONAL   MONETARY   COMMISSION. 


I ncrease  of 
capital  stock. 


Maximum. 


shares;  and  such  surplus  of  twenty  per  centum  shall  be 
kept  undiminished,  and  be  in  addition  to  the  surplus  pro- 
vided for  in  this  act ;  and  if  at  any  time  there  shall  be  a 
deficiency  in  said  surplus  of  twenty  per  centum,  the  said 
banking  association  shall  not  pay  any  dividends  to  its 
shareholders  until  such  deficiency  shall  be  made  good ; 
and  in  case  of  such  deficiency,  the  Comptroller  of  the 
Currency  may  compel  said  banking  association  to  close 
its  business  and  wind  up  its  affairs  under  the  provisions 
when  comp-  of  this  act.  And  the  Comptroller  shall  have  authority 

troller     may  •,•,•••,*  •      •  •  n  •    •    " 

withhold  cer-  to  withhold  from  an  association  his  certificate  authorizing 
the  commencement  of  business,  whenever  he  shall  have 
reason  to  suppose  that  the  shareholders  thereof  have 
formed  the  same  for  any  other  than  the  legitimate  objects 
contemplated  by  this  act. 

SEC.  13.  And  l>e  it  further  enacted,  That  it  shall  be 
lawful  for  any  association  formed  under  this  act,  by  its 
articles  of  association,  to  provide  for  an  increase  of  its 
capital  from  time  to  time,  as  may  be  deemed  expedient, 
subject  to  the  limitations  of  this  act :  Provided,  That  the 
maximum  of  such  increase  in  the  articles  of  association 
shall  be  determined  by  the  Comptroller  of  the  Currency; 
and  no  increase  of  capital  shall  be  valid  until  the  whole 
amount  of  such  increase  shall  be  paid  in,  and  notice 
thereof  shall  have  been  transmitted  to  the  Comptroller  of 
the  Currency,  and  his  certificate  obtained  specifying  the 
amount  of  such  increase  of  capital  stock,  with  his  ap- 
proval thereof,  and  that  it  has  been  duly  paid  in  as  part 
of  the  capital  of  such  association.  And  every  associa- 
tion shall  have  power,  by  the  vote  of  shareholders  own- 
ing two  thirds  of  its  capital  stock,  to  reduce  the  capitaj 
of  such  association  to  any  sum  not  below  the  amount 
required  by  this  act,  in  the  formation  of  associations: 
Provided,  That  by  no  such  reduction  shall  its  capital  be 
brought  below  the  amount  required  by  this  act  for  its  out- 
standing circulation,  nor  shall  any  such  reduction  be 
made  until  the  amount  of  the  proposed  reduction  has 
been  reported  to  the  Comptroller  of  the  Currency  and  his 
approval  thereof  obtained. 

rj'£      Si:r.  1  I.  And  he  !f  further  enacted,  That  at  least  fifty 
"«  per  centum  of  the  capital  stock  of  every  association  shall 
be    paid    in   before    it    shall   be   authorized    to  commence 
*fe  business;  and  the  remainder  of  the  capital  stock  of  such 
association  shall   be  paid   in   instalments  of  at  least  ten 
per  centum  each  on  the  whole  amount  of  the  capital  as 


Minimum. 


Itcinn  !  ml 
when      to 
paid. 


LAWS   CONCERNING   MONEY,  BANKING,   AND   LOANS.  337 

frequently  as  one  instalment  at  the  end  of  each  succeed- 
ing month  from  the  time  it  shall  be  authorized  by  the 
Comptroller  to  commence  business;  and  the  payment  of 
each  instalment  shall  be  certified  to  the  Comptroller, 
under  oath,  by  the  president  or  cashier  of  the  association. 

SEC.  15.  And  be  it  further  enacted.  That  if  any  share- .,  Proceedings, 

'  J  if    shareholder 

holder,  or  his  assignee,  shall  fail  to  pay  any  instalment  on  g^nmenPts'v  in 
the  stock  when  the  same  is  required  by  the  foregoing  sec- 
tion to  be  paid,  the  directors  of  such  association  may  sell 
the  stock  of  such  delinquent  shareholder  at  public  auc-  .  stock  of  de- 

\  linquent  share- 

tion,  having  given  three  weeks'  previous  notice  thereof  Aiders  to  be 
in  a  newspaper  published  and  of  general  circulation  in 
the  city  or  county  where  the  association  is  located,  and  if 
no  newspaper  is  published  in  said  city  or  county,  then  in 
a  newspaper  published  nearest  thereto,  to  any  person  who 
will  pay  the  highest  price  therefor,  and  not  less  than  the 
amount  then  due  thereon,  with  the  expenses  of  advertise- 
ment and  sale ;  and  the  excess,  if  any,  shall  be  paid  to  the 
delinquent  shareholder.  If  no  bidder  can  be  found  who 
will  pay  for  such  stock  the  amount  due  thereon  to  the 
association,  and  the  cost  of  advertisement  and  sale,  the 
amount  previously  paid  shall  be  forfeited  to  the  associa- 
tion, and  such  stock  shall  be  sold  as  the  directors  may 
order,  within  six  months  from  the  time  of  such  forfeiture, 
and  if  not  sold  it  shall  be  cancelled  and  deducted  from 
the  capital  stock  of  the  association ;  and  if  such  cancella- 
tion and  reduction  shall  reduce  the  capital  of  the  asso- 
ciation below  the  minimum  of  capital  required  by  this 
act,  the  capital  stock  shall,  within  thirty  days  from  the 
date  of  such  cancellation,  be  increased  to  the  require- 
ments of  the  act ;  in  default  of  which  a  receiver  may  be 
appointed  to  close  up  the  business  of  the  association  ac- 
cording to  the  provisions  of  the  fiftieth  section  of  this  act. 

SEC.  16.  And  be  it  further  enacted.  That  every  associa-   rnito.i  states 

T  •  i  •    •     '  ...registered 

tion,  alter  having  complied  with  the  provisions  of  this  bonds  to  be  de- 

,.      .  /•  i  •  •    posited  with 

act,  preliminary  to  the  commencement  of  banking  busi- Treasurer  to 

1 1        •       -an    amount 

ness  under  its  provisions,  and  before  it  shall  be  authorized  eriuni   to   one- 

-.  ,  1      -i    1  •  third    of    the 

to  commence  business,  shall  transfer  and  deliver  to  the  capital  stock. 
Treasurer  of  the  United  States  any  United  States  regis- utes,  5159. 
tered  bonds  bearing  interest  to  an  amount  not  less  than 
thirty  thousand  dollars  nor  less  than  one  third  of  the 
capital  stock  paid  in,  which  bonds  shall  be  deposited  with 
the  Treasurer  of  the  United  States  and  by  him  safely 
kept  in  his  office  until  the  same  shall  be  otherwise  dis- 


338  NATIONAL   MONETARY   COMMISSION. 

posed  of,  in  pursuance  of  the  provisions  of  this  act ;  and 
the  Secretary  of  the  Treasury  is  hereby  authorized  to  re- 
ceive and  cancel  any  United  States  coupon  bonds,  and  to 
issue  in  lieu  thereof  registered  bonds  of  like  amount, 
bearing  a  like  rate  of  interest,  and  having  the  same  time 
Deposit  to  be  to  run ;  and  the  deposit  of  bonds  shall  be,  by  every  asso- 

increased ;  .  ,  . 

ciation,  increased  as  its  capital  may  be  paid  up  or  in- 
creased, so  that  every  association  shall  at  all  times  have 
on  deposit  with  the  Treasurer  registered  United  States 
bonds  to  the  amount  of  at  least  one  third  of  its  capital 
m«y  be  dimin-  stock  actually  paid  in:  Provided,  That  nothing  in  this 
section  shall  prevent  an  association  that  may  desire  to 
reduce  its  capital  or  to  close  up  its  business  and  dissolve 
its  organization  from  taking  up  its  bonds  upon  returning 
to  the  Comptroller  its  circulating  notes  in  the  proportion 
hereinafter  named  in  this  act,  nor  from  taking  up  any 
excess  of  bonds  beyond  one  third  of  its  capital  stock  and 
upon  which  no  circulating  notes  have  been  delivered. 
Comptroller  SEC.  17.  And  l>e  it  further  enacted.  That  whenever  a 

to  examine  and  '  . 

determine  if  certificate  shall  have  been  transmitted  to  the  Comptroller 

association  can  ...... 

commence  busi- of  the  Currency,  as  provided  in  this  act,  and  the  associa- 

11CSS  *" 

tion  transmitting  the  same  shall  notify  the  Comptroller 
that  at  least  fifty  per  centum  of  its  capital  stock  has  been 
paid  in  as  aforesaid,  and  that  such  association  has  com- 
plied with  all  the  provisions  of  this  act  as  required  to  be 
complied  with  before  such  association  shall  be  authorized 
to  commence  the  business  of  banking,  the  Comptroller 
shall  examine  into  the  condition  of  such  association,  as- 
certain especially  the  amount  of  money  paid  in  on  account 
of  its  capital,  the  name  and  place  of  residence  of  each  of 
the  directors  of  such  association,  and  the  amount  of  the 
capital  stock  of  which  each  is  the  bona  fide  owner,  and 
generally  whether  such  association  has  complied  with  all 
the  requirements  of  this  act  to  entitle  it  to  engage  in  the 
business  of  banking;  and  shall  cause  to  be  made  and 
attested  by  the  oaths  of  a  majority  of  the  directors  and 
by  the  president  or  cashier  of  such  association,  a  state- 
ment of  all  the  facts  necessary  to  enable  the  Comptroller 
to  determine  whether  such  association  is  lawfully  entitled 
to  commence  the  business  of  banking  under  this  act. 

rlaK  "s  Cimi        SK(''     1 H'    '  '  " (l    '"'    !f    /'"'^^    f'Hfirtcfl,    That    if,    upon    il 

liren!:KuHiScareful  (-X:1I»i»:it'<"i  of  the  facts  so  reported,  and  of  any 

iiv°CTrulflcate<! other  farts  wlli('n  lua.v  (><)im>  to  tlu>  knowledge  of  the 
Comptroller,  whether  |)V  means  of  a  special  commission 
appointed  by  him  for  the  purpose  of  inquiring  into  the 


LAWS   CONCERNING   MONEY,  BANKING,  AND   LOANS.  339 

condition  of  such  association,  or  otherwise,  it  shall  appear 
that  such  association  is  lawfully  entitled  to  commence  the 
business  of  banking,  the  Comptroller  shall  give  to  such 
association  a  certificate,  under  his  hand  and  official  seal, 
that  such  association  has  complied  with  all  the  provisions 
of  this  act  required  to  be  complied  with  before  being  en- 
titled to  commence  the  business  of  banking  under  it,  and 
that  such  association  is  authorized  to  commence  said 
business  accordingly ;  and  it  shall  be  the  duty  of  the  asso- 
ciation to  cause  said  certificate  to  be  published  in  some  Certificate,  to 

be   published. 

newspaper  published  in  the  city  or  county  where  the 
association  is  located  for  at  least  sixty  days  next  after  the 
issuing  thereof:  Provided,  That  if  no  newspaper  is  pub- 
lished in  such  city  or  county  the  certificate  shall  be  pub- 
lished in  a  newspaper  published  nearest  thereto. 

SEC.  19.  And  le  it  further  enacted,  That  all  transfers  ^JJansfer^of 
of  United  States  bonds  which  shall  be  made  by  any  asso-  ^|"°n>totot  ^ 
ciation  under  the  provisions  of  this  act  shall  be  made  to  ^fsftsul'er  lu 
the  Treasurer  of  the  United  States  in  trust  for  the  asso- 
ciation, with  a  memorandum  written  or  printed  on  each  HOW  e  x  e  - 
bond,  and  signed  bv  the  cashier  or  some  other  officer  of  Revised  stat- 

.  ,  .  .  .  „  utes,  5162. 

the  association  making  the  deposit,  a  receipt  there lor  to 
be  given  to  said  association,  or  by  the  Comptroller  of  the 
Currency,  or  by  a  clerk  appointed  by  him  for  that  pur- 
pose, stating  that  it  is  held  in  trust  for  the  association  on 
whose  behalf  such  transfer  is  made,  and  as  security  for 
the  redemption  and  payment  of  any  circulating  notes  that 
have  been  or  may  be  delivered  to  such  association.  No 
assignment  or  transfer  of  any  such  bonds  by  the  Treas- 
urer shall  be  deemed  valid  or  of  binding  force  and  effect 
unless  countersigned  by  the  Comptroller  of  the  Currency. 
It  shall  be  the  duty  of  the  Comptroller  of  the  Currencv  Comptroller 

n>    "  i     •  i  •    i       -i     TI  i  -i     i      to    keep    trans- 

to  keep  in  his  office  a  book  in  which  shall  be  entered  the  fer  book,  etc. 
name  of  every  association  from  whose  accounts  such 
transfer  of  bonds  is  made  by  the  Treasurer,  and  the  name 
of  the  party  to  whom  such  transfer  is  made;  and  the, 
par  value  of  the  bonds  so  transferred  shall  be  entered 
therein;  and  it  shall  be  the  duty  of  the  Comptroller,  im- 
mediately upon  countersigning  and  entering  the  same,  to 
advise  by  mail  the  association  from  whose  account  such 
transfer  was  made  of  the  kind  and  numerical  designa- 
tion of  the  bonds  and  the  amount  thereof  so  transferred. 

SEC.  20.  A  Jiff  le  it  further  enacted.  That  it  shall  be  Ili'V^'aiM*.  r° 
duty  of  the  Comptroller  of  the  Currency  to  countersign^.^'1  "1"1  ''" 
and  cnler  in  the  book,  in  the  manner  a  fore-aid,  everv 


340  NATIONAL   MONETARY   COMMISSION. 

transfer  or  assignment  of  any  bonds  held  by  the  Treasurer 
acc^s8ikb1eto  ^P^^nted  for  his  signature;  and  the  Comptroller  shall 
have  at  all  times  during  office  hours  access  to  the  books  of 
the  Treasurer,  for  the  purpose  of  ascertaining  the  correct- 
ness of  the  transfer  or  assignment  presented  to  him  to 
countersign:  and  the  Treasurer  shall  have  the  like  access 
to  the  book  above  mentioned,  kept  by  the  Comptroller, 
during  office  hours,  to  ascertain  the  correctness  of  the 
entries  in  the  same;  and  the  Comptroller  shall  also  at  all 
times  have  access  to  the  bonds  on  deposit  with  the  Treas- 
urer, to  ascertain  their  amount  and  condition. 
Associations,  gEc.  21.  And  be  it  further  enacted,  That  upon  the 

after    transfer,  '  ' 

may  receive  cir- transfer  and  delivery  of  bonds  to  the  Treasurer,  as  pro- 

culatlng  notes.     .,,.,»  '.  ,.  .      .  . 

see    act    ofyided   in  the  foregoing  section,  the  association  making 
the  same  shall  be  entitled  to  receive  from  the  Comptroller 
of  the  Currency  circulating  notes  of  different  denomina- 
tions, in  blank,  registered  and  countersigned  as  herein- 
after provided,  equal  in  amount  to  ninety  per  centum  of 
the  current  market  value  of  the  United  States  bonds  so 
transferred  and  delivered,  but  not  exceeding  ninety  per 
centum  of  the  amount  of  said  bonds  at  the  par  value 
amount'1    °* thereof,  if  bearing  interest  at  a  rate  not  less  than  five  per 
centum  per  annum ;  and  at  no  time  shall  the  total  amount 
of  such  notes,  issued  to  any  such  association,  exceed  the 
amount  at  such  time  actually  paid  in  of  its  capital  stock. 
]aHonIrnoCtTo      SEC-  "•  Altd  ^  if'  father  enacted,  That  the  entire 
oocfooo  $:{00'~  "mount  of  notes  for  circulation  to  be  issued  under  this  act 
to  prepare"  tie sna^  1K)t  exceofl  three  hundred  millions  of  dollars.     Tn 
D°Revised  stat- orf^er  *°  f111*11^"1  suitable  notes  for  circulation,  the  Comp- 
J-Jl^l:     "' 1  7  -  -troller  of  the  Currency  is  hereby  authorized  and  required, 
under  the  direction  of  the  Secretary  of  the  Treasury,  to 
cause  plates  and  dies  to  be  engraved,  in  the  best  manner  to 
guard  against  counterfeiting  and  fraudulent  alterations, 
and  to  have  printed  therefrom,  and  numbered,  such  quan- 
Hons"01"'  ""'lity  °f  circulating  notes,  in  blank,  of  the  denominations 
of  one  dollar,  two  dollars,  three  dollars,  five  dollars,  ten 
dollars,  twenty  dollars,  fifty  dollars,  one  hundred  dollars, 
five  hundred  dollars,  and  one  thousand  dollars,  as  may  be 
required  to  supply,  under  this  act.  the  associations  enti- 
pr^ss'what1. <X  t'('('  <()  1>fl('«''V('  t'"'  same:    which  notes  shall  express  upon 
their  face  thai  they  are  secured  by  United  States  bonds, 
deposited  with  the  Treasurer  of  the  United  States  by  the 
written    or   engraved    signatures    of   the    Treasurer    and 
Register,  and  by  the  imprint  of  the  seal  of  the  Treasury; 
and  shall  also  express  upon  their  face  the  promise  of  the 


LAWS   CONCERNING   MONEY,  BANKING,  AND   LOANS.  341 

association  receiving  the  same  to  pay  on  demand,  attested 

by  the  signatures  of  the  president  or  vice-president  and    Devices- 

cashier.     And  the  said  notes  shall  bear  such  devices  and 

such  other  statements,  and  shall  be  in  such  form,  as  the 

Secretary  of  the  Treasury  shall,  by  regulation,  direct:     Notes  under 

Provided,  That  not  more  than  one  sixth  part  of  the  notes 

furnished  to  an  association  shall  be  of  a  less  denomination 

than  five  dollars,  and  that  after  specie  payments  shall  be 

resumed  no  association  shall  be  furnished  with  notes  of 

a  less  denomination  than  five  dollars. 

SEC.  23.  And  be  it  further  enacted,  That  after  any  such  ma^h^  cn^s 
association  shall  have  caused  its  promise  to  pay  such  notes  j^t  e  d  as 
on  demand  to  be  signed  by  the  president  or  vice-president  Ut^sevif1e|2stat" 
and  cashier  thereof,  in  such  manner  as  to  make  them  u  t^|vis|d4^7t|t- 
obligatory  promissory  notes,  payable  on  demand,  at  its 3475- 
place  of  business,  such  association  is  hereby  authorized  to 

issue  and  circulate  the  same  as  money :  and  the  same  shall  to  be  received 
•       i  •         n  r»     i          T    •      i    n  .     for    all    dues, 

be  received  at  par  in  all  parts  or  the  United  States  in  except,  etc. 

payment  of  taxes,  excises,  public  lands,  and  all  other  dues 
to  the  United  States,  except  for  duties  on  imports;  and 
also  for  all  salaries  and  other  debts  and  demands  owing 
by  the  United  States  to  individuals,  corporations,  and 
associations  within  the  United  States,  except  interest  on 
the  public  debt,  and  in  redemption  of  the  national  cur- 
rency. And  no  such  association  shall  issue  post  notes  or  Post  notes, 

etc.,  not  to  be 

any  other  notes  to  circulate  as  monev  than  such  as  areissued- 

,  .  ..",,.  Revised  Stat- 

authorized  by  the  foregoing  provisions  of  this  act.  utes,  siss. 

SEC.  24.  And  ~be  it  further  enacted.  That  it  shall  be  the    worn-out  and 

'  mutilated 

duty  of  the  Comptroller  of  the  Currency  to  receive  worn-  notes. 

\  .  See    act    of 

out  or  mutilated  circulating  notes  issued  by  any  such  June  23,  1874. 

.  »    ,  Revised  Stat- 

bankmg  association,  and  also,  on  due  proof  or  the  destruc-  «tes,  5184. 
tion  of  any  such  circulating  notes,  to  deliver  in  place 
thereof  to  such  association  other  blank  circulating  notes 
to  an  equal  amount.  And  such  worn-out  or  mutilated 
notes,  after  a  memorandum  shall  have  been  entered  in  the 
proper  books,  in  accordance  with  such  regulations  as  may 
be  established  by  the  Comptroller,  as  well  as  all  circulat- 
ing notes  which  shall  have  been  paid  or  surrendered  to  be 
cancelled,  shall  be  burned  to  ashes  in  presence  of  four  per- 
sons, one  to  be  appointed  by  the  Secretary  of  the  Treas- 
ury, one  by  the  Comptroller  of  the  Currency,  one  by  the 
Treasurer  of  the  United  States,  and  one  by  the  association, 
under  such  regulations  us  the  Secretary  of  the  Treasury 
may  prescribe.  And  a  certificate  of  such  burning,  signed 
by  the  parties  so  appointed,  shall  be  made  in  the  books  of 


342  NATIONAL   MONETARY    COMMISSION. 

the  Comptroller,  and  a  duplicate  thereof  forwarded  to 
the  association  whose  notes  are  thus  cancelled. 

toAesSamfne°ann8     SEC-  25-  And  be  #  father  enacted,  That  it  shall  be  the 

bonds1  'deposit8  c^ut.v  °^  every  banking  association  having  bonds  deposited 

certiflcatemake  m  ^ie  °^ce  °f  the  Treasurer  of  the  United  States,  once  or 

Revised  stat-  oftener  in  each  fiscal  year,  and  at  such  time  or  times  dur- 

utes,  uloo. 

ing  the  ordinary  business  hours  as  said  officer  or  officers 
Examination  mav  select,  to  examine  and  compare  the  bonds  so  pledged 

or  associations.         •  -1  L         ~ 

with  the  books  of  the  Comptroller  and  the  accounts  of  the 
association,  and.  if  found  correct,  to  execute  to  the  said 
Treasurer  a  certificate  setting  forth  the  different  kinds 
and  the  amounts  thereof,  and  that  the  same  are  in  the  pos- 
session and  custody  of  the  Treasurer  at  the  date  of  such 
certificate.  Such  examination  may  be  made  by  an  officer 
or  agent  of  such  association,  duly  appointed  in  writing  for 
that  purpose,  whose  certificate  before  mentioned  shall  be 
of  like  force  and  validity  as  if  executed  by  such  president 
or  cashier ;  and  a  duplicate  signed  by  the  Treasurer  shall 
be  retained  by  the  association. 
Deposited  SEC.  20.  And  l>e  it  further  enacted.  That  the  bonds 

bonds     to     he  ..' 

iieid  exclusive-  transferred  to  and  deposited  with  the  Treasurer  of  the 

ly     t  (i     secure  • 

circulation.       United  States,  as  hereinbefore  provided,  by  any  banking 

Revised  Stat-  '  ......  „ 

utes.  .-,107.  association  for  the  security  of  its  circulating  notes,  shall 
be  held  exclusively  for  that  purpose,  until  such  notes  shall 

to  interest!1  as  ne  redeemed,  except  as  provided  in  this  act;  but  the 
Comptroller  of  the  Currency  shall  give  to  any  such  bank- 
ing association  powers  of  attorney  to  receive  and  appro- 
priate to  its  own  use  the  interest  on  the  bonds  which  it 
shall  have  so  transferred  to  the  Treasurer;  but  such 
powers  shall  become  inoperative  whenever  such  banking 
association  shall  fail  to  redeem  its  circulating  notes  as 
a  fore-aid.  Whenever  the  market  or  cash  value  of  any 

Procfia^nd8ecu'- l)0nfls  deposited  with  the  Treasurer  of  the  United  States, 

made  Kood.  '"'' as  »foresiid.  shall  be  reduced  below  the  amount  of  the 
circulation  issued  for  the  same,  the  Comptroller  of  the 
Currency  is  hereby  authorized  to  demand  and  receive  the 
amount  of  such  depreciation  in  other  United  States  bonds 
at  cash  value,  or  in  money,  from  the  association  receiving 
said  bills,  to  be  deposited  with  the  Treasurer  of  the 
(  nited  States  as  long  MS  such  depreciation  continues. 

». ^TxSianBod!  Aml  sai(l  ('""'P11'0'1''''-  upon  the  terms  prescribed  by  the 
Secretary  of  tli"  Treasury,  may  permit  an  exchange  to  be 
made  of  any  of  the  bonds  deposited  witli  the  Treasurer 
by  an  association  for  other  bonds  of  the  United  States 
authorized  by  this  act  to  be  received  as  security  for  circu- 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  343 

lating  notes,  if  he  shall  be  of  opinion  that  such  an  ex- 
change can  be  made  without  prejudice  to  the  United 
States,  and  he  mav  direct  the  return  of  any  of  said  bonds  fll:¥*y  be  re- 

'.•',*'  .      turned     u  p  o  n 

to  the  banking  association  which  transferred  the  same,  in  cTr^IfiaUn0* 
sums  of  not  less  than  one  thousand  dollars,  upon  the  sur- notes- 
render  to  him  and  the  cancellation  of  a  proportionate 
amount  of  such  circulating  notes:  Provided,  That  the  Proviso- 
remaining  bonds  which  shall  have  been  transferred  by 
the  banking  association  offering  to  surrender  circulating 
notes  shall  be  equal  to  the  amount  required  for  the  circu- 
lating notes  not  surrendered  by  such  banking  association, 
and  that  the  amount  of  bonds  in  the  hands  of  the  Treas- 
urer shall  not  be  diminished  below  the  amount  required 
to  be  kept  on  deposit  with  him  by  this  act:  And  provided, 
That  there  shall  have  been  no  failure  by  such  association 
to  redeem  its  circulating  notes,  and  no  other  violation  by 
such  association  of  the  provisions  of  this  act,  and  that  the 
market  or  cash  value  of  the  remaining  bonds  shall  not  be 
below  the  amount  required  for  the  circulation  issued  for 
the  same. 

SEC.  27.  And  lie  it  further  enacted,  That  it  shall  be 
unlawful  for  any  officer  acting  under  the  provisions 
this  act  to  countersign  or  deliver  to  any  association, 
to  any  other  company  or  person,  any  circulating  notes  thilsev"g^  stat. 
contemplated  by  this  act,  except  as  hereinbefore  provided,  utes>  5187- 
and  in  accordance  with  the  true  intent  and  meaning  of 
this  act.     And  any  officer  who  shall  violate  the  provisions 
of  this  section  shall  be  deemed  guilty  of  a  high  misde- 
meanor, and  on  conviction  thereof  shall  be  punished  by 
fine  not  exceeding  double  the  amount  so  countersigned 
and  delivered,  and  imprisonment  not  less  than  one  year 
and  not  exceeding  fifteen  years,  at  the  discretion  of  the 
court  in  which  he  shall  be  tried. 

SEC.  28.  And  1)C  it  further  enacted.  That  it  shall  be  m.J.Shoidate°tcS 
lawful  for  any  such  association  to  purchase,  hold. 
convey  real  estate  as  follows : 

First.  Such  as  shall  be  nrcessary  for  its  immediate  ac- 
commodation in  the  transaction  of  its  business. 

Second.  Such  as  shall  be  mortgaged  to  it  in  good  faith 
by  way  of  security  for  debts  previously  contracted. 

Third.  Such  as  shall  be  conveyed  to  it  in  satisfaction 
of  debts  previously  contracted  in  the  course  of  its  deal- 
ings. 


344  NATIONAL   MONETARY   COMMISSION. 

Fourth.  Such  as  it  shall  purchase  at  sales  under  judg- 
ments, decrees,  or  mortgages  held  by  such  association,  or. 
shall  purchase  to  secure  debts  due  to  said  association. 
Real  estate.  Such  associations  shall  not  purchase  or  hold  real  estate 
in  any  other  case  or  for  any  other  purpose  than  as  speci- 
fied in  this  section.  Nor  shall  it  hold  the  possession  of 
any  real  estate  under  mortgage,  or  hold  the  title  and  pos- 
session of  any  real  estate  purchased  to  secure  any  debts 
due  to  it  for  a  longer  period  than  five  years. 

x  o  person,     gEC  29.  And  be  it  further  enacted.  That  the  total  lia- 
e  t  c  .  ,    to    be  '  . 

liable  to  asso-  bilities  to  anv  association,  of  any  person,  or  of  any  com- 
c  1  a  1  1  o  n    for  *    .  '  J 

rn^o  r  e  than,  pany.  corporation,  or  firm  for  money  borrowed,  including 

in  the  liabilities  of  a  company  or  firm  the  liabilities  of  the 

several  members  thereof,  shall  at  no  time  exceed  one  tenth 

part  of  the  amount  of  the  capital  stock  of  such  associa- 

certain  dis  tion  actually  paid  in:  Provided.  That  the  discount  of 

counts  n  o  t   to  -      L 

be  included,  bona  fide  bills  of  exchange  drawn  against  actually  exist- 
ing values,  and  the  discount  of  commercial  or  business 
paper  actually  owned  by  the  person  or  persons,  corpora- 
tion, or  firm  negotiating  the  same  shall  not  be  considered 
as  money  borrowed. 

terestte  °f  ln  ^EC-  '^'  ^nd  be  it  further  enacted,  That  every  associa- 
tion may  take,  receive,  reserve,  and  charge  on  any  loan 
or  discount  made,  or  upon  any  note,  bill  of  exchange,  or 
other  evidences  of  debt,  interest  at  the  rate  allowed  by  the 
laws  of  the  State  or  Territory  where  the  bank  is  located, 
and  no  more,  except  that  where  by  the  laws  of  any  State 
a  different  rate  is  limited  for  banks  of  issue  organized 
under  State  laws,  the  rate  so  limited  shall  be  allowed  for 
associations  organized  in  any  such  State  under  this  act. 
And  when  no  rate  is  fixed  by  the  laws  of  the  State  or 
Territory,  the  bank  may  take,  receive,  reserve,  or  charge 
a  rate  not  exceeding  seven  per  centum,  and  such  interest 
may  be  taken  in  advance,  reckoning  the  days  for  which 


.    for  tin-  note,  bill,  or  other  evidence  of  debt  has  to  run.     And 

taking    ureator    ,        ,          '   . 

the  knowingly  taking,  receiving,  reserving,  or  charging 
a  rate  of  interest  greater  than  aforesaid  shall  be  held  and 
adjudged  a  forfeiture  of  the  entire  interest  which  the 
note,  bill,  or  other  evidence  of  debt  carries  with  it,  or 
whirl)  has  been  agreed  to  be  paid  thereon.  And  in  case  a 
greater  rate  of  interest  has  been  paid,  the  person  or  per- 
sons paying  the  same,  or  their  legal  representatives  may 
recover  back,  in  any  action  of  debt,  twice  the  amount  of 
the  interest  thus  paid  from  the  association  taking  or  re- 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  345 


ceiving  the   same:  Provided,  That  such   action  is  ccrai-  o^j*Ion  *°  .be 
menced   within   two  years   from   the  time   the  usurious  two  >'ears- 
transaction  occurred.     But  the  purchase,  discount,  or  sale 
of  a  bona  fide  bill  of  exchange,  payable  at  another  place 
than  the  place  of  such  purchase,  discount,  or  sale,  at  not 
more  than  the  current  rate  of  exchange  for  sight  drafts  in 
addition  to  the  interest,  shall  not  be  considered  as  taking 
or  receiving  a  greater  rate  of  interest. 

SEC.  31.  And  be  it  further  enacted,  That  every  associa-      Amount  of 
tion  in  the  cities  hereinafter  named  shall,  at  all  times,  kept  on  hand. 
have  on  hand,  in  lawful  money  of  the  United  States,  anutes,  5101, 
amount  equal  to  at  least  twenty-five  per  centum  of  the     see  act  of 

„   .  .'         .       *        .  ,    .         ,       June  20,   1874, 

aggregate  amount  or  its  notes  in  circulation  and  its  de-  sec.  2. 

posits;  and  every  other  association  shall,  at  all  times,  have 

on  hand,  in  lawful  money  of  the  United  States,  an  amount 

equal  to   at  least  fifteen   per  centum  of  the  aggregate 

amount  of  its  notes  in  circulation,  and  of  its  deposits. 

And  whenever  the  lawful  money  of  any  association  in  any 

of  the  cities  hereinafter  named  shall  be  below  the  amount 

of  twenty-five  per  centum  of  its  circulation  and  deposits, 

and  whenever  the  lawful  monev  of  any  other  association    Liabilities 

.         ,  ,  not    to    be    in- 

shall  be  below  fifteen  per  centum  of  its  circulation  and  cle-  creased  until 

.  ,  .  .,.,.,..       reserve  is  made 

posits,  such  associations  shall  not  increase  its  liabilities  good. 

by  making  any  new  loans  or  discounts  otherwise  than  by 

discounting  or  purchasing  bills  of  exchange  payable  at 

sight,  nor  make  any  dividend  of  its  profits  until  the  re- 

quired proportion  between  the  aggregate  amount  of  its 

outstanding  notes  of  circulation  and  deposits  and  its  lawT- 

ful  money  of  the  United  States  shall  be  restored:  Pro-     Money  de- 

vided,  That  three  fifths  of  said  fifteen  per  centum  mavdemption   or 

.  .  .  "•'    circulation   in 

consist  or  balances  due  to  an  association  available  for  the  certain  cities  to 
redemption  of  its  circulating  notes  from  associations  ap- 
proved by  the  Comptroller  of  the  Currency,  organized 
under  this  act,  in  the  cities  of  Saint  Louis,  Louisville, 
Chicago,  Detroit.  Milwaukee,  NCAV  Orleans,  Cincinnati, 
Cleveland,  Pittsburg,   Baltimore,   Philadelphia,   Boston, 
New   York,  Albany.  Leavenworth,  San   Francisco,  and 
Washington    City:  Provided,   also,   That   clearing-house     clearing- 
certificates,  representing  specie  or  lawful  money  specially  caTes  °tortbe 
deposited  for  the  purpose  of  any  clearing-house  associa-  nfoney*3  for  ^this 
tion,  shall  be  deemed  to  be  lawful  money  in  the  posses-  Purpose- 
sion  of  any  association  belonging  to  such  clearing-house 
holding  and  owning  such  certificate,  and  shall  be  consid- 
ered to  be  a  part  of  the  lawful  money  which  such  associ- 
ation is  required  to  have  under  the  foregoing  provisions 
15712°—  10  -  2t5 


346  NATIONAL    MONETARY   COMMISSION. 

Charleston  Of  this  section:  Provided,  That  the  cities  of  Charleston 

and  Richmond. 

and  Richmond  may  be  added  to  the  list  of  cities  in  the 
national   associations   of  which   other   associations   may 
keep  three  fifths  of  their  lawful  money,  whenever,  in 
the  opinion  of  the  Comptroller  of  the  Currency,  the  con- 
dition of  the  Southern  States  will  warrant  it.     And  it 
shall  be  competent  for  the  Comptroller  of  the  Currency 
to  notify  any  association,  whose  lawful  money  reserve  as 
aforesaid  shall  be  below  the  amount  to  be  kept  on  hand  as 
if  association  aforesaid,  to  make  good  such  reserve;  and  if  such  associ- 
notice8to  makeation  shall   fail   for  thirty  days  thereafter  so  to  make 
ferv°ed          *"  good  its  reserve  of  lawful  money  of  the  United  States,  the 
Comptroller  may,  with  the  concurrence  of  the  Secretary 
of  the  Treasury,  appoint  a  receiver  to  wind  up  the  busi- 
ness of  such  association,  as  provided  in  this  act. 
circulation  to     SEC.  32.  And  be  it  further  enacted.  That  each  associa- 
Ne«-e  Yo™k   at  tion  organized  in  any  of  the  cities  named  in  the  foregoing 
p<  Revised  stat-  section  shall  select,  subject  to  the  approval  of  the  Comp- 
troller of  the  Currency,  an  association  in  the  city  of  New 
York,  at  which  it  will  redeem  its  circulating  notes  at  par. 
And  each  of  such  associations  may  keep  one  half  of  its 
lawful  money  reserve  in  cash  deposits  in  the  city  of  New 
York.     And  each  association  not  organized  within  the 
certain  asso- cities  named  in  the  preceding  section  shall  select,  subject 
ipct   place  for  to  the  approval  of  the  Comptroller  of  the  Currency,  an 

redemption    of  .      .         .         .   .  „     .          .    .  ,    .         .  '  ,. 

circulation.       association  in  either  01  the  cities  named  in  the  preceding 

£pe    SPP     ;{,  .  ...  ' 

act^of  June  2o',  section  at  which  it  will  redeem  its  circulating  notes  at  par, 
and  the  Comptroller  shall  give  public  notice  of  the  names 
of  the  associations  so  selected  at  which  redemptions  are  to 
be  made  by  the  respective  associations,  and  of  any  change 
that  may  be  made  of  the  association  at  which  the  notes  of 

proceedings  any  association  are  redeemed.  If  any  association  shall 
ure.  fail  either  to  make  the  selection  or  to  redeem  its  notes  as 

aforesaid,  the  Comptroller  of  the  Currency  may,  upon  re- 
ceiving satisfactory  evidence  thereof,  appoint  a  receiver, 
in  the  manner  provided  for  in  this  act,  to  wind  up  its 
affairs:  Prodded.  That  nothing  in  this  section  shall  re- 
lieve any  association  from  its  liability  to  redeem  its  circu- 
lating notes  at  its  own  counter,  at  par,  in  lawful  money, 

Kach  asso  on  demand  :  And  pror'/ded.  further.  That  every  associa- 

•  ijition  to  take    .  ;     .  .    .  '  . 

HOICK  of  other  tion  formed  or  existing  under  the  provisions  of  this  act 

associations. 

shall  take  and  receive  at  par.  for  any  debt  or  liability  to 

said  association,  any  and  all  notes  or  bills  issued  by  any 
association  existing  under  arid  bv  virtue  of  this  act. 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  347 

SEC.  33.  And  ~be  it  further  enacted,  That  the  directors     Dividends, 
of  any  association  may,  semi-annually,  each  year,  declare 
a  dividend  of  so  much  of  the  nett  profits  of  the  association 
as  they  shall  judge  expedient;  but  each  association  shall,  fu|d^  r  P  l  us 
before  the  declaration  of  a  dividend,  carry  one  tenth  part 
of  its  nett  profits  of  the  preceding  half  year  to  its  surplus 
fund  until  the  same  shall  amount  to  twenty  per  centum  of 
its  capital  stock. 

SEC.  34.  And  be  it  further  enacted,  That  every  associa-  t/^Jf^to 
tion  shall  make  to  the  Comptroller  of  the  Currency  a  re-  qUa™eriyroller 
port,  according  to  the  form  which  may  be  prescribed  by 
him,  verified  by  the  oath  or  affirmation  of  the  president  or 
cashier  of  such  association ;  which  report  shall  exhibit  in  reportfents  ° f 
detail,  and  under  appropriate  heads,  the  resources  and  lia- 
bilities of  the  association  before  the  commencement  of 
business  on  the  morning  of  the  first  Monday  of  the  months 
of  January,  April,  July,  and  October  of  each  year,  and 
shall  transmit  the  same  to  the  Comptroller  within  five 
days   thereafter.     And   any  bank   failing  to  make   and  fanienn1?ltty0f  "/- 
transmit  such  report  shall  be  subject  to  a  penalty  of  one  I)ort 
hundred  dollars  for  each  day  after  five  days  that  such 
report  is  delayed  beyond  that  time.     And  the  Comptroller 
shall  publish  abstracts  of  said  reports  in  a  newspaper  to  toc °(™ fj*£OI^r 
be  designated  by  him   for  that  purpose  in  the  city  of  stmcts, 
Washington,  and  the  separate  report  of  each  association 
shall  be  published  in  a  newspaper  in  the  place  where  such 
association  is  established,  or  if  there  be  no  newspaper  at 
such  place,  then  in  a  newspaper  published  at  the  nearest 
place  thereto,  at  the  expense  of  the  association  making 
such  report.     In  addition  to  the  quarterly  reports  required 
by  this  section,  every  association  shall,  on  the  first  Tues- 
day of  each  month,  make  to  the  Comptroller  of  the  Cur-  sta^mentsh '  y 
rency   a   statement,   under  the  oath   of  the  president  or 
cashier,  showing  the  condition  of  the  association  making 
such  statement,  on  the  morning  of  the  day  next  preceding 
the  date  of  such  statement,  in  respect  to  the  following 
items  and  particulars,  to  wit :  average  amount  of  loans 
;ii)d  discounts,  specie,  and  other  lawful  money  belonging 
to  the  association,  deposits,  and  circulation.     And  asso- 
ciations in  other  places  than  those  cities  named  in  the 
thirty-first  section  of  this  act  shall  also  return  the  amount 
due  them  available  for  the?  redemption  of  their  circulation. 

SEC.  35.  And  be  it  further  enacted,  That  no  associationnof  s(so° 
shall  make  any  loan  or  discount  on  the  security  of  thc|^n^(, 
shares  of  its  own  capital  stock,  nor  be  the  purchaser  orj.tllpir 


stock. 


348  NATIONAL   MONETARY   COMMISSION. 

holder  of  any  such  shares,  unless  such  security  or  pur- 
chase shall  be  necessary  to  prevent  loss  upon  a  debt  pre- 
viously contracted  in  good  faith ;  and  stock  so  purchased 
or  acquired  shall,  within  six  months  from  the  time  of  its 
purchase,  be  sold  or  disposed  of  at  public  or  private  sale, 
in  default  of  which  a  receiver  may  be  appointed  to  close 
up  the  business  of  the  association,  according  to  the  pro- 
visions of  this  act. 
indebtedness  SEC.  36.  And  be  it  further  enacted.  That  no  association 

uot    to    exceed  .  .•,,,•,  •  1-11 

capital    stock,  shall  at  anv  time  be  indebted,  or  in  anv  way  liable,  to  an 

exc6pt  etc. 

amount  exceeding  the  amount  of  its  capital  stock  at  such 
time  actually  paid  in  and  remaining  undiminished  by 
losses  or  otherwise,  except  on  the  following  accounts,  that 
is  to  say : — 

First.  On  account  of  its  notes  of  circulation. 

Second.  On  account  of  moneys  deposited  with,  or  col- 
lected by,  such  association. 

Third.  On  account  of  bills  of  exchange  or  drafts  drawn 
against  money  actually  on  deposit  to  the  credit  of  such 
association,  or  due  thereto. 

Fourth.  On  account  of  liabilities  to  its  stockholders  for 
dividends  and  reserved  profits. 

Associations      SEC.  37.  And  le  it  further  enacted,  That  no  association 
<-cate   circuiat-  shall,  either  directlv  or  indirectly,  pledge  or  hypothecate 

i,,K    notes,    for.  •       .  V         ,,  f 

'•t<-  any  or  its  notes  or  circulation,  tor  the  purpose  ot  pro- 

curing money  to  be  paid  in  on  its  capital  stock,  or  to  be 
uevis.-fi  stat-  used  in  its  banking  operations,  or  otherwise;  nor  shall  any 
association  use  its  circulating  notes,  or  any  part  thereof, 
in  any  manner  or  form,  to  create  or  increase  its  capital 
stock. 

HOI  tr,  with  Si-:c.  :5S.  A  nd  l>e  it  further  enacted,  That  no  association, 
tion  of '  their  or  any  member  thereof,  shall,  during  the  time  it  shall 
continue  its  banking  operations,  withdraw,  or  permit  to 
be  withdrawn,  either  in  form  of  dividends  or  otherwise, 
any  portion  of  its  capital.  And  if  losses  shall  at  any  time 
have  been  sustained  by  any  such  association  equal  to  or 
exceeding  its  undivided  profits:  then  on  hand,  no  divi- 
dend shall  be  made:  and  no  dividend  shall  ever  be  made 
by  any  association,  while  it  shall  continue  \\<  banking 
operations,  to  an  amount  greater  than  its  nett  profits  then 
on  hand,  deducting  therefrom  its  losses  and  bad  debts. 

fi.M.'nr.-V'i.'Mi  '^I1('  :l"  (1('')<W  (1"('  (()  !l".v  association,  on  which  interest  is 
past  due  and  unpaid  for  a  period  of  six  months,  unless 
the  same  shall  be  well  secured,  and  shall  be  in  process  of 
collection,  shall  be  considered  bad  debts  within  the  mean- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  349 

ing  of  this  act:  Provided,  That  nothing  in  this  section 
shall  prevent  the  reduction  of  the  capital  stock  of  the 
association  under  the  thirteenth  section  of  this  act. 

SEC.  39.  And  be  it  further  enacted.  That  no  association    Associations 

'  .  not  to  pay  out 

shall  at  any  time  pay  out  on  loans  or  discounts,  or  in  pur-  certain  notes. 

^    J  Revised  Stat- 

chasing  drafts  or  bills  of  exchange,  or  in  payment  of  de-  «tes,  r>206. 
posits,  or  in  any  other  mode  pay  or  put  in  circulation  the 
notes  of  any  bank  or  banking  association  which  shall  not, 
at  any  such  time,  be  receivable,  at  par,  on  deposit  and  in 
payment  of  debts  by  the  association  so  paying  out  or 
circulating  such  notes;  nor  shall  it  knowingly  pay  out  or 
put  in  circulation  any  notes  issued  by  any  bank  or  bank- 
ing association  which  at  the  time  of  such  paying  out  or 
putting  in  circulation  is  not  redeeming  its  circulating 
notes  in  lawful  money  of  the  United  States. 

SEC.  40.  And  be  it  further  enacted.  That  the  president    List  of  names 

.  .  and    residences 

and  cashier  of  every  such  association  shall  cause  to  beof  shareholders 

kept  at  all  times  a  full  and  correct  list  of  the  names  and 

residences  of  all  the  shareholders  in  the  association,  and 

the  number  of  shares  held  by  each,  in  the  office  where  its 

business  is  transacted;  and  such  list  shall  be  subject  to 

the  inspection  of  all  the  shareholders  and  creditors  of  theto  be  subject  to 

1 .  _  .  inspection  ; 

association,  and  the  officers  authorized  to  assess  taxes 
under  State  authority,  during  business  hours  of  each  day 
in  which  business  may  be  legally  transacted;  and  a  copy 
of  such  list,  on  the  first  Monday  of  July  in  each  year, 
verified  by  the  oath  of  such  president  or  cashier,  shall  be*"  h«  s?,nt  to 

Comptroller. 

transmitted  to  the  Comptroller  of  the  Currency. 

SEC.  41.  And  be  it  further  enacted,  That  the  plates tock0™Ppr°cdnr 
and  special  dies  to  be  procured  by  the  Comptroller  of  the*™}  S°J /Jf.^ 
Currency  for  the  printing  of  such  circulating  notes  shall clies- 

17  .  .  Revised  Stat- 

remam  under  Ins  control  and  direction,  and  the  expenses utes,     HIT:?, 
necessarily  incurred  in  executing  the  provisions  of  this  ~ 
act  respecting  the  procuring  of  such  notes,  and  all  other 
expenses  of  the  Bureau,  shall  be  paid  out  of  the  proceeds     Expenses  t  o 

.  be     borne     by 

of  the  taxes  or  duties  now  or  hereafter  to  be  assessed  on  associations. 

the  circulation,  and  collected  from  associations  organi/ed 

under  this  act.     And  in  lieu  of  all  existing  taxes,  every 

association    shall    pay   to   the   Treasurer   of   the   United 

States,  in  the  months  of  January  and  July,  a  duty  of  one  .  ^v  <  7  "i","1 

'  •'_  •  "  J  circulation,  de- 

half  of  one  per  centum  each  half  year  from  and  after  thei)OSi '  *•   and 

1  capital     slock 

first  day  of  January,  eighteen  hundred  and  sixty-four. <  <>  .'>«'   i):;,i(1 

semi-aimually. 

upon  the  average  amount  of  its  notes  in  circulation,  and 
a  duty  of  one  quarter  of  one  per  centum  each  half  year 


350  NATIONAL    MONETARY    COMMISSION. 

upon  the  average  amount  of  its  deposits,  and  a  duty  of 
one  quarter  of  one  per  centum  each  half  year,  as  afore- 
said, on  the  average  amount  of  its  capital  stock  beyond 
the  amount  invested  in  United  States  bonds;  and  in  case 
ifHn™  00awttn  °^  default  in  tne  payment  thereof  of  any  association,  the 
fln>«'  duties  aforesaid  may  be  collected  in  the  manner  provided 

for  the  collection  of  United  States  duties  of  other  cor- 
porations, or  the  Treasurer  may  reserve  the  amount  of 
said  duties  out  of  the  interest,  as  it  may  become  due,  on 
the  bonds  deposited  with  him  by  such  defaulting  asso- 
Retumof  <>ir-ciation.  And  it  shall  be  the  duty  of  each  association, 
to  be  made.  "  within  ten  days  from  the  first  days  of  January  and  July 
of  each  year,  to  make  a  return,  under  the  oath  of  its 
president  or  cashier,  to  the  Treasurer  of  the  United 
States,  in  such  form  as  he  may  prescribe,  of  the  average 
amount  of  its  notes  in  circulation,  and  of  the  average 
amount  of  its  deposits,  and  of  the  average  amount  of  its 
capital  stock,  beyond  the  amount  invested  in  United 
States  bonds,  for  the  six  months  next  preceding  said  first 
defaui?!ty  f  °  r  ('aJs  of  January  and  July  as  aforesaid,  and  in  default  of 
such  return,  and  for  each  default  thereof,  each  defaulting 
association  shall  forfeit  and  pay  to  the  United  States  the 
sum  of  two  hundred  dollars,  to  be  collected  either  out  of 
the  interest  as  it  may  become  due  such  association  on  the 
bonds  deposited  with  the  Treasurer,  or,  at  his  option,  in 
the  manner  in  which  penalties  are  to  be  collected  of  other 
corporations  under  the  laws  of  the  United  States;  and  in 
case  of  such  default  the  amount  of  the  duties  to  be  paid 
by  such  association  shall  be  assessed  upon  the  amount  of 
notes  delivered  to  such  association  by  the  Comptroller  of 
the  Currency,  and  upon  the  highest  amount  of  its  deposits 
and  capital  stock,  to  be  ascertained  in  such  other  manner 
h^reTy  "ex''18  *ne  T'^isurer  may  deem  best:  Provided,  That  nothing 
'i"'xa'tiofnr°i!y  '"  tn's  act  H'ul11  l)e  t;w»strue(l  to  prevent  all  the  shares  in 
state  author- .my  of  (],<,  S!lj,|  associations,  held  by  any  person  or  body 
corporate,  from  being  included  in  the  valuation  of  the 
personal  property  of  such  person  or  corporation  in  the 
assessment  of  (axes  imposed  by  or  under  State  authority 
at  the  place  where  such  bank  is  located,  and  not  else- 
where, but  not  at  a  greater  rate  than  is  assessed  upon 
other  moneyed  capital  in  the  hands  of  individual  citizens 
Limit  or  state  Of  SU(.j,  state:  /Y^.vVW,  further.  That  the  tax  so  im- 

i.i*.  /      j 

posed  under  the  laws  of  any  State  upon  the  shares  of  any 
of  the  associations  authorized  by  this  act  shall  not  exceed 
the  rate  imposed  upon  the  shares  in  any  of  the  hanks 


LAWS    CONCERNING    MONEY,   BANKING,    AND    LOANS.  351 

organized  under  authority  of  the  State  where  such  asso- 
ciation is  located:   Provided,  also,   That  nothing  in  this  beRg£||tate  to 
act  shall  exempt  the  real  estate  of  associations  from  either 
State,  county,  or  municipal  taxes  to  the  same  extent, 
according  to  its  value,  as  other  real  estate  is  taxed. 
SEC.  42.  And  be  -it  further  enacted.  That  any  associa-    HOW  associa- 

'  '  "  tlons    may    he 

tion  may  go  into  liquidation  and  be  closed  by  the  voteclos«i- 

of  its  shareholders  owning  two  thirds  of  its  stock.     And     Proceedings. 

Revised  Stat- 

whenever  such  vote  shall  be  taken  it  shall  be  the  duty  ofutes.     5220, 

5222,  ;>224. 

the  board  of  directors  to  cause  notice  of  this  fact  to  be 
certified,  under  the  seal  of  the  association,  by  its  presi- 
dent or  cashier,  to  the  Comptroller  of  the  Currency,  and 
publication  thereof  to  be  made  for  a  period  of  two  months 
in  a  newspaper  published  in  the  cit}^  of  New  York,  and 
also  in  a  newspaper  published  in  a  city  or  town  in  which 
the  association  is  located,  and  if  no  newspaper  be  there 
published,  then  in  the  newspaper  published  nearest  there- 
to, that  said  association  is  closing  up  its  affairs,  and 
notifying  the  holders  of  its  notes  and  other  creditors 
to  present  the  notes  and  other  claims  against  the  asso- 
ciation for  payment.  And  at  any  time  after  the  ex- 
piration of  one  year  from  the  time  of  the  publication  of 
such  notice  as  aforesaid,  the  said  association  may  pay 
over  to  the  Treasurer  of  the  United  States  the  amount  of 
its  outstanding  notes  in  the  lawful  money  of  the  United 
States,  and  take  up  the  bonds  which  said  association  has 
on  deposit  with  the  Treasurer  for  the  security  of  its  cir- 
culating notes;  which  bonds  shall  be  assigned  to  the 
bank  in  the  manner  specified  in  the  nineteenth  section  of 
this  act,  and  from  that  time  the  outstanding  notes  of  said 
association  shall  be  redeemed  at  the  Treasury  of  the 
United  States,  and  the  said  association  and  the  share- 
holders thereof  shall  be  discharged  from  all  liabilities 
therefor. 

SEC.  43.  And  be  it  further  enacted.  That  the  Treasurer,     Treasurer  to 

.     .  „  ,,  „  execute     dupli- 

on  receiving  from  an  association  lawful  money  for  thecate  receipts. 

J  Revised  Stat- 

payment  and  redemption  or  its  outstanding  notes,  as  pro-ytes.     5222, 
vided  for  in  the  preceding  section  of  this  act,  .shall  exe- 
cute duplicate  receipts  therefor,  one  to  the  association  and 
the  other  to  the  Comptroller  of  the  Currency,  stating  the 
amount  received  by  him,  and  the  purpose  for  which  it- 
has  been  received,  which  amount  shall  be  paid  into  the 
Treasury  of  the  United  States,  and  placed  to  the  credit     Redeemed 
of  such    association    upon    redemption    account.     And    it  mutilated,  etc. 
shall  be  the  duty  of  the  Treasurer,  whenever  he  shall  re-juno  23.  m-i. 


352  NATIONAL   MONETARY   COMMISSION. 

deem  any  of  the  notes  of  said  association,  to  cause  the 
same  to  be  mutilated,  and  charged  to  the  redemption  ac- 
count of  said  association ;  and  all  notes  so  redeemed  by  the 
Treasurer  shall,  every  three  months,  be  certified  to  and 
burned  in  the  manner  prescribed  in  the  twenty-fourth 
section  of  this  act. 
state  banks  SEC.  44.  And  l>e  it  further  enacted.  That  any  bank  in- 

m  a  y      become  ,     ,  .    '     ,  ,        .  •"•,.,     ,- 

national  asso-  corporated  by  special  law,  or  any  banking  institution 
organized  under  a  general  law  of  any  State,  may,  by 
authority  of  this  act,  become  a  national  association  under 
its  provisions,  by  the  name  prescribed  in  its  organization 
certificate;  and  in  such  case  the  articles  of  association 
and  the  organization  certificate  required  by  this  act  may 
be  executed  by  a  majority  of  the  directors  of  the  bank  or 
banking  institution ;  and  said  certificate  shall  declare  that 
the  owners  of  two-thirds  of  the  capital  stock  have  au- 
thorized the  directors  to  make  such  certificate  and  to 
change  and  convert  the  said  bank  or  banking  institution 
Mode  of  pro-  into  a  national  association  under  this  act.  And  a  ma- 
jority of  the  directors,  after  executing  said  articles  of 
association  and  organization  certificate,  shall  have  power 
to  execute  all  other  papers,  and  to  do  whatever  may  be 
required  to  make  its  organization  perfect  and  complete 
as  a  national  association.  The  shares  of  any  such  bank 
may  continue  to  be  for  the  same  amount  each  as  they  were 
before  said  conversion,  and  the  directors  aforesaid  may  be 
the  directors  of  the  association  until  others  are  elected  or 
appointed  in  accordance  with  the  provisions  of  this  act; 
and  any  State  bank  which  is  a  stockholder  in  any  other 
bank,  by  authority  of  State  laws,  may  continue  to  hold 
its  stock,  although  either  bank,  or  both,  may  be  organized 
under  and  have  accepted  the  provisions  of  this  act.  When 
the  Comptroller  shall  give  to  such  association  a  certificate, 
under  hi>  hand  and  oflirial  seal,  that  the  provisions  of  this 
act  have  been  complied  with,  and  that  it  is  authorized  to 
commence  the  business  of  banking  under  it.  the  associa- 
tion shall  have  the  same  powers  and  privileges,  and  shall 
be  subject  to  the  same  duties,  responsibilities,  and  rules, 
in  all  respects  as  are  prescribed  in  this  act  for  other  asso- 
ciations organized  under  it.  and  shall  be  held  and  re- 
garded as  an  association  under  this  act:  /VoyvVAy/.  Jioir- 
rvcr.  That  no  siidi  association  shall  have  a  les-  capital 
than  (he  amount  pre.-cribed  for  banking  associations 
under  this  act. 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  353 


SEC.  45.  And  be  it  further  enacted,  That  all  associa- 
tions  under  this  act,  when  designated  for  that  purpose  by 
the  Secretary  of  the  Treasury,  shall  be  depositaries  of  P^MC.  moneys, 
public  money,  except  receipts  from  customs,  under  such 
regulations  as  may  be  prescribed  by  the  Secretary;  and 
they  may  also  be  employed  as  financial  agents  of  the  Gov- 
eminent;  and  they  shall  perform  all  such  reasonable 
duties,  as  depositaries  of  public  moneys  and  financial 
agents  of  the  Government,  as  may  be  required  of  them. 
And  the  Secretary  of  the  Treasury  shall  require  of  the 
associations  thus  designated  satisfactory  security,  bv  the  depositaries  to 

,  „    TT    .,     ,     0°  ,          -,  ,      ".-.  •          £         1.1      P;iy  promptly; 

deposit  of  United  States  bonds  and  otherwise,  tor  the 
safe-keeping  and  prompt  payment  of  the  public  money 
deposited  with  them,  and  for  the  faithful  performance 
of  their  duties  as  financial  agents  of  the  Government  : 
Provided,  That  every  association  which  shall  be  selected  to  receive  na- 
and  designated  as  receiver  or  depositary  of  the  public  bnisaatCp"r.ncy 
money  shall  take  and  receive  at  par  all  of  the  national 
currency  bills,  by  whatever  association  issued,  which  have 
been  paid  in  to  the  Government  for  internal  revenue,  or 
for  loans  or  stocks. 

SEC.  46.  And  be  it  further  enacted.  That  if  any  such     if    associa- 

•i  •  e    ,  t^ons  fail  to  re- 

association  shall  at  anv  time  rail  to  redeem,  in  the  lawiuldeem  their  cir- 

,,  •       -i  'o  <•••!•  culntion,     the 

money  01  the  United  States,  any  or  its  circulating  notes,  notes  ^may   be 

when  payment  thereof  shall  be  lawfully  demanded,  dur-ioss,  etc.' 

ing  the  usual  hours  of  business,  at  the  office  of  such  as-utes!VS5226[ 

sociation,   or  at   its   place   of   redemption   aforesaid,   the''" 

holder  may  cause  the  same  to  be  protested,  in  one  pack- 

age, by  a  notary-public,  unless  the  president  or  cashier  of 

the  association  whose  notes  are  presented  for  payment,  or 

the  president  or  cashier  of  the  association  at  the  place  at 

which  they  are  redeemable,  shall  offer  to  waive  demand 

and  notice  of  the  protest,  and  shall,  in  pursuance  of  such 

offer,  make,  sign,  and  deliver  to  the  party  making  such 

demand  an  admission  in  writing,  stating  the  time  of  the 

demand,  the  amount  demanded,  and  the  fact  of  the  non- 

payment thereof:  and  such  notary-public,  on  making  such    Notice  of  pro- 

protest.  or   upon   receiving  such   admission,  shall   forth-  forwarded    to 

•  ,,      />  i  i          i      •      •  ,'  f  ii      Comptroller. 

with  forward  such  admission  or  notice  or  protest  to  the 
Comptroller  of  the  Currency,  retaining  a  copy  thereof. 
And  after  such  default,  on  examination  of  the  facts  bv  Association 

....  ..."     not    to  do   luisi- 

tne  Comptroller,  and  notice  by  him  to  the  association,  itness  further, 
shall  not  be  lawful  for  ihe  association  suffering  the  same 
to  pay  out  any  of  its  notes,  discount  any  notes  or  bills, 


354  NATIONAL    MONETARY    COMMISSION. 

or  otherwise  prosecute  the  business  of  banking,  except  to 
receive  and  safely  keep  money  belonging  to  it,  and  to 
Notes  not  to  deliver  special  deposites:  Provided,  That  if  satisfactory 
certain  cases,   proof  be  produced  to  such  notary-public  that  the  payment 
of  any  such  notes  is  restrained  by  order  of  any  court  of 
Fees  of  no- competent  jurisdiction,  such  notary-public  shall  not  pro- 
test the  same;  and  when  the  holder  of  such  notes  shall 
cause  more  than  one  note  or  package  to  be  protested  on 
the  same  day,  he  shall  not  receive  pay  for  more  than  one 
protest. 

upon  notice     SEC.  47.  And  be  it  further  enacted,  That  on  receiving 

redeem  circuia-  notice  that  any  such  association  has  failed  to  redeem  any 

i'er'  tT'^endof  its  circulating  notes,  as  specified  in  the  next  preceding 

tola's  ce'rfa°n  section,  the  Comptroller  of  the  Currency,  with  the  concur- 

flReVised  stat- rence  °f  the  Secretary  of  the  Treasury,  may  appoint  a 

rl^l'  !>  '  "(wsV  sPecial  agent    (of  whose  appointment  immediate  notice 

shall  be  given  to  such  association)  who  shall  immediately 

proceed  to  ascertain  whether  such  association  has  refused 

to  pay  its  circulating  notes  in  the  lawful  money  of  the 

United  States,  when  demanded  as  aforesaid,  and  report 

to  the  Comptroller  the  fact  so  ascertained;   and  if,  from 

such  protest  or  the  report  so  made,  the  Comptroller  shall 

be  satisfied  that  such  association  has  refused  to  pay  its 

circulating  notes  as  aforesaid  and  is  in  default,  he  shall, 

when  to  de-  within  thirtv  davs  after  he  shall  have  received  notice  of 

dare  securities          ic-i'ii  T     •       -i    ri 

forfeited.          such  failure,  declare  the  United  States  bonds  and  securi- 
ties pledged  by  such  association  forfeited  to  the  United 
States,  and  the  same  shall  thereupon  be  forfeited  accord- 
h  o'ui ?•  r  i '  !/f  i'^ly-    ^nd  thereupon  the  Comptroller  shall  immediately 
".'>niS  tiK'm  ''for ,~' V('  notice  in  such  manner  as  the  Secretary  of  the  Treas- 
ury shall,  by  general   rules  or  otherwise,  direct,  to  the 
holders  of  the  circulating  notes  of  such  association  to  pre- 
sent them   for  payment   at  the  Treasury  of  the  United 
States,  and  the  same  shall  be  paid  as  presented  in  lawful 
a°n <f a<f a n CM?" inoney  °^  tnt-  United  States;    whereupon  said  Comptrol- 
l(on(ls-  ler  may,   in   his   discretion,  cancel   an   amount   of  bonds 

pledged  by  such  association  equal  at  current  market  rates, 
not  exceeding  par.  to  the  notes  paid.  And  it  shall  be  law- 
ful for  the  Secretary  of  the  Treasury,  from  time  to  time, 
to  make  such  regulations  respecting  the  disposition  to  be 
made  of  such  circulating  notes  after  presentation  thereof 
for  payment  as  aforesaid,  and  respecting  the  perpetu- 
ation of  the  evidence  of  the  payment  thereof  as  may  seem 
to  him  proper;  but  all  such  notes,  on  being  paid,  shall  lw 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  355 


cancelled.    And  for  any  deficiency  in  the  proceeds  of  the    T^  e  united 

,  .  rn.  States  to  have 

bonds  pledged  bv  such  association,  when  disposed  of  asPriority  of  He° 

.      r  .-  .  upon  assets  for 

hereinafter  specified,  to  reimburse  to  the  United  States  ?nv   deficiency 

.  .in    redemption 

the  amount  so  expended  in  paying  the  circulating  notes  of  of  circulation. 
such  association,  the  United  States  shall  have  a  first  and 
paramount  lien  upon  all  the  assets  of  such  association; 
and  such  deficiency  shall  be  made  good  out  of  such  assets 
in  preference  to  any   and   all  other  claims  whatsoever, 
except  the  necessary  costs  and  expenses  of  administering 
the  same. 
SEC.  48.  And  be  it  further  enacted.  That  whenever  the    Bonds  piedg- 

GQ    <is   security 

Comptroller  shall  become  satisfied,  as  in  the  last  prececl-  may  be  sold  at 

•  r.  '     .  PI         auction; 

ing  section  specified,  that  any  association  has  refused  to    Revised  stat- 
pay  its  circulating  notes  as  therein  mentioned,  he  ma}7,  u 
instead  of  cancelling  the  United  States  bonds  pledged  by 
such  association,  as  provided  in  the  next  preceding  sec- 
tion, cause  so  much  of  them  as  may  be  necessary  to  redeem 
the  outstanding  circulating  notes  of  such  association  to  be 
sold  at  public  auction  in  the  city  of  Xew  York,  after  giv- 
ing thirty  days'  notice  of  such  sale  to  such  association. 

SEC-.  49.  A)id  be  it  further  enacted,  That  the  Comp-  °r    »t   private 
troller  of  the  Currency  may,  if  he  shall  be  of  opinion  that     Revised  stat- 
the  interests  of  the  United  States  will  be  best  promoted" 
thereby,  sell  at  private  sale  any  of  the  bonds  pledged  by 
such  association,  and  receive  therefor  either  money  or  the 
circulating  notes  of  such  failing  association:  Provided,     Proviso. 
That  no  such  bonds  shall  be  sold  by  private  sale  for  less 
than  par,  nor  less  than  the  market  value  thereof  at  the 
time  of  sale  :  And  provided,  further*  That  no  sales  of  any 
such  bonds,  either  public  or  private,  shall  be  complete 
until  the  transfer  thereof  shall  have  been  made  with  the 
formalities  prescribed  in  this  act. 

SEC.  50.  And  le  it  further  enacted.  That  on  becoming    comptroller 

...  .  may   appoint   a 

satisfied,  as  specified  in  this  act.  that  any  association  hasr,eceijer  to 

1  "  close  affairs  of 

refused  to  pay  its  circulating  notes  as  therein  mentioned,  defaulting    as 

and  is  in  default,  the  Comptroller  of  the  Currency  may 

forthwith  appoint   a   receiver,  and   require  of  him  sllc'h  duties  "of  '"e'1 

bond  and  security  as  he  shall  deem  proper,  who,  under  theceiver'  etr- 

direction  of  the  Comptroller,  shall  take  possession  of  tlu>    J£'vis(:(l,s.{ta1t- 

books,  records,  and  assets  of  every  description  of  such  5-:!(!-  ~'-:>j~- 

association,  collect  all  debts,  dues,  and  claims  belonging 

to  such   association,  and,  upon  the  order  of  a   court   of 

record  of  competent   jurisdiction,  may  sell  or  compound 

all  bad  or  doubtful  debts,  and.  on  a  like  order,  soil  all  the 

real   and   personal  property  of  such  association,  on  such 


356  NATIONAL   MONETARY   COMMISSION. 

terms  as  the  court  shall  direct ;  and  may,  if  necessary  to 
pay  the  debts  of  such  association,  enforce  the  individual 
liability  of  the  stockholders  provided  for  by  the  twelfth 
section  of  this  act;  and  such  receiver  shall  pay  over  all 
moneys  so  made  to  the  Treasurer  of  the  United  States, 
subject  to  the  order  of  the  Comptroller  of  the  Currency, 
and  also  make  report  to  the  Comptroller  of  the  Currency 
of  all  his  acts  and  proceedings.  The  Comptroller  shall 
thereupon  cause  notice  to  be  given,  by  advertisement  in 
such  newspapers  as  he  may  direct,  for  three  consecutive 
months,  calling  on  all  persons  who  may  have  claims 
against  such  association  to  present  the  same,  and  to  make 
legal  proof  thereof.  And  from  time  to  time  the  Comp- 
troller, after  full  provision  shall  have  been  first  made  for 
refunding  to  the  United  States  any  such  deficiency  in 
redeeming  the  notes  of  such  association  as  is  mentioned 
in  this  act,  shall  make  a  ratable  dividend  of  the  money  so 
paid  over  to  him  by  such  receiver  on  all  such  claims  as 
may  have  been  proved  to  his  satisfaction  or  adjudicated 
in  a  court  of  competent  jurisdiction;  and  from  time  to 
time,  as  the  proceeds  of  the  assets  of  such  association 
shall  be  paid  over  to  him.  he  shall  make  further  divi- 
dends, as  aforesaid,  on  all  claims  previously  proved  or 
adjudicated;  and  the  remainder  of  such  proceeds,  if  any, 
shall  be  paid  over  to  the  shareholders  of  such  association, 
or  their  legal  representatives,  in  proportion  to  the  stock 
if  nssorin  !,\-  them  respectively  held:  Provided,  hoirerer.  That  if 

tion     (Ionics1  '.  •.  .  ' 

t  ii  a  t  it  has  such  association  against  which  proceedings  have  been  so 
•leem  its  notes  instituted,  on  account  of  any  alleged  refusal  to  redeem 
the  ||'.'">-^  its  circulating  notes  as  aforesaid,  shall  deny  having  failed 
do  so.  such  association  may,  at  any  time  within  ten 
days  after  such  association  shall  have  been  notified  of  the 
appointment  of  an  agent,  as  provided  in  this  act,  apply 
to  the  nearest  circuit,  or  district,  or  Territorial  court  of 
the  United  States,  (o  enjoin  further  proceedings  in  the 
premises;  and  such  court,  after  citing  the  Comptroller  of 
the  Currency  <<»  show  cause  why  further  proceedings 
should  not  lie  enjoined,  and  after  the  decision  of  the 
court  01-  finding  of  a  jury  that  such  association  has  not 
refused  to  redeem  its  circulating  notes,  when  legally  pre- 
sented, in  the  lawful  money  of  the  United  States,  shall 
make  an  order  enjoining  the  Comptroller,  and  any  re- 
ceiver acting  under  his  direction,  from  all  further  pro- 
ceedings, on  account  of  .-uch  alleged  refusal. 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  357 

SEC.  51.  And  be  it  further  enacted.  That  all  fees  for.  Fees  for  P™- 

.  '        ,  ,  ,  .  test   and   other 

protesting  the  notes  issued  by  any  such  banking  associa-  expenses,    how 

l.  .  to  be  paid. 

tion  shall  be  paid  by  the  person  procuring  the  protest  to  be    Revised  stat- 
made,  and  such  banking  association  shall  be  liable  there- J 
for;  but  no  part  of  the  bonds  pledged  by  such  banking 
association,  as  aforesaid,  shall  be  applied  to  the  payment 
of  such  fees.     And  all  expenses  of  any  preliminary  or 
other  examinations  into  the  condition  of  any  association 
shall  be  paid  by  such  association ;  and  all  expenses  of  any 
receivership  shall  be  paid  out  of  the  assets  of  such  asso- 
ciation before  distribution  of  the  proceeds  thereof. 

SEC.  52.  And  be  it  further  enacted.  That  all  transfer  of    Transfers,  as- 

,,  i         i      i  -11        />  -1-1  •  i  slgnments,  etc., 

the  notes,  bonds,  bills  of  exchange,  and  other  evidences  of  in   contempia- 

,,  .'  ..  '  „  .  .  tion      of      in- 

debt  owing  to  any  association,  or  or  deposits  to  its  credit :  solvency,    etc., 

J  .,  .    J  to  be  void. 

all  assignments  ot  mortgages,  sureties  on  real  estate,  or    Revised  stat- 
of  judgments  or  decrees   in   its   favor;   all   deposits  of" 
money,  bullion,  or  other  valuable  thing  for  its  use ;  or  for 
the  use  of  any  of  its  shareholders  or  creditors;  and  all 
payments  of  money  to  either,  made  after  the  commission 
of  an  act  of  insolvency,  or  in  contemplation  thereof,  with 
a  view  to  prevent  the  application  of  its  assets  in  the  man- 
ner prescribed  by  this  act,  or  with  a  view  to  the  prefer- 
ence of  one  creditor  to  another,  except  in  payment  of  its 
circulating  notes,  shall  be  utterly  null  and  void. 

SEC.  53.  And  be  it  further  enact  ed*  That  if  the  di-     renaity  upon 

,  .      .  ' .  directors     for 

rectors   of   anv   association   shall   knowingly   violate,   or  violations  of 

.        .  .  ,  this  act. 

knowingly  permit  any  of  the  officers,  agents,  or  servants 
of  the  association  to  violate  any  of  the  provisions  of  this 
act,  all  the  rights,  privileges,  and  franchises  of  the  asso- 
ciation derived  from  this  act  shall  be  thereby  forfeited. 
Such   violation   shall,  however,   be   determined   and   ad-      violation, 
judged  by  a  proper  circuit,  district,  or  Territorial  court  termined.  6 
of  the  United  States,  in  a  suit  brought  for  that  purpose 
by  the  Comptroller  of  the  Currency,  in  his  own  name, 
before  the  association  shall  be  declared  dissolved.     And     ivrsonai  lia- 

...  .  bility. 

in  cases  of  such  violation,  every  director  who  participated 
in  or  assented  to  the  same  shall  be  held  liable  in  his  per- 
sonal and  individual  capacity  for  all  damages  which  the 
association,  its  shareholders,  or  any  other  person,  shall 
have  sustained  in  consequence  of  such  violation. 

SEC.  54.  And  he  it  further  enacted  ^  That  the  Comn-     comptroller 

...  .  '          .  ni  a  y      appoint 

troller  or  the  Currency,  with  the  approbation  of  the  Sec- p<-'>-«"n    )c)   ('x 

amine     I  he    af- 

retary  of- the  Treasury,  as  often  as  shall  be  deemed  neces-  t'nirsot1  any  as- 
sary  or   proper,  shall   appoint   a   suitable  person   or  per- 
sons to  make  an  examination  of  the  ail'airs  of  everv  bank- 


358  NATIONAL   MONETARY   COMMISSION. 

ing  association,  which  person  shall  not  be  a  director  or 
other  officer  in  any  association  whose  affairs  he  shall  be 
appointed  to  examine,  and  who  shall  have  power  to  make 
a  thorough  examination  into  all  the  affairs  of  the  asso- 

Duty  of  such  ciation,  and,  in  doing  so,  to  examine  any  of  the  officers 
and  agents  thereof  on  oath ;  and  shall  make  a  full  and  de- 
tailed report  of  the  condition  of  the  association  to  the 
Comptroller.  And  the  association  shall  not  be  subject 
to  any  other  visitorial  powers  than  such  as  are  authorized 
by  this  act,  except  such  as  are  vested  in  the  several  courts 

Pay.  of  law  and  chancery.  And  every  person  appointed  to 

make  such  examination  shall  receive  for  his  services  at 
the  rate  of  five  dollars  for  each  day  by  him  employed  in 
such  examination,  and  two  dollars  for  every  twenty-five 
miles  he  shall  necessarily  travel  in  the  performance  of  his 
duty,  which  shall  be  paid  by  the  association  by  him 
examined. 

Penalty  upon      SEC.  55.  And  be  it  further  enacted.  That  every  presi- 

officers.  etc..  of  .  .  ,  ., 

association  for  dent,  director,  cashier,  teller,  clerk,  or  agent  or  any  asso- 

p  mbezzlement,     .       .  in  11  •  'n  c 

etc.,  of  funds,  ciation,  who  shall  embezzle,  abstract,  or  willfully 
misapply  any  of  the  moneys,  funds,  or  credits  of  the 
association,  or  shall,  without  authority  from  the  directors, 
issue  or  put  in  circulation  any  of  the  notes  of  the  associa- 
tion, or  shall,  without  such  authority,  issue  or  put  forth 
any  certificate  of  deposit,  draw  any  order  or  bill  of 
exchange,  make  any  acceptance,  assign  any  note,  bond, 
draft,  bill  of  exchange,  mortgage,  judgment,  or  decree, 
or  shall  make  any  false  entry  in  any  book,  report,  or 
statement  of  the  association,  with  intent,  in  either  case,  to 
injure  or  defraud  the  association  or  any  other  company, 
body  politic  or  corporate,  or  any  individual  person,  or  to 
deceive  any  officer  of  the  association,  or  any  agent  ap- 
pointed to  examine  the  affairs  of  any  such  association, 
shall  be  deemed  guilty  of  a  misdemeanor,  and  upon  con- 
viction thereof  shall  be  punished  by  imprisonment  not 
less  than  five  nor  more  than  ten  years. 
District  at  SKC.  51;.  A  in]  be  it  further  cncrcfef/.  That  all  suits  and 

tornoys  to  COD-  .    .  .    . 

fi  11  f  t  cortain  proceedings  arising  out  of  the  provisions  ot  this  act.  in 
which  the  Tnited  States  or  its  officers  or  agents  shall  be 
parties,  shall  be  conducted  by  the  district  attorneys  of 
the  several  districts,  under  the  direction  and  supervision 
of  the  Solicitor  of  the  Treasury, 
in  what  SEC'.  ?>7.  And  bf  if  in  ft  fn  r  fi'idcteiL  That  suits,  actions. 

i-  <>  11  r  t  s  suits.  ' 

<•(<•.,  undpr  this  arid  proceedings.  again>t   any  association  under  this  act. 

a  c  t     in  a  y    bf  ii- 

prosecuted,        mav  be  had  in  anv  circuit,  district,  or  Territorial  court 


LAWS   CONCERNING    MONEY,   BANKING,   AND    LOANS.  359 

of  the  United  States  held  within  the  district  in  which     Se«   ?ec-    2, 

act  of   Mar.   3, 

such  association   may  be  established ;    or  in  any  State. 1873- 
county,  or  municipal  court  in  the  county  or  city  in  which 
said  association  is  located,  having  jurisdiction  in  similar 

cases:  Provided,  however.  That  all  proceedings  to  eirjoin,  Proceedings 

'  .  .  for  Injunctions 

the  Comptroller  under  this  act  shall  be  had  in  a  circuit,  *°u|^s  in  what 

district,  or  Territorial  court  of  the  United  States,  held  in 
the  district  in  which  the  association  is  located. 

SEC.  58.  And  be  it  further  enacted.  That  every  person     Penalty    for 

'  J    •  mutilating 

who  shall  mutilate,  cut,  deface,  disfigure,  or  perf  orate  notes  to  make 

.  '  them   unfit  for 

with  holes,  or  shall  unite  or  cement  together,  or  do  any  reissue, 
other  thing  to  any  bank  bill,  draft,  note,  or  other  evi- 
dence of  debt,  issued  bv  anv  such  association,  or  shall   ,Revr'?!<| stat- 

"  _  utes,  5188. 

cause  or  procure  the  same  to  be  done,  with  intent  to 
render  such  bank  bill,  draft,  note,  or  other  evidence  of 
debt  unfit  to  be  reissued  by  said  association,  shall,  upon 
conviction,  forfeit  fifty  dollars  to  the  association  who 
shall  be  injured  thereby,  to  be  recovered  by  action  in  any 
court  having  jurisdiction. 

(Sections  59  and  60  prescribe  penalties  for  counterfeit- 
ing, etc..  knowingly  uttering,  etc.,  for  engraving,  etc., 
plates  for  forging  notes,  etc.,  for  having  blank  notes  and 
for  having  paper,  etc.) 

SEC.  61.  And  be  it  further  enacted.  That  it  shall  be  thet  Oc ^"^f0"" 
duty  of  the  Comptroller  of  the  Currency  to  report  annu-  °"eas1g-v  to  Con" 
allv  to  Congress  at  the  commencement  of  its  session —  Revised  stat- 

"  .  „  ,  n.    .  .,  utes,  338. 

Y  irst.  A  summary  or  the  state  and  condition  or  every 
association  from  whom  reports  have  been  received  the  re£j°r°tents   of 
preceding  year,  at  the  several  dates  to  which  such  reports 
refer,  with  an  abstract  of  the  whole  amount  of  banking 
capital  returned  by  them,  of  the  whole  amount  of  their 
debts  and  liabilities,  the  amount  of  circulating  notes  out- 
standing, and  the  total  amount  of  means  and  resources. Coc^ntt°0ne ^ 
specifying  the  amount  of  lawful  money  held  by  them  J^port  to  con- 
at  the  times  of  their  several  returns,  and  such  other  infor- 
mation in  relation  to  said  associations  as.  in  his  judgment, 
may  be  useful. 

Second.  A  statement  of  the  associations  whose  busi- 
ness has  been  closed  during  the  year,  with  the  amount  of 
their  circulation  redeemed  and  the  amount  outstanding. 

Third.  Any  amendment  to  the  laws  relative  to  banking 
by  which  the  system  may  be  improved,  and  the  security 
of  the  holders  of  its  notes  and  other  creditors  may  bo 
increased. 


360  NATIONAL    MONETARY   COMMISSION. 

Fourth.  The  names  and  compensation  of  the  clerks  em- 
ployed by  him,  and  the  whole  amount  of  the  expenses  of 
the  banking  department  during  the  year.  And  such  re- 
port shall  be  made  by  or  before  the  first  day  of  December 
in  each  year,  and  the  usual  number  of  copies  for  the  use 
of  the  Senate  and  House,  and  one  thousand  copies  for  the 
use  of  the  department,  shall  be  printed  by  the  Public 
Printer  and  in  readiness  for  distribution  at  the  first  meet- 
ing of  Congress. 
Repeal  of  act  gEC>  Q%.  And  be  it  further  enacted.  That  the  act  en- 

of  1863,  ch.  08,  /  . 

vol.  i-'.  titled    An  act  to  provide  a  national  currency,  secured  by 

a  pledge  of  United  States  stocks,  and  to  provide  for  the 
circulation  and  redemption  thereof,''  approved  February 
twenty-fifth,  eighteen  hundred  and  sixty-three,  is  hereby 
savingciauses.  repealed:  Pfoi'idecL  That  such  repeal  shall  not  affect  any 
appointments  made,  acts  done,  or  proceedings  had,  or 
the  organization,  acts,  or  proceedings  of  any  association 
organized  or  in  the  process  of  organization  under  the  act 
aforesaid:  And  prodded,  also,  That  all  such  associations 
so  organized  or  in  process  of  organization  shall  enjoy 
all  the  rights  and  privileges  granted,  and  be  subject  to 
all  the  duties,  liabilities,  and  restrictions  imposed  by  this 
act,  and  with  the  approval  of  the  Comptroller  of  the 
Currency,  in  lieu  of  the  name  specified  in  their  respective 
organization  certificates,  may  take  any  other  name  pre- 
ferred by  them  and  duly  certified  to  the  Comptroller, 
without  prejudice  to  any  right  acquired  under  this  act. 
or  under  the  act  hereby  repealed ;  but  no  such  change  shall 
be  made  after  six  months  from  the  passage  of  this  act: 
/Vo/vV/W,  ///.sv>.  That  the  circulation  issued  or  to  be  issued 
by  such  associations  shall  be  considered  as  a  part  of  the 
circulation  provided  for  in  this  act. 

trusts'"  o[(s'      >Sl':< '  ''"'•  ^"^  l}<'  't  f>n'ther  enacted.  That  persons  hold- 

notdl"f  beeper- 'n#   ^()<'k    as   executors,   administrators,   guardians,   and 

tonally  liable,    trustees,  shall  not  be  personally  subject  to  any  liabilities 

as  stockholders;  but  the  estates  and  funds  in  their  hands 

shall  be  liable  in  like  manner  and  to  the  same  extent  as 

the  testator,  intestate,  ward,  or  person  interested  in  said 

trust-funds  would  be  if  they  were  respectively  living  and 

competent  to  act  and  hold  the  stock  in  their  own  names. 

t  £ r'.TC''  l£      SK<'-  r'"1  •  A/lf/  '"'  'f  f'"'fl'<'i'  en (irfcd .  That  Congress  may 
at  any  time  amend,  alter,  or  repeal  this  act. 
Approved.  June  ',',.  1801. 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  361 

(By  the  act  of  March  1,  18T2,  Leavenworth  is  struck 
out  from  the  list  of  redemption  cities  in  section  31  above. 
(17  Stat.  L.,  32.) 

(The  use  of  the  word  "  national,"  as  a  part  of  the  name 
of  any  bank  not  organized  under  the  national  currency 
act  above,  is  forbidden  by  the  act  of  March  3,  1873.  (17 
Stat.  L.,  603.) 

NOTE. — The  above  act  is  iu  substance  a  revision  of  that  of  Feb- 
ruary 25,  1863,  with  only  such  changes  as  experience  had  shown 
to  be  necessary  for  the  trial  of  the  system.  Some  of  the  principal 
points  of  difference  between  the  two  acts  are  the  following: 

The  act  of  1863  made  no  provision  for  the  redemption  of  the 
circulation  by  the  banks  of  the  principal  cities,  such  as  is  con- 
tained in  sections  31  and  32  of  the  act  of  1864 ;  but  simply  re- 
quired that  every  bank  should  redeem  its  circulation  at  its  own 
counter,  and  that  it  should  have  for  that  and  other  purposes  a 
reserve  equal  to  twenty-five  per  cent  of  its  circulation  and  deposits, 
of  which  reserve  three-fifths  might  be  deposited  with  associations 
in  nine  principal  cities  named  in  the  act. 

The  prohibition  of  the  issue  of  circulating  notes  of  a  less  de- 
nomination than  five  dollars,  took  effect  at  once  in  the  act  of  1863. 

Under  the  act  of  1863,  coupon  bonds  might  be  deposited  to  se- 
cure the  circulation,  but  by  the  act  of  1864  only  registered  bonds. 

The  act  of  1863  required  a  smaller  minimum  of  capital  for  a 
new  bank  than  the  act  of  1S64,  required  a  smaller  proportion  to 
be  paid  in  before  beginning  business,  and  allowed  a  longer  time 
for  the  payment  of  the  remainder. 

The  act  of  1864  makes  more  complete  provision  than  that  of 
1863  for  the  conversion  of  state  banks  into  national  associations, 
permitting  the  retention  of  the  former  name  of  a  bank  after  eon- 
version,  and  in  section  12  exempting  the  stockholders  of  such 
banks  from  personal  liability  under  certain  conditions,  which 
were  intended  to  meet  the  case  of  the  Bank  of  Commerce  in  the 
city  of  New  York. 

The  act  of  1863  failed  to  provide  as  to  the  taxation  of  shares 
by  state  authority,  and  permitted  loans  on  real,  as  well  as  per- 
sonal, security. 

The  act  of  1863  required  the  apportionment  of  the  total  circu- 
lation among  the  States  and  Territories,  one  half  according  to 
representative?  population  and  one  half  having  due  regard  to  the 
existing  banking  capital  and  resources. 

For  changes  in  the  provision  made  in  section  22,  as  to  the 
total  amount  of  bank  notes  and  for  the  apportionment  thereof,  see 
below,  pages  304,  30D-371,  418-^21. 

For  changes  in  the  limit  of  circulation  allowed  to  any  bank  in 
section  21,  and  the  amount  of  bonds  to  be  held,  see  below, 
pages  364,  300-371 .  418,  41!),  423,  432.  4.'!:;. 

Note  to  section  ;">,  chapter  100,  June  3,  1S04    (13  Stat.  L.  !>!»)  : 
"The  act  of  April  0,  180!)   (10  Slat.  L.,  7),  prescribed  a  penalty 
for  aiding  and  abelling  ofliccrs.  etc..  of  national  banks  in  embez- 
zling, etc.,  funds  of  bank." 
1.7712°— 10 24 


362  NATIONAL   MONETARY   COMMISSION. 

"The  act  of  April  22,  1870  (16  Stat.  L.,  91)  amending  the 
usury  laws  of  the  District  of  Columbia,  provided  that  nothing 
therein  should  affect  national  banking  associations." 

"The  act  of  July  8,  1870  (16  Stat  L.,  195),  provided  that  sec- 
tion 55,  above,  and  all  acts  amendatory  thereof  should  be  con- 
strued to  apply  to  every  president,  director,  cashier,  teller,  clerk, 
or  agent  of  any  banking  association  organized,  etc." 

ACT  OF  JUNE  30,  1864. 
13   stat.   L..  CHAP.  CLXXIII. — An  act  to  provide  internal  reverm*  to 

U"3 

support  the  Government,  to  pay  interest  on  the  public 
debt,  and  for  other  purposes. 

***** 

(Section  110  levies  a  duty  on  deposits,  capital,  and  cir- 
culation of  banks  and  bankers.)  (Amended  17  Stat.  L., 
256.) 

***** 

Approved,  June  30,  1864. 

ACT  OF  MARCH  3,  1865. 
13   stat.   L.,  CHAP.  LXXVIII. — An  act  to  amend  an  act  entitled  "An 

400. 

act  to  provide  internal  revenue  to  support  the  Govern- 
ment, to  pay  interest  on  the  public  debt,  and  for  other 
purposes,'1''  approved  June  thirtieth,  eighteen  hundred 
and  sixty- four. 

***** 
Tax  on  bank      SEC.  6.  And  be  it  further  enacted,  That  every  national 

circulation    af-  . 

ter,  etc.  banking  association,  state   bank,  or  state  banking  asso- 

ciation, shall  pay  a  tax  of  ten  per  centum  on  the  amount 
of  notes  of  any  state  bank  or  state  banking  association, 
paid  out  by  them  after  the  first  day  of  July,  eighteen 
hundred  and  sixty-six. 
Existing  state      SEC.  7.  And  l»e  it  further  enacted*  That  any  existing 

b:inks  to  1)0  pre-  .  „     '  ,          . 

f erred  until,  bank  organized  under  the  laws  or  any  state,  having  a 

<>tc.  :    In    apply-         .  .  .  , 

IIIK  to  become  paid-up  capital   or  not   less  than   seventy-five  thousand 

national  banks.  .  • 

dollars,  which  shall  apply  before  the  first  day  of  July 
next  for  authority  to  become  a  national  bank  under  the 
1864,  <-u.  nm.  act  entitled  "An  act  to  provide  a  national  currency  se- 
cured by  a  pledge  of  the  United  States  bonds,  and  to 
provide  for  the  circulation  and  redemption  thereof."1  ap- 
proved June  third,  eighteen  hundred  and  sixty-four,  and 
shall  comply  with  all  the  requirements  of  said  act.  shall, 
if  such  bank  be  found  by  the  comptroller  of  the  currency 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  363 

to  be  ill  good  standing  and  credit,  receive  such  authority  I'roviso. 
in  preference  to  new  associations  applying  for  the  same: 
Provided,  That  it  shall  be  lawful  for  any  bank  or  bank- 
ing association  organized  under  state  laws,  and  having 
branches,  the  capital  being  joint  and  assigned  to  and  used 
by  the  mother  bank  and  branches  in  definite  proportions, 
to  become  a  national  banking  association  in  conformity 
with  existing  laws,  and  to  retain  and  keep  in  opera- 
tion its  branches,  or  such  one  or  more  of  them  as  it  may 
elect  to  retain;  the  amount  of  the  circulation  redeemable 
at  the  mother  bank  and  each  branch  to  be  regulated  by 

the  amount  of  capital  assigned  to  and  used  by  each. 
*  *  *  *  * 

SEC.  14.  And  be  if  further  enacted.  That  the  capital  of    what   to   be 

'  '  .  deemed  the  cap- 

anv  state  bank  or  banking  association  which  has  ceased, ital,  °t  a  statc 

e      .  '  bank,  for  pur- 

or  shall  cease  to  exist,  or  which  has  been  or  shall  be  con-P^es    of    this 

act. 

verted  into  a  national  bank,  for  all  the  purposes  of  the  act 
to  which  this  is  an  amendment,  shall  be  assumed  to  be  the 
capital  as  it  existed  immediately  before  such  bank  ceased 
to  exist  or  was  converted  as  aforesaid.  And  whenever  the 
outstanding  circulation  of  any  bank,  association,  corpo- 
ration, company,  or  person  shall  be  reduced  to  an  amount 
not  exceeding  five  per  centum  of  the  chartered  or  declared 
capital  existing  at  the  time  the  same  was  issued,  said  cir- 
culation shall  be  free  from  taxation.  And  whenever  any  circulation 
state  bank  or  banking  association  has  been  converted  into  tax." 
a  national  banking  association,  and  such  national  banking 
association  has  assumed  the  liabilities  of  such  state  bank 
or  banking  association,  including  the  redemption  of  its 
bills,  such  national  banking  association  shall  be  held  to 
make  the  required  return  and  payment  on  the  circulation 
outstanding,  so  long  as  such  circulation  shall  exceed  five 
per  centum  of  the  capital  before  such  conversion  of  such 
state  bank  or  banking  association. 

*  #  #  *  * 

Approved,  March  3,  1805. 

(Section  0  was  amended  by  section  9,  act  of  July  13, 
1800  (14  Stat.  L.,  140),  to  provide  that  persons,  etc., 
using  notes  of  state  banks  as  circulation  after  August  1, 
I860,  to  pay  a  tax  of  ten  per  rent  thereon. 

(Section  14  was  amended  by  the  same  act  and  section  to 
define  the  capital  of  certain  banks,  and  providing  that, 
circulation  not  over  five  per  cent,  and  banks  ceasing  to 
issue  circulation  should  not  be  taxed,  and  that  converted 
banks  should  pay  tux.) 


364  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  MARCH  3,  1865. 

49)P  stat'  L"  f  HAP.  LXXXII.— An  act  to  amend  an  act  entitled  "An 
net  to  -provide  a  national  currency,  secured  by  a  pledge 
of  United  States  bonds,  and  to  provide  for  the  circula- 
tion and  redemption  thereof." 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  section  twenty-one  of  said  act  be  so  amended 
that  said  section  shall  read  as  follows: 

Hafions1"  after     SEC.  21-  And  be  it  further  enacted,  That  upon  the 
[»1id8s?  ma'y "  re- trans^ er  and  delivery  of  bonds  to  the  Treasurer,  as  pro- 
ingnotelr.culat~  yided  in  the  foregoing  section,  the  association  making  the 
same  shall  be  entitled  to  receive  from  the  Comptroller  of 
the  Currency  circulating  notes  of  different  denominations, 
in  blank,  registered  and  countersigned  as  hereinafter  pro- 
vided, equal  in  amount  to  ninety  per  centum  of  the  cur- 
rent market  value  of  the  United  States  bonds  so  trans- 
Li  ni i  i  t    of  ferred  and  delivered,  but  not  exceeding  ninety  per  centum 

a  mount  of  notes  '  J    * 

to  be  received.    of  the  amount  of  said  bonds  at  the  par  value  thereof,  if 
see  Revised  bearing  interest  at  a  rate  not  less  than  five  per  centum 

Statutes,  old.  ... 

per  annum ;  and  the  amount  of  said  circulating  notes  to 
be  furnished  to  each  association  shall  be  in  proportion  to 
its  paid-up  capital  as  follows,  and  no  more :  To  each  asso- 
ciation whose  capital  shall  not  exceed  five  hundred  thou- 
sand dollars,  ninety  per  centum  of  such  capital;  to  each 
association  whose  capital  exceeds  five  hundred  thousand 
dollars,  but  does  not  exceed  one  million  dollars,  eighty 
per  centum  of  such  capital:  to  each  association  whose 
capital  exceeds  one  million  of  dollars,  but  does  not  exceed 
three  millions  of  dollars,  seventy-five  per  centum  of  such 
capital:  to  each  association  whose  capital  exceeds  three 
Apportion- millions  of  dollars,  sixty  per  cent,  of  such  capital.  And 

nient  of  author-     .  ' 

izedeircuiation. that  one  hundred  and  fifty  millions  or  dollars  of  the 
entire  amount  of  circulating  notes  authorized  to  be  issued 
shall  be  apportioned  to  associations  in  the  States,  in  the 
District  of  Columbia,  and  in  the  Territories,  according  to 
representative  population,  and  the  remainder  shall  be 
apportioned  by  the  Secretary  of  the  Treasury  among  asso- 
ciations formed  in  the  several  States,  in  the  District  of 
Columbia,  and  in  the  Territories,  having  due  regard 
the  existing  banking  capital,  resources,  and  business 
such  States.  DM  rid.  and  Territories. 
Approved.  March  :{,  1^05. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  365 

ACT  OF  MARCH  2.  186T. 

CHAP.  CXCIV. — An  act  to  provide  ways  and  means  for    14   stat.   u, 
the  payment  of  compound-interest  notes. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  for  the  purpose  of  redeeming  and  retiring  anv  ,  T  e  m  p.  ° rary 

&         •    loan  certificates 

compound  interest  notes  outstanding,  the  Secretary  of  the  pay  be  issued 

fe~  J  to  redeem  com- 

Treasurv  is  hereby  authorized  and  directed  to  issue  tern-  pound -interest 

notes. 

porary  loan  certificates  in  the  manner  prescribed  by  sec- 
tion four  of  the  act  entitled  "An  act  to  authorize  the  issue 
of  United  States  notes  and  for  the  redemption  or  funding 
thereof,  and  for  funding  the  floating  debt  of  the  United 
States,"  approved  February  twenty-fifth,  eighteen  hun- 
dred and  sixty-two,  bearing  interest  at  a  rate  not  exceed-  es^ate  of  lnter" 
ing  three  per  centum  per  annum,  principal  and  interest  jnt'erestpapwu 
payable  in  lawful  money  on  demand ;  and  said  certificates  ™onein    lawful 
of  temporary  loan  may  constitute  and  be  held,  by  any  na-  j^61^^ held  by 

tional  bank  holding  or  owning  the  same,  as  a  part  of  thebanks  as  re^ 

serve. 

reserve  provided  for  in  sections  thirty-one  ?md  thirty-two 
of  the  act  entitled  "An  act  to  provide  a  national  currency 
secured  by  a  pledge  of  United  States  bonds,  and  to  pro- 
vide for  the  circulation  and  redemption  thereof,"  ap- 
proved June  three,  eighteen  hundred  and  sixty-four :  Pro-  Provis°- 
ruled,  That  not  less  than  two-fifths  of  the  entire  reserve 
of  such  bank  shall  consist  of  lawful  money  of  the  United 
States:  And  provided  further,  That  the  amount  of  such 
temporary  certificates  at  any  time  outstanding  shall  not 
exceed  fifty  millions  of  dollars. 
Approved,  March  2,  1807. 

NOTE. — A  further  issue  of  certificates  of  indebtedness  amount- 
ing to  twenty-five  millions  of  dollars  was  authorized  by  the  act  of 
July  25,  1808,  with  like  privileges  as  to  reserve. 

ACT  OF  FEBRUARY  10,  1868. 

CIIAJJ.    VII. — An    act   in    relation    to    taxing    shares    in    i">st«t. L.,34. 
national  banks. 

lie  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in.  Congress  assem- 
bled, That  the  words  "place  where  the  bank  is  located,  t.s^e^iyia- 
and  not  elsewhere,"  in  section  forty-one  of  the  ''act  to 'Jc  taxed  wiuM-e. 
provide    a    national    currency,"    approved    June    third, se£p(Jfi\m    ,, 
eighteen  hundred  and  sixty-four,  shall  be  construed  and111 


360  NATIONAL    MONETARY   COMMISSION. 

held  to  mean  the  State  within  which  the  bank  is  located ; 
HOW  to  be  and  the  legislature  of  each  State  may  determine  and  di- 
rect the  manner  and  place  of  taxing  all  the  shares  of 
national  banks  located  within  said  State,  subject  to  the 
restriction  that  the  taxation  shall  not  be  at  a  greater  rate 
than  is  assessed  upon  other  moneyed  capital  in  the  hands 
of  individual  citizens  of  such  State:  And  provided  al- 
suares  of  mm-  ways.   That  the  shares  of  anv  national  bank  owned  bv 

residents.  i      n    i  • 

non-residents  of  any  State  shall  be  taxed  in  the  city  or 
town  where  said  bank  is  located,  and  not  elsewhere. 
Approved,  February  10.  1868.      . 

ACT  OF  FEBRUARY  19,  1869. 

o-o5  stat'  L"  CHAI'-  XXXII. — An  act  to  prevent  loaning  money  upon 

United  States  notes. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
Banking  as-  ljefl    That  no  national  banking  association  shall  here- 

sociation  notto 

loan  money  after  offer  or  receive  United  States  notes  or  national  bank 

upon    United 

states  notes  notes  as  security  or  as  collateral  security  for  anv  loan  of 

nor  withhold  J  J 

niem  from  use.  money,  or  for  a  consideration  shall  agree  to  withhold  the 
see  Revised  same  from  use,  or  shall  offer  or  receive  the  custody  or 

Statutes,  520 1. 

promise  of  custody  of  such  notes  as  security,  or  as  collat- 
eral security,  or  consideration  for  any  loan  of  money; 
and  any  national  banking  association  offending  against 
the  provisions  of  this  act  shall  be  deemed  guilty  of  a  mis- 
demeanor, and  upon  conviction  thereof  in  any  United 
States  court  having  jurisdiction  shall  be  punished  by  a 
fine  not  exceeding  one  thousand  dollars,  and  by  a  further 
sum  equal  to  one-third  of  the  money  so  loaned:  and  tlu» 
oflicer  or  officers  of  said  bank  who  shall  make  such  loan 
or  loans  shall  be  liable  for  a  further  sum  equal  to  one 
quarter  of  the  money  so  loaned:  and  the  prosecution  of 
such  offenders  shall  be  commenced  and  conducted  as  pro- 
ivmiity.  vided  for  the  punishment  of  offences  in  an  act  to  provide 
a  national  currency,  approved  June  third,  eighteen  hun- 
dred and  sixty-four,  and  the  fine  or  penalty  so  recovered 
shall  be  for  the  benefit  of  the  party  bringing  such  suit. 
Approved.  February  19.  1869. 


LAWS    CONCERNING    MONEY,   BANKING,,    AND    LOANS.  367 

ACT  OF  MARCH  3,  1869. 

CHAP.  CXXX. — An  act  regulating  the  report*  of  national   9ir>  stat.  L., 
banking  associations. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  in  lieu  of  all  reports  required  bv  section  thirty-  Banking  as- 

•'  *•      social  ions    to 

four  of  the  national  currency  act,  every  association  shall  make  not  less 

'  than    five    re- 

make to  the  Comptroller  of  the  Currency  not  less  than  ports  each  year 

to  Comptroller 
five  reports  during  each  and  every  year,  according  to  the  o^c^rrenc^ 

form  which  ma}*  be  prescribed  by  him,  verified  by  the  S3ec^94'  vo1- 13' 
oath  or  affirmation  of  the  president  or  cashier  of  such    Reports,  how 

1  _  verified,  and  to 

association,  and  attested  by  the  signature  of  at  least  three  exhibit  what. 

of  the  directors;  which  report  shall  exhibit,  in  detail  and 

under  appropriate  heads,  the  resources  and  liabilities  of 

the  association  at  the  close  of  business  on  any  past  day 

to  be  by  him  specified,  and  shall  transmit  such  report  to  cJ 

the  Comptroller  within  five  days  after  the  receipt  of  a  daysba 

request  or  requisition  therefor  from  him ;  and  the  report  ther 

of  each  association  above  required,  in  the  same  form  in  Newspaper1"  a 

which  it  is  made  to  the  Comptroller,  shall  be  published  in 

a  newspaper  published  in  the  place  where  such  association 

is  established,  or  if  there  be  no  newspaper  in  the  place, 

then  in  the  one  published  nearest  thereto  in  the  same 

county,  at  the  expense  of  the  association ;  and  such  proof  Hc^'f0°nf  of  pub" 

of  publication  shall  be  furnished  as  may  be  required  by 

the  Comptroller.     And  the  Comptroller  shall  have  power 

to  call  for  special  reports  from  any  particular  association     Special  re- 

...  .      ports. 

whenever  in  his  judgment  the  same  shall  be  necessary  in 
order  to  a  full  and  complete  knowledge  of  its  condition. 
Any  association  failing  to  make  and  transmit  any  such  ivnaity  for 

not  makingand 
report  shall  be  subject  to  a  penalty  of  one  hundred  dol-  transmit  1 1  UK 

1  •  reports. 

lars  for  each  day  after  five  days  that  such  bank  shall 
delay  to  make  and  transmit  any  report  as  aforesaid:  and 
in  case  any  association  shall  delay  or  refuse  to  pay  the 
penalty  herein  imposed  when  the  same  shall  be  assessed 
by  the  Comptroller  of  the  Currency,  the  amount  of  such  )!00,w,ct"d!l.y  1)(> 
penalty  may  be  retained  by  the  Treasurer  of  the  United 
States,  upon  the  order  of  the  Comptroller  of  the  Cur- 
rency, out  of  the  interest,  as  it  may  become  due  to  the 
association,  on  the  bonds  deposited  with  him  to  secure 
circulation;  and  all  sums  of  money  collected  for  penalties  [jj,!"]-,!"^1,,,1.'^0 
under  this  section  shall  be  paid  into  the  Treasury  of  (he 
Tinted  States. 


368  NATIONAL   MONETARY   COMMISSION. 

Additional  re-     gEC  2.  And  be  it  further  enacted,  That,  in  addition  to 

port   to   Comp-  '    .  '      . 

t  roller  of  the  c^id  reports,  each  national  banking  association  shall  re- 
amount  of  divi-  „ 

dends  and  of  port  to  the  Comptroller  of  the  Currency  the  amount  01 

net  earnings  ;  ....... 

each    dividend    declared    by    said    association,    and    the 
where  to  be  amount  of  net  earnings  in  excess  of  said  dividends,  which 

made  and  how  i      -i  • 

report  shall  be  made  within  ten  days  after  the  declaration 
of  each  dividend,  and  attested  by  the  oath  of  the  presi- 
Penaities.  c]ent  or  cashier  of  said  association,  and  a  failure  to  com- 
ply with  the  provisions  of  this  section  shall  subject  such 
association  to  the  penalties  provided  in  the  foregoing 
section. 

Approved,  March  3.  1809. 

ACT  OF  MARCH  3,  1869. 

is  stat.  L.,  CHAP.    CXXXV.  —  An    act    in    reference    to    certifying 

checks  l)y  national  banks. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  assem- 

officers,  etc.,  bled.   That  it  shall  be  unlawful  for  any  officer,  clerk,  or 

of      national  .  •  « 

i.nnks  not  toaircnt  or  anv  national  bank  to  certify  any  check  drawn 

certify     checks  .         •  . 

on  such  hanks,  upon  said  bank  unless  the  person  or  company  drawing 

said  check  shall  have  on  deposit  in  said  bank  at  the  time 

such  check  is  certified  an  amount  of  money  equal  to  the 

certain  cer-  amount  specified  in  such  check;  and  anv  check  so  certi- 

tified  checks  to  L  /*»  1-11-1 

i,e  «ood.  ficd  by  duly  authorized  officers  shall  be  a  good  and  valid 

Penalty    for  obligation  against  such  bank;  and  anv  officer,  clerk,  or 

unlawfully  cer-  7  .    , 

t  if  y  ing  checks,  agent  of  any  national  bank  violating  the  provisions  of 

this  act  shall  subject  such  bank  to  the  liabilities  and  pro- 

ceedings on  the  part  of  the  comptroller  as  provided  for 

1864.  cb.  JOG,  in  section  fifty  of  the  national  banking  law.  approved 

sec.   50,   Vol.  •  ° 

xiii.  P.  IM.      June  third,  eighteen  hundred  and  sixty-four. 
Approved.  March  3.  18(50. 

ACT  OF  MARCH  3,  18(59. 

in  stat.  L.,  CHAP.  CX1YV.  —  An  art  to  amend  an  act  entitled  '•'•An  act 
'  1803,  ch.  58,  to  pro  ride  ft  national  currency  secured  by  a  pledge  of 
xi"i,p.~680.  I'li/ted  State*  bondx,  and  to  provide  for  the  circulation 

and  redemption   thereof"  by  extending  certain  penal- 

ties to 


Be  it  enacted  !>>/  the  Sen/tie  tmd  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 


LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.     369 


bled,   That   every    person    who    shall    aid    or    abet    any  ab^t^,Infn  £/ 
officer  or  agent  of  any  association  in  doing  any  of  the 
acts  enumerated  in  section  fifty-two  of  an  act  entitled- 
"An  act  to  provide  a   national  currency  secured  by   a  2ow%ui"'shed' 
pledge  of  United  States  bonds,  and  to  provide  for  the 
circulation  and  redemption  thereof,"  approved  February 
twenty-fifth,  eighteen  hundred  and  sixtj^-three,  with  in- 
tent to  defraud  or  deceive,  shall  be  liable  to  the  same 
punishment  therein  provided  for  the  principal. 
Approved,  March  3,  1809. 

ACT  OF  JULY  12,  1870. 

CHAP.  CCLII. — An  act  to  provide  for  the  redemption  of  0_iR  stat.  L., 
the  three  per  cent,  temporary  loan  certificates  and  for 
an  increase  of  national  bank  notes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  fifty-four  millions  of  dollars  in  notes  for  circu-  Additional 

,,.  .  ,  .          111-  •    ,•  •      notes  for  circu- 

lation may  be  issued  to  national  banking  associations,  in  lation  to  na- 

addition  to  the  three  hundred  millions  of  dollars  author-  associations, 
ized  by  the  twenty-second  section  of  the  "Act  to  provide 
a  national  currency,  secured  by  a  pledge  of  United  States 
bonds,  and  to  provide  for  the  circulation  and  redemption 
thereof,"  approved  June  three,  eighteen  hundred  and 
sixty-four:  and  the  amount  of  notes  so  provided  shall  Notes  to  be 

i        p         •   i  ii-  ••  •       i  given   to   what 

be  furnished  to  banking  associations  organized  or  to  be  associations. 
organized  in  those  States  and  Territories  having  less 
than  their  proportion  under  the  apportionment  contem- 
plated by  the  provisions  of  the  "Act  to  amend  an  act 
to  provide  a  national  currency  secured  by  a  pledge  of 
United  States  bonds,  and  to  provide  for  the  circulation 
and  redemption  thereof,"  approved  March  three,  eight- 
een hundred  and  sixty-five,  and  the  bonds  deposited  with  what  bonds 

-.7  to  bo  deposited 

the   I  reasurer  or  the  United  States,  to  secure  the  addi- to  secure  such 

circulation. 

tional  circulating  notes  herein  authorized,  shall  be  of  any 
description  of  bonds  of  the  United  States  bearing  inter- 
est in  coin,  but  a  new  apportionment  of  the  increased  cir-  New  appor- 

,       .  ,  .  •  i      i     _/>  ini  ^  f  ionnient     on 

dilation  herein  provided  tor  shall  be  made  as  soon  as  basis  or  census 
practicable,  based  upon  the  census  of  eighteen  hundred  " 
and  seventy:  Pro  aided,  That  if  applications  for  the  circu-  (j0^safor 'such 
lation  herein  authorized  shall  not  be  made  within  one  '1i(7,'llII!ll1'-!d"o  'Vn 
year  after  the  passage  of  this  act  by  banking  associations  j[;j'v  -^"j^'uod 
organized  or  to  be  organized  in  Stales  having  less  than  "•,,','! !•;.,,,,  s,.lt. 
their  proportion,  it  shall  be  lawful  for  the  Comptroller  "u's-  r'17t;- 


370  NATIONAL    MONETARY    COMMISSION. 

of  the  Currency  to  issue  such  circulation  to  banking  asso- 
ciations applying  for  the  same  in  other  States  or  Terri- 
tories having  less  than  their  proportion,  giving  the  pref- 
NO  bank  here-  erence  to  such  as  have  the  greatest  deficiency :  And  pro- 

after  organized      .  ,  .  .      .         ,  „ 

to  have  over  vwed  further.  That  no  banking  association  hereafter  or- 

$500.000  eircu-  .ji.ni  •         i    ,  •         •  £  c.        i         j       1 

lation.  ganized  shall  have  a  circulation  in  excess  01  nve  hundred 

thousand  dollars. 

(Section  2  provides  that  at  the  end  of  every  month  the 
Secretary  of  the  Treasury  shall  call  in  and  redeeem  an 
amount  of  the  three  per  cent  temporary  loan  certificates 
issued  under  the  acts  of  March  2,  1867,  and  July  25,  1868, 
not  less  than  the  amount  of  circulating  notes  issued  to  na- 
tional banking  associations  under  the  preceding  section 
during  the  previous  month.) 

circulating     gEC>  3.  And  l>e  it  further  enacted.  That  upon  the  de- 
notes payable  '  .         . 
in  gold  coin  pOSit  of  any  United  States  bonds,  bearing  interest  pay- 
may   be   issued  L                         J  .  ' 

to  'associations  able  in  gold,  with  the  treasurer  of  the  United  States,  in 

depositing  .  .  .  . 

rnited   states  the  manner  prescribed  in  the  nineteenth  and  twentieth 

interest'    in  sections  of  the  national  currency  act,  it  shall  be  lawful  for 

the  comptroller  of  the  currency  to  issue  to  the  association 

Donomina-  making  the  same,  circulating  notes  of  different  denomina- 

tlonsand.  ..          . 

amount  of  such  t  ions,  not  less  than  five  dollars,  not  exceeding  in  amount 

notes.  '  B 

eighty  per  centum  of  the  par  value  of  the  bonds  de- 
posited, which  notes  shall  bear  upon  their  face  the  prom- 
ise of  the  association  to  which  they  are  issued  to  pay 
them,  upon  presentation  at  the  office  of  the  association,  in 
gold  coin  of  the  United  States,  and  shall  be  redeemable 
circulation  upon  such  presentation  in  such  coin:  Provided.  That  no 

of    any    such  .  . 

bank  not  to  ex- banking  association   organized   under  this  section  shall 

cpod    si  .jinn.  B  f 

' have  a  circulation  in  excess  of  one  million  of  dollars. 

such  nssocia-  SK<-.  4.  And  he  it  further  enacted,  That  every  national 
mi  hand  no]  banking  association  formed  under  the  provisions  of  the 
per  cent  of  dr- preceding  section  of  this  act  shall  at  all  times  keep  on 

c  11 1  at  ion       in 

Hold  and  nil- hand   not   less  than  twenty-five  per  centum  or  its  out- 

V**r  \  * 

standing  circulation  in  gold  or  silver  coin  of  the  United 
pa/  KOM  Vnou-s  -Slilt('s-  ;lll(l  shall  receive  at  par  in  the  payment  of  debts 
blinks'"''    s"('''ln(1  "°1(1   notes  of  every  other  such  banking  association 
which  at  the  time  of  such  payments  shall  be  redeeming  its 
circulating  notes  in  gold  coin  of  the  United  States. 
timi^rabjm^'to      ^K('*  r>>  ^'"l  lj''  !f  f")'tl"'i'  cntK-taL  That  every  associa- 
""n.'v  "ct '  ex- t'on  orJ-ram'XO(l  f()1>  the  purpose  of  issuing  gold  notes  as 
cept,  etc.          provided   in  this  act  shall  be  subject  to  all  the  require- 
ments and    provisions  of  the  national   currency  act,  ex- 
cept the  first   clause  of  section  twenty-two,  which  limits 
the  circulation  of  national  banking  associations  to  three 


LAWS    CONCERNING    MONEY,   BANKING,   AND    LOANS.  371 

hundred  millions  of  dollars;  the  first  clause  of  section 
thirty-two,  which,  taken  in  connection  with  the  preceding 
section,  would  require  national  banking  associations  or- 
ganized in  the  city  of  San  Francisco  to  redeem  their  cir- 
culating notes  at  par  in  the  city  of  New  York;  and  the 
last  clause  of  section  thirty-two,  which  requires  every 
national  banking  association  to  receive  in  payment  of 
debts  the  notes  of  every  other  national  banking  associa- 
tion at  par:  Provided.  That  in  applying  the  provisions  ^  Terms  "iaw- 

r,  f        •  i  •  .      .          f ul  money    and 

and  requirements  of  said  act  to  the  banking  associations  "lawful  money 

of    the    United 

herein   provided    for,   the   terms      lawful   money,     and  states"  how 
"  lawful  money  of  the  United  States,"  shall  be  held  and  connection 

licrcwitb. 

construed  to  mean  gold  or  silver  coin  of  the  United 
States. 

SEC.  6.  And  be  it  further  enacted.  That  to  secure  a    Equitable  dis- 

'  '.  .  tribution    of 

more  equitable  distribution  of  the  national  banking  cur- currency  how 

e  to  be  secured^. 

rencv  there  mav  be  issued  circulating  notes  to  banking    Excess  of  eir- 

J.      .  "      .  .  B  .         .  .    fe  c  u  1  a  1 1  o  n    not 

associations  organized  in  States  and  Territories  having  exceeding  $25,- 

fc  .  fe  000.000    to    be 

less  than  their  proportion  as  herein  set  forth.     And  the  withdrawn 

r      x  .  from  banks. 

amount  of  circulation  in  this  section  authorized  shall, 
under  the  direction  of  the  Secretary  of  the  Treasury,  as 
it  may  be  required  for  this  purpose,  be  withdrawn,  as 
herein  provided,  from  banking  associations  organized  in 
States  having  a  circulation  exceeding  that  provided  for 
by  the  act  entitled  "  An  act  to  amend  an  act  entitled  "An 
act  to  provide  for  a  national  banking  currency,  secured 
by  pledge  of  United  States  bonds,  and  to  provide  for  the 
circulation  and  redemption  thereof,'  "  approved  March 
three,  eighteen  hundred  and  sixty-five,  but  the  amount  so 
withdrawn  shall  not  exceed  twenty-five  million  dollars. 
The  comptroller  of  the  currency  shall,  under  the  direction 
of  the  Secretary  of  the  Treasury,  make  a  statement  show-  statement  of 

.  .         .  -,  .  circulation  in 

ing  the  amount  or  circulation  in  each  State  and  1  erritory ,  each  state  and 

.  111-  •*     Territory  to  be 

and  the  amount  to  be  retired   by  each  banking  associa-  made,  and  of 

.   ,       .   .  .*  i      i      n         i  i    amount    to    be 

tion  in  accordance  with  this  section,  and  shall,  when  such  retired,  etc. 
redistribution  of  circulation   is  required,  make  a   requi- 
sition for  such  amount  upon  such  banks,  commencing  with 
the  banks  having  a  circulation  exceeding  one  million  of  ^^'/Huitlou  "' 
dollars   in   States  having  an   excess  of  circulation,   and 
withdrawing  their  circulation  in  excess  of  one  million  of 
dollars,  and  then  proceeding  pro  rata  with  other  banks 
having  a  circulation  exceeding  three  hundred  thousand 
dollars  in  States  having  the  largest  excess  of  circulation. 
and  reducing  the  circulation  of  such  banks  in  States  hav- 


372  NATIONAL   MONETARY   COMMISSION. 

ing  the  greatest  proportion  in  excess,  leaving  undisturbed 
the  banks  in  States  having  a  smaller  proportion,  until 
those  in  greater  excess  have  been  reduced  to  the  same 
grade,  and  continuing  thus  to  make  the  reduction  pro- 
vided for  by  this  act  until  the  full  amount  of  twenty-five 
millions,  herein  provided  for,  shall  be  withdrawn;  and 
the  circulation  so  withdrawn  shall  be  distributed  among 
the  States  and  Territories  having  less  than  their  propor- 
toCnStrr0equir  ^n,  so  as  to  equalize  the  same.    And  it  shall  be  the  duty 
w  I  t°hn  f°ftohr  °f  tne  comptroller  of  the  currency,  under  the  direction  of 
"Tf'ba  nking  the  Secretary  of  the  Treasury,  forthwith  to  make  a  requi- 
fa8i?,°  within °a  *ition  for  the  amount  thereof  upon  the  banks  above  indi- 
th^a  mount 'of  cated  as  herein  prescribed.     And  upon  failure  of  such 
qu7rledaticomrp-  associations,  or  any  of  them,  to  return  the  amount  so  re- 
equ'ai  amofmt  quired  within  one  year,  it  shall  be  the  duty  of  the  comp- 
of^ their  bonds,  troller  of  the  currency  to  sell  at  public  auction,  having 
given   twenty   days'   notice   thereof  in   one  daily   news- 
paper printed  in  Washington  and  one  in  Xew  York  city, 
an  amount  of  bonds  deposited  by  said  association,  as  se- 
curity for  said  circulation,  equal  to  the  circulation  to  be 
withdnnvn   from   said   association   and   not  returned   in 
compliance  with  such  requisition;  and  the  comptroller  of 
the  currency  shall  with  the  proceeds  redeem  so  many  of 
the  notes  of  said  banking  association,  as  they  come  into 
NO  cireuin- the  treasurv.  as  will  equal  the  amount  required  and  not 

tion  to  he  with-  . 

drawn  until,  s()  returned,  and  shall  pav  the  balance,  if  anv.  to  such 

etc. 

banking  association:  Provided*  That  no  circulation  shall 
be  withdrawn  under  the  provisions  of  this  section  until 
after  the  fifty-four  millions  granted  in  the  first  section 
shall  have  been  taken  up. 

(Section  7  provides  that  after  six  months  from  the 
passage  of  this  act  any  association  may  be  removed  from 
any  State  having  more  than  its  proportion  of  circulation 
to  any  State  having  less  than  its  proportion;  but  the 
amount  of  the  issue  of  said  association  shall  not  be  de- 
ducted from  the  new  issue  herein  provided  for.) 

Approved.  July  1-2.  1870. 

ACT  OF  JFLY  14,  1870. 

K,  stsit.  L.,  (1nAI.>  CCLYIT. — Ail  net  ii>  require  national  banl-x  <join<j 
into  liquidation  to  retire  their  circulating  notex. 

He  it  enacted  hi/  tin1  Xemite  and  HOHHC  of  Representa- 
tives of  the,  f/nite.d  Xtatcx  of  America  in  ('OIK/ rex*  a.*- 


LAWS    CONCERNING    MONEY,    BANKING,    AND   LOANS.  373 


sembled,  That  every  bank  that  has  heretofore  gone  into  b  j^Vs1  1  h  a  t 
liquidation  under  the  provisions.  of  section  forty-two  of  ghaa|V,e  |on1ent°o' 
the  national  currency  act,  shall  be  required  to  deposit  deposit  Tawfui 
lawful  money  of  the  United  States  for  its  outstanding  ™tSn'°ci?cu- 
circulation  with'in  sixty  days  from  the  date  of  the  passage  lag°°-  Kevised 
of  this  act.    And  every  bank  that  may  hereafter  go  into  |.^*lltes'  52-'-' 
liquidation  shall  be  required  to  deposit  lawful  money  of 
the  United  States  for  its  outstanding  circulation  within 
six  months  from  the  date  of  the  vote  to  go  into  liquida- 
tion; whereupon  the  bonds  pledged  as  security  for  such 
circulation  shall  be  surrendered  to  the  association  making 
such  deposit.    And  if  any  bank  shall  fail  to  make  the  de-  tolf^^g  f'deS 
posit  and  take  up  its  bonds  for  thirty  days  after  the  ex-  ^omp't'roiVer 
piration  of  the  time  specified,  the  Comptroller  of  the  ™ta£  ^y,  5«nJ" 
Currency  shall  have  power  to  sell  the  bonds  pledged  for  New  York- 
the  circulation  of  said  bank  at  public  auction  in  New 
York  City,  and  after  providing  for  the  redemption  and 
cancellation  of  said  circulation,   and  the  necessary  ex- 
penses of  the  sale,  to  pay  over  any  balance  remaining 
from  the  proceeds  to  the  bank,  or  its  legal  representative  : 
Provided,  That  banks  which  are  winding  up  in  good  exemp't  bfinom 
faith  for  the  purpose  of  consolidating  with  other  banks  thls  act- 
shall  be  exempt  from  the  provisions  of  this  act:  And  pro-  reported!  to  be 
vided  further,  That  the  assets  and  liabilities  of  banks 
so  in  liquidation  shall  be  reported  by  the  banks  with 
which  they  are  in  process  of  consolidation. 
Approved,  July  14.  18TO. 

ACT  OF  JUNE  8.  1872. 

CHAP.  CCCXLYL—  An  act  for  the  letter  xecxrittj  of  bank  ,y^   stat-    Ij- 
reserves,    and    to    facilitate    lank    clearing-house    ex- 
changes. 

Be  it  enacted  ly  the  Senate  and  House  of  Representa- 
1i  I'<:K  of  the  United  titatex  of  America  in.  Congress  asscui- 
llcd.  That  the  Secretary  of  the  Treasury  is  hereby  author-  J^W™*™1 
ized  to  receive  United  States  notes  on  deposit,  without  "^Yv  "United 
interest,  from  national  banking  associations,  in  sums  not  •  ^p^V'''^-^'- 
less  than   ten  thousand  dollars,  and  to   issue  certificates  ™n*  W,i1"|,<;1'^d 
therefor  in  such  form  as  the  Secretary  may  prescribe,  in  iu  what  sums- 
denominations   of   not    less    than    five   thousand    dollars; 
which  rertificate  shall  be  payable  on  demand  in   United 
States  notes,  at  the  place  where  the  deposits  were  made, 


374  NATIONAL,    MONETARY    COMMISSION. 

t£ereforaand     ^EC-  2<  That  the  United  States  notes  so  deposited  in  the 
hswe e* Raebvfsed Treasurv  °f  tne  United  States  shall  not  be  counted  as 
statutes.  5193.  part  of  the  legal  reserve;  but  the  certificates  issued  there- 
for may  be  held  and  counted  by  national  banks  as  part  of 
their  legal  reserve,  and  may  be  accepted  in  the  settlement 
of  clearing-house  balances  at  the  places  where  the  deposits 
therefor  were  made. 

to('herrexc-uide<i      ^EC<  ^'  That  nothing  contained  in  this  act  shall  be  con- 
or  contracted  strued  to  authorize  anv  expansion  or  contraction  of  the 

hereby. 

Notes   to  becurrencv.  an(j  the  United  States  notes  for  which  such  cer- 

special     depos-  -   • 

its.anduowap- tificates  are  issued,  or  other  United  States  notes  of  like 

plied. 

amount,  shall  be  held  as  special  deposits  in  the  Treasury, 
and  used  only  for  the  redemption  of  such  certificates. 
Approved.  June  8.  1872. 

ACT  OF  JANUARY  i>0.  1873. 

17   stat.    i...,  CHAP.  XL1II. — An-  act  to  authorize  the  examination  of 

certain  bank*. 

He  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  /States  of  America  in  Congress  assem- 
xa  tionaifrfrY/,  That  the  comptroller  of  the  currency,  in  addition  to 

banks      in      the  l  •  '' ' 

nistrict  of  co- the  powers  now  conferred  upon  him  by  law  for  the  ex- 

lumbla     to     be         . r     .  .  L     .  J 

examined,         animation  of  national  banks,  is  hereby  further  author- 
ized, whenever  he  may  deem  it  useful,  to  cause  examina- 
tion to  be  made  into  the  condition  of  any  bank  in   the 
District   of  Columbia  organized   under  act  of  Congress, 
ueport.         The  comptroller,  at  his  discretion,  may  report  to  Congress 
Expense.        fh(>  results  of  such  examination.     The  expense  necessarily 
incurred  in  the  execution  of  this  act  shall  be  paid  out  of 
any  appropriation   made  by  Congress  for  special  bank 
examinations. 

Approved.  January  -JO.  1873. 

ACT  OF  FFBKrARY  10.  1873. 

n/t;7  S'!lt'  '"•CiiAi-.  CLXYI.  -An  net  to  f>roride  for  obtaining  Infor- 
mation of  the  Condition  of  It < ink*  or</ani~e<l  under 
Xt<itf  Lair.\. 

lif  il  etiaeted  oi/  f/ie  Sen  ate  find  flouxe  of  Representa- 
tive* <>f  flit-   I'nittd  Xt.atex  of  America  in   Congress  <ts- 

comptroiierof  ncmMcd.  That   it  sliall  be  the  dutv  of  the  comptroller  of 
i  In-  Currency  to 

report  annually  the  riirrencv  to  report    annually  to  Congress,  under  ap- 
to  (  (jiiKrt-ss  the  .  •  .    .   . 

.  o  n  d  ition   of  propriatc  head-,  the  n-oiirces  and  liabilities,  exhibiting 

S  I  a  t  «•    banks,  ' 

the  condition  of  the  tanks,  banking  companies,  and  sav- 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  375 

ings-banks  organized  under  the  laws  of  the  several  States 
and  Territories,  such  information  to  be  obtained  by  the 
comptroller  from  the  reports  made  by  such  banks,  bank- 
ing companies,  and  savings-banks  to  the  legislatures  or 
officers  of  the  different  States  and  Territories.  And 
where  such  reports  can  not  be  obtained,  the  deficiency 
shall  be  supplied  from  such  other  authentic  sources  as 
may  be  available. 

SEC.  2.  That,  in  order  to  carry  the  provisions  of  the  m«.v  employ  an 

'  J  additional 

first  section  of  this  act  into  effect,  the  comptroller  of  the  ^rk  if  neces- 
currency  is  hereby  authorized,  if  it  should  be  necessary, 
to  employ  one  clerk  of  class  four,  who  shall  be  appointed 
by  the  Secretary  of  the  Treasury  in  the  manner  now  pro- 
vided by  law. 
Approved,  February  19,  1878. 

ACT  OF  MARCH  8,  1878. 

CHAP.  CCLXIX. — An  act  to  require  national  bank*  to    ^   stat-    L- 
restore  their  capital  when  impaired,  and  to  amend  the 
national-currency  act. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled^ That  all  national  banks  which  shall  have  failed  Deficiencies  in 

the    capital 

to  pay  up  their  capital  stock,  as  required  bv  law,  and  all  s.tock,  ,of  ,  ":' 

\    J       l  '  •  tional   banks  to 

national  banks  whose  capital  stock  shall  have  become  im- be  made  'I'1  b-v 

assessment  pro 

paired  by  losses  or  otherwise,  shall,  within  three  months i-itauponstock- 

1  l  .  7  holders,  within, 

after  receiving  notice  thereof  from  the  Comptroller  ofetc- 

the  Currency,  be  required  to  pay  the  deficiency  in  the 

capital  stock  by  assessment  upon  the  shareholders,   pro 

rata,  for  the  amount  of  capital  stock  held  by  each  and  the 

Treasurer  of  the  United  States  shall  withhold  the  interest    .["\ei\Jt  t(1 '.','' 

withheld  until, 

upon  all  bonds  held  by  him  in  trust  for  such  associa-  eu>- 
tion,  upon  notification  from  the  Comptroller  of  the  Cur- 
rency, until  otherwise  notified  by  him;  and  if  such  banks    Receiver! <>  ]»• 
shall  fail  to  pav  up  their  capital  stock,  and  shall  refuse  etc. 

......  1864.   oh.   10(i. 

to  go   into  liquidation,  as   provided   by   law,  for   three  sec.  50,  vol.  is, 

p.   114. 

months  after  receiving  notice  from  the  Comptroller,  a 
receiver  may  be  appointed  to  close  up  the  business  of  the 
association,  according  to  the  provisions  of  the  fiftieth  sec- 
tion of  the  national-currency  act. 

Si:r.  -2.  That  section  fifty-seven  oi'  said  act  be  amended 
by  adding  thereto  the  following:  ^Aml  />rot<idc<l  further, 
That  no  attachment,  injunction,  or  execution  shall  be  is- 
sued against  such  association,  or  its  properly,  before  final 


376  NATIONAL   MONETARY    COMMISSION. 

judgment  in  any  such  suit,  action,  or  proceeding  in  any 
State,  county,  or  municipal  court." 
Thewprd"na-      $EC    3    That  all  banks  not  organized,  and  transacting 

tioual       not   to 

be  used  by  oer-  business  under  the  national-currency  act,  and  all  persons, 

tain   companies  _  .  . 

orcorporationjv  companies  or  corporations  doing  the  business  of  bankers, 
statutes,  5^43.  brokers,  or  savings  institutions,  except  saving-banks,  au- 
thorized by  Congress  to  use  the  word  "  national  "  as  a  part 
of  their  corporate  name  are  prohibited  from  using  the 
word  "  national  "  as  a  portion  of  the  name  or  title  of  such 
usTn'g^suchkank,  corporation,  firm,  or  partnership;  and  every  such 
bank,  corporation,  or  firm,  which  shall  use  word  "  na- 
tional ''  as  a  portion  of  their  corporate  title  or  partner- 
ship name  six  months  after  the  passage  of  this  act,  shall 
be  subject  to  a  penalty  of  fifty  dollars  for  each  day  there- 
after in  which  such  word  shall  be  employed  as  aforesaid 
as  part  of  such  corporate  name  or  title,  such  penalty  to  be 
recovered  by  action  in  any  court  having  jurisdiction. 
tbe°currency  to      ^EC<  "^  Th-8*  it  shall  be  the  duty  of  the  Comptroller  of 
thamiateseetcy  tne  Currency  to  cause  to  be  examined  each  year  the  plates, 
b™™  k'hc'iCrcuia*  ^es'  hut-pieces,  and  other  material  from  which  the  na- 
tion  is  printed,  tional- bank  circulation  is  printed  in  whole  or  in  part, 
and  file  in  his  office  annually  a  correct  list  of  the  same; 
certain  mate-  and  such  material  as  shall  have  been  used  in  the  printing 

rial    to    he    de-  .  .....' 

stroycd.  of  the  notes  of  national  banks  which  are  in  liquidation, 

or  have  closed  business,  shall  be  destroyed  under  such 
regulations  as  shall  be  prescribed  by  the  Comptroller  of 
the  Currency,  and  approved  by  the  Secretary  of  the  Treas- 
Kxpensps.  iiry ;  and  the  expense  of  such  examination  and  destruction 
>hall  be  paid  out  of  any  appropriation  made  by  Congress 
for  the  special  examination  of  national  banks  and  bank 
plates. 

Approved.  March  3.  1873 

REVISED  STATUTES  APPLICABLE  TO   THE  SUBJECT  OF 
BANKING. 

p.aiiks  in  in-       ^,.:r    ;>;>._>    The  Comptroller  of  the  Currency,  in  addi- 

l  rirt   nf  i  ilium 

''';'•  .,  tion  to  the   powers  conferred  upon  him  by  law  for  the 

Jan.  '_'",  IMio,  _          _ 

Yj.p-  v-  '"•  ''•  examination  of  national  banks,  is  further  authorized, 
whenever  he  may  deem  it  useful,  to  cause  examination  to 
be  made  into  the  condition  of  any  bank  in  the  District  of 
Columbia  organ  !/.<•<  I  under  act  of  Congress.  The  Comp- 
troller, at  his  discretion,  may  report  to  Congress  the 


LAWS    CONCERNING    MONEY,    BANKING,    AND   LOANS.  377 

results  of  such  examination.  The  expense  necessarily 
incurred  in  any  such  examination  shall  be  paid  out  of 
any  appropriation  made  by  Congress  for  special  bank 
examinations. 

SEC.  333.  The  Comptroller  of  the  Currency  shall  make 
an  annual  report  to  Congress  [at  the  commencement  of 
its  session,]  exhibiting — 

First.  A  summary  of  the  state  and  condition  of  every 
association  from  which  reports  have  been  received  the 
preceding  year,  at  the  several  dates  to  which  such  re- 
ports refer,  with  an  abstract  of  the  whole  amount  of  bank- 
ing capital  returned  by  them,  of  the  whole  amount  of 
their  debts  and  liabilities,  the  amount  of  circulating  notes 
outstanding,  and  the  total  amount  of  means  and  resources, 
specifying  the  amount  of  lawful  money  held  by  them  at 
the  times  of  their  several  returns,  and  such  other  infor- 
mation in  relation  to  such  associations  as,  in  his  judg- 
ment, may  be  useful. 

***** 

(The  words  in  brackets  were  added  by  amendment  of 
February  18,  1875.) 

SEC.  380.  All  suits  and  proceedings  arising  out  of  the    conduct  of 

1  e  &  suits   involving 

provisions  of  law  governing  national  banking  associa-Battonai. banks. 
tions.  in  which  the  United  States  or  any  of  its  officers  ori258'6Jo'5jUn<J 
agents  shall  be  parties,  shall  be  conducted  by  the  district3-  '^Q4'  c- 106« 

1  J  s.  56,  v.   K5,  p. 

attorneys  of  the  several  districts  under  the  direction  and 116-    Kennedy 

„  .       .  v.     Gibson     (8 

supervision  of  the  Solicitor  of  the  Treasury.  wail.,  498). 

SEC.  503.  The  district  courts  shall  have  jurisdiction  as   Jurisdiction. 

Suits  against 

follows  '  national  banks. 

June  3,  1864, 

*  *  *  *  *  c.  106,  s.  57,  v. 

1  .'5  ,    p  .    116. 

Fifteenth.  Of  all  suits  b     or  aainst  an     association f0ennn^y 


established  under  any  law  providing  for  national  bank- 1°®^ ;c  £ adI(Vi 
ing  associations  within  the  district  for  which  the  court  isBlatch"  101)- 
held. 

SEC.  029.  The  circuit  courts  shall  have  original  juris-    Jurisdiction 

J  Suits  against, 

diction   as   follows:  national  banks. 

.June  .?,  !Mi4. 
*  *  *  *  *  c.  106,  s.  57,  v. 

i :; ,  p .  11  <> . 

Tenth.  Of  all  suits  by  or  against   any  banking  asso-**nnf.sy  w«i!!; 
ciation  established  in  the  district  for  which  (he  court  is')0(>)' 
held,  under  any  law  providing  for  national  banking  asso- 

cial  ions. 


378  NATIONAL   MONETARY   COMMISSION. 

Eleventh.  Of  all  suits  brought  by    [or  against]   any 


110.    116.     Feb.  .  . 

is,  1875,  c.  so,  rency.  or  any  receiver  acting  under  his  direction,  as  pro- 

V.    1  o,    p.   olo. 

videcl  by  said  title. 

(See  sec.  523  T.) 

(The  words  in  brackets  were  stricken  out  by  amend- 
ment of  February  18.  1875.) 


andnBparpUeraenof      SEC.   88^-  Every   certificate,   assignment,   and   convey- 

ofethemcuri"n-  ance  executed  by  the  Comptroller  of  the  Currency,  in 

°hme  3  1864  pursuance  of  law,  and  sealed  with  his  seal  of  office,  shall 

iVU>(''iob"'  v'  ^e  received  in  evidence  in  all  places  and  courts;  and  all 

copies  of  papers  in  his  office,  certified  by  him  and  authen- 

ticated by  the  said  seal,  shall  in  all  cases  be  evidence 

equally  with  the  originals.     An  impression  of  such  seal 

directly  on  the  paper  shall  be  as  valid  as  if  made  on  wax 

or  wafer. 

(•erHUcatesti0of  ^Er<  88;~'-  Copies  of  the  organization  certificate  of 
national  banks.  .  my  national  banking  association,  duly  certified  bv  the 

June  3.   1S(J4,        •  J 

r<1(>";iosi  '"'  T<  Comptroller  of  the  Currency,  and  authenticated  by  his 
seal  of  office,  shall  be  evidence  in  all  courts  and  places 
within  the  jurisdiction  of  the  United  States  of  the  exist- 
ence of  the  association,  and  of  every  matter  which  could 
be  proved  by  the  production  of  the  original  certificate. 

(See  section  5135.) 

worda^imnk0*  ^Kr-  '^()~  •  Every  incorporated  or  other  bank,  and  every 
'.lunelso  i8<54  person,  firm,  or  company  having  a  place  of  business  where 
iVp'-Vi'  7!JiiiVy  (>rc(lits  :m>  opened  by  the  deposit  or  collection  of  money 
13  1866,  c.i  84,  or  currency,  subject  to  be  paid  or  remitted  upon  draft. 

S.     .*,     V.     1  4,     p.  •    •  J 

11seidcn  v  ('nc('k-  or  °i'(ler,  or  where  money  is  advanced  or  loaned  on 
EquitabieTrust  stocks,  bonds,  bullion,  bills  of  exchange,  or  promissory 
4i!»i  i  :  xorihiip  ]10t(.s.  or  whei'e  stocks,  bonds,  bullion,  bills  of  exchange. 

r.    Shook    (ID 

'•i-'irk11/'-'  Bniie'or  Prom'ssor.v  notes  are  received  for  discount  or  for  sale, 
[\\    Blilt('h"  shall  be  regarded  as  a  bank  or  as  a  banker. 
'capital  of      Si:c.  :;il().  The  capital  of  anv  State  bank  or  banking 

banks   expired  .  l 

or  converted  in-  association    which   has  ceased   or  shall  cease  to  exist,  or 

to  n  a  I  i  o  n  a  1 

'"'."rir"  "  isc-,  W'1K'"  "51H  ')('('n  or  sh:>H  be  converted  into  a  national 
i'-7?'  jso11'  v-'):mk-  "hall  be  assumed  to  be  the  capital  as  it  existed  im- 
f  -iii'V  1-1,1  son.  mediately  before  such  bank  ceased  to  exist  or  was  con- 

hit>.    v.    it,    p.  \-erted  MS  a  foresaid. 
i  n;. 
I'lrruiation       Si:c.  :',lll.   \Vhcnever    (he    outstanding   circulation    of 

when  exempted 

any    bank,   association,  corporation,  company,  or   persoi^ 
is  reduced  to  an  amuunl  not  exceeding  five  per  centum  of 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  379 

the  chartered  or  declared  capital  existing  at  the  time  the 
same  was  issued,  said  circulation  shall  be  free  from  taxa- 
tion; and  whenever  any  bank  which  has  ceased  to  issue 
notes  for  circulation  deposits  in  the  Treasury  of  the 
United  States,  in  lawful  money,  the  amount  of  its  out- 
standing circulation,  to  be  redeemed  at  par,  under  such 
regulations  as  the  Secretary  of  the  Treasury  shall  pre- 
scribe, it  shall  be  exempt  from  any  tax  upon  such  circula- 
tion. 

SEC.  3412.  Every  national  banking  association,  State    Tax  on  notes 

.  .  ,,  of    persons    or 

bank,  or-State  banking  association,  shall  pav  a  tax  of  ten  state   banks 

used  for  circu- 

per  centum  on  the  amount  or  notes  of  any  person,  or  of  lation. 

.       .  See  act  of  Feb. 

any  State  bank  or  State  banking  association,  used  for  8,  ISTS. 
circulation  and  paid  out  by  them. 

SEC.  3413.  Everv  national  banking  association,  State    Ta*  °n  notps 

J  of    towns,    cit- 

ibank, or  banker,  or  association,  shall  pav  a  tax  of  ten  per  ies,   etc.,    used 

for  circulation. 

centum  on  the  amount  of  notes  of  any  town,  city,  or  mu-     ibid. 
nicipal  corporation,  paid  out  by  them. 

SEC.  341-4.  A  true  and  complete  return  of  the  monthlv     Monthly  re- 

1  .  turns   of   notes 

amount   of  circulation,  of  deposits,   and   of  capital,   as  °f  persons,  cit- 

L  ies,  State  banks, 

aforesaid,  and  of  the  monthly  amount  of  notes  of  persons,  <?ct..  paid  out. 
town,  city,  or  municipal  corporation,  State  banks,  or 
State  banking  associations  paid  out  as  aforesaid  for  the 
previous  six  months,  shall  be  made  and  rendered  in  du- 
plicate on  the  first  day  of  December  and  the  first  day  of 
June,  by  each  of  such  banks,  associations,  corporations, 
companies,  or  persons,  with  a  declaration  annexed  thereto, 
under  the  oath  of  such  person,  or  of  the  president  or 
cashier  of  such  bank,  association,  corporation,  or  com- 
pany, in  such  form  and  manner  as  may  be  prescribed  by 
the  Commissioner  of  Internal  Revenue,  that  the  same  con- 
tains a  true  and  faithful  statement  of  the  amounts  sub- 
ject to  tax,  as  aforesaid;  and  one  copy  shall  be  trans- 
mitted to  the  collector  of  the  district  in  which  any  such 
bank,  association,  corporation,  or  company  is  situated, 
or  in  which  such  person  has  his  place  of  business,  and  one 
copy  to  the  Commissioner  of  Internal  Revenue. 

SKC.  3415.  In  default  of  the  returns  provided  in  the 
preceding  section,  the  amount  of  circulation,  deposit, 
capital,  and  notes  of  persons,  town,  city,  and  municipal 
corporations,  State  banks.  ;ui<l  State  banking  associa- 
tions paid  out.  as  aforesaid,  shall  be  estimated  by  tin1 
Commissioner  of  Internal  Revenue,  upon  the  best  infor- 
mation he  can  obtain.  And  for  anv  refusal  or  nejrleci 


380  NATIONAL   MONETARY   COMMISSION. 

to  make  return  and  payment,  any  such  bank,  association, 
corporation,  company,  or  person  so  in  default  shall  pay  a 
penalty  of  two  hundred  dollars,  besides  the  additional 
penalty  and  forfeitures  provided  in  other  cases. 
bank  SEC.  3416.  Whenever  any  State  bank  or  banking  asso- 
pay-  ciation  has  been  converted  into  a  national  banking  asso- 

™n°erteds3tateciation,  and  such  national  banking  association  has  as- 
sumed the  liabilities  of  such  State  bank  or  banking  asso- 
ciation, including  the  redemption  of  its  bills,  by  any 
agreement  or  understanding  whatever  with  the  represen- 
tatives of  such  State  bank  or  banking  association,  such 
national  banking  association  shall  be  held  to  make  the 
required  return  and  payment  on  the  circulation  outstand- 
ing, so  long  as  such  circulation  shall  exceed  five  per 
centum  of  the  capital  before  such  conversion  of  such 
State  bank  or  banking  association. 
Provisions  for  SEC.  3417.  The  provisions  of  this  chapter,  relating  to 

cap  i  t  a  1 ,  and  the  tax  on  the  deposits,  capital,  and  circulation  of  banks, 

circulation,  not         ,  .      .  .        ,     .  . 

to  apply  to  and  to  their  returns,  except  as  contained  in  sections 
''thirty-four  hundred  and  ten.  thirty-four  hundred  and 
eleven,  thirty-four  hundred  and  twelve,  thirty-four  hun- 
dred and  thirteen,  and  thirty-four  hundred  and  sixteen, 
and  such  parts  of  sections  thirty-four  hundred  and  four- 
teen and  thirty-four  hundred  and  fifteen  as  relate  to  the 
tax  of  ten  per  centum  on  certain  notes,  shall  not  apply  to 
associations  which  are  taxed  under  and  by  virtue  of  Title 
':  NATIONAL  BANKS." 

National-      SKC.   3475.  The  notes  of  national  banks  shall  be  re- 
>  i  va hie  for  reived  at  par  for  all  debts  and  demands  owing  by  the 

states,  ex.-t-pt'.  Tinted  States  to  anv  person  within  the  United  States, 

June  :;.  is<;i,  .  • 

HI.  io«,  sec.  :>.-{,  except  interest  on  the  public  debt,  or  in  redemption  of 

vol.  i:{,  i).  100 

the  national  currency. 

(See  sec.  5182.) 

interest  i.ear-      SKC.  3500.  Treasury  notes  issued  under  the  authority 
Mar. :;.  1HG.",,  of  the  acts  of  March  three,  eighteen  hundred  and  sixty- 

vni.  i-'.  p.  Tin.  t] u-ee,  chapter  seventy-three,  and  June  thirtv.  eighteen 

.Imif  ::<i.  1st; i, 

HI   ITU,  M-. •.:_•,  hundred   and   sixty-four,  chapter  one  hundred   and   sev- 
voi.  i:;,  i>.  L'ls. 

enty-two,  shall  be  legal   tender  to  the   same   extent   as 

I  nited  States  notes,  for  their  face  value,  excluding  inter- 
est:  I'i'oriJcd.  That  Treasury  notes  issued  under  the  act 
last  named  shall  not  he  a  leiral  tender  in  payment  or  re- 
demption of  any  notes  issued  by  any  hank',  hanking  asso- 
ciation, or  hanker,  calculated  and  intended  to  circulate 


LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.     381 

SEC.  5133.  Associations  for  carrying  on  the  business  of  naf ^f^f tl,°n  £f 
banking  under  this  Title  may  be  formed  by  any  number  jnjyi  ssoeia- 
of  natural  persons,  not  less  in  any  case  than  five.     They  c  ^^  s,  is«4, 
shall  enter  into  articles  of  association,  which  shall  specify  l'j[^  20°i874 
in  general  terms  the  object  for  which  the  association  is  £-.,?j43'  v-  ls>  p- 
formed,  and  may  contain  any  other  provisions,  not  incon- 
sistent with  law,  which  the  association  may  see  fit  to 
adopt  for  the  regulation  of  its  business  and  the  conduct 
of  its  affairs.     These  articles  shall  be  signed  by  the  per- 
sons uniting  to  form  the  association,  and  a  copy  of  them 
shall  be  forwarded  to  the  Comptroller  of  the  Currency, 
to  be  filed  and  preserved  in  his  office. 

(See  section  321.) 

(The  act  of  June  20,  1871  (c.  313,  v.  18,  p.  123),  de- 
clares "  that  the  act  entitled  'An  act  to  provide  a  national 
currency  secured  by  a  pledge  of  United  States  bonds  and 
to  provide  for  the  circulation  and  redemption  thereof,' 
approved  June  third,  eighteen  hundred  and  sixty-four, 
shall  hereafter  be  known  as  '  the  national-bank  act.'  ") 

SEC.  5131.  The  persons  uniting  to  form  such  an  associa-     Requisites  of 

.  .      „  i        Ii_    •      i         j  i  •       .-  organization 

tion  shall,  under  their  hands,  make  an  organization  cer-  certificate. 

.„  '  '  June  :',.  1804, 

tincate,  which  shall  specifically  state:  c.  ioti.  s.  <;,  v. 

First.  The  name  assumed  by  such  association;  which 
name  shall  be  subject  to  the  approval  of  the  Comptroller 
of  the  Currency. 

Second.  The  place  where  its  operations  of  discount  and 
deposit  are  to  be  carried  on,  designating  the  State,  Terri- 
tory, or  district,  and  the  particular  county  and  city, 
town,  or  village. 

Third.  The  amount  of  capital  stock  and  the  number  of 
shares  into  which  the  same  is  to  be  divided. 

Fourth.  The  names  and  places  of  residence  of  the 
shareholders  and  the  number  of  shares  held  by  each  of 
them. 

Fifth.  The  fact  that  the  certificate  is  made  to  enable 
such  persons  to  avail  themselves  of  the  advantages  of  this 
Title. 

SEC.    5135.  The    organization    certificate    shall    be    ao- 

. 

knowledged  before  a  judge  of  some  court  of  record, 
notary  public;  and  shall  be,  together  with  the  acknowl- 
edgement thereof,  authenticated  by  the  seal  of  such  court. 
or  notary,  transmitted  to  the  Comptroller  of  the  Cur- 
rency, who  shall  r"conl  and  carefully  preserve  the  same  in 
his  office.  (See  sec.  SS5.) 


382  NATIONAL   MONETARY   COMMISSION. 

corporate     gEC>  513^  Upon  duly  making  and  filing  articles  of 

powers  of  asso-  J 

ci"ti\"b  u  s  association  and  an  organization  certificate,  the  associa- 
cVni  l|i4Seu  s '  *i°n  snall  become,  as  from  the  date  of  the  execution  of 
second ^NaUon^8  organization  certificate,  a  body  corporate,  and  as  such, 
ai  Bank  chi-  ancj  jn  the  name  designated  in  the  organization  certificate, 

capo    (0   Biss.,  . 

it  shall  have  power — 

First.  To  adopt  and  use  a  corporate  seal. 

Second.  To  have  succession  for  the  period  of  twenty 
years  from  its  organization,  unless  it  is  sooner  dissolved 
according  to  the  provisions  of  its  articles  of  association, 
or  by  the  act  of  its  shareholders  owning  two-thirds  of  its 
stock,  or  unless  its  franchise  becomes  forfeited  by  some 
violation  of  law. 

Third.  To  make  contracts. 

Fourth.  To  sue  and  be  sued,  complain  and  defend,  in 
any  court  of  law  and  equity,  as  fully  as  natural  per- 
sons. 

Fifth.  To  elect  or  appoint  directors,  and  by  its  board  of 
directors  to  appoint  a  president,  vice-president,  cashier, 
and  other  officers,  define  their  duties,  require  bonds  of 
them  and  fix  the  penalty  thereof,  dismiss  such  officers  or 
any  of  them  at  pleasure,  and  appoint  others  to  fill  their 
places. 

Sixth.  To  prascribe,  by  its  board  of  directors,  by-laws 
not  inconsistent  with  law,  regulating  the  manner  in  which 
its  stock  shall  be  transferred,  its  directors  elected  or  ap- 
pointed, its  officers  appointed,  its  property  transferred. 
its  general  business  conducted,  and  the  privileges  granted 
io  it  by  law  exercised  and  enjoyed. 

Seventh.  To  exercise  by  its  board  of  directors,  or  duly 
authorized  officers  or  agents,  subject  to  law.  all  such 
incidental  powers  as  shall  be  necessary  to  carry  on  the 
business  of  banking;  by  discounting  and  negotiating 
promissory  notes,  drafts,  bills  of  exchange,  and  other 
evidences  of  debt;  by  receiving  deposits;  by  buying  and 
selling  exchange,  coin,  and  bullion;  by  loaning  money  on 
personal  security:  and  by  obtaining,  issuing,  and  circu- 
lating notes  according  to  the  provisions  of  this  Title. 

lint  no  association  shall  transact  any  business  except 
nidi  as  i-  incidental  and  necessarily  preliminary  to  its 
organization,  until  it  has  been  authorized  by  the  Comp- 
troller of  the  Currency  to  commence  the  business  of 
banking. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  383 

SEC.  5137.  A  national  banking  association  mav  pur-    Power  to  hold 

'  •  real  property. 

chase,  hold,  and  convey  real  estate  for  the  following  pur-  CI,J"Q(.  3,'>1.8!j|> 
poses,  and  for  no  others:  vo'i.  is.'p.  107. ' 

.  ...  Kansas    Val- 

First.  Such   as   shall  be  necessary  for  its   immediate  ie-v   Bank   r. 

.   .  .  Rowell  C2  Dill., 

accommodation  in  the  transaction  oi  its  business.  371)- 

Second.  Such  as  shall  be  mortgaged  to  it  in  good  faith 
by  way  of  security  for  debts  previously  contracted. 

Third.  Such  as  shall  be  conveyed  to  it  in  satisfaction 
of  debts  previously  contracted  in  the  course  of  its  dealings. 

Fourth.  Such  as  it  shall  purchase  at  sales  under  judge- 
ments, decrees,  or  mortgages  held  by  the  association,  or 
shall  purchase  to  secure  debts  due  to  it. 

But  no  such  association  shall  hold  the  possession  of  any 
real  estate  under  mortgage,  or  the  title  and  possession  of 
any  real  estate  purchased  to  secure  any  debts  due  to  it, 
for  a  longer  period  than  five  years. 

SEC.  5138.  Xo  association  shall  be  organized  under  this    Requisite 

amount  of  capi- 

Title  with  a  less  capital  than  one  hundred  thousand  dol- tal- 
lars;  except  that  banks  with  a  capital  of  not  less  than 
fifty  thousand  dollars  may,  with  the  approval  of  the  Sec- 
retary of  the  Treasury,  be  organized  in  any  place  the  pop- 
ulation of  which  does  not  exceed  six  thousand  inhabit- 
ants. Xo  association  shall  be  organized  in  a  city  the  pop- 
ulation of  which  exceeds  fifty  thousand  persons  writh  a 
less  capital  than  two  hundred  thousand  dollars. 

SEC.  5139.  The  capital  stock  of  each  association  shall     *har,^s  of 

stock  and  trans- 
be  divided  into  shares  of  one  hundred  dollars  each,  and  befei^- 

deemed  personal  property,  and  transferable  on  the  books '|7>^^vssessors 
of  the  association  in  such  manner  as  may  be  prescribed  in 
the  by-laws  or  articles  or  association.  Every  person  be- 
coming a  shareholder  by  such  transfer  shall,  in  propor- 
tion to  his  shares,  succeed  to  all  the  rights  and  liabilities 
of  the  prior  holder  of  such  shares;  and  no  change  shall 
be  made  in  the  articles  of  association  by  which  the  rights, 
remedies,  or  security  of  the  existing  creditors  of  the  asso- 
ciation shall  be  impaired. 

SEC.   5140.  At   least   fifty   per   centum   of  the  capital  m,1,[i°  VThY 
stock  of  every  association  shall  be  paid  in  before  it  shall .  <I'It1l/1'(! 
be  authorized  to  commence  business;    and  the  remainder ttnd  provedi 
of  the  capital  stock  of  such  association  shall  be  paid   in 
installments  of  at  least  ten  per  centum  each,  on  the  whole 
amount  of  the  capital,  as  frequently  as  one  installment  at 
the  end  of  each  succeeding  month  from  the  time  it  s-hall 
be  authorized  by  the  Comptroller  of  the  Currency  to  com- 
mence  business;    and   the   payment   of  each    installment 


math 


384  NATIONAL,   MONETARY   COMMISSION. 

shall  be  certified  to  the  Comptroller,  under  oath,  by  the 
president  or  cashier  of  the  association. 
Proceedings      SEC.  5141.  Whenever  anv  shareholder,  or  his  assignee, 

1  f   shareholder  . 

fails  to  pay  in-  fails  to  pav  any  installment  on  the  stock  when  the  same  is 

stallments.  .  *      ,  *  n.  .  .  .  ,      ,        ... 

required  by  the  preceding  section  to  be  paid,  the  directors 
of  such  association  may  sell  the  stock  of  such  delinquent 
shareholder  at  public  auction,  having  given  three  weeks' 
previous  notice  thereof  in  a  newspaper  published  and  of 
general  circulation  in  the  city  or  county  where  the  asso- 
ciation is  located,  or  if  no  newspaper  is  published  in  said 
city  or  county,  then  in  a  newspaper  published  nearest 
thereto,  to  any  person  who  will  pay  the  highest  price 
therefor,  to  be  not  less  than  the  amount  then  due  thereon, 
with  the  expenses  of  advertisement  and  sale;  and  the 
excess,  if  any,  shall  be  paid  to  the  delinquent  share- 
holder. If  no  bidder  can  be  found  who  will  pay  for  such 
stock  the  amount  due  thereon  to  the  association,  and  the 
cost  of  advertisement  and  Lile,  the  amount  previously 
paid  shall  be  forfeited  to  the  association,  and  such  stock 
shall  be  sold  as  the  directors  may  order,  within  six  months 
from  the  time  of  such  forfeiture,  and  if  not  sold  it  shall 
be  cancelled  and  deducted  from  the  capital  stock  of  the 
association.  If  any  such  cancellation  and  reduction  shall 
reduce  the  capital  of  the  association  below  the  minimum 
of  capital  required  by  law.  the  capital  stock  shall,  within 
thirty  days  from  the  date  of  such  cancellation,  be  in- 
creased to  the  required  amount;  in  default  of  which  a 
receiver  may  be  appointed,  according  to  the  provisions  of 
section  fifty-two  hundred  and  thirty-four,  to  close  up  the 
business  of  the  association, 
increase  o  f  ^EC>  5142.  Any  association  formed  under  this  Title 

capital  stock.  •' 

may,  by  its  articles  of  association,  provide  for  an  increase 
of  its  capital  from  time  to  time,  as  may  be  deemed  expedi- 
ent, subject  to  the  limitations  of  this  Title.  But  the 
maximum  of  such  increase  to  be  provided  in  the  articles 
of  association  shall  be  determined  by  the  Comptroller  of 
(he  Currency;  and  no  increase  of  capital  shall  be  valid 
until  the  whole  amount  of  such  increase  is  paid  in,  and 
notice  thereof  has  been  transmitted  to  the  Comptroller 
of  the  Currency,  and  his  certificate  obtained  specifying 
the  amount  of  such  increase  of  capital  stock,  with  his  ap- 
proval thereof,  and  that  it  has  been  duly  paid  in  as  part 
of  the  capital  of  such  association. 

eaKrHto°k°f      Sp:r-    r'14:>>-  An-v    'Delation    formed    under  this  Title 
mav.  bv  the  vote  of  shareholders  owning  two-thirds  of  its 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  385 

v 

capital  stock,  reduce  its  capital  to  any  sum  not  below 
the  amount  required  by  this  Title  to  authorize  the  forma- 
tion of  asociations ;  but  no  such  reduction  shall  be  allow- 
able which  will  reduce  the  capital  of  the  association  be- 
low the  amount  required  for  its  outstanding  circulation, 
nor  shall  any  such  reduction  be  made  until  the  amount  of 
the  proposed  reduction  has  been  reported  to  the  Comp- 
troller of  the  Currency  and  his  approval  thereof  obtained. 

SEC.  5144.  In  all  elections  of  directors,  and  in  decid-     Right    of 
ing  all  questions  at  meetings  of  shareholders,  each  share-  vote. 
holder  shall  be  entitled  to  one  vote  on  each  share  of  stock 
held  by  him.    Shareholders  may  vote  by  proxies  duly  au- 
thorized in  writing ;  but  no  officer,  clerk,  teller,  or  book- 
keeper of  such  association  shall  act  as  proxy;  and  no 
shareholder  whose  liability  is  past  due  and  unpaid  shall 
be  allowed  to  vote. 

SEC.    5145.  The    affairs  of  each   association   shall   be^16^011  of 

directors. 

managed  by  not  less  than  five  directors,  who  shall  be  c  June  ^i 
elected  by  the  shareholders  at  a  meeting  to  be  held  at  any  i^  v-'  13 
time  before  the  association  is  authorized  by  the  Comp- 
troller of  the  Currency  to  commence  the  business  of  bank- 
ing ;  and  afterward  at  meetings  to  be  held  on  such  day  in 
January  of  each  year  as  is  specified  therefor  in  the  arti- 
cles of  association.    The  directors  shall  hold  office  for  one 
year,   and  until  their  successors  are  elected  and  have 
qualified. 

SEC.  5146.  Every  director  must,  during  his  whole  term 
of  service,  be  a  citizen  of  the  United  States,  and  at  least  of 
three-fourths  of  the  directors  must  have  resided  in  the 
State,  Territory,  or  District  in  which  the  association  is 
located,  for  at  least  one  year  immediately  preceding  their 
election,  and  must  be  residents  therein  during  their  con- 
tinuance in  office.  Every  director  must  own,  in  his  own 
right,  at  least  ten  shares  of  the  capital  stock  of  the  asso- 
ciation of  which  he  is  a  director.  Any  director  who 
ceases  to  be  the  owner  of  ten  shares  of  the  stock,  or  who 
becomes  in  any  other  manner  disqualified,  shall  thereby 
vacate  his  place. 

SEC.  5147.  Each  director,  when  appointed  or  elected, 
shall  take  an  oath  that  he  will,  so  far  as  the  duty  de- 
volves  on  him,  diligently  and  honestly  administer  the 
affairs  of  such  association,  and  will  not  knowingly  vio- 
late, or  willingly  permit  to  be  violated,  any  of  the  pro- 
visions of  this  Title,  and  that  he  is  the  owner  in  irood 


386  NATIONAL  MONETARY  COMMISSION. 

faith,  and  in  his  own  right,  of  the  number  of  shares  of 
stock  required  by  this  Title,  subscribed  my  him,  or  stand- 
ing in  his  name  on  the  books  of  the  association,  and  that 
the  same  is  not  hypothecated,  or  in  any  way  pledged,  as 
security  for  any  loan  or  debt.  Such  oath,  subscribed  by 
the  director  making  it,  and  certified  by  the  officer  before 
whom  it  is  taken,  shall  be  immediately  transmitted  to  the 
Comptroller  of  the  Currency,  and  shall  be  filed  and  pre- 
served in  his  Office. 

eancSesng  v  a "     SEC.  5148<  Any  vacancy  in  tne  board  shall  be  filled  by 

appointment  by  the  remaining  directors,  and  any  director 

so  appointed  shall  hold  his  place  until  the  next  election. 

Proceedings     gEC  5149.  if  from  any  cause,  an  election  of  directors  is 

where  no   elec-  J  ' 

tion  is  held  on  not  made  at  the  time  appointed,  the  association  shall  not 

the  proper  day. 

for  that'  cause  be  dissolved,  but  an  election  may  be  held 
on  any  subsequent  day,  thirty  days'  notice  thereof  in  all 
cases  having  been  given  in  a  newspaper  published  in  the 
city,  town,  or  county  in  which  the  association  is  located ; 
and  if  no  newspaper  is  published  in  such  city,  town,  or 
county,  such  notice  shall  be  published  in  a  newspaper  pub- 
lished nearest  thereto.  If  the  articles  of  association  do 
not  fix  the  day  on  which  the  election  shall  be  held,  or  if 
no  election  is  held  on  the  day  fixed,  the  day  for  the  elec- 
tion shall  be  designated  by  the  board  of  directors  in  their 
by-laws,  or  otherwise;  or  if  the  directors  fail  to  fix  the 
day,  shareholders  representing  two-thirds  of  the  shares 
may  do  so. 
P rosTd ent  of  &™.  515°-  One  of  the  directors,  to  be  chosen  by  the 

•{o"  187,.,. Jc.ui5o!board5  sha11  be  the  president  of  the  board. 

K.  '-.  v.  i '.».  p.  <;:!. 
individual      SEC.  5151.  The  shareholders  of  everv  national-banking 

liability    of  .       .  i      n    i       i     i  i    •      i •     •  i        n  -11 

fsharehoid'M-K.  association  shall  be  held  individually  responsible,  equally 
<-/io<;,  s.' IL-/V!  and  ratably,  and  not  one  for  another,  for  all  contracts, 
debts,  and  engagements  of  such  association,  to  the  extent 
of  the  amount  of  their  stock  therein,  at  the  par  value 
thereof,  in  addition  to  the  amount  invested  in  such  shares; 
except  that  shareholders  of  any  banking  association  now 
existing  under  State  laws,  having  not  less  than  five  mil- 
lion- of  dollars  of  capital  actually  paid  in,  and  a  surplus 
of  twenty  per  centum  on  hand,  both  to  be  determined  by 
the  Comptroller  of  the  Currency,  shall  be  liable  only  to 
the,  amount  invested  in  their  shares;  and  such  surplus  of 
twenty  per  centum  shall  be  kept  undiminished,  and  be  in 
addition  to  the  surplus  provided  for  in  this  Title;  and  if 
;it  any  time  there  is  a  deficiency  in  such  surplus  of  twenty 
per  centum,  such  association  shall  not  pay  any  dividends 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  387 

to  its  shareholders  until  the  deficiency  is  made  good ;  and 
in  case  of  such  deficiency,  the  Comptroller  of  the  Cur- 
rency may  compel  the  association  to  close  its  business  and 
wind  up  its  affairs  under  the  provisions  of  Chapter  four 
of  this  Title. 

SEC.  5152.  Persons  holding  stock  as  executors,  admin-    Executors, 
istrators,  guardians,  or  trustees,  shall  not  be  personally  not  personally 
subject  to  any  liabilities  as  stockholders;  but  the  estates 
and  funds  in  their  hands  shall  be  liable  in  like  manner 
and  to  the  same  extent  as  the  testator,  intestate,  ward,  or 
person  interested  in  such  trust-funds  would  be,  if  living 
and  competent  to  act  and  hold  the  stock  in  his  own  name. 

SEC.    5153.  All   national   banking   associations,   desig-     Duties  and 

&    liabilities    of 

nated  for  that  purpose  bv  the  Secretary  or  the  Ireasurv, associations 

.        .  f          i  f  ."'when     desig^ 

shall   be   depositaries   of  public  monev,  except  receipts  nated    as    de- 

.       J'  positarles    of 

from   customs,  under  such  regulations  as  may   be  pre-  public  moneys. 

.,,,,'  ,3  June,  1864, 

scribed  bv  the  Secretary ;  and  they  may  also  be  employed  sec.  45,  v.  is, 

r  ^  *i.      n  1    4.1  i     n  ch'  lu6'  p>  113' 

as  financial  agents  or  the  (jrovernmerit ;  and  they  shall 

perform  all  such  reasonable  duties,  as  depositaries  of  pub- 
lic moneys  and  financial  agents  of  the  Government,  as 
may  be  required  of  them.  The  Secretary  of  the  Treas- 
ury shall  require  the  associations  thus  designated  to  give 
satisfactory  security,  by  the  deposit  of  United  States 
bonds  and  otherwise,  for  the  safe-keeping  and  prompt 
payment  of  the  public  money  deposited  with  them,  and 
for  the  faithful  performance  of  their  duties  as  financial 
agents  of  the  Government.  And  every  association  so 
designated  as  receiver  or  depositary  of  the  public  money 
shall  take  and  receive  at  par  all  of  the  national  currency 
bills,  by  whatever  association  issued,  which  have  been 
paid  into  the  Government  for  internal  revenue,  or  for 
loans  or  stocks.  (See  Sees.  3639-3049.  5489.) 

SEC.  5154.  Any  bank  incorporated  by  special  law,  or    organization 

,     i  •     •    A  *•  i  11       £ot  stnte  banks 

any  banking  institution  organized  under  a  general  law  otas  national 

,  ,  .     ..  ,  ,   .    banking      asso- 

any  State,  may  become  a  national  association  under  this  ciationa. 
Title  by  the  name  prescribed  in  its  organization  certifi-p.  112.' 
fate:  and  in  such  case  the  articles  of  association  and  the 
organization  certificate  may  be  executed  by  a  majority  of 
the  directors  of  the  bank  or  banking  institution;  and  the 
certificate  shall  declare  that  the  owners  of  two  third.-;  of 
the  capital  stock  have  authorized  the  directors  to  make 
such  certificate,  and  to  change  and  convert  the  bank  or 
banking  institution  into  a  national  association.  A  ma- 
jority of  the  directors,  after  executing  the  articles  of 
association  and  organization  certificate,  shall  have  power 


388  NATIONAL   MONETARY   COMMISSION. 

to  execute  all  other  papers,  and  to  do  whatever  may  be 
required  to  make  its  organization  perfect  and  complete 
as  a  national  association.  The  shares  of  any  such  bank 
may  continue  to  be  for  the  same  amount  each  as  they 
were  before  the  conversion,  and  the  directors  may  con- 
tinue to  be  the  directors  of  the  association  until  others 
are  elected  or  appointed  in  accordance  with  the  pro- 
visions of  this  chapter;  and  any  State  bank  which  is  a 
stockholder  in  any  other  bank,  by  authority  of  State  laws. 
may  continue  to  hold  its  stock,  although  either  bank,  or 
both,  may  be  organized  under  and  have  accepted  the  pro- 
visions of  this  Title.  When  the  Comptroller  of  the  Cur- 
rency has  given  to  such  association  a  certificate,  under  his 
hand  and  official  seal,  that  the  provisions  of  this  Title 
have  been  complied  with,  and  that  it  is  authorized  to  com- 
mence the  business  of  banking,  the  association  shall  have 
the  same  powers  and  privileges,  and  shall  be  subject  to 
the  same  duties,  responsibilities,  and  rules,  in  all  respects, 
as  are  prescribed  for  other  associations  originally  organ- 
ized as  national  banking  associations,  and  shall  be  held 
and  regarded  as  such  an  association.  But  no  such  asso- 
ciation shall  have  a  less  capital  than  the  amount  pre- 
scribed for  associations  organized  under  this  Title. 

state   banks      SEC.  5155.  It  shall  be  lawful  for  anv  bank  or  bank- 
having  brancn- 

es'M-ir  •{  i.so^  'n£  assocla-tion  organized  under  State  laws,  and  having 


M-ir  •{  i.so^ 
nTS'4S84 


TS'S7'  v>  'mmcnes?  tne  capital  being  joint  and  assigned  to  and 


used  by  the  mother-bank  and  branches  in  definite  pro- 
portions, to  become  a  national  banking  association  in 
conformity  with  existing  laws,  and  to  retain  and  keep  in 
operation  its  branches,  or  such  one  or  more  of  them  as  it 
may  elect  to  retain  ;  the  amount  of  the  circulation  redeem- 
able at  the  mother-bank,  and  each  branch,  to  be  regulated 
by  the  amount  of  capital  assigned  to  and  used  by  each. 
SEC'  515G'  N°thing  in  this  Title  shall  affect  any  ap- 
^0^11^611*8  ma^e,  acts  done,  or  proceedings  had  or  com- 
arjimp130i««4  menc(>d  Prior  to  the  third  day  of  June,  eighteen  hundred 
v.  iV/.'p.  ns!~'  all(l  sixty-four,  in  or  toward  the  organization  of  any  na- 
tional banking  association  under  the  act  of  February 
twenty-five,  eighteen  hundred  and  sixty-three;  but  all 
associations  which,  on  the  third  day  of  June,  eighteen 
hundred  and  sixty-four,  were  organized  or  commenced 
to  be  organized  under  that  act,  shall  enjoy  all  the  rights 
and  privileges  granted,  and  be  subject  to  all  the  duties, 
liabilities,  and  restrictions  imposed  by  this  Title,  notwith- 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  389 

standing  all  the  steps  prescribed  by  this  Title  for  the 
organization  of  associations  were  not  pursued,  if  such 
associations  were  duly  organized  under  that  act. 

SEC.  5157.  The  provisions  of  chapters  two,  three,  and   .what    asso- 

1      .  A          .  ..ciations    are 

four  of  this  Title,  which  are  expressed  without  restrictive  so  vemed  by 

7  r  .  chapters    2.    :', 

words,  as  applying  to  "  national  banking  associations,"  or  ^ntdle4  of  this 
to   "  associations,"    apply   to    all    associations   organized 
to  carry  on  the  business  of  banking  under  any  act  of 
Congress.      , 

SEC.  5158.  The  term  "  United  States,  bonds,"  as  used  ^^dllned68 
throughout  this  chapter,  shall  be  construed  to  mean  regis- 
tered bonds  of  the  United  States. 

SEC.   5159.  Every  association,  after  having  complied ,  United  states 

•J  .  '  .  bonds  to  be  de- 

with  the  provisions  of  this  Title,  preliminary  to  the  com- P^ted^ Before 
mencement  of  the  banking  business,  and  before  it  shall  business. 
be  authorized  to  commence  banking  business  under  this 
Title,  shall  transfer  and  deliver  to  the  Treasurer  of  the 
United  States  any  United  States  registered  bonds,  bear- 
ing interest,  to  an  amount  not  less  than  thirty  thousand 
dollars  and  not  less  than  one-third  of  the  capital  stock 
paid  in.  Such  bonds  shall  be  received  by  the  Treasurer 
upon  deposit,  and  shall  be  by  him  safely  kept  in  his  office, 
until  they  shall  be  otherwise  disposed  of,  in  pursuance  of 
the  provisions  of  this  Title. 

SEC.  5160.  The  deposits  of  bonds  made  bv  each  associa-     Bonds  to  be 

.  .  .  •  .        increased  upon 

tion  shall  be  increased  as  its  capital  may  be  paid  up  or  in-  increase  of 

creased,  so  that  every  association  shall  at  all  times  have 

on  deposit  with  the  Treasurer  registered  United  States 

bonds  to  the  amount  of  at  least  one-third  of  its  capital 

stock  actually  paid  in.     And  any  association  that  mav  de-     May  be  di- 

'       .  .  ...  minished    upon 

sire  to  reduce  its  capital  or  to  close  up  its  business  and  reduction  of 
dissolve  its  organization,  may  take  up  its  bonds  upon  re- 
turning to  the  Comptroller  its  circulating  notes  in  the 
proportion  hereinafter  required,  or  may  take  up  any  ex- 
cess of  bonds  beyond  one-third  of  its  capital  stock,  and 
upon  which  no  circulating  notes  have  been  delivered. 

SEC.    51(51.  To    facilitate   a    compliance   with   the   two     HxchanSo  of 

.  x  .  coupon  for  rej?- 

preceding  sections,  the  Secretary  of  the  Treasury  is  au-  stored  bonds. 
thorized  to  receive  from  any  association,  and  cancel,  any 
United  States  coupon  bonds,  and  to  issue  in  lieu  thereof 
registered  bonds  of  like  amount,  bearing  a  like  rate  of  in- 
terest, and  having  the  same  time  to  run. 

SEC.  51G-2.  All  transfers  of  United  States  bonds,  made 
\)y  any  association  under  the  provisions  of  this  Title, 
be  made  to  the  Treasurer  of  the  United  States  in  trust  for  IS(il>  Hec-  1!)- 


390  NATIONAL   MONETARY   COMMISSION. 

the  association  with  a  memorandum  written  or  printed  on 
each  bond,  and  signed  by  the  cashier,  or  some  other  officer 
of  the  association  making  the  deposit.  A  receipt  shall  be 
given  to  the  association,  by  the  Comptroller  of  the  Cur- 
rency, or  by  a  clerk  appointed  by  him  for  that  purpose, 
stating  that  the  bond  is  held  in  trust  for  the  association 
on  whose  behalf  the  transfer  is  made,  and  as  security 
for  the  redemption  and  payment  of  any  circulating  notes 
that  have  been  or  may  be  delivered  to  such  association. 
Xo  assignment  or  transfer  of  any  such  bond  by  the  Treas- 
urer shall  be  deemed  valid  unless  countersigned  by  the 
Comptroller  of  the  Currency. 

Registry  oi  gEC.  5163.  The  Comptroller  of  the  Currency  shall  keep 
in  his  Office  a  book  in  which  he  shall  cause  to  be  entered, 
immediately  upon  countersigning  it,  every  transfer  or 
assignment  by  the  Treasurer,  of  any  bonds  belonging  to 
a  national  banking  association,  presented  for  his  signa- 
ture. He  shall  state  in  such  entry  the  name  of  the  asso- 
ciation from  whose  accounts  the  transfer  is  made,  the 
name  of  the  party  to  whom  it  is  made,  and  the  par  value 
of  the  bonds  transferred. 

Notice  of      SEC.    5104.  The   Comptroller   of   the   Currency    shall, 

transfer    to    be  .  .        . 

piven  to  asso-  immediately  upon  countersigning  and  entering  any  trans- 
lation inter-  .   J  to  u      j     ui 
ested.               fer  or  assignment  by  the  Treasurer,  or  any  bonds  belong- 
ing to  a  national  banking  association,  advise  by  mail  the 
association  from  whose  accounts  the  transfer  is  made,  of 
the  kind  and  numerical  designation  of  the  bonds,  and  the 
amount  thereof  so.  transferred. 
Examination      $EC.  5165.  The  Comptroller  of  the  Currency  shall  have 

of  registry  and  .  L  i        i        i  <• 

bonds.  at  all  times,  during  office-hours,  access  to  the  books  or 

the  Treasurer  of  the  United  States  for  the  purpose  of 
ascertaining  the  correctness  of  any  transfer  or  assign- 
ment of  the  bonds  deposited  by  an  association,  presented 
to  the  Comptroller  to  countersign;  and  the  Treasurer 
sli all  have  the  like  access  to  the  book  mentioned  in  section 
fifty-one  hundred  and  sixty-three,  during  office-hours,  to 
ascertain  the  correctness  of  the  entries  in  the  same;  and 
the  Comptroller  shall  also  at  all  times  have  access  to  the 
bonds  on  deposit  with  the  Treasurer  to  ascertain  their 
amount  and  condition. 
Annual  ex-  Sw.  5160.  Every  association  having  bonds  deposited  in 

hinlnatlon      o  f  «  '  '       . 

bonds  by  asso-the  oilice  or  the    I  reasurer  of  the   United   States  shall, 

••iatioiis.  .  . 

mice  or  ottener  in  each  fiscal  year,  examine  and  compare 
(lie  bonds  pledged  by  Ilie  association  with  the  books  of 
the  Comptroller  of  the  Currency  and  with  the  accounts  of 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  391 

the  association,  and,  if  they  are  found  correct,  to  execute 
to  the  Treasurer  a  certificate  setting  forth  the  different 
kinds  and  the  amounts  thereof,  and  that  the  same  are  in 
the  possession  and  custody  of  the  Treasurer  at  the  date  of 
the  certificate. 

Such  examination  shall  be  made  at  such  time  or  times, 
during  the  ordinary  business  hours,  as  the  Treasurer  and 
the  Comptroller,  respectively,  may  select,  and  may  be 
made  by  an  officer  or  agent  of  such  association,  duly 
appointed  in  writing  for  that  purpose ;  and  his  certificate 
before  mentioned  shall  be  of  like  force  and  validity  as  if 
executed  by  the  president  or  cashier.  A  duplicate  of  such 
certificate,  signed  by  the  Treasurer,  shall  be  retained  by 
the  association. 

SEC.  5167.  The  bonds  transferred  to  and  deposited  with,  Bonds  to  be 

held    to   secure 

the  Treasurer  of  the  United  States,  by  any  association,  circulation, 
for  the  security  of  its  circulating  notes,  shall  be  held 
exclusively   for  that  purpose,  until   such   notes  are   re- 
deemed, except  as  provided  in  this  Title.     The  Comptrol-     Interest    on 

bonds,  how  col- 

ler  of  the  Currency  shall  give  to  any  such  association  lected. 
powers  of  attorney  to  receive  and  appropriate  to  its  own 
use  the  interest  on  the  bonds  which  it  has  so  transferred 
to  the  Treasurer;    but  such  powers  shall  become  inoper- 
ative whenever  such  association  fails  to  redeem  its  circu- 
lating notes.    Whenever  the  market  or  cash  value  of  any     if.  bonds  de 
bonds  thus  deposited  with  the  Treasurer  is  reduced  below  posit'  to'  be  in 
the  amount  of  the  circulation  issued  for  the  same,  the 
Comptroller  may  demand  and  receive  the  amount  of  such 
depreciation  in  other  United  States  bonds  at  cash  value, 
or  in  money,  from  the  association,  to  be  deposited  with 
the   Treasurer   as   long  as   such   depreciation   continues. 
And  the  Comptroller,  upon  the  terms  prescribed  by  the  r  e^Xu^annKC  0°f 
Secretary  of  the  Treasurer,  may  permit  an  exchange  tobonds- 
l)e  made  of  any  of  the  bonds  deposited  with  the  Treasurer 
by  any  association,  for  other  bonds  of  the  United  States 
authorized  to  be  received  as  security  for  circulating  notes, 
if  he  is  of  opinion  that  such  an  exchange  can  be  made 
without   prejudice  to  the  United    States;    and  he  may 
direct  the  return  of  any  bonds  to  the  association  which 
transferred  the  same,  in  sums  of  not  less  than  one  thou- 
sand dollars,  upon  the  surrender  to  him  and  the  cancella- 
tion of  a  proportionate  amount  of  such  circulating 


Provided,  That  the  remaining  bonds  which  shall  have  ^.Ji'i'Vi'/aw;?"  V," 
been  transferred  by  the  association  oll'ering  to  surrender '""^[^  ;H.(  u|. 
circulating  notes  are  equal  to  the  amount  required  for  the1!1,""',-' 


392  NATIONAL   MONETARY    COMMISSION. 

circulating  notes  not  surrendered  by  such  association,  and 
that  the  amount  of  bonds  in  the  hands  of  the  Treasurer  is 
not  diminished  below  the  amount  required  to  be  kept  on 
deposit  with  him,  and  that  there  has  been  no  failure  by 
the  association  to  redeem  its  circulating  notes,  nor  any 
other  violation  by  it  of  the  provisions  of  this  Title,  and 
that  the  market  or  cash  value  of  the  remaining  bonds  is 
not  below  the  amount  required  for  the  circulation  issued 
for  the  same. 
Comptroller  SEC.  5108.  Whenever  a  certificate  is  transmitted  to  the 

to  determine  if  r  .  ,     ,    .         .  .       „,.   , 

associations  Comptroller  of  the  Currency,  as  provided  in  this  litle, 

can    commence  .  .     .  .  .  „  . 

business.  and  the  association  transmitting  the  same  notifies  the 
Comptroller  that  at  least  fifty  per  centum  of  its  capital 
stock  has  been  duly  paid  in,  and  that  such  association 
has  complied  with  all  the  provisions  of  this  Title  required 
to  be  complied  with  before  an  association  shall  be  author- 
ized to  commence  the  business  of  banking,  the  Comp- 
troller shall  examine  into  the  condition  of  such  associa- 
tion, ascertain  especially  the  amount  of  money  paid  in 
on  account  of  its  capital,  the  name  and  place  of  residence 
of  each  of  its  directors,  and  the  amount  of  the  capital 
stock  of  which  each  is  the  owner  in  good  faith,  and  gen- 
erally whether  such  association  has  complied  with  all  the 
provisions  of  this  Title  required  to  entitle  it  to  engage 
in  the  business  of  banking;  and  shall  cause  to  be  made 
and  attested  by  the  oaths  of  a  majority  of  the  directors, 
and  by  the  president  or  cashier  of  the  association,  a  state- 
ment of  all  the  facts  necessary  to  enable  the  Comptroller 
to  determine  whether  the  association  is  lawfully  entitled 
to  commence  the  business  of  banking. 

ailuioWy0  to      SEC-  51G!j-  If>  "Pon  :l  careful  examination  of  the  facts 
c  o  in  incncoso  reported,  and  of  any  other  facts  which  may  come  to 


KH; 
.  v. 

101',     101 


banking 

the  knowledge  of  the  Comptroller,  whether  by  means  of 
a  special  commission  appointed  by  him  for  the  purpose 
i'!!!; ' 'ss^r''  "f  inquiring  into  the  condition  of  such  association,  or 
is,  v.  i::,  pp.  otherwise,  it  appears  that  such  association  is  lawfully  en- 
titled to  commence  the  business  of  banking,  the  Comp- 
troller shall  give  to  such  association  a  certificate,  under 
his  hand  and  oflicial  seal,  that  such  association  has  com- 
plied with  all  the  provisions  required  to  be  complied  with 
before  commencing  the  business  of  banking.  ;;nd  that 
such  association  is  authori/ed  to  commence  such  business. 
Hut  the.  Comptroller  may  withhold  from  an  association 
his  certificate  authorizing  the  commencement  of  business, 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  393 

whenever  he  has  reason  to  suppose  that  the  shareholders 
have  formed  the  same  for  any  other  than  the  legitimate 
objects  contemplated  by  this  Title. 

SEC.  5170.  The  association  shall  cause  the  certificate  Of1?er1tmactate !n 
issued  under  the  preceding  section  to  be  published  in  some    June  3,  ise-t, 

•     ,     j    •       ,1  •  ,  i  ,1  c.  106,  s.  18,  v. 

newspaper  printed  in  the  city  or  county  where  me  asso- 13,  p.  104. 
ciation  is  located,  for  at  least  sixty  days  next  after  the 
issuing  thereof ;  or,  if  no  newspaper  is  published  in  such 
city  or  county,  then  in  the  newspaper  published  nearest 
thereto. 

SEC.  5171.  Upon  a  deposit  of  bonds  as  prescribed  by  ci^ilTing 
sections  fifty-one  hundred  and  fifty-nine  and  fifty-one  cations?  ass° 
hundred  and  sixty,  the  association  making  the  same  shall  Maf.el,  i865.°r 
be  entitled  to  receive  from  the  Comptroller  of  the  Cur- 
rency  circulating  notes   of   different   denominations,  in 
blank,  registered  and  countersigned  as  hereinafter  pro- 
vided, equal  in  amount  to  ninety  per  centum  of  the  cur- 
rent market-value  of  the  United  States  bonds  so  trans- 
ferred and  delivered,  but  not  exceeding  ninety  per  centum 
of  the  amount  of  the  bonds  at  the  par  value  thereof,  if 
bearing  interest  at  a  rate  not  less  than  five  per  centum 
per  annum :  Provided,  That  the  amount  o'f  circulating  ta?oV°circuiat- 
notes  to  be  furnished  to  each  association  shall  be  in  pro- 
portion  to  its  paid-up  capital,  as  follows,  and  no  more: 

First.  To  each  association  whose  capital  does  not  exceed 
five  hundred  thousand  dollars,  ninety  per  centum  of  such 
capital. 

Second.  To  each  association  whose  capital  exceeds  five 
hundred  thousand  dollars,  but  does  not  exceed  one  million 
of  dollars,  eighty  per  centum  of  such  capital. 

Third.  To  each  association  whose  capital  exceeds  one 
million  of  dollars,  but  does  not  exceed  three  million  [s] 
of  dollars,  seventy-five  per  centum  of  such  capital. 

Fourth.  To  each  association  whose  capital  exceeds  three 
millions  of  dollars,  sixty  per  centum  of  such  capital. 

SEC.  5172.  In  order  to  furnish  suitable  notes  for  circu- 
1  at  ion,  the  Comptroller  of  the  Currency  shall,  under  the  ""^''j^j1} 
direction  of  the  Secretary  of  the  Treasury,  cause  plates  nojf,^e  3i  1Sr,4, 
and   dies  to  be  engraved,   in  the  best  manner  to  guard sec'  "• 
against   counterfeiting   and    fraudulent   alterations,   and 
shall  have  printed  therefrom,  and  numbered,  such  quan- 
tity of  circulating  notes,  in  blank,  of  the  denominations 
of  one  dollar,  two  dollars,  three  dollars,  five  dollars,  ten 
dollars,  twenty  dollars,  fifty  dollars,  one  hundred  dollars. 
15712°— 10 2(i 


394  NATIONAL   MONETARY   COMMISSION. 

five  hundred  dollars,  and  one  thousand  dollars,  as  may 
be  required  to  supply  the  associations  entitled  to  receive 
the  same.  Such  notes  shall  express  upon  their  face  that 
they  are  secured  by  United  States  bonds,  deposited  with 
the  Treasurer  of  the  United  States,  by  the  written  or 
engraved  signatures  of  the  Treasurer  and  Register,  and 
by  the  imprint  of  the  seal  of  the  Treasury ;  and  shall  also 
express  upon  their  face  the  promise  of  the  association 
receiving  the  same  to  pay  on  demand,  attested  by  the 
signatures  of  the  president  or  vice-president  and  cashier; 
and  shall  bear  such  devices  and  such  other  statements, 
and  shall  be  in  such  form,  as  the  Secretary  of  the  Treas- 
ury shall,  by  regulation,  direct.  (See  sees.  5415,  5434.) 
lates'and  dies  ^EC '  ^173.  The  plates  and  special  dies  to  be  procured 
Bureau* enses  °f  'J-v  tne  Comptroller  of  the  Currency  for  the  printing  of 
such  circulating  notes  shall  remain  under  his  control  and 
direction,  and  the  expenses  necessarily  incurred  in  exe- 
cuting the  laws  respecting  the  procuring  of  such  notes, 
and  all  other  expenses  of  the  Bureau  of  the  Currency, 
shall  be  paid  out  of  the  proceeds  of  the  taxes  or  duties 
assessed  and  collected  on  the  circulation  of  national  bank- 
ing associations  under  this  Title. 
Annual  p  x  -  SEC.  5174.  The  Comptroller  of  the  Currency  shall  cause 

animation    of  J  « 

plates,  dies,  to  be  examined,  each  vear,  the  plates,  dies,  (but  pieces) 

etc.  .  -  1  .  . 

Mar.  :i.  1873,  (bed  pieces),  and  other  material  from  which  the  national 

o.    200.   s.   4.   v.  1  .  . 

17.  p.  00:5.        bank  circulation  is  printed,  in  whole  or  in  part,  and  Hie 

Feb.  L'7,  1S77,  L 

(•(V«io,  v.  19,  p.  in  his  Office  annually  a  correct  list  of  the  same.  Such 
material  as  shall  have  been  used  in  the  printing  of  the 
notes  of  associations  which  are  in  liquidation,  or  have 
closed  business,  shall  be  destroyed  under  such  regula- 
tions as  shall  be  prescribed  by  the  Comptroller  of  the 
Currency  and  approved  by  the  Secretary  of  the  Treasury. 
The  expenses  of  any  such  examination  or  destruction 
shall  be  paid  out  of  any  appropriation  made  by  Con- 
gress for  the  special  examination  of  national  banks  and 
bank-note  plates. 

(The  act  of  February  27,  1877,  inserts  "  bed  pieces  v  for 
"  but  pieces/') 
e  of  notes      SKC.  5175.  Not  more  than  one-sixth  part   of  the  notes 

!?...    llm- 

rurnished  to  any  association  shall  be  of  a  less  denomina- 
tion than  five  dollars.  After  specie  payments  arc  re- 
sumed no  association  shall  be.  furnished  with  notes  of  a 
less  denomination  than  live  dollars. 


LAWS    CONCEENING    MONEY,    BANKING,    AND   LOANS.  395 

SEC.    5176.  No   banking:   association   organized   subse-    circulation  of 

'  certain     banks 

quent  to  the  twelfth  day  or  July,  eighteen  hundred  and^^^ted    to 
seventy,  shall  have  a  circulation  in  excess  of  five  hundred 
thousand  dollars. 

Sec.  5177.  (The  aggregate  amount  of  circulating  notes 
issued  under  the  act  of  February  twenty -five,  eighteen 
hundred  and  sixty-three,  and  under  the  act  of  June  three, 
eighteen  hundred  and  sixty -four,  and  under  section  one 
of  the  act  of  July  twelve,  eighteen  hundred  and  seventy,  ^"^12,1870, 
and  under  this  Title,  shall  not  exceed  three  hundred  and  1(5>  P-  251- 
fifty-four  millions  of  dollars.} 

The  limitation  upon  the  circulation  of  national  bank 
notes  was  removed  by  the  statute  of  January  14,  1875, 
c.  15,  s.  3,  v.  18,  p.  296. 

June  20,  1874,  c.  343,  v.  18,  p.  123.  Repealed  by  Jan. 
14,  1875,  c.  15,  s.  3,  v.  18,  p.  296. 

SEC.  5178.  One  hundred  and  fifty  millions  of  dollars     Apportion- 

.  .  mont  of  circu- 

oi  the  entire  amount  ot  circulating  notes  authorized  to  lating  notes. 
be   issued   shall  be   apportioned   to   associations   in   the    3  Mar.,  1S65. 
States,  in  the  Territories,  and  in  the  District  of  Columbia,    12  July,  ISTO. 
according  to   representative  population.     One   hundred    14  Jan.,  1875. 
and  fifty  millions  shall  be  apportioned  by  the  Secretary 
of  the  Treasury  among  associations  formed  in  the  several 
States,  in  the  Territories,  and  in  the  District  of  Colum- 
bia, having  due  regard  to  the  existing  banking  capital, 
resources,  and  business  of  such  States,  Territories,  and 
District.      The   remaining   fifty-four   millions    shall    be 
apportioned  among  associations  in  States  and  Territories 
having,  under  the  apportionments  above  prescribed,  less 
than  their  full  proportion  of  the  aggregate  amount  of 
notes  authorized,  which  made  due  application  for  circu- 
lating notes  prior  to  the  twelfth  clay  of  July,  eighteen 
hundred  and  seventy-one.    Any  remainder  of  such  fifty- 
four    millions    shall   be    issued   to   banking   associations 
applying  for  circulating  notes  in  other  States  or  Terri- 
tories having  less  than  their  proportion. 

SEC;.  5179.  In  order  to  secure  a  more  equitable  distri-    ,E(iu{*i'zing 

1  h  e      (list  nbu- 

bution  of  the  national  banking  currency,  there  mav  befio?   of  /•»•<•»- 

*  .      .  "'.  latin^  notes. 

issued  circulating  notes  to  banking  associations  organized 

in  States  and  Territories  having  less  than  their  propor-  T  St'(\, ac''    <>_f 

Jan.     14,    187o. 

tion,  and  the  amount  of  circulation  herein  authorized 
shall,  under  the  direction  of  the  Secretary  of  the  Treas- 
ury, as  it  may  be  required  for  this  purpose,  be  withdrawn, 
as  herein  provided,  from  banking  associations  organized 
in  States  having  more  than  their  proportion,  but  the 


396  NATIONAL   MONETARY   COMMISSION. 

amount  so  withdrawn  shall  not  exceed  twenty-five  million 
Junee"oaci874f  dollars:  Provided,   That   no   circulation   shall   be   with- 
drawn under  the  provisions  of  this  section  until  after 
the  fifty-four  millions  granted  in  the  first  section  of  the 
act  of  July  twelfth,  eighteen  hundred  and  seventy,  shall 
have  been  taken  up. 
Method    o  f     SEC.  5180.  The  Comptroller  of  the  Currency  shall,  under 

procedure      in  .  />     i        A  _c  m 

withdrawingthe  direction  or  the  secretary  or  the  Ireasurv,  make  a 

excess    of    clr-  .  . 

cuiation.          statement  showing  the  amount  ot  circulation  in  each  State 

See    act    of.  . 

Jan.  14, 1875.  and  Territory,  and  the  amount  necessary  to  be  withdrawn 
from  each  association,  and  shall  forthwith  make  a  requisi- 
tion for  such  amount  upon  such  associations,  commencing 
with  those  having  a  circulation  exceeding  one  million  of 
dollars,  in  States  having  an  excess  of  circulation,  and  with- 
drawing their  circulation  in  excess  of  one  million  of  dol- 
lars, and  then  proceeding  proportionately  with  other  asso- 
ciations having  a  circulation  exceeding  three  hundred 
thousand  dollars,  in  States  having  the  largest  excess  of 
circulation,  and  reducing  the  circulation  of  such  associa- 
tions in  States  having  the  greatest  proportion  in  excess, 
leaving  undisturbed  the  associations  in  States  having  a 
smaller  proportion,  until  those  in  greater  excess  have  been 
reduced  to  the  same  grade,  and  continuing  thus  to  make 
such  reductions  until  the  full  amount  of  twenty-five 
millions  has  been  withdrawn;  and  the  circulation  so 
withdrawn  shall  be  distributed  among  the  States  and  Ter- 
ritories having  less  than  their  proportion,  so  as  to  equalize 
sale  of  bonds  the  same.  Upon  failure  of  anv  association  to  return  the 

upon  failure  of  .  .  ... 

association  t  o  amount  of  circulat inp;  notes  so  required,  within  one  vear, 

return  notes.  ,  '.  , 

the  Comptroller  shall  sell  at  public  auction,  having  given 
twenty  days'  notice  thereof  in  one  daily  newspaper 
printed  in  Washington  and  one  in  New  York  City,  an 
amount  of  the  bonds  deposited  by  that  association  as  se- 
curity for  its  circulation,  equal  to  the  circulation  required 
to  be  withdrawn  from  the  association  and  not  returned  in 
compliance  with  such  requisition;  and  he  shall,  with  the 
proceeds,  redeem  so  many  of  the  notes  of  such  association, 
as  they  come  into  the  Treasury,  as  will  equal  the  amount 
required  and  not  returned;  and  shall  pay  the  balance,  if 
any.  to  t  he  association, 
of  Sr.c.  r>]Xl.  Anv  association  located  in  anv  State  having 

n  s 

i  oinore  than  its  proportion  of  circulation  may  be  removed  to 

m-aiiy  State  having  less  than  its  proportion  of  circulation, 


asxoc I  at  I 
f  r  o  in  S  t 
having  an 
cess  of  c 
billon  to 


e-  under  such   rules  and   regulations  as  the  Comptroller  of 
the  Currency,  with  the  approval  of  the  Secretary  of  the 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  397 

Treasury,  shall  prescribe:  Provided,  That  the  amount  of 
the  issue  of  said  banks  shall  not  be  deducted  from  the 
issue  of  fifty-four  millions  mentioned  in  section  five  thou- 
sand one  hundred  and  seventy-eight. 

SEC.  5182.  After  any  association  receiving  circulating     circulating 
notes  under  this  title  has  caused  its  promise  to  pay  such  may'  'i>e  issued 
notes  on  demand  to  be  signed  by  the  president  or  vice-    3  june,  isc4, 
president  and  cashier  thereof,  in  such  manner  as  to  make  se 
them  obligatory  promissory  notes,  payable  on  demand,  at 
its  place  of  business,  such  association  may  issue  and  circu- 
late the  same  as  money.     And  the  same  shall  be  received 
at  par  in  all  parts  of  the  United  States  in  payment  of received- 
taxes,  excises,  public  lands,  and  all  other  dues  to  the 
United  States,  except  duties  on  imports;  and  also  for  all 
salaries  and  other  debts  and  demands  owing  by  the  United 
States  to  individuals,  corporations,  and  associations  within 
the  United  States,  except  interest  on  the  public  debt,  and 
in  redemption  of  the  national  currency. 

SEC.  5183.  No  national  banking  association  shall  issue 
post-notes  or  any  other  notes  to  circulate  as  money  than  lted- 
such  as  are  authorized  by  the  provisions  of  this  Title. 

SEC.  5184.  It  shall  be  the  duty  of  the  Comptroller  of 
the  Currency  to  receive  worn-out  or  mutilated  circulat- 
ing  notes  issued  by  any  banking  association,  and  also,  on  notes- 
due  proof  of  the  destruction  of  any  such  circulating  notes, 
to  deliver  in  place  thereof  to  the  association  other  blank 
circulating  notes  to  an  equal  amount.  Such  worn-out  or 
mutilated  notes,  after  a  memorandum  has  been  entered  in 
the  proper  books,  in  accordance  with  such  regulations  as 
may  be  established  by  the  Comptroller,  as  well  as  all  cir- 
culating notes  which  shall  have  been  paid  or  surrendered 
to  be  canceled,  shall  be  burned  to  ashes  in  presence  of 
four  persons,  one  to  be  appointed  by  the  Secretary  of  the  Ju S|e  ^  act^of 
Treasury,  one  by  the  Comptroller  of  the  Currency,  one 
by  the  Treasurer  of  the  United  States,  and  one  by  the 
association,  under  such  regulations  as  the  Secretary  of  the 
Treasury  may  prescribe.  A  certificate  of  such  burning', 
signed  by  the  parties  so  appointed,  shall  be  made  in  the 
books  of  the  Comptroller,  and  a  duplicate  thereof  for- 
warded to  the  association  whoso  notes  are  thus  canceled. 

SEC.  5185.  Associations  may  be  organized  in  the  man- 
ner prescribed  by  this  Title  for  the  purpose  of  issuing 
notes  payable  in  gold:  and  upon  the  deposit  of  any 
United  States  bonds  bearing  interest  payable  in  gold  with 


398  NATIONAL   MONETARY   COMMISSION. 

the  Treasurer  of  the  United  States,  in  the  manner  pre- 
scribed for  other  associations,  it  shall  be  lawful  for  the 
ti<£i!nofmJi°cau-  Comptroller  of  the  Currency  to  issue  to  the  association 
andlraStio  of^tomakin£  *ne  c^eP°sit  circulating  notes  of  different  denomi- 
bonds  deposit-  nations,  but  none  of  them  of  less  than  five  dollars,  and  not 
exceeding  in  amount  eighty  per  centum  of  the  par  value 
of  the  bonds  deposited,  which  shall  express  the  promise 
of  the  association  to  pay  them,  upon  presentation  at  the 
office  at  which  they  are  issued,  in  gold  coin  of  the  United 
cu/atlon""1  °ir "States,  and  shall  be  so  redeemable.    But  no  such  associa- 
T  *ee-,nac$Q-°-  tion  shall  have  a  circulation  of  more  than  one  million 

Jan.    19,    ISio. 

of  dollars. 
Reserve  re-      SEC.  5186.  Everv  association  organized  under  the  pre- 

qulred    on    cir-  .  •  . 

dilation  of  gold  ceding  section  shall  at  all  times  keep  on  hand  not  less  than 

banks.  . 

twenty-five  per  centum  of  its  outstanding  circulation,  in 
gold  or  silver  coin  of  the  United  States:  and  shall  receive 
Gold-notes  to  at  par  in  the  payment  of  debts  the  gold-notes  of  every 
par  by  all  gold-  other  such  association  which  at  the  time  of  such  payment 
is  redeeming  its  circulating  notes  in  gold   coin   of  the 
United  States,  and  shall  be  subject  to  all  the  provisions  of 
this  Title:  ProndecL  That,  in  applying  the  same  to  asso- 
ciations organized  for  issuing  gold-notes,  the  terms  "  lawr- 
"Lawfui  mon-  fu]  money  "  and  "  lawful  money  of  the  United  States  " 
s'trued.  shall  be  construed  to  mean  gold  or  silver  coin  of  the 

United  States:  and  the  circulation  of  such  associations 
shall  not  be  within  the  limitation  of  circulation  men- 
tioned in  this  Title. 
Penalty  for      SEC.  f>187.  No  officer  acting  under  the  provisions  of  this 

unla  w  fully  .  ~  .       . 

countersigning  Title  shall  countersign  or  deliver  to  anv  association,  or  to 

o  r    ue  1  Ivering  , 

circuiatingany  other  company  or  person,  any  circulating  notes  con- 
templated by  this  Title,  except  in  accordance  with  the  true 
intent  and  meaning  of  its  provisions.     Every  officer  who 
June .",.  isG4,  violates  this  section  shall  be  deemed  guilty  of  a  liii>-h  mis- 

SPC.  U7. 

demeanor,  and  shall  be  fined  not  more  than  double  the 

amount  so  countersigned  and  delivered,  and  imprisoned 

not  less  than  one  year  and  not  more  than  fifteen  years. 

imitating  na-      Section   5188.  as  codified   in  section  175  of  the  Penal 

nit'es  with'S  Code  of  the  United  States,  March  4,  1000   (:tf  Stat.  L., 

vert  Isc  in  c  n  t  s 
thereon.  1  1  ~2'2 )  : 

It  r-hall  not  be  lawful  to  design,  engrave,  print,  or  in 
any  manner  make  or  execute,  or  to  utter,  issue,  distribute. 
circulate,  or  use  any  business  or  professional  card,  notice, 
placard,  circular,  handbill,  or  advert  isement  in  the  likeness 
or  similitude  of  any  circulating  note  or  other  obligation 
or  security  of  anv  bunking  association  organized  or  acting 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  399 

under  the  laws  of  the  United  States  which  has  been  or 
may  be  issued  under  any  Act  of  Congress,  or  to  write, 
print,  or  otherwise  impress  upon  any  such  note,  obliga- 
tion, or  security,  any  business  or  professional  card,  notice 
or  advertisement,  or  any  notice  or  advertisement  of  any 
matter  or  thing  whatever.  Whoever  shall  violate  any 
provision  of  this  section  shall  be  fined  not  more  than  one  Punishment 
hundred  dollars,  or  imprisoned  not  more  than  six  months, 
or  both. 

Section  5189,  as  codified  in  section  176  of  the  Penal    Mutilating, 
Code  of  the  United  States,  March  4,  1009   (35  Stat.  L.,  banknotes'011' 
1122)  : 

Whoever  shall  mutilate,  cut,  deface,  disfigure,  or  per- 
forate with  holes,  or  unite  or  cement  together,  or  do  any 
other  thing  to  any  bank  bill,  draft,  note,  or  other  evidence 
of  debt,  issued  by  any  national  banking  association,  or 
shall  cause  or  procure  the  same  to  be  done,  with  intent  to 
render  such  bank  bill,  draft,  note,  or  other  evidence  of 
debt  unfit  to  be  reissued  by  said  association,  shall  be  fined  I'imisume  n  t 
not  more  than  one  hundred  dollars,  or  imprisoned  not 
more  than  six  months,  or  both. 

SEC.  5190.  The  usual  business  of  each  national  banking   I'lacc  of  busi- 

noss. 

association   shall  be  transacted  at   an  office  or  banking-    June  x,  iso4, 
house  located  in  the  place  specified  in  its  organization 
certificate. 

SEC.  5191.  Every  national  banking  association  in  either    Requirements 

.  ~  as      to     lawful 

of  the  following  cities:  Albany,  Baltimore,  Boston,  Cm- money  reserve. 
cinnati,  Chicago,  Cleveland,  Detroit,  Louisville,  Milwau- 
kee, Xew  Orleans,  New  York,  Philadelphia,  Pittsburgh, 
Saint  Louis,  San  Francisco,  and  Washington,  shall  at  all 
times  have  on  hand,  in  lawful  money  of  the  United  States, 
an  amount  equal  to  at  least  twenty-five  per  centum  of  the 
aggregate  amount  of  its  notes  in  circulation  and  its  de- 
posits; and  every  other  association  shall  at  all  times  have 
on  hand,  in  lawful  money  of  the  United  States,  air 
amount  equal  to  at  least  fifteen  per  centum  of  the  aggre- 
gate amount  of  its  notes  in  circulation,  and  of  its  deposits. 
Whenever  the  lawful  monev  of  anv  association  in  anv  of  N'"  loans  or 

di vidcmls   to  he 

the  cities  named  shall  be  below  the  amount  of  twenty-fivenmde  wime  n>- 

SITVC    is    below 

per  centum  of  its  circulation  and  deposits,  and  whenever  limit, 
the  lawful  money  of  any  other  association  shall  be  below 
fifteen   per  centum  of  its  circulation   and   deposits,  such 
association  shall  not  increase  its  liabilities  by  making  any 


400  NATIONAL   MONETARY   COMMISSION. 

new  loans  or  discounts  otherwise  than  by  discounting  or 
purchasing  bills  of  exchange  payable  at  sight,  nor  make 
any  dividend  of  its  profits  until  the  required  proportion, 
between  the  aggregate  amount  of  its  outstanding  notes 
of  circulation  and  deposits  and  its  lawful  money  of  the 
United  States,  has  been  restored.  And  the  Comptroller 
of  the  Currency  may  notify  any  association,  whose  law- 
ful-money reserve  shall  be  below  the  amount  above  re- 
quired to  be  kept  on  hand,  to  make  good  such  reserve; 
and  if  such  association  shall  fail  for  thirty  days  there- 
after so  to  make  good  its  reserve  of  lawful  money,  the 
Receiver  may  Comptroller  mav,  with  the  concurrence  of  the  Secretarv 

be  appoi  n  t  e  d  L  .  .  . 

for  failure  to  of  the  Treasurv,  appoint  a  receiver  to  wind  up  the  busi- 

make  good  the  ..  ......  •          n  <- 

reserve.  ness  of  the  association,  as  provided  in  section  fifty-two 

hundred  and  thirty-four. 
Redemption      SEC.  5192.  Three-fifths  of  the  reserve  of  fifteen   per 

cities,  and  pro-  •       i  i         i 

portion  of  re-  centum  required  by  the  preceding  section  to  be  kept,  may 
may    be    kept  consist  of  balances  due  to  an  association,  available  for  the 
^  see  act  of  June  redemption  of  its  circulating  notes,  from  associations  ap- 
proved by  the  Comptroller  of  the  Currency,  organized 
June  3,  1S64;  under  the  act  of  June  three,  eighteen  hundred  and  sixty- 

S (? C    «i  1 

four,  or  under  this  Title,  and  doing  business  in  the  cities 
Feb.  19, 1875.  of  Albany,  Baltimore,  Boston,  Charleston.  Chicago,  Cin- 
cinnati, Cleveland,  Detroit,  Louisville.  Milwaukee,  Xew 
Orleans,  Xew  York,  Philadelphia,  Pittsburgh.  Richmond, 
clearing   Saint  Louis,  San  Francisco,  and  Washington.     Clearinff- 

house  certin-  '  ' .  fc 

cates     deemed  house  certificates,  representing  specie  or  lawful  monev 

lawful  money.  .  '        *  . 

specially  deposited  for  the  purpose,  of  any  clearing-house 
association,  shall  also  be  deemed  to  be  lawful  money  in 
the  possession  of  any  association  belonging  to  such  clear- 
ing-house, holding  and  owning  such  certificate  within 
the  preceding  section. 

cJrun7a\*statoer  ^E(<-  ^^  The  Secretary  of  the  Treasury  may  receive 
i^i'o^'ind'nr'i'v  ^TII^(I(^  ^ates  notes  on  deposit,  without  interest,  from  any 
c  o  n  n  t  as  i-fi-1iational  banking  associations,  in  sums  of  not  less  than  ten 

serve.  te 

0s*iHtofJune  thousand  dollars,  and  issue  certificates  therefor  in  such 

8,  loi  -. 

form  as  he  may  prescribe,  in  denominations  of  not  less 
than  five  thousand  dollars,  and  payable  on  demand  in 
United  States  notes  at  the  place  where  the  deposits  were 
made.  The  notes  so  deposited  shall  not  be  counted  as 
part  of  the  lawful-money  reserve  of  the  association;  but, 
the  certificates  issued  therefor  may  be  counted  as  part  of 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  401 

its  lawful-money  reserve,  and  may  be  accepted  in  the  on'^e^ssue^f 
settlement  of  clearing-house  balances  at  the  places  where  ™g  t(j^icta*es  of 
the  deposits  therefor  were  made. 

SEC.  5194.  The  power  conferred  on  the  Secretary  of 
the  Treasury,  by  the  preceding  section,  shall  not  be  exer- 
cised so  as  to  create  any  expansion  or  contraction  of  the 
currency.  And  United  States  notes  for  which  certificates 
are  issued  under  that  section,  or  other  United  States 
notes  of  like  amount,  shall  be  held  as  special  deposits  in 
the  Treasury,  and  used  only  for  the  redemption  of  such 
certificates. 

SEC.  5195.  Each  association  organized  in  any  of  the 
cities  named  in  section  fifty-one  hundred  and  ninety-one  £^la"ne 
shall  select,  subject  to  the  approval  of  the  Comptroller  of  na|e^-e  act  0f 
the  Currency,  an  association  in  the  city  of  New  York,  at  ^'Pe320-  1874' 
which  it  will  redeem  its  circulating  notes  at  par  ;  and  may  se^u^|  3>  1864> 
keep  one-half  of  its  lawful-money  reserve  in  cash  de- 
posits in  the  city  of  New  York.     But  the  forgoing  pro- 
vision shall  not  apply  to  associations  organized  and  lo- 
cated in  the  city  of  San  Francisco  for  the  purpose  of  issu- 
ing notes  payable  in  gold.     Each  association  not  organ- 
ized within  the  cities  named  shall  select,  subject  to  the 
approval  of  the  Comptroller,  an  association  in  either  of 
the  cities  named,  at  which  it  will  redeem  its  circulating 
notes  at  par.     The  Comptroller  shall  give  public  notice 
of  the  names  of  the  associations  selected,  at  which  re- 
demptions are  to  be  made  by  the  respective  associations, 
and  of  any  change  that  may  be  made  of  the  association  at 
which  the  notes  of  any  association  are  redeemed.    When- 


ever  any  association  fails  either  to  make  the  selection  orfoj; 

J  .  redeem  notes. 

to  redeem  its  notes  as  aforesaid,  the  Comptroller  of  the 
Currency  may,  upon  receiving  satisfactory  evidence 
thereof,  appoint  a  receiver,  in  the  manner  provided  for 
in  section  fifty-two  hundred  and  thirty-four,  to  wind  up 
its  affairs.  But  this  section  shall  not  relieve  any  associa- 
tion from  its  liability  to  redeem  its  circulating  notes  at 
its  own  counter,  at  par,  in  lawful  money  on  demand. 

SEC.  5190.  Every  national  banking  association  formed  b  .^.^  ?,"  £,! 
or  existing  under  this  title,  shall  take  and  receive  at  par.  ^{veot^£es  n^* 
for  any  debt  or  liability  to  it,  any  and  all  notes  or  bills  ti(jnal  banks- 
issued  by  any  lawfully  organized  national  banking  asso- 
ciation.    But.  this  provision  shall  not  apply  to  any  asso- 
ciation organized  for  the  purpose  of  issuing  notes  payable 
in  gold. 


402  NATIONAL   MONETARY   COMMISSION. 

Vn^ate^o?     SEC.  5197.  Any  association  may  take,  receive,  reserve, 
interest  which  an(j  charge  on  any  loan  or  discount  made,  or  upon  any 

may  be  taken.  •/  .  '  L 

c  Jio6e  s'  so6v'  n°te,  bill  of  exchange,  or  other  evidences  of  debt,  interest 
%&^-  ,  at  the  rate  allowed  bv  the  laws  of  the  State,  Territory, 

Tiff  3D  V   V .  ^ifl,"  t 

tionai  Bank  of  or  district  where  the  bank  is  located,  and  no  more,  except 
wan.,  409); that  where  by  the  laws  of  any  State  a  different  rate  is 
wild  (ii  limited  for  banks  of  issue  organized  under  State  laws, 

Blatch.,  243).  ,..,1,111          11  i    _c  •    ,• 

the  rate  so  limited  shall  be  allowed  for  associations  or- 
ganized or  existing  in  any  such  State  under  this  Title. 
When  no  rate  is  fixed  by  the  laws  of  the  State,  or  Terri- 
tory, or  district,  the  bank  may  take,  receive,  reserve,  or 
charge  a  rate  not  exceeding  seven  per  centum,  and  such 
interest  may  be  taken  in  advance,  reckoning  the  days  for 
which  the  note,  bill,  or  other  evidence  of  debt  has  to  run. 
And  the  purchase,  discount,  or  sale  of  a  bona-fide  bill  of 
exchange,  payable  at  another  place  than  the  place  of 
such  purchase,  discount,  or  sale,  at  not  more  than  the 
current  rate  of  exchange  for  sight-drafts  in  addition  to 
the  interest,  shall  not  be  considered  as  taking  or  receiving 
a  greater  rate  of  interest. 

fCtakinUeusu-     SEC.  ^198.  The  taking,  receiving,  reserving,  or  charg- 
rious  interest    ino;  a  rate  of  interest  greater  than  is  allowed  by  the  pre- 

.1  u ne  .'},  1864,       &  .  J 

!p}106'1^g30' v>  ceding  section,  when  knowingly  done,  shall  be  deemed  a 

Feb.  is  1875,  forfeiture  of  the  entire  interest  which  the  note,  bill,  or 

•'•-(>•  '  other  evidence  of  debt  carries  with  it.  or  which  has  been 

Farmers  .  etc., 

Kank(c.  pear-  agreed  to  be  paid  thereon.  In  case  the  greater  rate  of 
-9).  'interest  has  been  paid,  the  person  by  whom  it  has  been 

paid,  or  his  legal  representatives,  may  recover  back,  in  an 
action  in  the  nature  of  an  action  of  debt,  twice  the  amount 
of  the  interest  thus  paid  from  the  association  taking  or 
receiving  the  same;  provided  such  action  is  commenced 
within  two  years  from  the  time  the  usurious  transaction 
occurred.  [That  suits,  actions,  and  proceedings  against 
any  association  under  this  Title  may  be  had  in  any  cir- 
cuit, district,  or  territorial  court  of  the  United  States 
held  within  the  district  in  which  such  association  may  be 
established,  or  in  any  State,  county,  or  municipal  court 
in  the  county  or  city  in  which  said  association  is  located 
having  jurisdiction  in  similar  cases.  ] 

(The  words  in  brackets  were  added  by  the  act  of  Feb- 
ruary 18.  187r>.) 
Dividends.          SEC.  5199.  The  directors  of  anv  association  mav.  semi- 

June  I!,   1804,  .  ,      * 

r.i<;<;,  s.(:',:;,  v.  annually,  declare  a  dividend  of  so  much  or  the  net  profits 
of  the  association  as  they  shall  judge  expedient;  but 
each  association  shall,  before  the  declaration  of  a  divi- 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  403 

dend,  carry  one-tenth  part  of  its  net  profits  of  the  pre- 
ceding half-year  to  its  surplus  fund  until  the  same  shall 
amount  to  twenty  per  centum  of  its  capital  stock. 

SEC.  5200.  The  total  liabilities  to  any  association,  of  bl^[™J;  ^"^ 
any  person,  or  of  any  company,  corporation,  or  firm  f or ™,^d bbe  !"; 
money  borrowed,  including,  in  the  liabilities  of  a  com-  °5^erso%etc- 
pany    or   firm,    the    liabilities   of   the    several    members los- 
thereof,  shall  at  no  time  exceed  one-tenth  part  of  the 
amount  of  the  capital  stock  of  such  association  actually 
paid  in.     But  the  discount  of  bills  of  exchange  drawn  in 
good  faith  against  actually  existing  values,  and  the  dis- 
count of  commercial  or  business  paper  actually  owned  by 
the  person  negotiating  the  same,  shall  not  be  considered 
as  money  borrowed. 

SEC.  5201.  No  association  shall  make  any  loan  or  clis-    Associations 

„    .  .         not  to   loan   or 

count  on  the  security  of  the  shares  of  its  own  capital  purchase  their 

•>  o\vu  stock. 

stock,  nor  be  the  purchaser  or  holder  ol  any  such  shares,  u>w.,  s.  35,  p. 
unless  such  security  or  purchase  shall  be  necessarv  to    Bank  v .  i,a- 

J          ,  .  .  nier   (11  Wall.. 

prevent  loss  upon  a  debt  previously  contracted  in  good  369) ;   Baiumi 

^  T     R  a.  n  k    ( IS 

faith ;  and  stock  so  purchased  or  acquired  shall,  within  six  wan.,  589). 
months  from  the  time  of  its  purchase,  be  sold  or  disposed 
of  at  public  or  private  sale;  or,  in  default  thereof,  a 
receiver  may  be  appointed  to  close  up  the  business  of 
the  association,  according  to  section  fifty-two  hundred 
and  thirty-four. 

SEC.  5202.  No  association  shall  at  any  time  be  indebted,   Limit  upon  m- 

, .    ,  ,  v         -i  i  debtedness      to 

or  in  any  way  liable,  to  an  amount  exceeding  the  amount  i.o  incurred. 

.,    ,  ,  ,      ,-  n  •  j    •  n  June  8,   1804. 

oi  its  capital  stock  at  such  time  actually  paid  in  and  re- c.  100,  s.  ao,  v. 

-I-       •     •    i       T    i         i  '  1:!<  !'•   110' 

maining  undiminished  by  losses  or  otherwise,  except  on 
account  of  demands  of  the  nature  following : 

First.  Notes  of  circulation. 

Second.  Moneys  deposited  with  or  collected  by  the 
association. 

Third.  Bills  of  exchange  or  drafts  drawn  against 
money  actually  on  deposit  to  the  credit  of  the  association, 
or  due  thereto. 

Fourth.  Liabilties  to  the  stockholders  of  the  association 
for  dividends  and  reserved  profits. 

Sj-;c.  520;}.  No  association  shall,  either  directly  or  indi-    it>i<i..  *»><•.  :i". 
rectly,  pledge  or  hypothecate  any  of  its  notes  of  circula-  notes  n..i  to  i>o 

tion.  for  the  purpose  ol'  procuring  monev  to  be  paid  in  on  ndr  usc<i  i»  in- 

.      .  ,  .      T  •  .  crease  capital, 

its  capital  stock,  or  to  be  used  in  its  hanking  operat  ions,  or 

otherwise;  nor  shall  any  association  use  its  cii'culal  ing 
notes,  or  anv  part  thereof,  in  any  manner  or  form,  to 
create,  or  increase  its  capital  stock. 


404  NATIONAL   MONETARY   COMMISSION. 

u  ^>rn0wUhdra0w°  SEC.  5204.  No  association,  or  any  member  thereof,  shall, 
during  tne  time  it  shall  continue  its  banking  operations, 
withdraw,  or  permit  to  be  withdrawn,  either  in  the  form 
of  dividends  or  otherwise,  any  portion  of  its  capital.  If 
losses  have  at  any  time  been  sustained  by  any  such  asso- 
ciation, equal  to  or  exceeding  its  undivided  profits  then 
on  hand,  no  dividend  shall  be  made;  and  no  dividend 
shall  ever  be  made  by  any  association,  while  it  continues 
its  banking  operations,  to  an  amount  greater  than  its  net 
profits  then  on  hand,  deducting  therefrom  its  losses  and 
bad  debts.  All  debts  due  to  any  associations,  on  which 
interest  is  past  due  and  unpaid  for  a  period  of  six  months, 
unless  the  same  are  well  secured,  and  in  process  of  collec- 
tion, shall  be  considered  bad  debts  within  the  meaning  of 
this  section.  But  nothing  in  this  section  shall  prevent 
the  reduction  of  the  capital  stock  of  the  association  under 
section  fifty-one  hundred  and  forty-three. 

Enforcingpay-     SEC.  5205.  Every  association  which  shall  have  failed 

merit     of    den-  .  * 

ciency  in  capi- to  pav  up  its  capital  stock,  as  required  by  law,  and  every 

tal  stock.  l     r      /  .        '  T        i     n    ,  . 

Mar.  3.  1873,  association  whose  capital  stock  shall  have   become   im- 

c    269    s.   1    v. 

17,  p.  '603.  '     paired  by  losses  or  otherwise,  shall,  within  three  months 

June  30,  1876, L  J  .    .  . 

c.  156,  s.  4,  v.  after  receiving  notice  thereof  from  the  Comptroller  of 
the  Currency,  pay  the  deficiency  in  the  capital  stock,  by 
assessment  upon  the  shareholders  pro  rata  for  the  amount 
of  capital  stock  held  by  each;  and  the  Treasurer  of  the 
United  States  shall  withhold  the  interest  upon  all  bonds 
held  by  him  in  trust  for  any  such  association,  upon  notifi- 
cation from  the  Comptroller  of  the  Currency,  until  other- 
wise notified  by  him.  If  any  such  association  shall  fail 
to  pay  up  its  capital  stock,  and  shall  refuse  to  go  into 
liquidation,  as  provided  by  law,  for  three  months  after 
receiving  notice  from  the  Comptroller,  a  receiver  may  be 
appointed  to  close  up  the  business  of  the  association,  ac- 
cording to  the  provisions  of  section  fifty-two  hundred  and 
thirty- four.  \And  provided,  That  if  any  shareholder  or 
shareholders  of  such  bank  shall  neglect  or  refuse,  after 
three  months'  notice,  to  pay  the  assessment,  as  provided 
in  this  section,  it  shall  be  the  duty  of  the  board  of  di- 
rectors to  cause  a  sufficient  amount  of  the  capital  stock  of 
such  shareholder  or  shareholders  to  be  sold  at  public  auc- 
tion (after  thirty  days'  notice  shall  be  given  by  posting 
such  notice  of  sale  in  the  office  of  the  bank,  and  by  publish- 
ing such  notice  in  a  newspaper  of  the  city  or  town  in 
which  the  bank  is  located,  or  in  a  newspaper  published 
nearest  thereto.)  to  make  good  the  deficiency,  and  the 


LAWS    CONCERNING   MONEY,    BANKING,   AND   LOANS.  405 

balance,  if  any,  shall  be  returned  to  such  delinquent  share- 
holder or  shareholders.] 

[The  words  in  brackets  were  added  by  the  act  of  June 
30,  1876,  see  p.  427.] 

SEC.  5206.  No  association  shall  at  any  time  pay  out  on    Associations 

i  j-  •  i,      •        j      -n-          i-ii       £          not  to  pay  out 

loans  or  discounts,  or  in  purchasing  drafts  or  bills  of  ex-  u  ncun-ent 

f  notes. 

change,  or  in  payment  of  deposits,  or  in  any  other  mode  ibta.,  sec.  39. 
pay  or  put  in  circulation,  the  notes  of  any  bank  or  bank- 
ing association  which  are  not,  at  any  such  time,  receivable, 
at  par,  on  deposit,  and  in  payment  of  debts  by  the  asso- 
ciation so  paying  out  or  circulating  such  notes ;  nor  shall 
any  association  knowingly  pay  out  or  put  in  circulation 
any  notes  issued  by  any  bank  or  banking  association 
which  at  the  time  of  such  paying  out  or  putting  in  cir- 
culation is  not  redeeming  its  circulating  notes  in  lawful 
money  of  the  United  States. 

SEC.  5207.  Xo  association  shall  hereafter  offer  or  re-    Penalty  for 

-i  •  offering   or    re- 

ceive  United  States  notes  or  national-bank  notes  as  se-  ceiving  united 

.  P  States    or    na- 

cuntv  or  as  collateral  security  for  anv  loan  of  money,  or  tionai-bank 

.,,,,,  <t  notes  as  seeur- 

for  a  consideration  agree  to  withhold  the  same  from  use,  ity  for   loans, 

etc. 

or  offer  or  receive  the  custody  or  promise  of  custody  of  see  act  of  Feb. 
such  notes  as  security,  or  as  collateral  security,  or  con- 
sideration for  any  loan  of  money.  Any  association 
offending  against  the  provisions  of  this  section  shall  be 
deemed  guilty  of  a  misdemeanor,  and  shall  be  fined  not 
more  than  one  thousand  dollars  .and  a  further  sum  equal 
to  one-third  of  the  money  so  loaned.  The  officer  or  offi- 
cers of  any  association  who  shall  make  any  such  loan 
shall  be  liable  for  a  further  sum  equal  to  one  quarter  of 
the  money  loaned ;  and  any  fine  or  penalty  incurred  by 
a  violation  of  this  section  shall  be  recoverable  for  the 
benefit  of  the  party  bringing  such  suit. 

SEC.  5208.  It  shall  be  unlawful  for  any  officer,  clerk, 
or  agent  of  any  national  banking  association  to  certify 
any  check  drawn  upon  the  association  unless  the  person 
or  company  drawing  the  check  has  on  deposit  with  the 
association,  at  the  time  such  check  is  certified,  an  amount 
of  money  equal  to  the  amount  specified  in  such  check. 
Any  check  so  certified  by  duly  authorized  officers  shall 
be  a  good  and  valid  obligation  against  the  association; 
but  the  act  of  any  officer,  clerk,  or  agent  of  any  associa- 
tion, in  violation  of  this  section,  shall  subject  such  bank  I'onaiiy  for 

........  .  J  falsclv    ccr(  ify- 

to   the    liabilities   and    proceedings   on    the   part   of   the  in^r  <i"'c;,ks  , ., 
Comptroller  as  provided  for  in  section  fifty-two  hundred  <•.   i::r>,  V.  jr>,' 

if,.,,.  !>•    :':!r»- 

and  thirty-four. 


406  NATIONAL  MONETARY  COMMISSION. 

Embezzle-     gEC    5209.  Every   president,    director,    cashier,   teller, 

ment ;  penalty.  J      I  >  J  ' 

June  3, 1864,  clerk,  or  agent  of  any  association,  who  embezzles,  ab- 

c.    106,    s.    5o, 

v-t13',  g-^in-stracts.  or  willfully  misapplies  any  ot  the  moneys,  funds, 

April  o,  lot>«7j 

c.  ii.v.ie.p .7.  or  credits  of  the  association;  or  who,  without  authority 

July  o,  loTl/i  •  •  i        «  * « 

c.  226,  v.  16,  p.  from  the  directors,  issues  or  puts  in  circulation  any  of 
the  notes  of  the  association ;  or  who,  without  such  author- 
T.nJnttfr'  (i'l'ity,  issues  or  puts  forth  any  certificate  of  deposit,  draws 
Biatcn.,  374).  any  orc]er  or  ^j}}  of  exchange,  makes  any  acceptance, 
assigns  any  note,  bond,  draft,  bill  of  exchange,  mortgage, 
judgment,  or  decree;  or  who  makes  any  false  entry  in 
any  book,  report,  or  statement  of  the  association,  with 
intent,  in  either  case,  to  injure  or  defraud  the  association 
or  any  other  company,  body  politic  or  corporate,  or  any 
individual  person,  or  to  deceive  any  officer  of  the  asso- 
ciation, or  any  agent  appointed  to  examine  the  affairs  of 
any  such  association;  and  every  person  who  with  like 
intent  aids  or  abets  any  officer,  clerk,  or  agent  in  any 
violation  of  this  section,  shall  be  deemed  guilty  of  a  mis- 
demeanor, and  shall  be  imprisoned  not  less  than  five  years 
nor  more  than  ten. 
List  of  SEC.  5210.  The  president  and  cashier  of  every  national 

shareholders,.         ,  .  .       .  ,      ,,  ,        ,  n     .• 

etc.,  to  be  kept,  banking  association  shall  cause  to  be  kept  at  all  times 
c.  lol,  s.  4o|  a  full  and  correct  list  of  the  names  and  residences  of  all 
the  shareholders  in  the  association,  and  the  number  of 
shares  held  by  each,  in  the  office  where  its  business  is 
transacted.  Such  list  shall  be  subject  to  the  inspection 
of  all  the  shareholders  and  creditors  of  the  association, 
and  the  officers  authorized  to  assess  taxes  under  State 
authority,  during  business-hours  of  each  day  in  which 
business  may  be  legally  transacted.  A  copy  of  such  list, 
on  the  first  Monday  of  July  of  each  year,  verified  by  the 
oath  of  such  president  or  cashier,  shall  be  transmitted 
to  the  Comptroller  of  the  Currency. 

Reports  to  SEC.  T)2fl.  Every  association  shall  make  to  the  Comp- 
th<>  currency,  t roller  of  the  Currency  not  less  than  five  reports  during 
ion!'  |1-  each  year,  according  to  the  form  which  may  be  prescribed 

»-._'ii'o. _'s.  T.  \-.'  by  him.  verified  by  the  oath  or  affirmation  of  the  presi- 
.hiie.-'i'd, I'sTf,,  dent   or  cashier  of  such  association,  and  attested  by  the 
i:».  i  .''<;•)'   '   _' signal  lire  of  at  least  three  of  the  directors.     Each  such 
c.  «!»','  v.''i:»,V>-  report    shall    exhibit,    in    detail    and    under    appropriate 
head-,  the  resources  and   liabilities  of  the    (<ixxociations} 
(association)  at  the  close1  of  business  on  any  past  day  by 
him    specified;   and   shall    be   transmitted   to   the   Comp- 
troller within  five  days  after  the  receipt  of  a  request  or 
requisition  therefor  from  him.  and  in  the  same  form  in 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  407 

which  it  is  made  to  the  Comptroller  shall  be  published 
in  a  newspaper  published  in  the  place  where  such  asso- 
ciation is  established,  or  if  there  is  no  newspaper  in  the 
place,  then  in  the  one  published  nearest  thereto  in  the 
same  county,  at  the  expense  of  the  association;  and  such 
proof  of  publication  shall  be  furnished  as  may  be  re- 
quired by  the  Comptroller.  The  Comptroller  shall  also 
have  power  to  call  for  special  reports  from  any  particu- 
lar association  whenever  in  his  judgment  the  same  are 
necessary  in  order  to  a  full  and  complete  knowledge  of 
its  condition. 

(The  act  of  February  27,  1877,  substitutes  "  associa- 
tion "  for  "  associations.") 

SEC.  5212.  In  addition  to  the  reports  required  bv  the     Report  as  to 

"  dividends. 

preceding  section,  each  association  shall  report  to  the  Mar.  3,  i860, 
Comptroller  of  the  Currency,  within  ten  days  after  de-  ^J^^^Q 
claring  any  dividend,  the  amount  of  such  dividend,  and  <••  i»6,  s.  3,  v. 

19,  p.  64. 

the  amount  of  net  earnings  in  excess  of  such  dividend. 
Such  reports  shall  be  attested  by  the  oath  of  the  presi- 
dent or  cashier  of  the  association. 

SEC.  5213.  Every  association  which  fails  to  make  and  f  Penalty   for 

failure  to  make 

transmit  any  report   required  under  either  of  the  two  reports. 
preceding  sections  shall  be  subject  to  a  penalty  of  one  <••  iso,  ss.  ^i, 
hundred  dollars  for  each  day  after  the  periods,  respec-   '.Tune  30,1876, 

,,.-,,  <••   156,  s.  3,  v. 

tively,  therein  mentioned,  that  it  delays  to  make  and  10,  p.  63. 
transmit  its  report.  Whenever  any  association  delays 
or  refuses  to  pay  the  penalty  herein  imposed,  after  it  has 
been  assessed  by  the  Comptroller  of  the  Currency,  the 
amount  thereof  may  be  retained  by  the  Treasurer  of  the 
United  States,  upon  the  order  of  the  Comptroller  of  the 
Currency,  out  of  the  interest,  as  it  may  become  due  to 
the  association,  on  the  bonds  deposited  with  him  to 
secure  circulation.  All  sums  of  money  collected  for 
penalties  under  this  section  shall  be  paid  into  the  Treas- 
ury of  the  United  States. 

(Section  6,  act  of  June  30,  1870  (ch.  156,  v.  10,  p.  04), 
extends  the  provisions  of  the  three  sections  of  the  Revised 
Statutes  above,  to  all  savings  banks  or  savings  and  trust 
companies  organized  under  any  act  of  Congress.) 

SEC.  5214.  In  lieu  of  all  existing  taxes,  every  associa-     P"^*  on  rir- 

J  dilation,      d  e  - 

tion  shall  pay  to  the  Treasurer  of  the  United  States,  mP0*1,**'  .;m(1 

'      <>  capital  stock. 

the  months  of  January  and  July,  a  duty  of  one-half  of    •tFlI4D1e  :?i  1K04< 
one  per  centum  each  half-year  upon  the  average  amount 
of  its  notes  in  circulation,  and  a  duty  of  one-quarter  of 
one  per  centum  each  half-year  upon  the  average  amount 


408  NATIONAL   MONETARY   COMMISSION. 

of  its  deposits,  and  a  duty  of  one-quarter  of  one  per 
centum  each  half-year  on  the  average  amount  of  its  capi- 
tal stock,  beyond  the  amount  invested  in  United  States 
bonds. 

r  fern~otncir      SEC.  5215.  In  order  to  enable  the  Treasurer  to  assess 
cuiation     d  e  -  fhe  duties  imposed  bv  the  preceding  section,  each  asso- 

posits,  and  cap-  *  -1 

Itai  stock.  ciation  shall,  within  ten  days  from  the  first  days  of 
January  and  July  of  each  year,  make  a  return,  under  the 
oath  of  its  president  or  cashier,  to  the  Treasurer  of  the 
United  States,  in  such  form  as  the  Treasurer  may  pre- 
scribe, of  the  average  amount  of  its  notes  in  circulation, 
and  of  the  average  amount  of  its  deposits,  and  of  the 
average  amount  of  its  capital  stock,  beyond  the  amount 
invested  in  United  States  bonds,  for  the  six  months  next 
preceding  the  most  recent  first  day  of  January  or  July. 
Penalty  for  Every  association  which  fails  so  to  make  such  return  shall 

failure  to  make          ,.",•, 

return.  be  liable  to  a  penalty  ot  two  hundred  dollars,  to  be  col- 

lected either  out  of  the  interest  as  it  may  become  due  such 
association  on  the  bonds  deposited  with  the  Treasurer,  or, 
at  his  option,  in  the  manner  in  which  penalties  are  to  be 
collected  of  other  corporations  under  the  laws  of  the 
United  States. 
Method  of  as-  $EC_  5216.  Whenever  any  association  fails  to  make  the 

sessment  if  re-  J 

>  not  half-yearly  return  required  by  the  preceding  section,  the 
duties  to  be  paid  by  such  association  shall  be  assessed 
upon  the  amount  of  notes  delivered  to  such  association  by 
the  Comptroller  of  the  Currency,  and  upon  the  highest 
amount  of  its  deposits  and  capital  stock,  to  be  ascertained 
in  such  manner  as  the  Treasurer  may  deem  best. 
HOW  tax  may  Si:r.  5217.  Whenever  an  association  fails  to  pay  the 

bo   collected    if  L     * 

association  duties  imposed  by  the  three  preceding  sections,  the  sums 

fails  t<>  pay.  •  _ 

due  may  be  collected  in  the  manner  provided  for  the  col- 
lection of  United  States  taxes  from  other  corporations; 
or  the  Treasurer  may  reserve  the  amount  out  of  the  in- 
terest, as  it  may  become  due,  on  the  bonds  deposited  with 
him  by  such  defaulting  association. 

pxcesHf"ofd'd,f  ^K(<-  ;~'-l<c>-  IH  aU  cases  where  an  association  has  paid 
ties  paid.  or  m.,y  p.,y  jn  excess  of  what  may  be  or  has  been  found 
due  from  it,  on  account  of  the  duty  required  to  be  paid  to 
the  Treasurer  of  thu  United  States,  the  association  may 
state  an  account  therefor,  which,  on  being  certified  by 
the  Treasurer  of  the  Tinted  States,  and  found  correct  by 
the  First  Comptroller  of  the  Treasury,  shall  be  refunded 
in  the  ordinary  iiiriiner  by  warrant  on  the  Treasury. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  409 

SEC.  5219.  Nothing  herein  shall  prevent  all  the  shares  state  taxa- 
in  any  association  from  being  included  in  the  valuation  "Tune  3)  i864, 
of  the  personal  property  of  the  owner  or  holder  of  such  i3,10p6'  fii 1>  v- 
shares,  in  assessing  taxes  imposed  by  authority  of  the  c.F7f'v°'i5^6p.' 
State  within  which  the  association  is  located;  but  the 34Bank of com- 
legislature  of  each  State  may  determine  and  direct  the  York6  cityNe(^ 
manner  and  place  of  taxing  all  the  shares  of  national  Alien20!;. '  The 
banking  associations  located  within  the  State,  subject  wa8ii.s,s0673J^ 
only  to  the  two  restrictions,  that  the  taxation  shall  not  commissioners 
be  at  a  greater  rate  than  is  assessed  upon  other  moneyed 
capital  in  the  hands  of  individual  citizens  of  such  State,  w 
and  that  the  shares  of  any  national  banking  association  ^a 
owned  by  non-residents  of  any  State  shall  be  taxed  in  the  w°iuieaIt353J® 
city  or  town  where  the  bank  is  located,  and  not  elsewhere. 
Nothing  herein  shall  be  construed  to  exempt  the  real 
property  of  associations  from  either  State,  county,  or 
municipal  taxes,  to  the  same  extent,  according  to  its  value, 
as  other  real  property  is  taxed.  uaxe|'  4i5r 

Bank  of  Omaha  v.  Douglas  Co.  (3  Dill.,  299)  ;  First  National'  Bank  v. 
Douglas  Co.    (3  Dill.,  330). 

SEC.  5220.  Any  association  may  go  into  liquidation  and  „  J1£atkmary 

be  closed  by  the  vote  of  its  shareholders  owning  two-thirds     J"ane  3> 1864- 

sec.  42, 

of  its  stock. 

SEC.  5221.  Whenever  a  vote  is  taken  to  go  into  liqui-     Notice  of  in- 

tent    to    dis- 

dation  it  shall  be  the  duty  of  the  board  of  directors  to  solve. 
cause  notice  of  this  fact  to  be  certified,  under  the  seal  of  c.  106,  s/42,  v! 
the  association,  by  its  president  or  cashier,  to  the  Comp- 
troller of  the  Currency,  and  publication  thereof  to  be 
made  for  a  period  of  two  months  in  a  newspaper  pub- 
lished in  the  city  of  New  York,  and  also  in  a  newspaper 
published  in  the  city  or  town  in  which  the  association  is 
located,  or  if  no  newspaper  is  there  published,  then  in 
the  newspaper  published  nearest  thereto,  that  the  associ- 
ation is  closing  up  its  affairs,  and  notifying  the  holders  of 
its  notes  and  other  creditors  to  present  the  notes  and  other 
claims  against  the  association  for  payment. 

SEC.  5222.  Within  six  months  from  the  date  of  the  vote     Deposit    of 

,..-..  .      .  lawful      money 

to  go  into  liquidation,  the  association  shall  deposit  with  to  redeem  m-- 
the  Treasurer  of  the  United  States,  lawful  money  of  the  ibid., 'sees. 
United  States  sufficient  to  redeem  all  its  outstanding:  cir-  Juiy'i4,  mo. 

O 

dilation.  The  Treasurer  shall  execute  duplicate  receipts 
for  monejr  thus  deposited,  and  deliver  one  to  the  associa- 
tion and  the  other  to  the  Comptroller  of  the  Currency, 
stating  the  amount  received  by  him,  and  the  purpose  for 
which  it  has  been  received;  and  the  money  shall  be  paid 
into  the  Treasury  of  the  United  States,  and  placed  to  the 
credit  of  such  association  upon  redemption  account. 
15712"— 10 27 


410  NATIONAL  MONETARY  COMMISSION. 

hanks8  need  "of     SEC.  5223.  An  association  which  is  in  good  faith  wind- 
deposit  lawful  mg  Up  its  business  for  the  purpose  of  consolidating  with 
juf  ei4  ai°870f  an°ther  association  shall  not  be  required  to  deposit  lawful 
money  for  its  outstanding  circulation;  but  its  assets  and 
liabilities  shall  be  reported  by  the  association  with  which 
it  is  in  process  of  consolidation. 
Reassignment      gEC     5224.  Whenever   a    sufficient   deposit   of   lawful 

of    b  o  n  d  s    to  . .  .  .  „ 

closed  banks,    money  to  redeem  the  outstanding  circulation  of  an  associa- 

June  3,  1864,  •>  i  •        i        •  i  i 

sec.  42.  tion  proposing  to  close  its  business  has  been  made,  the 

bonds  deposited  by  the  association  to  secure  payment  of 
its  notes  shall  be  reassigned  to  it,  in  the  manner  prescribed 
red'ee'me'd  a  t  DJ  section  fifty-one  hundred  and  sixty-two.     And  there- 
after the  association  and  its  shareholders  shall  stand  dis- 
charged from  all  liabilities  upon  the  circulating  notes, 
and  those  notes  shall  be  redeemed  at  the  Treasury  of  the 
s  United  States.     [And  if  any  such  bank  shall  fail  to  make 
deposit a\1awfu°  the  deposit  and  take  up  its  bonds  for  thirty  days  after 
m°seey'  act    of  the  expiration  of  the  time  specified,  the  Comptroller  of 
correAfng18^- tne  Currency  shall  have  power  to  sell  the  bonds  pledged 
vised  statutes.  ^or  ^Q  circuiatiOn  of  said  bank,  at  public  auction  in  New 
York  City,  and,  after  providing  for  the  redemption  and 
cancellation    of   said    circulation   and   the   necessary   ex- 
penses of  the  sale,  to  pay  over  any  balance  remaining  to 
the  bank  or  its  legal  representative.] 

(The  words  in  brackets  were  added  by  the  act  of  Feb- 
ruary 18.  1875.) 
Destruction      SEC.  5225.  Whenever  the  Treasurer  has  redeemed  any 

of    r e d e e med  . 

notes.  of  the  notes  or  an  association  which  has  commenced  to 

June  2.3.  1874.  close  its  affairs  under  the  \six~]   [five]  preceding  sections. 

•J  une  'y   1804 

sec.  43.  '  '  he  shall  cause  the  notes  to  be  mutilated  and  charged  to 
the  redemption  account  of  the  association;  and  all  notes 
so  redeemed  by  the  Treasurer  shall,  every  three  months, 
be  certified  to  and  burned  in  the  manner  prescribed  in 
section  fifty-one  hundred  pnd  eighty-four. 

(The  word  •'  six  "'  in  brackets  is  struck  out  and  "  five  '' 
in  brackets  added  by  the  act  of  February  27,  1877.) 

testing6  note's™  ^K(''  ^f'-  Whenever  any  national  banking  association 
/&u/..s«'c.  40.  f;lj]s  f0  mleein  jn  (})e  lawful  money  of  the  United  States 
an}'  of  its  circulating  notes,  upon  demand  of  payment 
duly  made  during  the  usual  hours  of  business,  at  the 
°^n('c  °''  S11('M  :1  -<»'int  ion,  or  at  its  designated  place  of  re- 
demption, the  holder  may  cause  the  same  to  be  protested, 
in  one  package.  !<y  a  notary  public,  unless  the  president  or 
cashier  of  the  association  whose  notes  are  presented  for 
payment,  or  the  president  or  cashier  of  the  association  at 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  411 

the  place  at  which  they  are  redeemable  offers  to  waive 
demand  and  notice  of  the  protest,  and,  in  pursuance  of 
such  offer,  makes,  signs,  and  delivers  to  the  party  making 
such  demand  an  admission  in  writing,  stating  the  time  of 
the  demand,  the  amount  demanded,  and  the  fact  of  the 
non-payment  thereof.  The  notary  public,  on  making 
such  protest,  or  upon  receiving  such  admission,  shall 
forthwith  forward  such  admission  or  notice  of  protest  to 
the  Comptroller  of  the  Currency,  retaining  a  copy 
thereof.  If,  however,  satisfactory  proof  is  produced  to 
the  notary  public  that  the  payment  of  the  notes  demanded 
is  restrained  by  order  of  any  court  of  competent  jurisdic- 
tion, he  shall  not  protest  the  same.  When  the  holder  of  one  protest 

fee     only,      on 

any  notes  causes  more  than  one  note  or  package  to  be  pro-  same  day. 
tested  on  the  same  day,  he  shall  not  receive  pay  for  more 
than  one  protest. 

SEC.  5227.  On  receiving  notice  that  any  national  bank-     Examination 
ing  association  has  failed  to  redeem  any  of  its  circulating  agent,  after  no- 

tice  of  protest 

notes,  as  specified  in  the  preceding  section,  the  Comp-  June  3, 1864^ 
troller  of  the  Currency,  with  the  concurrence  of  the  Sec- 
retary of  the  Treasury,  may  appoint  a  special  agent,  of 
whose  appointment  immediate  notice  shall  be  given  to 
such  association,  who  shall  immediately  proceed  to  ascer- 
tain whether  it  has  refused  to  pay  its  circulating  notes  in 
the  lawTful  money  of  the  United  States,  when  demanded, 
and  shall  report  to  the  Comptroller  the  fact  so  ascertained.  Forfeiture  of 
If.  from  such  protest,  and  the  report  so  made,  the  Comp- 
troller is  satisfied  that  such  association  has  refused  to 
pay  its  circulating  notes  and  is  in  default,  he  shall,  within 
thirty  days  after  he  has  received  notice  of  such  failure, 
declare  the  bonds  deposited  by  such  association  forfeited 
to  the  United  States,  and  they  shall  thereupon  be  so 
forfeited. 

SEC.  5228.  After  a  default  on  the  part  of  an  association    Association 
to  pay  any  of  its  circulating  notes  has  been  ascertained  ness  after  nV 
by  the  Comptroller,  and  notice  thereof  has  been  given  by    June  :'',' is  (Hi 
him  to  the  association,  it  shall  not  be  lawful  for  the  asso- s 
ciation  suffering  the  same  to  pay  out  any  of  its  notes,  dis- 
count any  notes  or  bills,  or  otherwise  prosecute  the  busi- 
ness of  banking,  except  to  receive  and  safely  keep  money 
belonging  to  it,  and  to  deliver  special  deposits. 

SEC.  5229.  Immediately  upon  declaring  the  bonds  of  an     xotu-o    t,» 

,  '  „  noteholders. 

association    forfeited    ror  non-payment   or   its  notes,   the     n>i<i. ,*>><•.  17. 
Comptroller  shall  give  notice,  in  such  manner  as  the  Sec- 


412  NATIONAL,   MONETARY   COMMISSION. 

retary  of  the  Treasury  shall,  by  general  rules  or  other- 
wise, direct,  to  the  holders  of  the  circulating  notes  of  such 
Redemption  association,  to  present  them  for  payment  at  the  Treasury 
Treasury?  8and  of  the  United  States;  and  the  same  shall  be  paid  as  pre- 
bonds.  sented  in  lawful  money  of  the  United  States;  whereupon 

the  Comptroller  may,  in  his  discretion,  cancel  an  amount 
of  bonds  pledged  by  such  association  equal  at  current 
market  rates,  not  exceeding  par,  to  the  notes  paid, 
sale  of  bonds      SEC.  5230.  Whenever  the  Comptroller  has  become  satis- 
fied, by  the  protest  or  the  waiver  and  admission  specified 
in  section  fifty-two  hundred  and  twenty-six,  or  by  the 
report   provided   for  in  section  fifty-two  hundred   and 
twenty-seven,  that  any  association  has  refused  to  pay  its 
circulating  notes,  he  may,  instead  of  canceling  its  bonds, 
cause  so  much  of  them  as  may  be  necessary  to  redeem  its 
outstanding  notes  to  be  sold  at  public  auction  in  the  city 
of  Xew  York,  after  giving  thirty  days'  notice  of  such  sale 
The  United  to  the  association.     For  any  deficiency  in  the  proceeds  of 
a  paramount  all  the  bonds  of  an  association,  when  thus  sold,  to  re- 
set" of  Pa°ssocfa-  imburse  to  the  United   States  the  amount  expended  in 
paying  the  circulating  notes  of  the  association,  the  United 
States  shall  have  a  paramount  lien  upon  all  its  assets; 
and  such  deficiency  shall  be  made  good  out  of  such  assets 
in  preference  to  any  and  all  other  claims  whatsoever, 
except  the  necessary  costs  and  expenses  of  administering 
the  same, 
sale  of  bonds      SEC.  5231.  The  Comptroller  mav,  if  he  deems  it  for  the 

at  private  sale.  -1  .  . 

interest  of  the  United  States,  sell  at  private  sale  any  of 
the  bonds  of  an  association  shown  to  have  made  default  in 
paying  its  notes,  and  receive  therefor  either  money  or  the 
circulating  notes  of  the  association.  But  no  such  bonds 
shall  be  sold  by  private  sale  for  less  than  par,  nor  for  less 
Transfer  of  (}ian  f]le  market  value  thereof  at  the  time  of  sale;  and  no 

bonds  sold. 

snles  of  any  such  bonds,  either  public  or  private,  shall  be 
complete  until  the  transfer  of  the  bonds  shall  have  been 
made  with  the  formalities  prescribed  by  sections  fifty-one 
hundred  and  sixty-two,  fifty-one  hundred  and  sixty-three, 
and  fifty-one  hundred  and  sixty-four. 

b!-'iSn?Ml(iip°no(f  SKC.  5232.  The,  Secretary  of  the  Treasury  may,  from 
b0tTreasurered  *'lne  <o  ('me-  "uike  such  regulations  respecting  the  dis- 
position to  be  made  of  circulating  notes  after  presenta- 
tion at  the  Treasury  of  the  United  States  for  payment, 
and  respecting  the  perpetuation  of  the  evidence  of  the 
payment  thereof,  as  may  seem  to  him  proper. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  413 

SEC.  5233.  All  notes  of  national  banking  associations     cancellation 

0  or  notes. 

presented  at  the  Treasury  of  the  United  States  for  pay- 
ment shall,  on  being  paid,  be  canceled. 

SEC.  5234.  On  becoming  satisfied,  as  specified  in  sec-     Appointment 
tions   fifty-two   hundred   and   twenty-six    and   fifty-two  receivers.  es 
hundred  and  twenty-seven,  that  anv  association  has  re-     Kennedy  v. 

»         -.    ,  .,         .         i     ,.  ,,  ,.  -,    Gibson.  8  Wall., 

fused  to  pay  its  circulating  notes  as  therein  mentioned,  498  ;  Bank  of 
and  is  in  default,  the  Comptroller  of  the  Currency  may  quimfue'  'Bank! 

j,      ,  ,        .,  ,  .     ,  -  j  •  n    ,  •    "  \    14  Wall.,  383  ; 

forthwith  appoint  a  receiver,  and  require  ot  him  such  Bank  r.  Ken- 

bond  and  security  as  he  deems  proper.     Such  receiver,  il^/Wei'iatt', 

under  the  direction  of  the  Comptroller,  shall  take  pos-  Ben!,V534etc''  1 

session  of  the  books,  records,  and   assets  of  every   de- 

scription of  such  association,  collect  all  debts,  dues,  and 

claims  belonging  to  it,  and,  upon  the  order  of  a  court  of 

record  of  competent  jurisdiction,  may  sell  or  compound     see   sec.   3, 

all  bad  or  doubtful  debts,  and,  on  a  like  order,  may  sell  ISTG. 

all  the  real  and  personal  property  of  such  association, 

on  such  terms  as  the  court  shall  direct  ;  and  may,  if  neces- 

sary to  pay  the  debts  of  such  association,  enforce  the 

individual  liability  of  the  stockholders.     Such  receiver. 

shall  pay  over  all  money  so  made  to  the  Treasurer  of 

the  United  States,  subject  to  the  order  of  the  Comptroller, 

and  also  make  report  to  the  Comptroller  of  all  his  acts 

and  proceedings. 

SEC.  5235.  The  Comptroller  shall,  upon  appointing  a  sen'Toltl1c,filtn0spre" 


receiver,  cause  notice  to  be  given,  by  advertisement  in  c  J"",6  %,  1864, 
such  newspapers  as  he  may  direct,  for  three  consecutive  13>  i'-  114- 
months,   calling   on   all   persons   who   may   have   claims 
against  such  association  to  present  the  same,  and  to  make 
legal  proof  thereof. 

SEC.  523G.  From  time  to  time,  after  full  provision  has     Dividends  by 

f        T  i        TT    •       -i    o  Comptroller  to 

been  first  made  lor  refunding  to  the  United  States  any  creditors. 
deficiency  in  redeeming  the  notes  of  such  association,  the 

Comptroller  shall  make  a  ratable  dividend  of  the  money    .Tun<>  :*,  1*04, 

.  .  .  .  «?<••  •i()- 

so  paid  over  to  him  by  such  receiver  on  all  such  claims  as 

may  have  been  proved  to  his  satisfaction  or  adjudicated 
in  a  court  of  competent  jurisdiction,  and,  as  the  proceeds 
of  the  assets  of  such  association  are  paid  over  to  him,  shall 
make  further  dividends  on  all  claims  previously  proved 
or  adjudicated;  and  the  remainder  of  the  proceeds,  if 
any,  shall  be  paid  over  to  the  shareholders  of  such  asso- 
ciation, or  their  legal  representatives,  in  proportion  to  the. 
stock  by  them  respectively  held. 


414  NATIONAL,   MONETARY   COMMISSION. 

injunction      gEC  5237.  Whenever  an  association  against  which  pro- 

upon    receiver-  A 

ship.  ceedings  have  been  instituted,  on  account  of  any  alleged 

refusal  to  redeem  its  circulating  notes  as  aforesaid,  denies 
having  failed  to  do  so,  it  may,  at  any  time  within  ten  days 
after  it  has  been  notified  of  the  appointment  of  an  agent, 
as  provided  in  section  fifty-two  hundred  and  twenty- 
seven,  apply  to  the  nearest  circuit,  or  district,  or  Terri- 
torial court  of  the  United  States  to  enjoin  further  pro- 
ceedings in  the  premises;  and  such  court,  after  citing  the 
Comptroller  of  the  Currency  to  show  cause  why  further 
proceedings  should  not  be  enjoined,  and  after  the  decision 
of  the  court  or  finding  of  a  jury  that  such  association  has 
not  refused  to  redeem  its  circulating  notes,  when  legally 
presented,  in  the  lawful  money  of  the  United  States,  shall 
make  an  order  enjoining  the  Comptroller,  and  any  re- 
ceiver acting  under  his  direction,  from  all  further  pro- 
ceedings on  account  of  such  alleged  refusal. 
Fees  and  ex-  gEC.  5038.  All  fees  for  protesting  the  notes  issued  bv 

penses  of   pro-  •         -,    •,  •  •      •  -111" 

test  and  re-  anv  national  banking  association  shall  be  paid  by  the 

ceivership.  ' 

iii<i.,  sec.  si.  person  procuring  the  protest  to  be  made,  and  such  asso- 
ciation shall  be  liable  therefore  but  no  part  of  the  bonds 
deposited  by  such  association  shall  be  applied  to  the  pay- 
ment of  such  fees.  All  expenses  of  any  preliminary  or 
other  examinations  into  the  condition  of  any  association 
shall  be  paid  by  such  association.  All  expenses  of  any 
receivership  shall  be  paid  out  of  the  assets  of  such  asso- 
ciation  before  distribution  of  the  proceeds  thereof, 
viola tVon* of  SEC-  523°-  If  the  directors  of  any  national  banking  as- 
tb'/&iv/itles  ._.,  sociation  shall  knowingly  violate,  or  knowingly  permit 
p Tune  so  1876  anv  °^  ^ie  °ffi(>ers?  agents,  or  servants  of  the  association 
c>'  G3>G>  'v'  19>  to  viol*1*0  an.Y  °f  the  provisions  of  this  Title,  all  the 
rights,  privileges,  and  franchises  of  the  association  shall 
be  thereby  forfeited.  Such  violation  shall,  however,  be 
determined  and  adjudged  by  a  proper  circuit,  district,  or 
territorial  court  of  the  United  States,  in  a  suit  brought 
for  that  purpose,  by  the  Comptroller  of  the  Currency,  in 
his  own  name,  before,  the  association  shall  be  declared 
dissolved.  And  in  cases  of  such  violation,  every  director 
who  participated  in  or  assented  to  the  same  shall  be  held 
liable  in  his  personal  and  individual  capacity  for  all 
damages  which  the  association,  its  shareholders,  or  any 
other  person,  shall  have  sustained  in  consequence  of  such 
violation. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  415 

SEC.  5240.  The  Comptroller  of  the  Currency,  with  the   .Appointment 

-of  occasional 

approval  of  the  Secretary  of  the  Treasury,  shall,  as  often  ex?mineQrs:0, 

June  o,  1804, 

as  shall 'be  deemed  necessary  or  proper,  appoint  a  suit- j^106'^  J*4'  v- 
able  person  or  persons  to  make  an  examination  of  the  c  ^9X^9'^|75' 
affairs  of  every  banking  association,  who  shall  have  power  329- 
to  make  a  thorough  examination  into  all  the  affairs  of 
the  association,  and,  in  doing  so,  to  examine  any  of  the 
officers  and  agents  thereof  on  oath ;  and  shall  make  a  full 
and  detailed  report  of  the  condition  of  the  association  to 
the  Comptroller.  [Every  person  appointed  to  make  such. 
examination  shall  receive  for  his  services  at  the  rate  of 
-five  dollars  for  each  day  by  him  employed  in  such  ex- 
amination, and  two  dollars  for  every  twenty-five  miles 
he  shall  necessarily  travel  in  the  performance  of  his  duty, 
which  shall  be  paid  by  the  association  by  him  examined. 
But  no  person  shall  be  appointed  to  examine  the  affairs 
of  any  banking  association  of  which  he  is  a  director  or 
other  officer."] 

[That  all  persons  appointed  to  be  examiners  of  national 
banks  not  located  in  the  redemption-cities  specified  in 
section  five  thousand  one  hundred  and  ninety-two  of  the 
Revised  Statutes  of  the  United  States,  or  in  any  one  of 
the  States  of  Oregon.  California,  and  Nevada,  or  in  the 
Territories,  shall  receive  compensation  for  such  examina- 
tion as  follows:  For  examining  national  banks  having  a 
capital  less  than  one  hundred  thousand  dollars,  twenty 
dollars;  those  having  a  capital  of  one  hundred  thousand 
dollars  and  less  than  three  hundred  thousand  dollars, 
twenty-five  dollars;  those  having  a  capital  of  three  hun- 
dred thousand  dollars  and  less  than  four  hundred  thou- 
sand dollars,  thirty-five  dollars;  those  having  a  capital  of 
four  hundred  thousand  dollars  and  less  than  five  hundred 
thousand  dollars,  forty  dollars;  those  having  a  capital  of 
five  hundred  thousand  dollars  and  less  than  six  hundred 
thousand  dollars,  fifty  dollars;  those  having  a  capital  of 
six  hundred  thousand  dollars  and  over,  seventy-five  dol- 
lars; which  amounts  shall  be  assessed  by  the  Comptroller 
of  the  Currency  upon,  and  paid  by,  the.  respective  associa- 
tions so  examined;  and  shall  be  in  lieu  of  the  compensa- 
tion and  mileage  heretofore  allowed  for  making  said  ex- 
aminations, and  persons  appointed  to  make  examination 
of  national  banks  in  the  cities  named  in  section  live  thou- 
sand one  hundred  and  ninety-two  of  the  Kevised  Statutes 
of  the  United  States,  or  in  anv  one  of  the  States  of  Ore- 


416  NATIONAL   MONETARY   COMMISSION. 

gon,  California,  and  Nevada,  or  in  the  Territories,  shall 
receive  such  compensation  as  may  be  fixed  by  the  Secre- 
tary of  the  Treasury  upon  the  recommendation-  of  the 
Comptroller  of  the  Currency;  and  the  same  shall  be  as- 
sessed and  paid  in  the  manner  hereinbefore  provided.] 

(The  words  in  italics  in  brackets  were  struck  out  and 
those  in  ordinary  Roman  type,  also  in  brackets,  added 
by  act  of  Feb.  19,  1875.) 
Limit  of  visit-      SEC.  5241.  No  association  shall  be  subject  to  any  visito- 

orial  powers.  ^ 

June  3. 1864,  rial  powers  other  than  such  as  are  authorized  by  this 

c.    106,    s.    54,  .  .  J 

v.  13,  p.  116.    Title,  or  are  vested  in  the  courts  ot  justice. 
Transfers,  as-      gEC.  5242.  All  transfers  of  the  notes,  bonds,  bills  of 

Kignments,  etc., 

after  an  act  of  exchange,  or  other  evidences  01  debt  ownifj  to  any  na- 

insolvency,  '•     •  ..  .  .  " 

void.  tional  banking  association,  or  of  deposits  to  its  credit; 

all  assignments  of  mortgages,  sureties  on  real  estate,  or  of 
judgments  or  decrees  in  its  favor;  all  deposits  of  money, 
bullion,  or  other  valuable  thing  for  its  use,  or  for  the 
use  of  any  of  its  shareholders  or  creditors;  and  all  pay- 
ments of  money  to  either,  made  after  the  commission  of 
an  act  of  insolvency,  or  in  contemplation  thereof,  made 
with  a  view  to  prevent  the  application  of  its  assets  in 
the  manner  prescribed  by  this  chapter,  or  with  a  view 
to  the  preference  of  one  creditor  to  another,  except  in 
payment  of  its  circulating  notes,  shall  be  utterly  null 
and  void.  *  *  * 
rseoftheti-  SEC.  5243.  All  banks  not  organized  and  transacting 

tie  "national."  .  .  . 

Mar.  3.  1873.  business  under  the  national-currency  laws,  or  under  this 
Title,  and  all  persons  or  corporations  doing  the  business 
of  bankers,  brokers,  or  savings  institutions  except  savings- 
banks  authorized  by  Congress  to  use  the  word  "  national  v 
as  a  part  of  their  corporate  name,  are  prohibited  from 
using  the  word  "  national "  as  a  portion  of  the  name  or 
title  of  such  bank,  corporation,  firm,  or  partnership;  and 
any  violation  of  this  prohibition  committed  after  the 
third  day  of  September,  eighteen  hundred  and  seventy- 
three,  shall  subject  the  party  chargeable  therewith  to  a 
penalty  of  fifty  dollars  for  each  day  during  which  it  is 
committed  or  repeated. 


LAWS   CONCERNING   MONEY,   BANKING,    AND   LOANS.  417 

ACTS  SUBSEQUENT  TO  THE  REVISED  STATUTES. 
ACT  OF  JUNE  18.  1874. 

CHAP.  304. — An  act  explanatory  of  the  act  of  June  thir-     is  stat.  L., 
tieth,  eighteen  hundred  and  sixty-four. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  all  deposits  made  in  institutions  now  existing  Deposits  in 

,.,,,.  ,  -11  i  certain  savings 

which  do  business  only  as  savings-banks,  and  are  recog-  banks  to  be  ex- 

„  .  .  ernpt  from  tax- 

nized  as  such  by  the  laws  or  their  respective  States,  or  ation. 
by  Congress,  are  hereby  declared  to  be  exempt  from 
taxation  the  same  as  deposits  in  savings  institutions  hav- 
ing no  capital  although  they  have  a  capital  stock  or 
bond  for  the  additional  security  of  their  depositors,  and 
pay  dividends  thereon ;  and  no  tax  shall  be  assessed  upon 
the  deposits  made  in  such  institutions,  or  collected  of 
them  on  said  deposits,  otherwise  than  as  herein  provided: 
Provided,  That  all  the  profits  of  such  savings  banks,  less  Proviso. 
the  aforementioned  dividends  on  stock  not  exceeding 
at  the  rate  of  eight  per  centum  per  annum  are  divided 
among  the  depositors,  and  that  the  capital  stock  is  in- 
vested only  in  the  same  class  of  securities  as  is  used 
for  investing  the  deposits,  and  that  interest  at  the  rate 
of  not  less  than  four  and  one-half  per  centum  be  paid 
in  all  cases  to  their  depositors,  to  be  made  good  if  nec- 
essary from  the  capital  stock. 

J.  G.  ELAINE, 
Speaker  of  the  House  of  Representatives. 

MATT  H.   CARPENTER, 
President  of  the  Senate  pro  tcmpore,. 
Received  by  the  President  June  G,  1874. 

NOTE  BY  THK  DEPARTMENT  OF  STATE. — The  foregoing  act  having 
been  presented  to  the  President  of  the  United  States  for  his  ap- 
proval, and  not  having  been  returned  by  him  to  the  House  of 
Congress  in  which  it  originated  within  the  lime  prescribed  by 
the  Constitution  of  the  United  States,  has  become  a  law  without 
his  approval. 


418  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  JUNE  20,  1874. 

pt1!,  p.* Via L"  CHAP.  343. — An  act  firing  the  amount  of  United  States 
notes,  providing  for  a  redistribution  of  the  national 
bank  currency,  and  for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
ai-bank  act"011'  bled,  That  the  act  entitled  "An  act  to  provide  a  national 
currency  secured  by  a  pledge  of  United  States  bonds, 
and  to  provide  for  the  circulation  and  redemption  there- 
of," approved  June  third,  eighteen  hundred  and  sixty- 
four,  shall  hereafter  be  known  as  the  "  national-bank  act," 
Lawful  money      gEC>  2.  That  section  thirty-one  of  the  "national-bank 

reserve  on  cir-  ^ 

cuiatjon  aboi-act"  be  so  amended  that  the  several  associations  therein 

is  bed,  except 

as  to  national  provided  for  shall  not  hereafter  be  required  to  keep  on 

gold  banks.  J 

See  sec.  5191.  hand  any  amount  of  money  whatever,  by  reason  of  the 
amount  of  their  respective  circulations;  but  the  moneys 
required  by  said  section  to  be  kept  at  all  times  on  hand 
shall  be  determined  by  the  amount  of  deposits  in  all 
respects,  as  provided  for  in  the  said  section. 

Redemption      gEC.    3.  That    every   association    organized,    or   to   be 

fund  to  be  de-  J  ' 

posited   with  organized,  under  the  provisions  of  the  said  act,  and  of 

Treasurer.  x  .  ' 

the  several  acts  amendatory  thereof,  shall  at  all  times  keep 
and  have  on  deposit  in  the  Treasury  of  the  United  States, 
in  lawful  money  of  the  United  States,  a  sum  equal  to 
five  per  centum  of  its  circulation,  to  be  held  and  used 

May  be  count- for  the  redemption  of  such  circulation:  which  sum  shall 
ed  as  lawful 

be  counted  as  a  part  of  its  lawful  reserve,  as  provided  in 
reiutrivlito°res  soc^011  *wo  °^  ^s  <*ct ;  and  when  the  circulating  notes 
notesPbtlor°ea°s*0^  an-v  sucn  a-ssociations,  assorted  or  unassorted,  shall  be 
lirf'r-  presented  for  redemption,  in  sums  of  one  thousand  dol- 

lars,  or  any   multiple  thereof,   to  the   Treasurer   of  the 
United   States,   the  same  shall  be  redeemed   in   United 
States  notes.     All  notes  so  redeemed  shall  be  charged  by 
the  Treasurer  of  the  United  States  to  the  respective  asso- 
ciations issuing  the  same,  and  he  shall  notify  them  sev- 
erally, on  the  first  day  of  each  month,  or  oftener,  at  his 
discretion,  of  the  amount  of  such  redemptions;  and  when- 
ever such  redemptions  for  any  association  shall  amount 
to  the  sum   of  five  hundred   dollars,  such  association  so 
notified  shall  forthwith  deposit  with  the  Treasurer  of  the 
United  States  a  sum  in  United  States  notes  equal  to  the 
notes  *  o' bV  red- amoun*   °*    'ts  <''"'(<ulating  notes  so  redeemed.     And   all 
Ki'sTa'n't  'treaH-  n(^t's    °^    national    hanks    worn,    defaced,    mutilated,    or 
"m'K-  otherwise   unfit    for  circulation,  shall,  when   received  bv 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  419 

any  assistant  treasurer,  at  any  designated  depository  of 
the  United  States,  be  forwarded  to  the  Treasurer  of  the 
United  States  for  redemption  as  provided  herein.  And 
when  such  redemptions  have  been  so  re-imbursed,  the 
circulating  notes  so  redeemed  shall  be  forwarded  to  the 
respective  associations  by  wrhich  they  were  issued;  but 
if  any  of  such  notes  are  worn,  mutilated,  defaced,  or  ren- 
dered otherwise  unfit  for  use,  they  shall  be  forwrarded  to 
the  Comptroller  of  the  Currency  and  destroyed  and  re- 
placed as  now  provided  by  law :  Provided,  That  each  of  to  ^l^'burse 
said  associations  shall  re-imburse  to  the  Treasury  the  ^  ^H'^i-l 
charges  for  transportation,  and  the  costs  for  assorting  pf^sioeat'c  new 
such  notes;  and  the  associations  hereafter  organized  shall 
also  severally  re-imburse  to  the  Treasury  the  cost  of  en- 
graving such  plates  as  shall  be  ordered  by  each  associa- 
tion respectively;  and  the  amount  assessed  upon  each, 
association  shall  be  in  proportion  to  the  circulation  re- 
deemed, and  be  charged  to  the  fund  on  deposit  with  the 
Treasurer:  And  provided  further,  That  so  much  of  sec-  a 
tion  thirty-two  of  said  national-bank  act  requiring  or  per- 
mitting  the  redemption  of  its  circulating  notes  elsewhere  ^^ 
than  at  its  own  counter  except  as  provided  for  in  this  utes- 
section,  is  hereby  repealed. 

SEC.  4.  That  any  association  organized  under  this  act, 
or  any  of  the  acts  of  which  this  is  an  amendment,  desir-  ^"th 
ing  to  withdraw  its  circulating  notes,  in  whole  or  in  part,  bonds' 
may,  upon  the  deposit  of  lawful  money  with  the  Treas- 
urer of  the  United  States  in  sums  of  not  less  than  nine 
thousand  dollars,  take  up  the  bonds  which  said  associa- 
tion has  on  deposit  with  the  Treasurer  for  the  security  of 
such  circulating  notes;  which  bonds  shall  be  assigned  to 
the  bank  in  the  manner  specified  in  the  nineteenth  sec- 
tion of  the  national-bank  act ;  and  the  outstanding  notes 
of  said  association,  to  an  amount  equal  to  the  legal-tender 
notes  deposited,  shall  be  redeemed  at  the  Treasury  of  the 
United  States,  and  destroyed  as  now  provided  by  law : 
Provided,  That  the  amount  of  the  bonds  on  deposits  for  Limit  of 

'  ,  withdrawal    of 

circulation   shall    not   be   reduced   below   fifty   thousand  bonds, 
dollars. 

SEC.  5.  That  the  Comptroller  of  the  Currency  shall.  n  ^^^ 
under  such  rules  and  regulations  as  the  Secretary  of  the  ]JJ.1,^^ ./upon 
Treasury  may  prescribe,  cause  the  charter  numbers  of  the  ll"'ir  n"u'H- 
association   to  be   printed   upon   all   national-bank   notes 
which  may  be  hereafter  issued  by  him. 


420  NATIONAL  MONETARY  COMMISSION. 

Maximum     gECt  g.  That  the  amount  of  United  States  notes  out- 

amount  of  Uni- 
ted States  notes  standing  and  to  be  used  as  a  part  of  the  circulating  medium 

shall  not  exceed  the  sum  of  three  hundred  and  eighty-two 
million   dollars,   which   said   sum   shall   appear   in   each 
monthly  statement  of  the  public  debt,  and  no  part  thereof 
shall  be  held  or  used  as  a  reserve, 
provisions     gEC>  7.  That  so  much  of  the  act  entitled  "An  act  to 

relative  to 

?rrhnAA  nnn  °£  provide  for  the  redemption  of  the  three  per  cent,  tempo- 

$55,000,000   of  *  .  .  f  •          i 

circulation.  rary-loan  certificates,  and  for  an  increase  of  national- 
bank  notes,"  as  provides  that  no  circulation  shall  be  with- 
drawn under  the  provisions  of  section  six  of  said  act, 
until  after  the  fifty-four  millions  granted  in  section  one 
of  said  act  shall  have  been  taken  up.  is  hereby  repealed ; 
and  it  shall  be  the  duty  of  the  Comptroller  of  the  Cur- 
rency, under  the  direction  of  the  Secretary  of  the  Treas- 
ury, to  proceed  forthwith,  and  he  is  hereby  authorized 
and  required,  from  time  to  time,  as  applications  shall  be 
duly  made  therefor,  and  until  the  full  amount  of  fifty- 
five  million  dollars  shall  be  withdrawn,  to  make  requisi- 
tions upon  each  of  the  national  banks  described  in  said 
section,  and  in  the  manner  therein  provided,  organized 
in  States  having  an  excess  of  circulation,  to  withdraw  and 
return  so  much  of  their  circulation  as  by  said  act  may 
be  apportioned  to  be  withdrawn  from  them,  or.  in  lieu 
thereof,  to  deposit  in  the  Treasury  of  the  United  States 
lawful  money  sufficient  to  redeem  such  circulation,  and 
upon  the  return  of  the  circulation  required,  or  the  deposit 
Bonds  to  be  of  lawful  money,  as  herein  provided,  a  proportionate 

returned  to  as-  ,  .         ,      . 

sociation  inaiiioiint  or  the  bonds  held  to  secure  the  circulation  or 

proportion    to  .  -in 

circulation  such  association  as  shall  make  such  return  or  deposit  shall 

withdrawn. 

be  surrendered  to  it. 
Bonds  to  i)e      SEC.  8.  That  upon  the  failure  of  the  national  banks 

sold  on  failure  ..... 

of  association  upon  which  requisition  tor  circulation  shall  be  made,  or 

to    return    cir- 

cuintion.  of  any  of  them,  to  return  the  amount  required,  or  to  de- 
posit in  the  Treasury  lawful  money  to  redeem  the  circu- 
lation required,  within  thirty  days,  the  Comptroller  of 
the  Currency  shall  at  once  sell,  as  provided  in  section 
Seesec.  5231.  forty-nine  of  the  national-currency  act',  approved  June 
third,  eighteen  hundred  and  sixty-four,  bonds  held  to 
secure  the  redemption  of  the  circulation  of  the  association 
or  associations  which  shall  so  fail,  to  an  amount  sufficient 
to  redeem  the  circulation  required  of  such  association  or 
associations,  and  with  the  proceeds,  which  shall  be  de- 
posited in  the  Treasury  of  the  United  States,  so  much  of 
the  circulation  of  such  association  or  associations  shall  be 


LAWS    CONCERNING   MONEY,   BANKING,    AND   LOANS.  421 

redeemed  as  will  equal  the  amount  required  and  not  re- 
turned; and  if  there  be  any  excess  of  proceeds  over  the 
amount  required  for  such  redemption,  it  shall  be  re- 
turned to  the  association  or  associations  whose  bonds  shall 
have  been  sold.  And  it  shall  be  the  dutv  of  the  Treas-  Assistant 

-.  ,     ,    ,  treasurers   and 

urer,  assistant  treasurers,  designated  depositaries,  and  na-  depositaries  to 
tional  bank  depositaries  of  the  United  States,  who  shall  turn  notes  to 
be  kept  informed  by  the  Comptroller  of  the  Currency  of 
such  associations  as  shall  fail  to  return  circulation  as  re- 
quired, to  assort  and  return  to  the  Treasury  for  redemp- 
tion the  notes  of  such  associations  as  shall  come  into  their 
hands  until  the  amount  required  shall  be  redeemed,  and 
in  like  manner  to  assort  and  return  to  the  Treasury,  for 
redemption,  the  notes  of  such  national  banks  as  have 
failed,  or  gone  into  voluntary  liquidation  for  the  purpose 
of  winding  up  their  affairs,  and  of  such  as  shall  hereafter 
so  fail  or  go  into  liquidation. 

SEC.  9.  That  from  and  after  the  passage  of  this  act  it   Providing  for 

&  the  issue  of  new 

shall  be  lawful  for  the  Comptroller  of  the  Currency,  and™ H^gooo'ooo 
he  is  herebv  required,  to  issue  circulating  notes  without  withdrawn 

1     .  Seeact  of  Jan. 

delay,  as  applications  therefor  are  made,  not  to  exceed  14>  1875> sec-  3- 
the  sum  of  fifty-five  million  dollars,  to  associations  or- 
ganized, or  to  be  organized,  in  those  States  and  Terri- 
tories having  less  than  their  proportion  of  circulation, 
under  an  apportionment  made  on  the  basis  of  population 
and  of  wealth,  as  shown  by  the  returns  of  the  census  of 
eighteen    hundred    and   seventy;    and   every    associationti(^eswtoa^°s'^l)" 
hereafter  organized  shall  be  subject  to,  and  be  governed  j",|ntktoanc:ttional" 
by,  the  rules,  restrictions,  and  limitations,  and  possess  the 
rights,  privileges,  and  franchises,  now  or  hereafter  to  be 
prescribed  by  law  as  to  national  banking  associations, 
with  the  same  power  to  amend,  alter,  and  repeal  provided 
by  "the  national-bank  act:"  Provided,  That  the  whole tive° Yo °^wfth- 
amount  of  circulation   withdrawn   and   redeemed    f rom  cufatfon.0 
banks  transacting  business  shall  not  exceed  fifty-five  mil- 
lion dollars,  and  that  such  circulation  shall  be  withdrawn 
and  redeemed  as  it  shall  be  necessary  to  supply  the  circu- 
lation previously  issued  to  the  banks  in  those  States  hav- 
ing less  than  their  apportionment:  And  provided  further, 
That  not  more  than  thirty  million  dollars  shall  be  with- 
drawn and  redeemed  as  herein  contemplated  during  the 
fiscal  year  ending  June  thirtieth,  eighteen  hundred   and 
seventy -five. 

Approved,  June  -JO.  isTl. 


422  NATIONAL,    MONETARY   COMMISSION. 

ACT  OF  JUNE  22,  1874. 

is  stat.  L.,  CHAP.  399. — An  act  for  the  relief  of  savings  institutions 
having  no  capital  stock,  and  doing  business  solely  for 
the  benefit  of  depositors. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tices  of  the  United  States  of  America  in  Congress  assem- 

certain   sav-  bled,  That  no  farther  collection  of  internal  revenue  taxes 

Ings  banks  ex-  '  .  .  . 

empt  from  in-  shall  be  made  on  the  earnings  or  savings  banks  or  institu- 

ternal    revenue    .  .  _  .      ,  ••     i    • 

tax.  tions  for  savings,  having  no  capital  stock  and  doing  no 

other  business  than  receiving  deposits  to  be  loaned  or  in- 
vested for  the  sole  benefit  of  the  parties  making  such 
deposits,  without  profit  or  compensation  to  the  association 
or  company,  whether  the  earnings  of  the  same  have  been 
or  may  hereafter  be  divided  annually,  semi-annually  or 
at  other  periods. 
Approved,  June  22,  1874. 

ACT  OF  JANUARY  14,  1875. 
is  stat    L., CHAP.    15. — .4;;    act   to   provide   for   the   resumption    of 

pt.  3,  p.  iiOG.  . 

specte  payments. 
***** 

Repeal  of  iim-  SEC.  3.  That  section  five  thousand  one  hundred  and 
gregate  amount  seventy-seven  of  the  Revised  Statutes,  limiting  the  ag- 
notes. rc  gregate  amount  of  circulating  notes  of  national  banking 

statutes,  5177. associations,  be,  and  is  hereby,  repealed;  and  each  exist- 
ing banking  association  may  increase  its  circulating  notes 
in  accordance  with  existing  law  without  respect  to  said 
aggregate  limit:  and  new  banking  associations  may  be 
organized  in  accordance  with  existing  law  without  re- 
Repeal  of  pro-spect  to  said  aggregate  limit ;  and  the  provisions  of  law  for 

visions     for  . 

withdrawal  and  the  withdrawal  and  redistribution  of  national  bank  cur- 

redisfrllmtion. 

See    Revised  reiicv  among  the  several  States  and  Territories  are  hereby 

Statutes.  51S1.  '  i     ,         V      i        i  i  t4  •  4--    * 

repealed.     And  whenever,  and  so  often,  as  circulating 

notes  shall  be  issued  to  any  such  banking  association,  so 

increasing  its  capital  or  circulating  notes,  or  so  newly  or- 

rnited  states  ganized  as  aforesaid,  it  shall  be  the  dutv  of  the  Secretary 

notes   in  excess  . 

of $300,000,000 of  the  I  reasurv  to  redeem  the  legal-tender  T  nited  States 

to  be   redeemed 

in  a  certain  ra- notes  in  excess  onlv  of  three  hundred  million  of  dollars. 

tio   to   increase  ;  n 

<>f   national- to    the    amount    ol    eighty    per   centum    01    the    sum    of 

bank      clrcula-          .  .    '  . 

tion.  national-bank  notes  so  issued  to  any  such  banking  asso- 

ciation as  aforesaid,  and  to  continue  such  redemption  as 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  423 

such  circulating  notes  are  issued  until  there  shall  be  out- 
standing the  sum  of  three  hundred  million  dollars  of 
such  legal-tender  United  States  notes,  and  no  more. 
And  on  and  after  the  first  day  of  January,  anno  Domini 
eighteen  hundred  and  seventy-nine,  the  Secretary  of  the 
Treasury  shall  redeem,  in  coin,  the  United  States  legal-  Redemption 

J  fe        of  United  States 

tender  notes  then  outstanding,  on  their  presentation  for  n«tes   m   coin 

07  .  after    January 

redemption,  at  the  office  of  the  assistant  treasurer  ot  the  1.  1879. 

United  States  in  the  city  of  New  York,  in  sums  of  not 

less  than  fifty  dollars.     And  to  enable  the  Secretary  of 

the  Treasury  to  prepare  and  provide  for  the  redemption 

in  this  act  authorized  or  required,  he  is  authorized  to  use,,  Appropria- 

1  tion. 

any  surplus  revenues,  from  time  to  time,  in  the  Treasury 
not  otherwise  appropriated,  and  to  issue,  sell  and  dispose 
of,  at  not  less  than  par,  in  coin,  either  of  the  descriptions .  Sale  of  bc>n,ds 

to    provide 

of  bonds  of  the  United  States  described  in  the  act  of  ™*™fn  ^nited 
Congress   approved   July   fourteenth,  eighteen   hundred  st,?tes°otes. 

to  See  1870,  ch. 

and  seventy,  entitled  "An  act  to  authorize  the  refunding  ^  val-  16-  P- 
of  the  national  debt,"  with  like  qualities,  privileges,  and 
exemptions,  to  the  extent  necessary  to  carry  this  act  into 
full  effect,  and  to  use  the  proceeds  thereof  for  the  purposes 
aforesaid.     And  all  provisions  of  law  inconsistent  with 
the  provisions  of  this  act  are  hereby  repealed. 
Approved,  January  1-1,  1875. 

ACT  OF  JANUARY  19,  1875.  *«  nst.^0  L-> 

pi.  0^  p.  ov*.. 

CHAP.  19. — An  act  to  remove  the  limitation  restricting 
the  circulation  of  banking  associations  issuing  notes 
payable  in  gold. 

Be  it  enacted  by  the  Senate  and  House  of  Represent  a- 
fives  of  the  United  States  of  America  in  Congress  assem-0^ 
bled,  That  so  much  of  section  five  thousand  one  hundred  gc 
and  eighty-five  of  the  Revised  Statutes  of  the  United 
States  as  limits  the  circulation  of  banking  associations, 
organized  for  the  purpose  of  issuing  notes  payable  in 
gold,  severally  to  one  million  dollars,  be,  and  the  same  is 
hereby,  repealed;  and  each  of  such  existing  banking  asso- 
ciations may  increase  its  circulating  notes,  and  new  bank- 
ing associations  may  be  organized,  in  accordance  with 
existing  law,  without  respect  to  such  limitation. 

Approved,  January  19,  lbT5. 


424  NATIONAL,  MONETARY  COMMISSION. 

ACT  OF  FEBRUARY  8,  1875. 


pt1!  p^an^'CHAP.   3fi.  —  An    act    to    amend    existing    customs    and 
internal  revenue  laws,  and  for  other  purposes. 


Tax  on  notes     gEC>  ^  That  every  person,  firm,  association  other  than 

of     person     or  *•    * 

state  banks  national  bank  associations,  and  every  corporation,  State 

paid  out.  " 

34s1^secs'3412'bank,  or  State  banking  association,  shall  pay  a  tax  of  ten 
per  centum  on  the  amount  of  their  own  notes  used  for 
circulation  and  paid  out  by  them. 
Tax  on  notes     gEC  20.  That  every  such  person,  firm,  association,  cor- 

of    persons,  '      _ 

state  b  a  n  k :s ,  poration,  State  bank,  or  State  banking  association,  and 

towns,      cities, r  '  !  ' 

etc.,  used  for aiso  every  national  banking  association,  shall  pay  a  like 

circulation.  J  L     J 

see  sees.  3412  tax  of  ten  per  centum  on  the  amount  of  notes  of  any  per- 

3413.     Revised  .      .  •         ,     ,        ,  • 

statutes.          son,   firm,    association    other   than    a    national    banking 

association,  or  of  any  corporation,  State  bank,  or  State 

banking  association,  or  of  any  town,  city,  or  municipal 

corporation,  used  for  circulation  and  paid  out  by  them. 

Returns  to  be     §EC-  21.  That  the  amount  of  such  circulating  notes,  and 

made    to    the 

commissioner  of  the  tax  due  thereon,  shall  be  returned,  and  the  tax  paid 

of  Internal  .  '  -i-ii-i 

Revenue.          at  the  same  time,  and  in  the  same  manner,  and  with  like 

See  sec.  3414.  .  ' 

penalties  for  failure  to  return  and  pay  the  same,  as  pro- 
vided by  law  for  the  return  and  payment  of  taxes  on 
deposits,  capital,  and  circulation,  imposed  by  the  existing 
provisions  of  internal  revenue  law. 

***** 
Approved,  February  8,  1875. 

ACT  OF  MARCH  3,  1875. 

t183  sta507L"  CHAP.  107. — An  act  to  authorize  the  Secretary  of  the 
Treasury  to  adjust  and  remit  certain  taxes  and  penal- 
ties claimed  to  be  due  from  mining  and  other  corpora- 
tions and  for  other  purposes. 

lie  it  enacted  by  the  Senate  and  House  of  Representa- 
tive* of  the  United  States  of  America  in  Congress  as- 
ortain penal-  scmblcd,  That  the  Secretary  of  the  Treasury  be,  and  he 

tit-H   on    mininK  .  .  J  ' 

and    manufuc-  is  hereby,  authorized  and  directed  to  settle  and  release 

turing  corpora-  .    .*  .  . 

tions  remitted,  any  claims  tor  tax  on  circulation  or  evidences  ot  indebt- 
edness made  against  any  mining,  manufacturing  or  other 
corporations  other  than  against  any  national  banking- 
association.  State  bank,  or  banking-association,  by  such 
corporations  paying  the.  tax,  without  penalty,  that  shall 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  425 

have  accrued  thereon  since  November  first,  eighteen  hun- 
dred and  seventy-three;  and  that  the  provisions  of  sec- 
tion three  thousand  four  hundred  and  twelve  of  the  Re-    .Uevls!,ed  stat- 
utes,   3412,    p. 

vised  Statutes  of  the  United  States  shall  not  be  construed 374-  construed. 
in  pending  cases,  except  as  to  national  banking-associa- 
tions, to  apply  to  such  evidences  of  indebtedness  issued 
and  reissued  prior  to  the  passage  of  this  act,  but  said  sec- 
tion shall  be  construed  as  applying  to  such  evidences  of 
indebtedness  issued  after  the  passage  hereof. 
Approved  March  3,  1875. 

ACT  OF  JUNE  30, 1876. 

CHAP.  156. — An  act  authorizing  the  appointment  of  re-  6319  stat-  L- 
ceivers  of  national  banks,  and  for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled, That  whenever  any  national  banking;  association  when  re- 

CGivcr     for     a 

shall  be  dissolved,  and  its  rights,  privileges,  and  fran-  national    hank 

i  •  11          i    £      £   -j.     i  -i      -i    •  i.-          ^  CL       to    1)0   aPP°int- 

chises  declared  forfeited,  as  prescribed  in  section  fifty- ed  by  comp- 
two  hundred  and  thirty-nine  of  the  Revised  Statutes  of  rency, 
the  United  States,  or  whenever  any  creditor  of  any  na- 
tional banking  association  shall  have  obtained  a  judg- 
ment against  it  in  any  court  of  record,  and  made  applica- 
tion, accompanied  by  a  certificate  from  the  clerk  of  the 
court  stating  that  such  judgment  has  been  rendered  and 
has  remained  unpaid  for  the  space  of  thirty  days,  or 
whenever  the  Comptroller  shall  become  satisfied  of  the 
insolvency  of  a   national   banking  association,  he  may,     Re™>e>d  stat- 
after  clue  examination  of  its  affairs,  in  either  case,  ap- 
point a  receiver,  who  shall  proceed  to  close  up  such  asso- 
ciation, and  enforce  the  personal  liability  of  the  share- 
holders, as  provided  in   section  fifty-two  hundred  and  ut^CV5So^stat 
thirty-four  of  said  statutes. 

SEC.   2.  That   when  any  national  banking  association  Jnfj^fshare-' 
shall  have  gone  into  liquidation  under  the  provisions  of  {^enforced!  to 
section  five  thousand  two  hundred  and  twenty  of  said  ut^seV5o%stnt" 
statutes,  the  individual  liability  of  the  shareholders  pro- 
vided for  by  section  fifty-one  hundred  and  fifty-one  of  uJ4'lx->if,i  Slat 
said  statutes  may  be  enforced  by  any  creditor  of  such 
association,  by  bill  in  equity  in  the  nature  of  a  creditor's 
bill,  brought  by  such  creditor  on  behalf  of  himself  and 
of  all  other  creditors  of  the,  association,  against  the  share- 
15712°— 10 28 


426  NATIONAL   MONETARY  COMMISSION. 

holders  thereof,  in  any  court  of  the  United  States  having 
original  jurisdiction  in  equity  for  the  district  in  which 
such  association  may  have  been  located  or  established. 
Meeting   of     SEC   3.  That  whenever  any  association  shall  have  been 

Bharehol  ders  ,         -i        »  •  • 

after  payment  or  shall  be  placed  in  the  hands  or  a  receiver,  as  provided 

of    debts     and  -  -IT-  /• 

expenses  of  re-  in  section  fif  tv-two  hundred  and  thirty-four  and  other 

ceivership.  .,  .  n     .   . 

Revised  stat-  sections  of  said  statutes,  and  when,  as  provided  in  section 

utcs       5*^34 

5236.'  '  fifty-two  hundred  and  thirty-six  thereof,  the  Comptroller 

shall  have  paid  to  each  and  every  creditor  of  such  asso- 
ciation, not  including  shareholders  who  are  creditors  of 
such  association,  whose  claim  or  claims  as  such  creditor 
shall  have  been  proved  or  allowed  as  therein  prescribed, 
the  full  amount  of  such  claims  and  all  expenses  of  the 
receivership,  and  the  redemption  of  the  circulating  notes 
of  such  association  shall  have  been  provided  for  by  depos- 
iting lawful  money  of  the  United  States  with  the  Treas- 
urer of  the  United  States,  the  Comptroller  of  the  Cur- 
Xotice  ofrency  shall  call  a  meeting  of  the  shareholders  of  such 
association  by  giving  notice  thereof  for  thirty  days  in 
a  newspaper  published  in  the  town,  city,  or  county  where 
the  business  of  such  association  was  carried  on,  or  if  no 
newspaper  is  there  published,  in  the  newspaper  published 
nearest  thereto,  at  which  meeting  the  shareholders  shall 
Election  of  elect  an  agent,  voting  by  ballot,  in  person  or  by  proxy, 

holders7  s     *  each  share  of  stock  entitling  the  holder  to  one  vote ;  and 

when  such  agent  shall  have  received  votes  representing 

at  least  a  majority  of  the  stock  in  value  and  number  of 

shares,  and  when  any  of  the  shareholders  of  the  associa- 

Bond  forpay- tjon  shall  have  executed  and  filed  a  bond  to  the  satis- 

rnent  of  debts. 

faction  of  the  Comptroller  of  the  Currency,  conditioned 
for  the  payment  and  discharge  in  full  of  any  and  every 
claim  that  may  hereafter  be  proved  and  allowed  against 
such  association  by  and  before  a  competent  court,  and  for 
the  faithful  performance  and  discharge  of  all  and  singu- 
lar the  duties  of  such  trust,  the  Comptroller  and  the  re- 
Transfer  of  ceivor  shall  thereupon  transfer  and  deliver  to  such  agent 
assets   and 

property  to  all  the  undivided  or  uncollected  or  other  assets  and  prop- 
agent. 

erty  of  such  association  then  remaining  in  the  hands  or 
subject  to  the  order  or  control  of  said  Comptroller  and 
said  receiver,  or  either  of  them  ;  and  for  this  purpose,  said 
tranRsfrernient  °*  Comptroller  and  said  receiver  are  hereby  severally  em- 
powered  to  execute   any   deed,  assignment,  transfer,  or 
other  instrument   in  writing  that  may  be  necessary  and 
i>iKcharRo  of  proper:  whereupon  the  said  Comptroller  and  the  said  ro- 

Comptroll  er       .  ,  .    J  ,.      , 

and  receiver,     ceiver  shall,   by   virtue  of  this  act,  be  discharged  and 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  427 

released  from  any  and  all  liabilities  to  such  association, 
and  to  each  and  all  of  the  creditors  and  shareholders 
thereof ;  and  such  agent  is  hereby  authorized  to  sell,  com- 
promise, or  compound  the  debts  due  to  such  association 
upon  the  order  of  a  competent  court  of  record  or  of  the 
United  States  circuit  court  for  the  district  where  the 
business  of  the  association  was  carried  on.  Such  agent 
shall  hold,  control,  and  dispose  of  the  assets  and  property 
of  any  association  which  he  may  receive  as  hereinbefore 
provided  for  the  benefit  of  the  shareholders  of  such  asso- 
ciation as  they,  or  a  majority  of  them  in  value  or  number 
of  shares,  may  direct,  distributing  such  assets  and  prop- 
erty among  such  shareholders  in  proportion  to  the  shares 
held  by  each ;  and  he  may,  in  his  own  name  or  in  the  name 
of  such  association,  sue  and  be  sued,  and  do  all  other 
lawful  acts  and  things  necessary  to  finally  settle  and  dis- 
tribute the  assets  and  property  in  his  hands.  In  select-  Admmistra- 

.    ,      »  •  .     •  tors,  guardians, 

ing  an  agent  as  hereinbefore  provided,  administrators  or  etc.,    may   act 

,,    ,  \  .  in    cho  o  s  i  n  g 

executors  of  deceased  shareholders  may  act  and  sign  as  agent. 
the  decedent  might  have  done  if  living,  and  guardians 
may  so  act  and  sign  for  their  ward  or  wards. 

SEC.  4.  That  the  last  clause  of  section  fifty-two  hun-     Revised  stat- 

J  utes,     5  2  0  5  , 

dred   and   five  of   said   statutes   is  hereby   amended  by  amended. 
adding  to  the  said  section  the  following  proviso : 

"And  provided.  That  if  any  shareholder  or  sharehold-     Sale  of  stock 

*  11  <>  °*    shareholder 

ers   of  such   bank   shall   neglect   or   refuse,   after  three  refusing  to  pay 

,  ...     assessment. 

months  notice,  to  pay  the  assessment,  as  provided  in  this 
section,  it  shall  be  the  duty  of  the  board  of  directors  to 
cause  a  sufficient  amount  of  the  capital  stock  of  such 
shareholder  or  shareholders  to  be  sold  at  public  auction 
(after  thirty  days'  notice  shall  be  given  by  posting  such 
notice  of  sale  in  the  office  of  the  bank,  and  by  publishing 
such  notice  in  a  newspaper  of  the  city  or  town  in  which 
the  bank  is  located,  or  in  a  newspaper  published  nearest 
thereto,)  to  make  good  the  deficiency;  and  the  balance, 
if  any,  shall  be  returned  to  such  delinquent  shareholder 
or  shareholders." 

SEC.  5.  That  all  United  States  officers  charged  with  the     Fraudulent 

.  ,.     ,  .,  ..  1         11          «•  U  O  t  O  S      (0      1(0 

receipt  or  disbursement  ot  public  moneys,  and  all  omcerss tamped  as 
of  national  banks,  shall  stamp  or  write  in  plain  letters  the  etc..   by  d  i  s 

,    ,,  .,   .'    ,,          ,  ,  ,,  ,  ,         ,,  ,,  burslng  officers 

word      counterfeit     k  altered      or      worthless,     upon  all  and   bank    <>t- 
fraudulent  notes  issued  in  the  form  of,  and  intended  to 
circulate   as   money,   which    shall    bo    presented    at    thoir 
places  of  business;  and   if  such  officers  shall  wrongfully    <>m<-fi-s  nat,ii> 

•    for    wrongfully 

stamp  any  genuine  note  of  the  United  States,  or  of  the  stamping. 


428  NATIONAL   MONETARY  COMMISSION. 

national  banks,  they   shall,   upon  presentation,   redeem 
such  notes  at  the  face-value  thereof. 
Reports    to     SEC.  6.  That  all  savings-banks  or  savings  and  trust 

Comptroller  by  .        .  . 

savings  banks,  companies  organized  under  authority  or  any  act  of  Con- 
gress shall  be,  and  are  hereby,  required  to  make,  to  the 
Comptroller  of  the  Currency,  and  publish,  all  the  reports 
Revised  stat-  which  national  banking  associations  are  required  to  make 

utes,5211,5212,  .    .  „  . 

5213.  and  publish  under  the  provisions  of  sections  fifty-two. 

failing  to  re- hundred  and  eleven,  fifty-two  hundred  and  twelve  and 
fifty-two  hundred  and  thirteen,  of  the  Revised  Statutes, 
and  shall  be  subject  to  the  same  penalties  for  failure  to 
make  or  publish  such  reports  as  are  therein  provided; 
which  penalties  may  be  collected  by  suit  before  any  court 
of  the  United  States  in  the  district  in  which  said  savings 
banks  or  savings  and  trust  companies  may  be  located. 
Savings  and  And  all  savings  or  other  banks  now  organized,  or  which 

other  banks  in  ,  .  -,^..        .  „  >, 

District  of  Co- shall  hereafter  be  organized,  in  the  District  ot  Columbia, 

lumbia    made  »  /-.  i  •   i       i     11  i  • 

subject  to  cer-  under  aiiv  act  of  Congress,  which  shall  have  capital  stock 

tain  laws.  .  ".  ,     ,  .  ,     ,, 

paid  up  in  whole  or  in  part,  shall  be  subject  to  all  the 
provisions  of  the  Revised  Statutes,  and  of  all  acts  of 
Congress  applicable  to  national  banking  associations,  so 
far  as  the  same  may  be  applicable  to  such  savings  or  other 
Paid-in  capf- banks :  Provided.  That  such  savings  banks  now  estab- 

tal  of  existing 

savings  banks,  lished  shall  not  be  required  to  have  a  paid-in  capital  ex- 
ceeding^one  hundred  thousand  dollars. 
Approved,  June  30,  1876. 


ACT  OF  MARCH  3,  1877. 

353°  Stat'  L"  ^HAP-  10-r>- — An  ac-t  making  appropriations  for  sundry 
ciril  expenses  of  the  Government  for  flic  fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  seventy- 
eight,  and  for  other  purposes. 

*  *  .        *  *  * 

BUREAU  OF  ENGRAVING  AND  PRINTING. 

Engraving      For  labor  and   expenses  of  engraving  and    printing, 

and     Printing  .  . 

Bureau.  namely:   For  labor    (by  the  day,  piece,  or  contract   in- 

cluding labor  of  workmen  skilled  in  engraving,  trans- 
ferring, plate-printing,  and  other  specialties  necessary 
for  carrying  on  the  work  of  engraving  and  printing  notes, 
bonds,  and  other  securities  of  the  United  States,  the  pay 
for  such  labor  to  be  fixed  bv  the  Secretary  of  the  Treas- 
ury at  rates  not  exceeding  the  rates  usually  paid  1'or  such 


LAWS   CONCERNING    MONEY,   BANKING,    AND   LOANS.  429 

work;  and  for  other  expenses  of  engraving  and  printing 
notes,  bonds,  and  other  securities  of  the  United  States; 
for  paper  for  notes,  bonds,  and  other  securities  of  the 
United  States,  including  mill  expenses,  boxing  and  trans- 
portation ;  for  materials  other  than  paper  required  in  the 
work  of  engraving  and  printing;  for  purchase  of  en- 
gravers' tools,  dies,  rolls,  and  plates,  and  for  machinery 
and  repairs  of  the  same,  and  for  expenses  of  operating 
macerating  machines  for  the  destruction  of  the  United 
States  notes,  bonds,  national  bank  notes,  and  other  obli- 
gations of  the  United  States  authorized  to  be  destroyed  Proviso. 
eight  hundred  thousand  dollars:  Provided,  That  the  Proviso. 
work  be  performed  at  the  Treasury  Department:  And 
pi^orided  further,  That  it  can  be  done  as  cheaply,  as  per- 
fectly, and  as  safely  and  all  contracts  already  made  shall 
be  faithfully  carried  out. 

***** 
Approved,  March  3,  1877. 

ACT  OF  FEBRUARY  14,  1880. 

CHAP.  25. — An  act  authorizing  the  conversion  of  national  6fi21   stat-   lj-< 
gold  banks. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  /States  of  America  in  Congress  assem- 
bled, That  any  national  gold  bank  organized  under  the  ba^|*lonal  gold 
provisions  of  the  laws  of  the  United  States,  may,  in  the    conversion, 
manner  and  subject  to  the  provisions  prescribed  by  sec- 
tion   fifty-one   hundred    and    fifty-four   of   the    Revised    Revised  stat- 

J  .  utes,  .r>l;j4. 

Statutes  of  the  United  States,  for  the  conversion  of  banks 
incorporated  under  the  laws  of  any  State,  cease  to  be  a 
gold  bank,  and  become  such  an  association  as  is  author- 
ized  by  section  fifty-one  hundred   and   thirty-three,  for  Ut1p|virfi.\1..stat" 
carrying  on  the  business  of  banking,  and  shall  have  the 
same  powers  and  privileges,  and  shall  be  subject  to  the 
same  duties,  responsibilities,  and   rules,   in   all   respects, 
as  are  by  law  prescribed  for  such  associations:  Provided,     Proviso. 
That  all  certificates  of  organization  which  shall  be  issued 
under  this  act  shall  bear  the  dale  of  the  original  organiza- 
tion of  each  bank  respectively  as  a  gold  bank. 
Approved,  February  14,  18bO. 


lilt's 


430  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  FEBRUARY  26,  1881. 

352    Stat   L"CHAP.  82.  —  An  act  defining  the  verification  of  returns  of 

national  banks. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
Revised  stat-  bled,  That  the  oath  or  affirmation  required  by  section 

lt's      ^211  * 

Verification  fifty-two  hundred  and   eleven  of  the  Revised  Statutes, 

of    returns    of         •       .  , 

national  banks,  verifying  the   returns  made   by   national   banks  to   the 

Comptroller  of  the  Currency,  when  taken  before  a  notary 

public    properly    authorized    and   commissioned   by   the 

State  in  which  such  notary  resides  and  the  bank  is  located, 

or  any  other  officer  having  an  official  seal,  authorized  in 

such  State  to  administer  oaths,  shall  be  a  sufficient  verifi- 

Proviso.        cation  as  contemplated  by  said  section  fifty-two  hundred 

and  eleven:  Provided,  That  the  officer  administering  the 

oath  is  not  an  officer  of  the  bank. 

Approved,  February  26,  1881. 

ACT  OF  JULY  12,  1882. 

22  stat.  L.,  CHAP.  290.  —  An  act  to  enable  national-banking  associa- 
ifl-j. 

tions  to  extend  their  corporate  existence,  and  for  other 

purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assern- 
bankin^as^o-^^'  That  any  national-banking  association  organized 
thorized'to  es-un^er  tne  {1C^S  °^  February  twenty-fifth,  eighteen  hundred 
el?stenceporate  an(^  sixty-three,  June  third,  eighteen  hundred  and  sixty- 
ofiv  riastaets'  f°ur?  an(l  February  fourteenth,  eighteen  hundred  and 
ml'-  ~Rev?its1eci°*'nv'1  01  un(^er  sections  fift-one  hundred  and  thirt- 


«^3;J1!{3'  three,  fifty-one  hundred  and  thirty-four,  fifty-one  hun- 
!•!>-';     Revised  dre(]   .111(]    thirl  v-five.   fifty-one   hundred    and   thirty-six, 

Statutes.   ;>1.!<>. 

p  993  ;  Revised  arld    fifty-one    hundred    and    fifty-four   of    the    Revised 

Statutes,  ;>l.r>4,  •  •' 

i>.  990.  Statutes  of  the  United  States,  may,  at  any  time  within 

the  two  years  next  previous  to  the  date  of  the  expiration 
of  its  corporate  existence  under  present  law,  and  with 
the  approval  of  the  Comptroller  of  the  Currency,  to  be 

Terms  of  sue-  granted,  as  hereinafter  provided,  extend  its  period  of  suc- 
cession. .  .  .     . 

cession  by  amending  its  articles  of  association  for  a  term 

of  not  more  than  twenty  years  from  the  expiration  of  the 

period  of  succession  named  in  said  articles  of  association, 

and  shall  have  succession  for  such  extended  period,  unless 

Forfeiture  of  sooner  dissolved  by  the  act  of  shareholders  owning  two- 

fran<-hlse.  .   .     ,         ,  .  ,  ,  .   .       .  ,       „   .       . 

thirds  ot  its  stock,  or  unless  its  franchise  becomes  forfeited 
by  some  violation  of  law.  or  unless  hereafter  modified  or 
repealed. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  431 

(Sections  2,  3,  and  4  provide  that  the  amended  articles 
of  association  must  receive  the  written  consent  of  share- 
holders owning  not  less  than  two-thirds  of  the  capital 
stock,  and  shall  not  be  valid  until  the  Comptroller  shall 
have  certified  his  approval,  after  making  a  special  exam- 
ination of  the  association  to  determine  its  condition ;  and 
that  any  association  so  extending  the  period  of  its  succes- 
sion "  shall  continue  to  be  in  all  respects  the  identical 
association  it  was  before  the  extension  of  its  period  of 
succession." 

(Section  5  provides  that  any  shareholder  not  assenting 
to  the  amended  articles  shall  be  entitled  to  receive  the 
appraised  value  of  his  shares,  and  that  his  shares  shall 
then  be  sold  at  public  sale.) 

SEC.  6.  That  the  circulating  notes  of  any  association     Redemption 

17  and  d  e  s  truc- 

SO  extending  the  period  of  its  succession  which  shall  have tion  of  certain 

,..  .  circulating 

been  issued  to  it  prior  to  such  extension  shall  be  redeemed  notes. 
at  the  Treasury  of  the  United  States,  as  provided  in  is  statutes, 
section  three  of  the  act  of  June  twentieth,  eighteen  hun- 
dred and  seventy-four,  entitled  "An  act  fixing  the 
amount  of  United  States  notes,  providing  for  redistri- 
bution of  national-bank  currency,  and  for  other  pur- 
poses," and  such  notes  when  redeemed  shall  be  forwarded 
to  the  Comptroller  of  the  Currency,  and  destroyed  as 
now  provided  by  law ;  and  at  the  end  of  three  years  from 
the  date  of  the  extension  of  the  corporate  existence  of 
each  bank  the  association  so  extended  shall  deposit  law- 
ful  money  with  the  Treasurer  of  the  United  States  suf- 
ficient  to  redeem  the  remainder  of  the  circulation  which 
was  outstanding  at  the  date  of  its  extension,  as  provided  stat- 

in sections  fifty-two  hundred  and  twenty-two,  fifty-two  ^^ '5o^~2f)' 
hundred    and  twenty-four,   and   fifty-two   hundred   and  101°- 
twenty-five  of  the  Revised  Statutes;  and  any  gain  thatfa[}|}[£st*r£r£ 
may  arise  from  the  failure  to  present  such  circulating  ^t  notes  ft°£ 
notes  for  redemption  shall   inure  to  the  benefit   of  the  jj}"™,10^™1- 
United   States;   and   from   time   to  time,  as  such  notes  st§ew' notes  to 
are  redeemed  or  lawful  money  deposited  therefor  as  pro- tlng^Tishab're 
vided   herein,   new    circulating   notes   shall   be   issued   as  h'coStot^hih^ 
provided    by   this   act,   bearing   such   devices,   to   be   ap-  f"[,"°|.11"  (,oll"o 
proved  by  the  Secretary  of  the  Treasury,  as  shall  niakoj^e^su^by 
them  readily  distinguishable  from  the  circulating  notes ciatious. 
heretofore   issued:  Provided^  howcrcr,  That   each   bank-     i'n>v!m>. 
ing  association  which  shall  obtain  the  benefit  of  this  act 
shall  reimburse  to  the  Treasury  the  cost  of  preparing  the. 
plate  or  plates  for  such   new   circulating  notes  as  shall 
be  issued  to  it. 


432  NATIONAL   MONETARY  COMMISSION. 

(Section  7  provides  that  any  bank  which  does  not  avail 
itself  of  the  provisions  of  this  act  shall  be  wound  up  as 
if  the  shareholders  had  voted  to  go  into  liquidation,  that 
it  shall  within  six  months  deposit  with  the  Treasurer  of 
the  United  States  lawful  money  sufficient  to  redeem  all 
its  outstanding  circulating  notes,  and  shall  thereupon 
be  discharged  from  all  liability  therefor,  and  that  the 
bonds  deposited  to  secure  the  same  shall  then  be  reas- 
signed to  it.) 
Bonds  for  se-  gEC.  g.  That  national  banks  now  organized  or  here- 

curity  of  circu-  .  .  fe 

lation   not   to  after  organized,  having  a  capital  of  one  hundred  and 

exceed    one-  '  r 

fourth  of  capi-  fifty  thousand  dollars,  or  less,  shall  not  be  required  to 

talstock;-7  '  ' 

banks  with  keep  on  deposit  or  deposit  with  the  Treasurer  of  the 

bonds    deposit-          f  A 

ed  in  excess  to  United  States  United  States  bonds  in  excess  of  one-fourth 

reduce   circula-  ...... 

tion.  of  their  capital  stock  as  security  for  their  circulating 

notes;  but  such  banks  shall  keep  on  deposit  or  deposit 
with  the  Treasurer  of  the  United  States  the  amount  of 
bonds  as  herein  required.  And  such  of  those  banks  having 
on  deposit  bonds  in  excess  of  that  amount  are  authorized 
to  reduce  their  circulation  by  the  deposit  of  lawful  money 
as  provided  by  law:  Pro/'idcd,  That  the  amount  of  such 
circulation  in  circulating  notes  shall  not  in  any  case  exceed  ninetv  per 

no  case   to  ex-  *  , 

ceed   90   per  centum  of  the  par  value  of  the  bonds  deposited  as  herein 

centum   of   par 

value  of  bonds  provided:  Pro ridcd   further,   That    the   national    banks 

deposited.  L  '  ' 

Provisos.       which  shall  hereafter  make  deposits  of  lawful  money  for 
the  retirement   in   full  of  their  circulation  shall  at  the 
time  of  their  deposit  be  assessed  for  the  cost  of  trans- 
porting and  redeeming  their  notes  then  outstanding,  a 
sum    equal    to   the   average   cost   of   the   redemption   of 
national-bank  notes  during  the  preceding  year,  and  shall 
thereupon  pay  such  assessment.     And  all  national  banks 
which  have  heretofore  made  or  shall  hereafter  make  de- 
posits of  lawful  money  for  the  reduction  of  their  circu- 
f  oV\erBanspor^a^on  shall  be  assessed  and  shall  pay  an  assessment  in 
demptlo'n  'of tne  manner  specified  in  section  three  of  the  act  approved 
outstanding00 '^une  twentieth,  eighteen  hundred  and  seventy-four,  for 
is  statutes,  the    cost    of    transporting    and    redeeming    their    notes 
redeemed  from  such  deposits  subsequently  to  June  thir- 
tieth, eighteen  hundred  and  eighty-one. 

12??8  statutes,  (s,.;r-  ()  That  any  national-banking  association  now  or- 
o  fWc\rn!™Mon  £all'/('(l-  (ll>  hereafter  organized,  desiring  to  withdraw  its 
ami  deposit  of  circulating  notes,  upon  a  deposit  of  lawful  monev  with 

lawful      money 

orderf°rofD  de*^16  Treasurer  of  the  United  States,  as  provided  in  section 

i'oslt-  four  of  the  act  of  June  twentieth,  eighteen  hundred  and 

seventy-four,    entitled    "An    act    fixing   the    amount   of 


LAWS    CONCERNING   MONEY,   BANKING,   AND   LOANS.  433 

United  States  notes,  providing  for  a  redistribution  of 
national-bank  currency,  and  for  other  purposes,"  or  as 
provided  in  this  act,  is  authorized  to  deposit  lawful 
money  and  withdraw  a  proportionate  amount  of  the  bonds 
held  as  security  for  its  circulating  notes  in  the  order  of 
such  deposits;  and  no  national  bank  which  makes  any  increase  of 

.  J  circulation, 

deposit  of  lawful  money  in  order  to  withdraw  its  circu-  when. 

.   ,     ,  „  .  Limit  to  de- 

lating notes  shall  be  entitled  to  receive  any  increase  ol  its  posit  of  lawful 

~  .  .  money    in    any 

circulation  for  the  period  of  six  months  from  the  time  it  one  month. 
made  such  deposit  of  lawful  money  for  the  purpose  afore- 
said: Provided.  That  not  more  than  three  millions  of    Provisos. 

7  .  Bonds  called 

dollars  of  lawful  money  shall  be  deposited  during  any  for  redemption 

17  L  Ot/  exempt    from 

calendar  month  for  this  purpose:  And  provided  further  provisions  of 
That  the  provisions  of  this  section  shall  not  apply  to    Revised  stat- 

bonds   called   for   redemption  by  the    Secretary   of  thesieo,  p.  997- 
,  .  \  i      P     •  •  •     18  Statutes, 

Treasury,  nor  to  the  withdrawal  01  circulating  notes  miss, 
consequence  thereof. 

SEC.  10.  That  upon  a  deposit  of  bonds  as  described  by    Association, 

.  „.  ,          IT  i     nr,          •  j     n£,  upon  deposit  of 

sections  fiftv-one  hundred   and  fifty-nine  and  nftv-one  bonds,    to    re- 

cci  VG    circu)  (it~ 

hundred  and  sixty,  except  as  modified  by  section  four  of  ing  notes  in 
an  act  entitled  "An  act  fixing  the  amount  of  United 
States  notes,  providing  for  a  redistribution  of  the  na- 
tional-bank currency,  and  for  other  purposes,"  approved 
June  twentieth,  eighteen  hundred  and  seventy-four,  and 
as  modified  by  section  eight,  of  this  act,  the  association 
making  the  same  shall  be  entitled  to  receive  from  the 
Comptroller  of  the  Currency  circulating  notes  of  differ- 
ent denominations,  in  blank,  registered  and  countersigned 
as  provided  by  law,  equal  in  amount  to  ninety  per  centum 
of  the  current  market  value,  not  exceeding  par,  of  the  circulation 

QOt      to      GXCCGd 

United  States  bonds  so  transferred  and  delivered,  and  at  oo  per  cent  of 

.  paid-in   capital 

no  time  shall  the  total  amount  or  such  notes  issued  to  any  stock. 
such  association  exceed  ninety  per  centum  of  the  amount   • 
at  such  time  actually  paid  in  of  its  capital  stock;  and  the^Re^d  stat- 
provisions  of  sections  fifty-one  hundred  and  seventy-one?,9.9-  replied; 

•7  J  .          ibid.,    5170,    p. 

and  fifty-one   hundred  and  seventy-six  of  the  Revised  1Qoo,  repealed. 
Statutes  are  hereby  repealed. 

SEC.  11.  That  the  Secretary  of  the  Treasury  is  hereby  ^ 
authorized  to  receive  at  the  Treasury  any  bonds  of  thejwn 
United  States  bearing  three  and  a  half  per  centum  inter- j^pe 
est,  and  to  issue  in  exchange  therefor  an  equal  amount  of 
registered  bonds  of  the  United  States  of  the  denomina- 
tions of  fifty,  one  hundred,  five  hundred,  one  thousand, 
and  ten  thousand  dollars,  of  such  form  as  he  may  pre- 


434  NATIONAL   MONETARY   COMMISSION. 

scribe,  bearing  interest  at  the  rate  of  three  per  centum 

per  annum,  payable  quarterly  at  the  Treasury  of  the 

fromet^etcnUnited  States.     Such  bonds  shall  be  exempt   from  all 

taxation  by  or  under  State  authority,  and  be  payable  at 

proviso.  the  pleasure  of  the  United  States:  Provided,  That  the 
bonds  herein  authorized  shall  not  be  called  in  and  paid 
so  long  as  any  bonds  of  the  United  States  heretofore 
issued  bearing  a  higher  rate  of  interest  than  three  per 
centum,  and  which  shall  be  redeemable  at  the  pleasure  of 
the  United  States,  shall  be  outstanding  and  uncalled.  The 
last  of  the  said  bonds  originally  issued  under  this  act,  and 
their  substitutes,  shall  be  first  called  in,  and  this  order 
of  pa}rment  shall  be  followed  until  all  shall  have  been 
paid. 

Gold  certifi-      SEC.  12.  That  the  Secretary  of  the  Treasury  is  author- 

cates  issued  in.  IT  ^  •          -T  •  />        i  i        •  -11 

exchange   f  o  r  ized  and  directed  to  receive  deposits  ot  gold  coin  with  the 

deposits     of  ,    to 

gold  coin.        Treasurer  or  assistant  treasurers  ot  the  United  States,  in 

sums  not  less  than  twenty  dollars,  and  to  issue  certificates 

therefor  in  denominations  of  not  less  than  twenty  dollars 

each,  corresponding  with  the  denominations  of  United 

Gold  received  States  notes.     The  coin  deposited  for  or  representing  the 

held    for    re- 

demption  of  certificates  of  deposits  shall  be  retained  in  the  Treasury 

certificates.  n    •  i  • 

certificates  for  the  payment  of  the  same  on  demand.     Said  certm- 

held    by    bank-  \     J  •       i  i      <>  i 

ing  associa-cates  shall  be  receivable  for  customs,  taxes,  and  all  public 

tions   counted  .  .  *• 

as  part  of  law- dues,  and  when  so  received  mav  be  reissued;  and  such 

ful  reserve.  •  • 

Associations  certificates,  as  also  silver  certificates,  when  held  by  any 

prohibited          .          i  i        ,  •  •• 

from    member- national-banking1  association,  shall  be  counted  as  part  ot 

ship    in    clear-  .        ,         .    ,  •          T   i         i   •  •• 

ing  houses  not  its  lawful  reserve;  and  no  national-banking  association 

r6c<?ivin£    sold 

and  silver  cer-  shall  be  a  member  of  any  clearing-house  in  which  such 

tificates  in  set-  . 

tiement  of  bai-  certificates  shall  not  be  receivable  in  the  settlement  or 

Proviso.        clearing-house  balances;  Provided,  That  the  Secretary  of 

issuespconfsl°goid  tlle  Treasury  shall  suspend  the  issue  of  such  gold  certifi- 

\vhen'ticates'  cates  whenever  the  amount  of  gold  coin  and  gold  bullion 

in  the  Treasury  reserved  for  the  redemption  of  United 

States  notes  falls  below  one  hundred  millions  of  dollars; 

Revised  stat-  and  the  provisions  of  section  fifty-two  hundred  and  seven 

utes,    ijl'Oi,    p.  » 

i"('~  of  the  Revised  Statutes  shall  be  applicable  to  the  certifi- 

cates herein  authorized  and  directed  to  be  issued. 

faiBeiyalcertify'  ^E(>-  13-  That  any  officer,  clerk,  or  agent  of  any 
national-banking  association  who  shall  willfully  violate 
the  provisions  of  an  act  entitled  "An  act  in  reference  to 
certifying  checks  by  national  banks,"  approved  March 
third,  eighteen  hundred  and  sixty-nine,  being  section 

..{.^s^Kev,^  fifty-two  hundred  and  eight  of  the  Revised  Statutes  of 

ptaioo7S>  52°8'  *ne  United  States,  or  who  shall  resort  to  any  device,  or 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  435 

receive  any  fictitious  obligation,  direct  or  collateral,  in 
order  to  evade  the  provisions  thereof,  or  who  shall  certify 
checks  before  the  amount  thereof  shall  have  been  regu- 
larly entered  to  the  credit  of  the  dealer  upon  the  books  of 
the  banking  association,  shall  be  deemed  guilty  of  a  mis- 
demeanor, and  shall,  on  conviction  thereof  in  any  circuit 
or  district  court  of  the  United  States,  be  fined  not  more 
than  five  thousand  dollars,  or  shall  be  imprisoned  not, 
more  than  five  years,  or  both,  in  the  discretion  of  the  court. 

SEC.  14.  That  Congress  may  at  any  time  amend,  alter, 
or  repeal  this  act  and  the  acts  of  which  this  is  amendatory. 

Approved  July  12,  1882. 

ACT    OF   MARCH    3,  1883. 

CHAP.  121. — An  act  to  reduce  internal-revenue  taxation.     §2  stat.  L., 
and  for  other  purposes. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  taxes  herein  specified  imposed  by  the  laws  enuet*axesrre- 
now  in  force  be,  and  the  same  are  hereby,  repealed,  as  ^InVsfelj  °n ' 
hereinafter  provided,  namely:    On  capital  and  deposits 
of  banks,  bankers,  and  national  banking  associations,  ex- 
cept such  taxes  as  are  now  due  and  payable;  and  on  and 
after  the  first  day  of  July,  eighteen  hundred  and  eighty-  b  if  if  ™Pchecks! 
three,  the  stamp  tax  on  bank  'checks,  drafts,  orders,  and  etc- 
vouchers.     *     *     * 

*  *  *  * 

Approved,  March  3,  1883. 

ACT  OF  MARCH  3.  1885. 
CHAP.  330. — An-  act  to  amend  section  eighteen  hundred  ^  23  stat.  L., 

o4o. 

and  eighty -nine  of  chapter  one.  title  twenty-three,  of 
the  Remixed  Statutes  of  the  United  States,  relative  to 
general  incorporation  acts  of  Territories. 

(This  act  amends  section  1880  of  the  Revised  Statutes 
so  as  to  authorize  territorial  legislatures  to  enact  general 
incorporation  acts  to  permit  persons  to  associate  them- 
selves together  as  bodies  corporate  for  *  *  *  bank- 
ing *  *  *.) 

Approved.  March  3,  1885. 


436  NATIONAL,  MONETARY  COMMISSION. 

ACT  OF  MARCH  29,  1886. 

24  stat  L.,  8.  CHAP.  28. — An  act  additional  to  an  act  entitled  "An  act 
to  provide  a  national  currency  secured  by  a  pledge  of 
United  States  bonds,  and  to  provide  for  the  circulation 
and  redemption  thereof"  passed  June  third,  eighteen 
hundred  and  sixty-four. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
certtfy'Tespect7  sembled,  That  whenever  the  receiver  of  any  national  bank 
balkrt0opebre  sold  dlllJ7  appointed  by  the  Comptroller  of  the  Currency,  and 
tiondetc  ?xecu~who  shall  have  duly  qualified  and  entered  upon  the  dis- 
charge of  his  trust,  shall  find  it  in  his  opinion  necessary, 
in  order  to  fully  protect  and  benefit  his  said  trust,  to  the 
extent  of  any  and  all  equities  that  such  trust  may  have 
in  any  property,  real  or  personal,  by  reason  of  any  bond, 
mortgage,  assignment,  or  other  proper  legal  claim   at- 
taching thereto,  and  which  said  property  is  to  be  sold 
under  any  execution,   decree  of  foreclosure,   or   proper 
order  of  any  court  of  jurisdiction,  he  may  certify  the 
facts  in  the  case,  together  with  his  opinion  as  to  the  value 
of  the  property  to  be  sold,  and  the  value  of  the  equity 
his  said  trust  may  have  in  the  same,  to  the  Comptroller 
ftydtospuarchase:  of  the  Currency,  together  with  a  request  for  the  right  and 
authority  to  use  and  employ  so  much  of  the  money  of 
said  trust  as  may  be  necessary  to  purchase  such  property 
at  such  sale. 

suCbm8iteted  to     SEC.  2.  That  such  request,  if  approved  by  the  Comp- 
ttfeCTreasruyr  °f  troller  of  the  Currency,  shall  be,  together  with  the  certifi- 
cate of  facts  in  the  case,  and  his  recommendation  as  to 
the  amount  of  money  which,  in  his  judgment,  should  be 
so  used  and  employed,  submitted  to  the  Secretary  of  the 
pro\ded  allowed  Treasury,  and  if  the  same  shall  likewise  be  approved  by 
Not^eTo'lfe^™'  t!l°  request  shall  be  by  the  Comptroller  of  the  Cur- 
Vre  asTi  rerrency  Allowed,  and  notice  thereof,  with  copies  of  the  re- 
United  states,  qnost.  certificate  of  facts,  and  indorsement  of  approvals, 

shall  be  filed  with  the  Treasurer  of  the  United  States. 
eniCpowf.Pred0lt"o      ^Er-   ''•  ^nil<    whenever  any  such   request   shall   be   al- 
orba^for  "the  l°wed  :is  hon'm  Before  provided,  the  said  Comptroller  of 
purpose.  the  Currency  shall  be.  and  is,  empowered  to  draw  upon 

and  from  such  funds  of  any  such  trust  as  ma\  be  de- 
posited with  the  Treasurer  of  the  United  States  for  the 
lienefit  of  the  bank  in  interest,  to  the  amount  as  may  be 
recommended  and  allowed  and  for  the  purpose  for  which 


LAWS   CONCEKNING   MONEY,   BANKING,   AND   LOANS.  437 

such  allowance  was  made:  Provided,  however.  That  all    Proviso. 

Payments  to 

payments  to  be  made  for  on  account  of  the  purchase  of  £e   made  by 

Comptroller  di- 

any  such  property  and  under  any  such  allowance  shall rect- 
be  made  by  the  Comptroller  of  the  Currency  direct,  with 
the  approval  of  the  Secretary  of  the  Treasury,  for  such 
purpose  only  and  in  such  manner  as  he  may  determine 
and  order. 

Approved,  March  29,*  1886. 

ACT  OF  MAY  1,  1886. 

4 

CHAP.  73. — An  act  to  enable  national  banking  associa-  lg24  stat-  L- 
tions  to  increase  their  capital  stock  and  to  change  their 
names  or  locations. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  any  national  banking  association  may,  with^^iona^bank 
the  approval  of  the  Comptroller  of  the  Currency,  by  the  ^tal  stock. 
vote  of  shareholders  owning  two-thirds  of  the  stock  of 
such  association,  increase  its  capital  stock,  in  accordance 
with  existing  laws,  to  any  sum  approved  by  the  said 
Comptroller,  notwithstanding  the  limit  fixed  in  its  origi- 
nal articles  of  association  and  determined  by  said  Comp- 
troller; and  no  increase  of  the  capital  stock  of  any  na -  ^^ t  '""^l; 
tional  banking  association  either  within  or  beyond  the  mro°n,f£d  herein 
limit  fixed  in  its  original  articles  of  association  shall  be 
made  except  in  the  manner  herein  provided. 

SEC.   2.  That   any  national   banking   association   mav ..  Mfty  change 

J  _  *   its  name  or  lo- 

change  its  name  or  the  place  where  its  operations  of  dis-  cation, 
count  and  deposit  are  to  be  carried  on,  to  any  other 
place  within  the  same  State,  not  more  than  thirty  miles 
distant  with  the  approval  of  the  Comptroller  of  the  Cur- 
rency, by  the  vote  of  shareholders  owning  two-thirds  of 
the  stock  of  such  association.  A  duly  authenticated  Notice  of 

ch  fin  pro     to     \)G 

notice  of  the  vote  and  of  the  new  name  or  location  selected  sent  where. 
shall  be  sent  to  the  office  of  the  Comptroller  of  the  Cur- 
rency ;  but  no  change  of  name  or  location  shall  be  valid     change  n  o  t 
until  the  Comptroller  shall  have  issued  his  certificate  of  when. 
approval  of  the  same. 

SEC.  3.  That  all  debts,  liabilities,  rights,  provisions,  and 
powers  of  the  association  under  its  old  name  shall  devolve 
upon  and  inure  to  the  association  under  its  new  name. 

SEC.  4    That  nothing  in  lliis  act  contained  shall  bo  so     Bunk  not  rr 

leased  from  lin 

construed  as  in  any  manner  to  release  any  national  bank- ';,'  JJ  '  -v     liy 
ing  association  under  its  old  name  or  at  its  old  location 


438  NATIONAL  MONETARY  COMMISSION. 

from  any  liability,  or  affect  any  action  or  proceeding  in 
law  in  which  said  association  may  be  or  become  a  party 
or  interested. 

Approved,  May  1,  1886. 

ACT  OF  MARCH  3,  1887. 

24  stat.  L.,  CHAP.  373. — An  act  to  amend  the  act  of  Congress  ap- 
proved March  third;  eighteen  hundred  and  seventy- 
five^  entitled  "An  act  to  determine  the  jurisdiction  of 
circuit  courts  of  the  United  States  and  to  regulate  the 
removal  of  causes  from  State  courts,  and  for  other 
purposes  and  to  further  regulate  the  jurisdiction  of 
circuit  courts  of  the  United'  States,  and  for  other 
purposes. /' 

National      ^EC.  4.  That  all  national  banking  associations  estab- 

t~)3  uks     QpcrncQ 

citizens  f or cer-Hshed  under  the  laws  of  the  United  States  shall,  for  the 

tain    purposes, 

and  subject  to  purposes  of  all  actions  by  or  against  them,  real,  personal. 

jurisdiction    of  L        r .  in  •  •  •    • 

state  courts,  or  mixed,  and  all  suits  in  equity,  be  deemed  citizens  ot 
the  States  in  which  they  are  respectively  located ;  and  in 
such  cases  the  circuit  and  district  courts  shall  not  have 
jurisdiction  other  than  such  as  they  would  have  in  cases 
between  individual  citizens  of  the  same  State. 

The  provisions  of  this  section  shall  not  be  held  to  affect 
the  jurisdiction  of  the  courts  of  the  United  States  in  cases 
commenced  by  the  United  States  or  by  direction  of  any 
officer  thereof,  or  cases  for  winding  up  the  affairs  of  any 
such  bank. 

NOTK. — This  section  was  reeuacted  August  13,  1888  (25  Stat, 
L.,  437). 

***** 

Approved,  March  •  >.  1887. 

ACT  OF  MARCH  3,  1887. 

__24  stat.  L.,  ("HAP.  378. — An  act  to  amend  section*  fire  thousand  one 
hundred  and  ninety-one  and  fire  thousand  one  hundred 
and  ninety-tiro  of  th-e  Revised  Statute*  of  the  United 
Xtdtex,  and  for  other  purpose*. 

Re  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
We<l,   That    whenever    three-fourths    in    number    of    the 
«£  national  banks  located  in  any  city  of  the  United  States 
cities.    ]iaving  a  population  of  fifty  thousand  people  shall  make 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  439 

application  to  the  Comptroller  of  the  Currency,  in  writ- 
ing, asking  that  the  name  of  the  city  in  which  such  banks 
are  located  shall  be  added  to  the  cities  named  in  sections, 
fifty-one  hundred  and  ninety-one  and  fifty-one  hundred  ut^ec^fifi" 
and  ninety-two  of  the  Revised  Statutes,  the  Comptroller5192''  p-  1004-' 
shall  have  authority  to  grant  such  request,  and  every  bank 
located  in  such  city  shall  at  all  times  thereafter  have  on 
hand,  in  lawful  money  of  the  United  States,  an  amount 
equal  to  at  least  twenty-five  per  centum  of  its  deposits,  as 
provided  in  sections  fifty-one  hundred  and  ninety-one  and 
fifty-one  hundred  and  ninety-five  of  the  Revised  Statutes. 

SEC.  2.  That  whenever  three-fourths  in  number  of  the    Cities  having 

200,000     popu- 

national  banks  located  in  any  city  of  the  United  States  Iat'on  .(ma>\  be 

made      central 

having  a  population  of  two  hundred  thousand  people  reserve "  cities, 
shall  make  application  to  the  Comptroller  of  the  Cur- 
rency, in  writing,  asking  that  such  city  may  be  a  central 
reserve  city,  like  the  city  of  New  York,  in  which  one-half 
of  the  lawful-money  reserve  of  the  national  banks  located 
in  other  reserve  cities  may  be  deposited,  as  provided  in 

section  fifty-one  hundred  and  ninety-five  of  the  Revised    Revised  stat- 
utes, sec.  o!95, 

Statutes,  the  Comptroller  shall  have  authority,  writh  the  P-  1004- 
approval  of  the  Secretary  of  the  Treasury,  to  grant  such 
request,  and  every  bank  located  in  such  city  shall  at  all 
times  thereafter  have  on  hand,  in  lawful  money  of  the 
United  States,  twenty-five  per  centum  of  its  deposits,  as 
provided  in  section  fifty-one  hundred  and  ninety-one  of 
the  Revised  Statutes. 

SEC.  3.  That  section  three  of  the  act  of  January  four-     Legal-tender 

...  ,.  n  „  •   i  *  -i    •'  4       notes    may    be 

teenth,  eighteen  hundred  and  seventy-five,  entitled  "An redeemed  at 

.  .     '  .,          San  Francisco. 

act  to  provide  for  the  resumption  or  specie  payments,    be.  o  vol.    is,    p. 
and  the  same  is.  hereby  amended  by  adding  after  the 
words  "  Xew   York  "  the  words  "  and  the  city  of  San 
Francisco.  California.'' 
Approved.  March  3,  1887. 

ACT  OF  MAY  2.  1890. 

CHAP.  182. — An  (iff  to  proriilc  a  temporary  f/orcrtinient     -^  stat".  l- 
for  the  Territory  of  Oklahoma,  to  enlarge  the  jurisdic- 
tion of  the  United  Xtatex  Court  in  the  Indian  Territory, 

and  for  other  purpose*. 

***** 

SEC.  17.  That  the  provisions  of  title  sixty-two  of  the 
Revised  Statutes  of  the  United  Stales  relating  to  nafmna  \  ^^  1 1  o  n  a  i 
banks,  and  all  amendments  thereto,  shall  have  the  same     '{l'vis0(!T,^V',t 

n  I.  <>  s  .      I  i  M  <> 

force  and  effect  in  the  Territory  of  Oklahoma  as  elsewhere  IA.H.  pp.  ;"»- 


440  NATIONAL   MONETARY  COMMISSION. 

Qualifications ™  tne  United  States:  Provided,  That  persons  otherwise 
of  directors,      qualified  to  act  as  directors  shall  not  be  required  to  have 
resided  in  said  Territory  for  more  than  three  months 
immediately  preceding  their  election  as  such. 

***** 

constitution     SEC.  31.     *     *     *     The    Constitution    of    the    United 

and    criminal  „  T    .  . 

laws    of    thebtates  and  all  general  laws  or  the  United  States  which 

United     States         .....  .  .,,  .      a1 

made  appiica-  prohibit  crimes  and  misdemeanors  in  any  place  within  the 
sole  and  exclusive  jurisdiction  of  the  United  States,  except 
in  the  District  of  Columbia,  and  all  laws  relating  to  na- 
tional banking  associations  shall  have  the  same  force  and 
effect  in  the  Indian  Territory  as  elsewhere  in  the  United 
States;  *  *  * 

***** 

Approved,  May  2,  1890. 

ACT  OF  JULY  14,  1890. 

26  stat.  L.,  CHAP.  708. — An  act  directing  the  purchase  of  silver  bul- 
lion and  the  issue  of  Treasury  notes  thereon,  and  for 
other  purposes. 

Balances   of     gECi  £.  That  upon  the  passage  of  this  act  the  balances 

national-bank 

deposits  for  the  standing  with  the  Treasurer  of  the  United  States  to  the 

redemption     of  ° 

circulation  to  respective  credits  of  national  banks  for  deposits  made  to 

be  covered  into         L 

Treasury.         redeem  the  circulating  notes  of  such  banks,  and  all  de- 
posits thereafter  received  for  like  purpose,  shall  be  cov- 
ered into  the  Treasury  as  a  miscellaneous  receipt,  and  the 
reJeemS"ertain  Treasury  of  the  United  States  shall  redeem  from  the  gen- 
erafcash™ gen" era*  casn  m  tne  Treasury  the  circulating  notes  of  said 
banks   which   may   come    into   his   possession   subject   to 
redemption ;  and  upon  the  certificate  of  the  Comptroller 
of  the  Currency  that  such  notes  have  been  received  by 
him  and  that  they  have  been  destroyed  and  that  no  new 
Reimburse- notes  will  be  issued  in  their  place,  reimbursement  of  their 

ment      to     the  r_ 

Treasurer  from  amount  shall  be  made  to  the  .Treasurer,  under  such  regula- 

"Na  tlonal-    .  fe 

ban  k  notes :  tions  as  the  Secretary  of  the  Treasurv  mav  prescribe, 

Redemption  ac-  „  ...  ' 

count.1'  rrom  an  appropriation  hereby,  created,  to  be  known  as 

National  bank  notes:  Redemption  account,  but  the  pro- 
visions of  this  act  shall  not  apply  to  the  deposits  received 
under  section  three  of  the  act  of  June  twentieth,  eighteen 
hundred  and  seventy-four,  requiring  every  National  bank 
to  keep  in  lawful  money  with  the  Treasurer  of  the  United 
States  a  sum  equal  to  five  per  centum  of  its  circulation  to 


LAWS    CONCERNING   MONEY,    BANKING,    AND   LOANS.  441 

be  held  and  used  for  the  redemption  of  its  circulating: ,  Npt to  apply 

.     .  „  '  to    o    per    cent 

notes;  and  the  balance  remaining  or  the  deposits  so  cov-  ^eep^sitt jfor  re: 
ered  shall,  at  the  close  of  each  month,  be  reported  on  the  Circulation,  vol. 
monthly  public  debt  statement  as  debt  of  the  United  Monthly  re- 

*  port  of  remain- 

States  bearing  no  interest.  j,ns  balance  of 

deposits. 

"  SEC.  7.  That  this  act  shall  take  effect  thirty  days  from     operation. 
and  after  its  passage." 
Approved,  July  14,  1890. 

ACT  OF  MAY  12,  1892. 
CHAP.  71. — An  act  to  authorize  a  national  bank  at  Chi-  0027  stat-  L- 

oo. 

cago,  Illinois,  to   establish   a   branch   office  upon   the 
grounds  of  the  Worlds  Columbian  Exposition. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled. That  any  national  bank  located  in  the  city  of  Chicago,  in. 

National 

Chicago  and  State  of  Illinois  may  be  designated  by  the  bank  may  open 
World's   Columbian    Exposition   to   conduct   a   banking  world's  coium- 
office  upon  the  exposition  grounds,  and  upon  such  desig-  tkm.n 
nation  being  approved  by  the  Comptroller  of  the  Cur- 
rency, said  bank  is  hereby  authorized  to  open  and  conduct 
such  office  as  a  branch  of  the  bank,  subject  to  the  same 
restrictions  and  having  the  same  rights  as  the  bank  to 
which  it  belongs:  Provided,  That  the  branch  office  an-     Proviso, 
thorized  hereby  shall  not  be  operated  for  a  longer  period  privilege. 
than  two  years,  beginning  not  earlier  than  July  first, 
eighteen  hundred  and  ninety-two,  and  closing  not  later 
than  July  first,  eighteen  hundred  and  ninety-four. 
Approved,  May  12,  1892. 

ACT  OF  JULY  28,  1892. 
CHAP.  317. — An  act  to  amend  the  national  bank  act  in     27  stat.  L., 

3°2 

providing  for  the  redemption  of  national  bank  notes 
stolen  from  or  lost  by  banks  of  issue. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the   United  States  of  America  in  Congress  as- 
sembled, That  the  provisions  of  the  Revised  Statutes  of  rc^tionnl  l'"r~ 
the  United  States,  providing  for  the  redemption  of  na- oflie,d£")1(!tl™ 
tional  bank  notes,  shall  apply  to  all  natonal  bank  notes stolcn  "<)te-s- 
that  have  been  or  may  be  issued  to,  or  received  by,  any 
national  bank,  notwithstanding  such  notes  may  have  been 
15712°— 10 29 


442  NATIONAL   MONETARY   COMMISSION. 

lost  by  or  stolen  from  the  bank  and  put  in  circulation 
without  the  signature  or  upon  the  forged  signature  of  the 
president  or  vice-president  and  cashier. 
Approved,  July  28,  1892. 

ACT  OF  AUGUST  3,  1892. 
27  stat.  L.,  CHAP.  360. — An  act  to  amend  an  act  entitled  "An  act  au- 

345 

thorizing  the  appointment  of  receivers  of  national 
banks,  and  for  other  purposes"  approved  June  thir- 
tieth, eighteen  hundred  and  seventy-six. 

(This  act  amended  section  3  of  the  act  of  June  30, 1876, 
and  was  in  turn  amended  by  the  act  of  March  2,  1897, 
which  see.) 

ACT  OF  AUGUST  13,  1894. 

27|8  stat-  L-  CHAP.  281. — An  act  To  subject  to  State  taxation  national- 
bank  notes  and  United  States  Treasury  notes. 

National      Be  it  enacted  by  the  Senate  and  House  of  Representa- 

bank  notes,  and     (  y  ft 

united   states  tives  of  the  United  States  of  America  in  Congress  assem- 

legal    -    tender  /  , 

and  other notes  bled    That  circulating  notes  of  national  banking  associa- 

and  certificates     _  _  ' 

subject  to  state  tions  and  United  States  legal-tender  notes  and  other  notes 

o  r     territorial  e 

tax  as  money.  and  certificates  of  the  United  States  payable  on  demand 
and  circulating  or  intended  to  circulate  as  currency  and 
gold,  silver  or  other  coin  shall  be  subject  to  taxation  as 
money  on  hand  or  on  deposit  under  the  laws  of  any  State 
or  Territory :  Provided,  That  any  such  taxation  shall  be 
exercised  in  the  same  manner  and  at  the  same  rate  that 
any  such  State  or  Territory  shall  tax  money  or  currency 
circulating  as  money  within  its  jurisdiction. 

SEC.  2.  That  the  provisions  of  this  Act  shall  not  be 
deemed  or  held  to  change  existing  laws  in  respect  of  the 
taxation  of  national  banking  associations. 

Approved,  August  13,  1894. 

ACT  OF  MARCH  2,  1897. 
29  stat.  L.,  CHAP.  354. — An  act  To  amend  an  act  entitled  "An  act 

600.  7         .    • 

authorizing  the  appointment  of  receivers  of  national 
banks,  and  for  other  purposes,"  approved  June  thir- 
tieth, eighteen  hundred  and  seventy-six,  as  amended 
by  an  act  approved  August  third,  eighteen  hundred 
and,  ninety-two. 

He  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 


LAWS    CONCERNING    MONEY,    BANKING,    AND   LOANS.  443 

bled.  That  section  three  of  an  Act  entitled  "An  Act  an- ,  National 

.    .  „  banks    In   re- 

thonzmg  the  appointment  of  receivers  of  national  banks,  cei^'Js'  ^nds. 
and  for  other  purposes,"  approved  June  thirtieth,  eight-  63-Vol 
een  hundred  and  seventy-six,  as  amended  by  an  Act  ap-  345- 
proved  August  third,  eighteen  hundred  and  ninety-two, 
be,  and  hereby  is,  amended  so  as  to  read  as  follows : 

"  SEC.  3.  That  whenever  any  association  shall  have  been  ,  winding  up 

business. 

or  shall  be  placed  in  the  hands  of  a  receiver,  as  provided     Revised  sta- 

i  J  tutes,  sees. 

in  section  fifty-two  hundred  and  thirty-four  and  other  »23|,  5230,  p. 

sections  of  the  Kevised  Statutes  of  the  United  States, 
and  when,  as  provided  in  section  fifty-two  hundred  and 
thirty-six  thereof,  the  Comptroller  of  the  Currency  shall 
have  paid  to  each  and  every  creditor  of  such  association, 
not  including  shareholders  who  are  creditors  of  such  as- 
sociation, whose  claim  or  claims  as  such  creditor  shall 
have  been  proved  or  allowed  as  therein  prescribed,  the 
full  amount  of  such  claims,  and  all  expenses  of  the  re- 
ceivership and  the  redemption  of  the  circulating  notes 
of  such  association  shall  have  been  provided  for  by  de- 
positing lawful  money  of  the  United  States  with  the 
Treasurer  of  the  United  States,  the  Comptroller  of  the 
Currency  shall  call  a  meeting  of  the  shareholders  of  such 
association  by  giving  notice  thereof  for  thirty  days  in  a 
newspaper  published  in  the  town,  city,  or  county  where 
the  business  of  such  association  was  carried  on,  or  if  no 
newspaper  is  there  published,  in  the  newspaper  published 
nearest  thereto.  At  such  meeting  the  shareholders  shall  holsders.a  ^et\ 
determine  whether  the  receiver  shall  be  continued  and  |n gretc<eiver°ior 
shall  wind  up  the  affairs  of  such  association,  or  whether  aff?urswind  "P 
an  agent  shall  be  elected  for  that  purpose,  and  in  so  deter- 
mining the  said  shareholders  shall  vote  by  ballot,  in  per- 
son or  by  proxy,  each  share  of  stock  entitling  the  holder 
to  one  vote,  and  the  majority  of  the  stock  in  value  and 
number  of  shares  shall  be  necessary  to  determine  whether 
the  said  receiver  shall  be  continued,  or  whether  an  agent 
shall  be  elected.  In  case  such  majority  shall  determine  mesn|  Vv're- 
that  the  said  receiver  shall  be  continued,  the  said  re-  <'eiver- 
ceiver  shall  thereupon  proceed  with  the  execution  of  his 
trust,  and  shall  sell,  dispose  of,  or  otherwise  collect  the 
assets  of  the  said  association,  and  shall  possess  all  the 
powers  and  authority,  and  be  subject  to  all  the  duties 
and  liabilities  originally  conferred  or  imposed  upon  him 
by  his  appointment  as  such  receiver,  so  far  as  the  same 
remain  applicable.  In  case  the  said  meeting  shall,  by  (he  .IK,l'jj(t-lfr"<>n 
vote  of  a  majority  of  the  stock  in  value  and  number  of 


444  NATIONAL   MONETARY   COMMISSION. 

shares,  determine  that  an  agent  shall  be  elected,  the  said 
meeting  shall  thereupon  proceed  to  elect  an  agent,  voting 
by  ballot,  in  person  or  by  proxy,  each  share  of  stock 
entitling  the  holder  to  one  vote,  and  the  person  who  shall 
receive  votes  representing  at  least  a  majority  of  stock 
in  value  and  number  shall  be  declared  the  agent  for  the 
purposes  hereinafter  provided;  and  whenever  any  of  the 
shareholders  of  the  association  shall,  after  the  election  of 

indemnity  such  agent,  have  executed  and  filed  a  bond  to  the  satis- 
bond  of  share-  .  «'••/".  -n  I>I/-N  T   • 
holders.            faction  of  the  Comptroller  of  the  Currency,  conditioned 

for  the  payment  and  discharge  in  full  of  each  and  every 
claim  that  may  thereafter  be  proved  and  allowed  by  and 
before  a  competent  court,  and  for  the  faithful  perform- 
ance of  all  and  singular  the  duties  of  such  trust,  the 

Transfer  of  Comptroller  and  the  receiver  shall  thereupon  transfer  and 
'  deliver  to  such  agent  all  the  undivided  or  uncollected  or 
other  assets  of  such  association  then  remaining  in  the 
hands  or  subject  to  the  order  and  control  of  said  Comp- 
troller and  said  receiver,  or  either  of  them ;  and  for  this 
purpose  said  Comptroller  and  said  receiver  are  hereby 
severally  empowered  and  directed  to  execute  any  deed, 
assignment,  transfer,  or  other  instrument  in  writing  that 
may  be  necessary  and  proper ;  and  upon  the  execution  and 
delivery  of  such  instrument  to  the  said  agent  the  said 
Comptroller  and  the  said  receiver  shall  by  virtue  of  this 
Act  be  discharged  from  any  and  all  liabilities  to  such 
association  and  to  each  and  all  the  creditors  and  share- 

D  u-t  y  of  holders  thereof.  Upon  receiving  such  deed,  assignment, 
transfer,  or  other  instrument  the  person  elected  such 
agent  shall  hold,  control,  and  dispose  of  the  assets  and 
property  of  such  association  which  he  may  receive  under 
the  terms  hereof  for  the  benefit  of  the  shareholders  of 
such  association,  and  he  may  in  his  own  name,  or  in  the 
name  of  such  association,  sue  and  be  sued  and  do  all  other 
lawful  acts  and  things  necessary  to  finally  settle  and 
distribute  the  assets  and  property  in  his  hands,  and  may 
sell,  compromise,  or  compound  the  debts  due  to  such  as- 
sociation, with  the  consent  and  approval  of  the  circuit 
or  district  court  of  the  United  States  for  the  district 
where  the  business  of  such  association  was  carried  on. 
and  shall  at  the  conclusion  of  his  trust  render  to  such 
district  or  circuit  court  a  full  account  of  all  his  pro- 
ceedings, receipts,  and  expenditures  as  such  agent,  which 
court  shall,  upon  due  notice,  settle  and  adjust  such  ac- 
counts and  discharge  said  agent  and  the  sureties  upon 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  445 

said  bond.  And  in  case  any  such  agent  so  elected  shall  ne^Ieat!eut  °n 
refuse  to  serve,  or  die,  resign,  or  be  removed,  any  share-  a  e  of  v  a  - 
holder  may  call  a  meeting  of  the  shareholders  of  such  as- 
sociation in  the  town,  city,  or  village  where  the  busi- 
ness of  the  said  association  was  carried  on,  by  giving 
notice  thereof  for  thirty  days  in  a  newspaper  published 
in  said  town,  city,  or  village,  or  if  no  newspaper  is 
there  published,  in  the  newspaper  published  nearest 
thereto,  at  which  meeting  the  shareholders  shall  elect  an 
agent,  voting  by  ballot,  in  person  or  by  proxy,  each  share 
of  stock  entitling  the  holder  to  one  vote,  and  when  such 
agent  shall  have  received  votes  representing  at  least  a 
majority  of  the  stock  in  value  and  number  of  shares,  and 
shall  have  executed  a  bond  to  the  shareholders  condi- 
tioned for  the  faithful  performance  of  his  duties,  in  the 
penalty  fixed  by  the  shareholders  at  said  meeting,  with 
two  sureties,  to  be  approved  by  a  judge  of  a  court  of 
record,  and  file  said  bonds  in  the  office  of  the  clerk  of 
a  court  of  record  in  the  county  where  the  business  of  said 
association  was  carried  on,  he  shall  have  all  the  rights, 
powers,  and  duties  of  the  agent  first  elected  as  herein- 
before provided.  At  any  meeting  held  as  hereinbefore  votes  of  er- 
provided  administrators  or  executors  of  deceased  share- 
holders may  act  and  sign  as  the  decedent  might  have  done 
if  living,  and  guardians  of  minors  and  trustees  of  other 
persons  may  so  act  and  sign  for  their  ward  or  wards  or 
cestui  que  trust.  The  proceeds  of  the  assets  or  property  Distribution 

a  -.  ••  1*1  i  i  •  •  i  i        *      ^      RSSClS. 

of  any  such  association  wThich  may  be  undistributed  at 
the  time  of  such  meeting  or  may  be  subsequently  received 
shall  be  distributed  as  follows : 

"  First.  To  pay  the  expenses  of  the  execution  of  the     Expenses. 
trust  to  the  date  of  such  payment. 

"  Second.  To  repay  any  amount  or  amounts  which  have     R.e,  P  •?  >'  - 

1     J          -  irient  to  share- 

been  paid  in  by  anv  shareholder  or  shareholders  of  suchnold,ers    as~ 
/•     .  -  sessed. 

association  upon  and  by  reason  of  any  and  all  assess- 
ments made  upon  the  stock  of  such  association  by  the 
order  of  the  Comptroller  of  the  Currency  in  accord- 
ance with  the  provisions  of  the  statutes  of  the  United 
States;  and 

"  Third.  The  balance  ratably  among  such  stockholders, 
in  proportion  to  the  number  of  shares  held  and  owned  by 
each.  Such  distribution  shall  be  made  from  time  to  time 
as  the  proceeds  shall  be  received  and  as  shall  be  deemed 
advisable  by  the  said  Comptroller  or  said  agent/' 

Approved.  March  'J.  1S!>7. 


446  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  JUNE  13,  1898. 

so  stat.  L.,  CHAP.  448. — An  act  to  provide  ways  and  means  to  meet 
'war  expenditures,  and  for  other  purposes. 


(Section  2  imposes  an  annual  tax  upon  banks  and 
bankers  proportioned  to  the  capital  employed,  including 
surplus.) 

(Section  2,  act  of  March  2,  1901,  amends  this  section.) 
***** 

ACT  OF  MARCH  14,  1900. 

31  stat.  L.,  CHAP.  41. — An  act  to  de-fine  and  fix  the  standard  of  value, 
•2  supp.  R.  s.,      to  maintain  the  parity  of  all  forms  of  money  issued  or 

coined  l>y  the  United  States,  to  refund  the  public  debt, 

and  for  other  purposes. 


SEC.  10.  That  section  fifty-one  hundred  and  thirty- 
eight  of  the  Revised  Statutes  is  hereby  amended  so  as  to 
read  as  follows: 

substitute  for  "Section  5138.  Xo  association  shall  be  organized  \vith 
National  a  less  capital  than  one  hundred  thousand  dollars,  except 
—capital.  that  banks  with  a  capital  of  not  less  than  fifty  thousand 
dollars  may,  with  the  approval  of  the  Secretary  of  the 
Treasury,  be  organized  in  any  place  the  population  of 
which  does  not  exceed  six  thousand  inhabitants,  and  ex- 
cept that  banks  with  a  capital  of  not  less  than  twenty-five 
thousand  dollars  may,  with  the  sanction  of  the  Secretary 
of  the  Treasury,  be  organized  in  any  place  the  population 
of  which  does  not  exceed  three  thousand  inhabitants.  Xo 
association  shall  be  organized  in  a  city  the  population  of 
which  exceeds  fifty  thousand  persons  with  a  capital  of  less 
than  two  hundred  thousand  dollars." 


issue  of  rir-      SEC.  12.  That  upon  the  deposit  with  the  Treasurer  of 

ruliititiK  notes,  i       i  ^    •  .      i   L  '  A  j.  •  i  i         i  •  •    .!_•  _c 

to  hanks.          the  united  States,  by  any  national  banking  association,  ot 
uifib'.bMi!  °  'any  bonds  of  the  United  States  in  the  manner  provided  by 

1890,  July  14,  i-         i  i  •    ,  •  i     n   i  j-ii     i   i 

oh.  708,  §  G  (i  existing  law,  such  association  shall  be  entitled  to  receive 
supp.  u.  S-.fr()ln  jj)(1  Comptroller  of  the  Currency  circulating  notes 
in  blank,  registered  and  countersigned  as  provided  by 
—to  equal  par  law.  equal  in  amount  to  the  par  value  of  the  bonds  so 
deposited.  as  deposited  ;  and  any  national  banking  association  now 


LAWS    CONCERNING   MONEY,   BANKING,   AND   LOANS.  447 


having  bonds  on  deposit  for  the  security  of  circulating 

notes,  and  upon  which  an  amount  of  circulating  notes  has  £jnad*  }  °  n 

been  issued  less  than  the  par  value  of  the  bonds,  shall  be     R-  s.,  §  SIGT. 

entitled,  upon  due  application  to  the  Comptroller  of  the 

Currency,  to  receive  additional  circulating  notes  in  blank 

to  an  amount  which  will  increase  the  circulating  notes 

held  by  such  association  to  the  par  value  of  the  bonds  de- 

posited, such  additional  notes  to  be  held  and  treated  in 

the  same  way  as  circulating  notes  of  national  banking 

associations  heretofore  issued,  and  subject  to  all  the  pro- 

visions of  law  affecting  such  notes:  Provided,  That  noth- 

ing herein  contained  shall  be  construed  to  modify  or  re- 

peal  the   provisions   of    section   fifty-one   hundred   and 

sixty-seven  of  the  Revised  Statutes  of  the  United  States, 

authorizing  the  Comptroller  of  the  Currency  to  require 

additional  deposits  of  bonds  or  of  lawful  money  in  case 

the  market  value  of  the  bonds  held  to  secure  the  circu- 

lating notes  shall  fall  below  the  par  value  of  the  circu- 

lating notes  outstanding  for  which  such  bonds  may  be 

deposited  as  security  :  And  provided  further,  That  the 

circulating  notes  furnished  to  national  banking  associa-  no^s  furnished 

tions  under  the  provisions  of  this  act  shall  be  of  the^°kesnomina 

denominations  prescribed  by  law,  except  that  no  national  tions- 

banking  association  shall,  after  the  passage  of  this  act, 

be  entitled  to  receive  from  the  Comptroller  of  the  Cur- 

rency, or  to  issue  or  reissue  or  place  in  circulation,  more 

than  one-third  in  amount  of  its  circulating  notes  of  the 

denomination  of  five  dollars:  And  provided  further,  That 

the  total  amount  of  such  notes  issued  to  any  such  associa-  ""0  exceed 

tion  may  equal   at  any  time  but   shall  not   exceed  the 

amount  at  such  time  of  its  capital  stock  actually  paid 

in  :   And  provided  further,  That  under  regulations  to  be 

prescribed  by  the  Secretary  of  the  Treasury  any  national 

banking  association  may  substitute  the  two  per  centum 

bonds  issued  under  the  provisions  of  this  act  for  any  of 

the  bonds  deposited  with  the  Treasurer  to  secure  circula- 

tion or  to  secure  deposits  of  public  money;  and  so  much 

of  an  act  entitled  ''An   act   to  enable   national  banking 

associations  to  extend  their  corporate  existence,  and  for  l^"-1' 

other  purposes."   approved  July  twelfth,  eighteen   him-  'shn  7 

dred    and    eighty-two,    as    prohibits    any    national    bank  :ir>0)- 

which  makes  any  deposit  of  lawful  money  in  order  to 

withdraw    its   circulating   notes   from    receiving   any   in- 

crease of  its  circulation  for  (lie  period  of  six  mouths  from 

the  time  it  made  such  deposit  of  lawful  money  for  the  pur- 


\  [,'{(.' 
'h     ™-  * 


448  NATIONAL    MONETARY    COMMISSION. 

pose  aforesaid,  is  hereby  repealed,  and  all  other  acts  or 
parts  of   acts  inconsistent  with  the  provisions  of  this 
section  are  hereby  repealed. 
Tax  on  cir-      gEC  13    That  every  national  banking  association  hav- 

culatmg  notes.  -111       T  i         -i         /.     i       TT    • 

R.  s.,  §  5214.  jng  on  deposit,  as  provided  by  law,  bonds  of  the  United 
States  bearing  interest  at  the  rate  of  two  per  centum  per 
annum,  issued  under  the  provisions  of  this  act,  to  secure 
its  circulating  notes,  shall  pay  to  the  Treasurer  of  the 
United  States,  in  the  months  of  January  and  July,  a  tax 
of  one- fourth  of  one  per  centum  each  half  year  upon  the 
average  amount  of  such  of  its  notes  in  circulation  as  are 
based  upon  the  deposit  of  said  t\vo  per  centum  bonds ;  and 
such  taxes  shall  be  in  lieu  of  existing  taxes  on  its  notes  in 
circulation  imposed  by  section  fifty-two  hundred  and 
fourteen  of  the  Revised  Statutes. 

***** 

Approved.  March  14,  1900. 

ACT    OF    APRIL    12,  1900. 

si  stat.  L.,  CHAP.  191. — An  act  temporarily  to  pro  ride  revenues  and 
a.  civil  government  for  Porto  Rico,  and  for  other  pur- 
poses. 

*  *         .  *  *  * 

Federal  laws      §EC.  i-i.  That  the  statutory  laws  of  the  United  States 

applicable. 

not  locally  inapplicable,  except  as  hereinbefore  or  here- 
inafter otherwise  provided,  shall  have  the  same  force  and 
effect  in  Porto  Rico  as  in  the  United  States,  except  the 
internal-revenue  laws,  which,  in  view  of  the  provisions  of 
section  three,  shall  not  have  force  and  effect  in  Porto 
Rico. 

***** 
NOTE. — By  virtue  of  this  section  the  laws  of  the  United  States 
relative  to  the  organization  and  powers  of  national  banks  were 
extended  to  Porto  Rico.     (23  Op.  Atty.  Gen.,  169.) 

Approved,  April  12,  1900. 

ACT  OF  APRIL  30.  1900. 

31  stat-  L"  CHAP.   339.- — An  act   to   provide   a  government  for   the 

Territory  of  Han-ait. 
***** 

APPLICATION    OF  THE   LAWS   OK  THE    IMTEI)   STATES. 

Application      SEC.   5.  That    the   Constitution,  and.  except   as  herein 

of  federal  laws. 

otherwise  provided,   all   the  laws  of  the  United   States 


LAWS   CONCERNING   MONEY,    BANKING,   AND  LOANS.  449 

which  are  not  locally  inapplicable,  shall  have  the  same 
force  and  effect  within  the  said  Territory  as  elsewhere 
in  the  United  States:  Provided.  That  sections  eighteen  Proviso. 

i          IT          -,    r- 1-,  1-1.  i          in  -i       •  P     Submission  of 

hundred  and  fatty  and  eighteen  hundred  and  ninety  ot  territorial  laws 

"  t*~*    C'  ""tTFGSS 

the  Revised  Statutes  of  the  United  States  shall  not  apply  'tion  ou 

to  the  Territory  of  Hawaii.  *?ious      .pora- 

J  ±  *  *  .,  tions    to    hold 

real  estate. 

NOTE.— This    section    extended    the    national-banking    laws    to  u  f  I vslseg  f^' 
Hawaii,  but  is  restricted  not  to  include  the  conversion  of  terri-  !§2°oio90'  pp- 

Oj-  (—000. 

torial  banks.     (23  Op.  Atty.  Gen.,  177.) 
Approved,  April  30,  1900. 

ACT  OF  JUNE  6,  1900. 

CHAP.  797. — An  act  to  provide  better  facilities  for  the  65jl  stat-  L- 
safe-keeping  and  disbursement  of  public  moneys  in  the 
Philippine  Islands  and  in  the  islands  of  Cuba  and  Porto 
Rico. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  Secretary  of  the  Treasury  is  hereby  au-     Cuba,  Porto 
thorized  to  designate  one  or  more  banks  or  bankers  in  ^)1pinesnd 
the  Philippine  Islands  and  in  the  islands  of  Cuba  and  Of  deep<fs?tx>ries 
Porto  Rico  in  which  public  moneys  may  be  deposited :  eys.pu 
Provided,  That  the  banks  or  bankers  thus  designated  shall     Provisos. 
give  satisfactory  security  for  the  safe-keeping  and  prompt  posit. 
payment  of  the  public  moneys  so  deposited  by  depositing 
in  the  Treasury,  United  States  bonds  to  an  amount  not 
less  than  the  aggregate  sum  at  any  time  on  deposit  with 
such  banks  or  bankers:  And  provided  further,  That  this  tocuba!lcatlon 
Act   shall   apply  to   Cuba   only   while   occupied  by  the 
United  States. 

Approved.  June  0,  1900. 

JOINT  RESOLUTION   OF  JUNE   0.   1900. 

(No.  32.)   Joint  resolution  to  authorize  and  empower  the     j*1  stat  L-« 
Banco  Kxpafiol  de  Puerto  Rico  (Spanish  Bank  of  Porto 
Rico}   to  amend  its  by-law*. 

Resolved  by  the  Senate  and  House  of  Representatives 
of  the  United  States  of  America  in  Congress  asse/ubfcd, 
That  the  Banco  Espafiol  de  Puerto  Rico  (Spanish  Bank  ,-l,,f!V,i;"1.1,;^; 
of  Porto  Rico)  be.  and  the  said  institution  is  hereby,  an-  !1!n11(',n'('i  1 1'"  byy- 
thorized  and  empowered  to  amend  article  one  of  its  by- laws- 


450  NATIONAL   MONETARY  COMMISSION. 

laws,  which  said  by-laws  are  referred  to  in,  and  puB- 
lished  with,  the  royal  (Spanish)  decree  dated  May  fifth, 
anno  Domini  eighteen  hundred  and  eighty-eight,  grant- 
ing a  concession  to  said  bank,  so  as  to  change  its  name  to 
s'rY^-  tfcat  of  Bank  of  Porto  Rico  (Banco  de  Puerto  Rico)  and 
'"to  substitute  for  its  capital  in  pesos  the  equivalent  in 
money  of  the  United  States  at  the  ratio  established  by 
law,  and  to  amend  article  thirty-one  of  said  by-laws,  so 
that  to  be  a  councilor  of  said  bank  it  may  not  be  necessary 
to  be  a  Spaniard,  and  further  to  modify  and  amend  said 
by-laws,  but  always  in  accordance  with  existing  law,  and 
subject  to  the  approval  of  the  governor  of  Porto  Rico: 
Provisos.      Provided,  That  nothing  herein  contained  shall  be  held 
enlarged.          to  enlarge  or  to  permit  the  enlargement,  in  any  manner 
or  to  any  extent,  of  any  of  the  rights,  powers,  or  privi- 
leges granted  to  said  Banco  Espanol  de  Puerto  Rico 
(Spanish  Bank  of  Porto  Rico)   by  the  Government  of 
Federal  con- Spain:  And  provided  further,  That  nothing  herein  con- 
bridged,  tained  shall  be  held  in  any  wise  to  limit  or  curtail  any 
power  which  the  Government  or  the  Congress  of  the 
United  States  possesses  in  respect  of  said  bank,  its  powers, 
privileges,  or  franchises. 
Approved,  June  6,  1900. 

ACT  OF  FEBRUARY  18,  1901. 
si  stat.  L.,  CHAP.  379. — An  act  to  put  in  force  in  the  Indian  Terri- 

794.  (  *  ' 

tory  certain  provisions  of  the  laws  of  Arkansas  relating 
to  corporations,  and  to  make  said  provisions  appli- 
cable to  said  Territory. 

***** 
B  a  n  k  s  and     SEC.  8.  That  anv  bank  or  trust  company  now  or  here- 

trust  compa-  .  x 

nies;  powers,  after  organized  under  the  laws  of  Arkansas  or  anv  other 

etc. 

State  may  transact  such  business  in  the  Indian  Terri- 
tory as  is  authorized  by  its  charter,  and  that  is  not  in- 
consistent with  the  laws  in  force  in  the  Indian  Territory, 
and  may  loan  money  and  contract  for  the  payment  of 
the  same  at  a  rate  of  interest  not  to  exceed  the  sum  of 
eight  per  centum  per  annum,  and  a  like  rate  for  a  period 
Proviso.  less  than  a  year:  Provided,  That  the  lawful  interest  in 
est  in  Terri-said  Territory  shall  be  six  per  centum  when  no  rate  of 
interest  is  agreed  upon,  but  in  no  case  shall  the  interest 
exceed  eight  per  centum  per  annum. 

***** 
Approved,  February  18.  1901. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  451 

ACT  OF  MARCH  3,  1901. 

CHAP.  864.  —  An  act  to  provide  for  celebrating  the  one  14||  stat-  L- 
hundredth  anniversary  of  the  purchase  of  the  Louisi- 
ana territory  by  the  United  States  by  holding  an  inter- 
national exhibition  of  arts,  industries,  manufactures, 
and  the  products  of  the  soil,  mine,  forest,  and  sea  in 
the  city  of  Saint  Louis,  in  the  State  of  Missouri. 


SEC.  21.  That  any  bank  or  trust  company  located  in  bl.^h  ^a  n  k 
the  city  of  Saint  Louis,  or  State  of  Missouri,  may  be  °r°une|P°8ltlon 
designated  by  the  Louisiana  Purchase  Exposition  Com- 
pany  to  conduct  a  banking  office  upon  the  exposition 
grounds,  and  if  the  bank  so  designated  shall  be  a  national 
bank,    upon    such    designation    being   approved   by    the 
Comptroller    of   the    Currency,    said    national    bank    is 
liereb}7  authorized  to  open  and  conduct  such  office  as  a 
branch  of  the  bank,  subject  to  the  same  restrictions  and 
having  the  same  rights  as  the  bank  to  which  it  belongs  : 
Provided,  That  the  branch  office  authorized  hereby,  if     J'roviso. 
the  same  shall  be  a  branch  of  a  national  bank,  shall  not 
be  operated  for  a  period  longer  than  two  years,  beginning  of~lieI|?atk>enriod 
not  earlier  than  July  first,  nineteen  hundred  and  two, 
and  closing  not  later  than  July  first,  nineteen  hundred 
and  four. 

***** 

Approved,  March  3,  1001. 

ACT  OF  MARCH  3,  1901. 

CHAP.  871.  —  An  act  to  amend  section  fifty-one  hundred  14||  stat-  L- 
and  fifty-three  of  the  Revised  Statutes  of  the  United 
States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  /States  of  America  in  Congress  as- 
sembled, That  section  fifty-one  hunderd  and  fifty-three 
of  the  Revised  Statutes  of  the  United  States  be  amended 
to  read  as  follows: 

"SEC.  5153.  All  national  banking  associations,  dcsig-     N^au^na^i 
nated  for  that  purpose  by  the  Secretary  of  the  Treasury,  j;'^ 
shall  be  depositaries  of  public  money,  except  receipts  from  ^ 
customs,  under  such  regulations  as  may  be  prescribed  ''X  nnl''  X1<'1'')11i)(t..i,}'1" 
the  Secretary,  but  receipts  derived  from  duties  on  imports  i"    "  "  w  ail, 

v  i  A  111  SKil  ,  III*. 

Revised   Statutes,  sec.   r»ir>:;,   p.  ;»!ttj,   amended. 


J.'sf 


452  NATIONAL  MONETAKY  COMMISSION. 

in  Alaska,  the  Hawaiian  Islands,  and  other  islands  under 
the  jurisdiction  of  the  United  States  may  be  deposited  in 
such  depositaries  subject  to  such  regulations;  and  such 
depositaries  may  also  be  employed  as  financial  agents  of 
the  Government ;  and  they  shall  perform  all  such  reason- 
able duties  as  depositaries  of  public  moneys  and  financial 
agents  of  the  Government  as  may  be  required  of  them. 
The  Secretary  of  the  Treasury  shall  require  the  associa- 
tions thus  designated  to  give  satisfactory  security,  by  the 
deposit  of  United  States  bonds  and  otherwise,  for  the 
safe-keeping  and  prompt  payment  of  the  public  money 
deposited  with  them,  and  for  the  faithful  performance 
of  their  duties  as  financial  agents  of  the  Government. 
And  every  association  so  designated  as  receiver  or  deposi- 
tary of  the  public  money  shall  take  and  receive  at  par  all 
of  the  national  currency  bills,  by  whatever  association 
issued,  which  have  been  paid  into  the  Government  for 
internal  revenue  or  for  loans  or  stocks." 
Approved,  March  3,  1901. 

ACT  OF  APRIL  12,  1902. 

loo2  stat'  LM  CHAP.  503. — -An  act  to  provide  for  the  extension  of  the 

charters  of  national  banks. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
xationa\sembled.  That  the  Comptroller  of  the  Currency  is  hereby 

banks.  .  .  " 

charters  may  authorized,  in  the  manner  provided  by,  and  under  the 

l>e  extended  ..  ..        .  A  I>TI 

twenty  years,    conditions  and  limitations  or,  the  Act  of  July  twelfth, 
162.  eighteen  hundred  and  eightv-two,  to  extend  for  a  further 

Revised  Stat-      to  .  "  , 

utes,  sec.  5136,  period  of  twenty  years  the  charter  of  any  national  bank- 
ing association  extended  under  said  Act  which  shall  de- 
sire to  continue  its  existence  after  the  expiration  of  its 
charter. 

Approved,  April  12,  1902. 

ACT  OF  APRIL  28,  1902. 

r£2-  stat-  L-  CHAP.  594. — An  act  making  appropriations  for  the  legis- 
lative, executive,  and  judicial  expense*  of  the  Govern- 
ment for  the  fiscal  year  ending  June  thirtieth,  nineteen 
hundred  and  three,  and  for  other  purposes. 

***** 

nation  »-      *     *     *:     And    provided    further.    That    the    Comp- 

penses.  troller  of  the  Currency  is  hereby  directed  to  include  in 

his  Annual  Report  to  the  Speaker  of  the  House  of  Rep- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  453 

resentatives,  expenses  incurred  during  each  year,  in  liqui- 
dation of  each  failed  national  bank  separately. 

***** 

Approved,  April  28,  1902. 

ACT  OF  MAECH  3,  1903. 

CHAP.  1014.  —  An  act  to  amend  section  one  of  an  Act  en-  o{*2  stat,  i,., 
titled  "An  act  to  amend  sections  fifty-one  hundred  and 
ninety-one  and  -fifty-one  hundred  and  ninety-two  of  the 
Revised  Statutes  of  the  United  States,  and  for  other 
purposes. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  section  one  of  an  Act  entitled  "An  Act  to     N  «  1  1  o  n  a  i 
amend   sections  fifty-one  hundred   and   ninety-one   and     Reserve 

"  cities. 

fifty-one  hundred  and  ninety-two  of  the  Eevised  Statutes    vol.    24.    p. 

j-  "i       TT    •       i    o  /»  i  -i  **^9,  amen(3ed. 

ot  the  United  States,  and  tor  other  purposes,  approved 
March  third,  eighteen  hundred  and  eighty-seven,  be,  and 
the  same  is  hereby,  amended  to  read  as  follows  : 

"That  whenever  three-fourths  in  number  of  the  na-    Population 

required. 

tional  banks  located  in  any  city  of  the  United  States 
having  a  population  of  twenty-five  thousand  people  shall 
make  application  to  the  Comptroller  of  the  Currency,  in 
writing,  asking  that  the  name  of  the  city  in  which  such 
banks  are  located  shall  be  added  to  the  cities  named  in 
sections  fifty-one  hundred  and  ninety-one  and  fifty-one 
hundred  and  ninety-two  of  the  Revised  Statutes,  the  Revised  stat- 

utes, sec.  5191, 
Comptroller  shall  have  authority  to  grant  such  request,  zwz,  p.  100*. 

and  every  bank  located  in  such  city  shall  at  all  times 
thereafter  have  on  hand,  in  lawful  monev  of  the  United  Reserve  of  de- 

•'  posits. 

States,  an  amount  equal  to  at  least  twenty-five  per  centum 


of  its  deposits,  as  provided  in  sections  fifty-one  hmclred^jRevjsed  s^tat- 
and  ninety-one  and  fifty-one  hundred  and  ninety-five  of  510:5,  P.  1064! 
the  Revised  Statutes." 
Approved,  March  3.  1903. 

ACT  OF  FEBRUARY  28,  1905. 

CHAP.  1163.  —  An  act  to  amend  section  -fifty-one  hundred  ^  Sfat  L-' 
and  forty  -six  of  the  Rerixed  Statutes  of  the   United 
States  in  relation  to  the  qualifications  of  directors  of 
national  banking  associations. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  owm- 


454  NATIONAL   MONETARY   COMMISSION. 

National  ne(f  That  section  fif tv-one  hundred  and  forty-six  of  the 

banks.  * 

R,,e«q  «LU!tS  Revised  Statutes  of  the  United  States  be  so  amended  as  to 
qualifications  01 
directors.  read  as  f  OlloWS ! 

Revised  stat-  »  gEC>  5146.  Every  director  must,  during  his  whole 
P.  995,  amend-  term  of  service,  be  a  citizen  of  the  United  States,  and  at 
least  three-fourths  of  the  directors  must  have  resided  in 
the  State,  Territory,  or  District  in  which  the  association 
is  located  for  at  least  one  year  immediately  preceding 
their  election  and  must  be  residents  therein  during  their 
continuance  in  office.  Every  director  must  own  in  his 

Minimum  own  right  at  least  ten  shares  of  the  capital  stock  of  the 

shares  of  stock  -       ,  •   t    -i       •  T  i          ,,  -ic 

to  he  held  by  association  of  which  he  is  a  director,  unless  the  capital  of 

the  bank  shall  not  exceed  twenty-five  thousand  dollars,  in 

Banks  o  f  which  case  he  must  own  in  his  own  right  at  least  five 

small  capital.  .  .. 

shares  of  such  capital  stock.     Any  director  who  ceases  to 
be  the  owner  of  the  required  number  of  shares  of  the 
stock,  or  who  becomes  in  any  other  manner  disqualified, 
shall  thereby  vacate  his  place." 
Approved,  February  28,  1905. 

ACT  OF  DECEMBER  21,  1905. 

34  stat.  L.,  s.  CHAP.  3. — An  act  supplemental  to  an  act  entitled  '•''An  act 
to  provide  for  the  construction  of  a  canal  connecting  the 
waters  of  the  Atlantic  and  Pacific  oceans"  approved 
June  twenty -eighth,  nineteen  hundred  and  two,  and 
making  appropriation  for  Isthmian  Canal  construction, 
and  for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
isthmian  Ca-  hied.  That  the  two  per  cent  bonds  of  the  United  States 
etr.,  accorded  authorized  bv  section  eight  of  the  Act  entitled  "An  Act 

1>  o  n  (1  H    Issued  •  -i       P          •,  •  • 

for  construe- to  provide  for  the  construction  of  a  canal  connecting  the 
vol. '  32,  p.  waters  of  the  Atlantic  and  Pacific  oceans,"  approved  June 
twenty-eighth,  nineteen  hundred  and  two,  shall  have  all 
the  rights  and  privileges  accorded  by  law  to  other  two 
per  cent  bonds  of  the  United  States,  and  every  national 
banking  association  having  on  deposit,  as  provided  by 
law.  such  bonds  issued  under  the  provisions  of  said  section 
eight  of  said  Act  approved  June  twenty-eighth,  nineteen 
hundred  and  two.  to  secure  its  circulating  notes,  shall  pay 
to  the  Treasurer  of  the  United  States,  in  the  months  of 
January  and  July,  a  tax  of  one-fourth  of  one  per  cent 
each  half  year  upon  the  average  amount  of  such  of  its 
notes  in  circulation  as  are  based  upon  the  deposit  of  said 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  455 


two  per  cent  bonds  :  and  such  taxes  shall  be  in  lieu  of 

*  '  ....  Revised  Stat- 

existmg  taxes  on   its  notes  in   circulation   imposed  by  Ut(f00s8ec-  5214> 
section  fifty-two  hundred  and  fourteen  of  the  Revised 
Statutes. 


Approved,  December  21,  1905. 

ACT  OF  JUNE  22,  1906. 

CHAP.  3516.  —  An  act  to  amend  section  fifty-two  hundred  _34  stat.  L., 
Revised  Statutes   of   the    United  States,  relating    to 
national  banks. 

Be  it  enacted  by  the  Sen-ate  and  Home  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  section  fifty-two  hundred  of  the  Revised,,  National 

J  .  banks. 

Statutes  of  the  United  States  be,  and  the  same  is  hereby, 
amended  to  read  as  follows: 

"SEC.  5200.  The  total  liabilities  to  any  association,  of,,  Limit  to  iia- 

5         blhties  persons 

any  person,  or  of  any  company,  corporation,  or  firm  formay  l£cur>  in- 
monev  borrowed,  including  in  the  liabilities  of  a  company    Revlsed  stat- 

•  .       .  ;  B  i    utes>  sec-  »200. 

or  firm  the  liabilities  of  the  several  members  thereof,  shall  P-  1005>  amend- 

ed. 

at  no  time  exceed  one-tenth  part  of  the  amount  of  the 
capital  stock  of  such  associations,  actually  paid  in  and 
unimpaired  and  one-tenth  part  of  its  unimpaired  surplus 
fund:  Provided,  however,  That  the  total  of  such  liabili-  Proviso. 

Maximum. 

ties  shall  in  no  event  exceed  thirty  per  centum  of  the 
capital  stock  of  the  association.     But  the  discount  of  bills 
of  exchange  drawn  in  good  faith  against  actually  existing  included. 
values,  and  the  discount  of  commercial  or  business  paper 
actually  owned  by  the  person  negotiating  the  same  shall 
not  be  considered  as  money  borrowed." 
Approved,  June  22,  1906. 

ACT  OF  JANUARY  26,  1907. 

(As  codified  in  section  83  of  the  Penal  Code  of  the  8634  stat.  L., 
United  States,  March  4,  1909,  35  Stat.  L.,  1103)  : 

It  shall  be  unlawful  for  anv  national  bank,  or  any  cor-     corporations 

'  •  contrib  u  t  i  n  g 

poration  organized  by  authority  of  any  law  of  Congress, 
to  make  a  money  contribution  in  connection  witli  any 
election  to  any  political  office.  It  shall  also  be  unlawful 
for  any  corporation  whatever  to  make  a  money  contribu- 
tion in  connection  with  any  election  at  which  Presidential 
and  Vice-Presidential  electors  or  a  Representative  in  Con- 


456  NATIONAL   MONETARY   COMMISSION. 

gress  is  to  be  voted  for,  or  any  election  by  any  State  legis- 

Penaity  for.Jature  of  a  United  States  Senator.     Every  corporation 

which  shall  make  any  contribution  in  violation  of  the 

foregoing  provisions  shall  be  fined  not  more  than  five 

Additional  to  thousand  dollars;  and  every  officer  or  director  of  any  cor- 

poration who  shall  consent  to  any  contribution  by  the 

corporation  in  violation  of  the  foregoing  provisions  shall 

be  fined  not  more  than  one  thousand  dollars,  or  impris- 

oned not  more  than  one  year,  or  both. 

ACT  OF  MARCH  4,  1907. 

I*  stat-  IJ-CHAP.  2913.  —  An  act  to  amend  the  national  banking  act, 

and  for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
Currency  act,  sembled,  That  section  six  of  an  Act  to  define  and  fix  the 
standard  of  value,  to  maintain  the  parity  of  all  forms  of 
money  issued  or  coined  by  the  United  States,  to  refund 
the  public  debt,  and  for  other  purposes,  approved  March 
fourteenth,  nineteen  hundred,  be,  and  the  same  is  hereby, 
amended  to  read  as  follows: 

Gold  certm-     "  SEC.  G.  That  the  Secretary  of  the  Treasury  is  hereby 
deposits  of  authorized  and  directed  to  receive  deposits  of  gold  coin 

jrold  coin.  •   i        i 

with   the   Treasurer,  or  any   assistant  treasurer   of  the 
tion>eredi?ceda  "United  States  in  sums  of  not  less  than  twenty  dollars, 


4?V  "amended  P  an<^  ^°  issue  S°^  certificates  therefor  in  denominations  of 
not  less  than  ten  dollars,  and  the  coin  so  deposited  shall 
be  retained  in  the  Treasury  and  held  for  the  payment  of 
such  certificates  on  demand,  and  used  for  no  other  pur- 
pose. Such  certificates  shall  be  receivable  for  customs, 
taxes,  and  all  public  clues,  and  when  so  received  may  be 
reissued,  and  when  held  by  any  national  banking  associa- 
tion may  be  counted  as  a  part  of  its  lawful  reserve: 
Provisos.  Provided,  That  whenever  and  so  long  as  the  gold  coin 

Suspe  n  slon  '  ~ 

of  issue  on  m-  and  bullion  held  in  the  reserve  fund  in  the  Treasury  for 

rluction    of    rf- 

the  redemption  of  United  States  notes  and  Treasury  notes 

shall  fall  and  remain  below  one  hundred  million  dollars 

the  authority  to  issue  certificates  as  herein  provided  shall 

of°HUvinCcroTh(l    "usppndod  :    And   provided   further.   That    whenever 

inlrtneH'Tmis-!U1^   so  1()I1£  !ls  the  aggregate  amount  of  United   States 

notes  and   silver  certificates  in  the  general   fund  of  the 

Treasury  -hall  exceed  sixty  million  dollars  the  Secretary 

of  the  Treasury  may.  in  his  discretion,  suspend  the  issue 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  457 

of  the  certificates  herein  provided  for:  And  provided 
further,  That  of  the  amount  of  such  outstanding  certifi-  tloJJBe  n °fm  1°i »_- 
cates  one-fourth  at  least  shall  be  in  denominations  of^nd^ng     cer- 
fifty  dollars  or  less :  And  provided  further,  That  the    Large  notes. 
Secretary  of  the  Treasury  may,  in  his  discretion,  issue  5193,  p."  1004; 
such  certificates  in  denominations  of  ten  thousand  dol- 
lars, payable  to  order.     And  section  fifty-one  hundred 
and  ninety-three  of  the  Revised  Statutes  of  the  United 
States  is  hereby  repealed." 

SEC.  2.  That  whenever  and  so  long  as  the  outstanding^Tjeasury 
silver  certificates  of  the  denominations  of  one  dollar,  two  wl?ep  deficiency 

exists  in  small 

dollars,  and  five  dollars,  issued  under  the  provisions  of  silyer     certm- 

^  cates. 

section  seven  of  an  Act  entitled  "An  Act  to  define  and  fix    vol.  si,  p.  47. 

the  standard  of  value,  to  maintain  the  parity  of  all  forms 

of  money  issued  or  coined  by  the  United  States,  to  refund 

the  public  debt,  and  for  other  purposes,"  approved  March 

fourteenth,  nineteen  hundred,  shall  be,  in  the  opinion  of 

the  Secretary  of  the  Treasury,  insufficient  to  meet  the 

public  demand  therefor,  he  is  hereby  authorized  to  issue     Higher     de- 

.,„  PTT  ••  p  -in         nominations  to 

United  States  notes  of  the  denominations  of  one  dollar,  be  retired. 
two  dollars,  and  five  dollars,  and  upon  the  issue  of  United 
States  notes  of  such  denominations  an  equal  amount  of 
United   States   notes  of  higher  denominations  shall  be 
retired  and  canceled:  Provided,  however.  That  the  aggre-     Provisos. 

A  £  £T  £  6  2T  H.  t  C 

gate  amount  of  United  States  notes  at  any  time  outstand-  amount  nation- 

•  •  r>iii  •  7     7al    bank    issue 

mg  shall  remain  as  at  present  fixed  by  law :  And  provtdednot  affected. 
further,  That  nothing  in  this  Act  shall  be  construed  as 
affecting  the  right  of  any  national  bank  to  issue  one-third 
in  amount  of  its  circulating  notes  of  the  denomination  of 
five  dollars,  as  now  provided  by  law. 

SEC.  3.  That  section  fiftv-one  hundred  and  fifty-three     Revised  stat- 
utes, sec.  ali).?. 

of  the  Revised  Statutes  be  amended  to  read  as  follows :      P-  0!)6'  amend- 
ed. 
"SEC.  5153.  All  national  banking  associations,  desig-     National 

7  '    banks    naay    be 

nated  for  that  purpose  by  the  Secretary  of  the  Treasury,  depositaries^  of 
shall  be  depositaries  of  public  money,  under  such  regula-  moneys. 
tions  as  may  be  prescribed  by  the  Secretary;  and  they 
may  also  be  employed  as  financial  agents  of  the  Govern- 
ment; and  they  shall  perform  all  such  reasonable  duties, 
as  depositaries  of  public  money  and  financial  agents  of 
the  Government,  as  may  be  required  of  them.  The 
Secretary  of  the  Treasury  shall  require  the  associations 
thus  designated  to  give  satisfactory  security,  by  the  de- 
posit of  United  States  bonds  and  otherwise,  for  the  safe-- 
keeping and  prompt  payment  of  the  public  money  do- 
posited  with  them,  and  for  the  faithful  performance  of 
1 .7712°— 10 :;o 


458  NATIONAL   MONETARY   COMMISSION. 

their  duties  as  financial  agents  of  the  Government:  Pro- 

Frovisos.       vided,  That  the  Secretary  shall,  on  or  before  the  first  of 

securities   re-  January  of  each  year,  make  a  public  statement  of  the 

securities  required  during  that  year  for  such  deposits. 

And  every  association  so  designated  as  receiver  or  deposi- 
TO  receive  at  tarv  of  the  public  money  shall  take  and  receive  at  par 

1  )  'I   r        fl  1  1        Dfl-  ' 

1  1  o  n  a  i    cur-  ali  of  the  national  currency  bills,  by  whatever  association 

issued,  which  have  been  paid  into  the  Government  for 

Distribution  internal  revenue,  or  for  loans  or  stocks:  Provided.  That 

of  deposits.  nim  i 

the  Secretary  of  the  Treasury  shall  distribute  the  deposits 
herein  provided  for,  as  far  as  practicable,  equitably  be- 
tween the  different  States  and  sections." 
vol.    22,    p.     SEC.  4.  That  section  nine  of  the  Act  of  July  twelfth, 

164,  amended.  .  •*•,•, 

vol.  31,  p.  45.  eighteen  hundred  and  eighty-two,  as  amended  by  the  Act 
of  March  fourteenth,  nineteen  hundred,  be  further 
amended  to  read  as  follows  : 

withdrawal     "  gEC>  9.  That  any  national  banking  association  now 

of    circulating  J  .  p 

ROH?S  f  "awfui  organized,  or  hereafter  organized,  desiring  to  withdraw 
money,  etc.  {{$  circulating  notes,  upon  a  deposit  of  lawful  money  with 
i-4.  the  Treasurer  of  the  United  States,  as  provided  in  section 

Restriction  '         r 

on  reissue  r«-  four  of  the  Act  of  June  twentieth,  eighteen  hundred  and 

moved.  ... 

seventy-four,  or  as  provided  in  this  Act,  is  authorized  to 
deposit  lawful  money  and,  with  the  consent  of  the  Comp- 
troller of  the  Currency  and  the  approval  of  the  Secretary 
of  the  Treasury,  withdraw  a  proportionate  amount  of  the 
bonds  held  as  security  for  its  circulating  notes  in  the 
Provisos.  f  order  of  such  deposits:  Provided.  That  not  more  than 

L  1  m  i  t     o  f    .  .     .  L 

monthiy     d  e  -nine  millions  of  dollars  of  la\vful  monev  shall  be  deposited 

posit  increased.  .  . 

during  any  calendar  month  for  this  purpose:  And  pro- 
Homis  called  rided  further.  That  the  provisions  of  this  section  shall 

for  redemption,  l 

not  apply  to  bonds  called  for  redemption  by  the  Secre- 
tary of  the  Treasury,  nor  to  withdrawal  of  circulating 
notes  in  consequence  thereof." 
Approved,  March  4,  1907,  10  a.  m. 

ACT  OF  MAY  30,  1008. 
r.4fi:>  Stn<'   L"  CHAP.  (2-2(.\  —  An  act  to  amend  the  national  bankinf/  lairs. 


lif  if  enacted  l>y  the  Senate  and  Hotixc  of 

tirex  of  the   1'nitcd  titatcx  of  America  in  ( 

hiink'1  '  Hmih  '  *f'n'^ff'fl*  That  national  banking  associations,  each  having 

an    unimpaired   capital   and   a   surplus   of  not   less   than 

N  a  ti  o  n  a  i  twenty  per  centum,  not   less  than  ten  in  number,  having 

oYaVionH*        "  :HI  aggregate  capital  and  surplus  of  at   least  five  millions 

of  dollars,  may  form  voluntary  associations  to  be  desig- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  459 

nated  as  national  currency  associations.     The  banks  unit-  ..  F  °  r  m*  - 

•J  .  .  tion  by  nation- 

ing  to  form  such  association  shall,  by  their  presidents  or  al  banks. 

vice-presidents,  acting  under  authority  from  the  board    Applications. 

of  directors,  make  and  file  with  the  Secretary  of  the 

Treasury  a  certificate  setting  forth  the  names  of  the  banks 

composing  the  association,  the  principal  place  of  business 

of  the  association,  and  the  name  of  the  association,  which 

name  shall  be  subject  to  the  approval  of  the  Secretary  of 

the  Treasury.     Upon  the  filing  of  such  certificate  the  as-    corporate 

now^rs 

sociated  banks  therein  named  shall  become  a  body  cor- 
porate, and  by  the  name  so  designated  and  approved 
may  sue  and  be  sued  and  exercise  the  powers  of  a  body 
corporate  for  the  purposes  hereinafter  mentioned:  Pro-  Provisos. 
vided,  That  not  more  than  one  such  national  currency 
association  shall  be  formed  in  any  city:  Provided  further. 
That  the  several  members  of  such  national  currency  as-  Members  to 

.  be     of     contlg- 

sociation  shall  be  taken,  as  nearly  as  conveniently  may  be, uous  territory. 
from  a  territory  composed  of  a  State  or  part  of  a  State, 
or  contiguous  parts  of  one  or  more  States:  And  provided 
further.  That  anv  national  bank  in  such  city  or  territory,     s  u  b  a  e  - 

'  ."  .  J  "  '  quent      admls- 

havmg  the  qualifications  herein  prescribed  for  member-  sions. 
ship  in  such  national  currency  association,  shall,  upon 
its  application  to  and  upon  the  approval  of  the  Secre- 
tary of  the  Treasury,  be  admitted  to  membership  in  a 
national  currency  association  for  that  city  or  territory, 
and  upon  such  admission  shall  be  deemed  and  held  a  part 
of  the  body  corporate,  and  as  such  entitled  to  all  the  rights 
and   privileges  and  subject  to  all  the  liabilities  of  an 
original  member:  And  provided  further,  That  each  na-  strfcfe^ \*  ™e 
tional  currency  association  shall  be  composed  exclusively  association. 
of  banks  not  members  of  any  other  national  currency  as- 
sociation. 

The  dissolution,  voluntary  or  otherwise,  of  anv  bank     Existence 

"  *g  not  affected  by 

in  such  association  shall  not  affect  the  corporate  existence  dissolution    of 

a  member. 

of  the  association  unless  there  shall  then  remain  less  than 
the  minimum  number  of  ten  banks:  Provided,  however,     ^rpvi(f°u 
That  the  reduction  of  the  number  of  said  banks  below  the  ^"Jof  '  °  w 
minimum  of  ten  shall  not  affect  the  existence  of  the  cor- 
poration with  respect  to  the  assertion  of  all  rights  in  favor 
of  or  against  such  association.     The  affairs  of  the  asso- 
ciation shall  be  managed  by  a  board  consisting  of  one  meMta  n  a  K  e" 
representative  from  each  bank.     By-laws  for  the  govern- 
ment of  the  association  shall  be  made  by  the  board,  sub- 
ject to  the  approval  of  the  Secretary  of  the  Treasury.     A      ^mxr°p's;.  „ 
president,  vice-president,  secretary,  treasurer,  and  an  ex- tivecommlttee- 


460  NATIONAL   MONETARY   COMMISSION. 

ecutive  committee  of  not  less  than  five  members,  shall  be 
elected  by  the  board.  The  powers  of  such  board,  except 
in  the  election  of  officers  and  making  of  by-laws,  may  be 
exercised  through  its  executive  committee. 

Powers.  The  national  currency  association  herein  provided  for 

shall  have  and  exercise  any  and  all  powers  necessary  to 
carry  out  the  purposes  of  this  section,  namely,  to  render 
available,  under  the  direction  and  control  of  the  Secretary 
of  the  Treasury,  as  a  basis  for  additional  circulation  any 
securities,  including  commercial  paper,  held  by  a  national 

Additional  banking  association.     For  the  purpose  of  obtaining  such 

hank       eircula-       ,,..,.          ,.  1111  •  •  •          t 

tion.      securi-  additional  circulation,  any  bank  belonging  to  any  national 

ties   for.   to  be  .      .  '        '. J          .         ,    ,  .  fe  ,. 

deposited  with  currency  association,  having  circulating  notes  outstanding 
secured  by  the  deposit  of  bonds  of  the  United  States  to 
an  amount  not  less  than  forty  per  centum  of  its  capital 
stock,  and  which  has  its  capital  unimpaired  and  a  surplus 
of  not  less  than  twenty  per  centum,  may  deposit  with  and 
transfer  to  the  association,  in  trust  for  the  United  States, 
for  the  purpose  hereinafter  provided,  such  of  the  securi- 
ties above  mentioned  as  may  be  satisfactory  to  the  board 
Application  of  the  association.  The  officers  of  the  association  may 

to  comptroller  .  J 

of  the  c  u  r  -  thereupon,  in  behalf  of  such  bank,  make  application  to 

rency.  *- 

the  Comptroller  of  the  Currency  for  an  issue  of  additional 
circulating  notes  to  an  amount  not  exceeding  seventy-five 
per  centum  of  the  cash  value  of  the  securities  or  commer- 
cial paper  so  deposited.  The  Comptroller  of  the  Currency 
shall  immediately  transmit  such  application  to  the  Secre- 
tary of  the  Treasury  with  such  recommendation  as  lie 
the^Trelsur '  tn"^s  proper,  and  if,  in  the  judgment  of  the  Secretary  of 
™;[>"  dlro'->t:  is-the  Treasury,  business  conditions  in  the  locality  demand 
additional  circulation,  and  if  ho  be  satisfied  with  the 
character  and  value  of  the  securities  proposed  and  that  a 
lien  in  favor  of  the  United  States  on  the  securities  so  de- 
posited and  on  the  assets  of  the  banks  composing  the  asso- 
ciation will  be  amply  sufficient  for  the  protection  of  the 
1'nitod  States,  lie  may  direct  an  issue  of  additional  cir- 
culating notes  to  the  association,  on  behalf  of  such  bank, 
to  an  amount  in  his  discretion,  not,  however,  exceeding 
seventy-five  per  centum  of  the  cash  value  of  the  securities 
!\mmmts'  ,,n  s"  ( l('l )(>si  l  (>(' :  /V^/vV/W,  That  upon  tlic  deposit  of  any  of 
i* mils' ' '  ' ''  "  ''"'  ^tjltt'.  city,  town, county,  or  other  municipal  bonds,  of  a 
character  described  in  section  three  of  this  Act.  circulating 
notes  may  be  issued  to  the  extent  of  not  exceeding  ninety 
per  cent  inn  of  the  market  value  of  such  bonds  so  depos- 
ited: Ami  fn'or'tdcd  fi//i/u>/\  That  no  national  banking 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  461 

association  shall  be  authorized  in  any  event  to  issue  cir-     Limit  as  to 

17  .  commercial  pa- 

culating  notes  based  on  commercial  paper  in  excess  ofi*51'- 

thirty,  per  centum  of  its  unimpaired  capital  and  surplus. 

The  term  "commercial  paper"  shall  be  held  to  include cia'jCp°^r™ ^e" 

only  notes  representing  actual  commercial  transactions, signated- 

which  when  accepted  by  the  association  shall  bear  the 

names  of  at  least  two  responsible  parties  and  have  not 

exceeding  four  months  to  run. 

The  banks  and  the  assets  of  all  banks  belonging  to  the     Liability   of 

•    ,•  ITII         •    •    j/i  i  n       TIT  xi       association  for 

association  shall   be  jointly  and  severally  liable  to  the  redemption. 
United  States  for  the  redemption  of  such  additional  cir- 
culation; and  to  secure  such  liability  the  lien  created  by     Lien  created, 
section  fifty-two  hundred  and  thirty  of  the  Kevised  Stat-  ^  ?eTised  sta- 

J  J  tutes.  sec.  5230, 

utes  shall  extend  to  and  cover  the  assets  of  all  banks  P-  ion. 
belonging  to  the  association,  and  to  the  securities  de- 
posited by  the  banks  with  the  association  pursuant  to  the 
provisions  of  this  Act;  but  as  between  the  several  banks 
composing   such   association   each   bank   shall  be   liable  tv/e'en^mein- 
only  in  the  proportion  that  its  capital  and  surplus  bears  bers- 
to  the  aggregate  capital  and  surplus  of  all  such  banks. 
The  association  may,  at  any  time,  require  of  any  of  its 
constituent  banks  a  deposit  of  additional  securities  or     Additional, 

or  exchange  of, 

commercial  paper,  or  an  exchange  of  the  securities  al-  securities. 
ready  on  deposit,  to  secure  such  additional  circulation; 
and  in  case  of  the  failure  of  such  bank  to  make  such  de- 
posit or  exchange  the  association  may,  after  ten  days'  ^f^  hef]ds0en 
notice  to  the  bank,  sell  the  securities  and  paper  already  failure, 
in  its  hands  at  public  sale,  and  deposit  the  proceeds  with 
the  Treasurer  of  the  United  States  as  a  fund  for  the  re-     Deposit  of 

proceeds. 

demption  of  such  additional  circulation.     If  such  fund 

be  insufficient  for  that  purpose  the  association  may  re-     suit,  if  sum 

,,,...     insufficient     to 

cover  from  the  bank  the  amount  of  the  deficiency  by  suit  redeem  notes. 

in  the  circuit  court  of  the  United  States,  and  shall  have 

the  benefit  of  the  lien  hereinbefore  provided  for  in  favor 

of  the  United  States  upon  the  assets  of  such  bank.     The 

association  or  the  Secretary  of  the  Treasury  may  permit 

or  require  the  withdrawal  of  anv  such  securities  or  coin-     withdrawal 

/  _  .  and      substitu- 

mercial  paper  and  the  substitution  of  other  securities  or  tion  permitted. 
commercial  paper  of  equal  value  therefor. 

SEC.  2.  That  whenever  any  bank  belonging  to  a  na-     Af>tio.n.-  if 

•'  _  members  fail  to 

tional  currency  association  shall  fail  to  preserve  or  make  maintain    re- 

J  demption  fund. 

good  its  redemption  fund  in  the  Treasury  of  the  United    voi.is.p.  12:5. 
States,  required  by  section  three  of  the  Act  of  June  twen- 
tieth, eighteen  hundred  and  seventy-four,  chapter  three 
hundred  and  forty-three,  and  the  provisions  of  this  Act, 


462  NATIONAL   MONETARY   COMMISSION. 

the  Treasurer  of  the   United  States  shall  notify  such 

national  currency  association  to  make  good  such  redemp- 

tion fund,  and  upon  the  failure  of  such  national  cur- 

use  of  funds  rency  association  to  make  good  such  fund,  the  Treasurer 

of  other  mem-  .       ,  .        ,.          j.-  i 

bers.  of  the  United  States  may,  in  his  discretion,  apply  so 

much  of  the  redemption  fund  belonging  to  the  other 

banks  composing  such  national  currency  association  as 

Association  to  may  be  necessary  for  that  purpose;  and  such  national 

sell     securities         J  .    ,*.  ».        t*         3         i         >'  i 

of    defaulting  currency  association  may,  alter  live  days   notice  to  such 

bank,  proceed  to  sell  at  public  sale  the  securities  depos- 

ited by  such  bank  with  the  association  pursuant  to  the 

Deposits  o  f  provisions  of  section  one  of  this  Act,  and  deposit  the  pro- 

redemption   of  ceeds  with  the  Treasurer  of  the  United  States  as  a  fund 

for  the  redemption  of  the  additional  circulation  taken 

out  by  such  bank  under  this  Act. 

Additional      SEC.  3.  That  any  national  banking  association  which 

circulation     by  .  .  ..  .. 

banks  on  other  has  circulating  notes  outstanding,  secured  by  the  deposit 

bonds.  '  of  United  States  bonds  to  an  amount  of  not  less  than 

forty  per  centum  of  its  capital   stock,  and  which  has 

a  surplus  of  not  less  than  twenty  per  centum,  may  make 

application  to  the  Comptroller  of  the  Currency  for  au- 

thority to  issue  additional  circulating  notes  to  be  secured 

by  the  deposit  of  bonds  other  than  bonds  of  the  United 

Application  to  States.    The  Comptroller  of  the  Currency  shall  transmit 

Comptroller.       .  TII  ,.         .  .  .  -,      • 

immediately  the  application,  with  his  recommendation, 

to  the  Secretary  of  the  Treasury,  who  shall,  if  in  his 

judgment    business   conditions    in    the    locality    demand 

Approval  by  additional  circulation,  approve  the  same,  and  shall  de- 

Secrctary       of.  . 

Treasury.         terininc  the  time  of  issue  and  fix  the  amount,  within 
the  limitations  herein  imposed,  of  the  additional  circu- 


on  de-  lating   notes   to   be   issued.      Whenever   after   receiving 

posit    of  bonds  K  .  ~ 

with  Treasurer,  notice  of  such  approval  any  such  association  shall  deposit 
with  the  Treasurer  or  any  assistant  treasurer  of  the 
United  States  such  of  the  bonds  described  in  this  section 
as  shall  be  approved  in  character  and  amount  by  the 
Treasurer  of  the  United  States  and  the  Secretary  of  the 
Treasury,  it  shall  be  entitled  to  receive,  upon  the  order 
of  the  Comptroller  of  the  Currency,  circulating  notes  in 
blank,  registered  and  countersigned  as  provided  by  law, 
Not  to  exceed  not  exceeding  in  amount  ninety  per  centum  of  the  mar- 

5)0  per  cent  of  .  *     l 

market  value,  ket  value,  but  not  in  excess  of  the  par  value  of  any 
bonds  so  deposited,  such  market  value  to  be  ascertained 
and  determined  under  the  direction  of  the  Secretary  of 
the  Treasury. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  463 

The  Treasurer  of  the  United  States,  with  the  approval 0  B°nds  °f 

States,      cities, 

of  the  Secretary  of  the  Treasury,  shall  accept  as  security  et<\.  acceptable. 

J  *  '  J      Conditions  as 

for  the  additional  circulating  notes  provided  for  in  this  ^ndcsity>  etc-- 
section,  bonds  or  other  interest-bearing  obligations  of  any 
State  of  the  United  States,  or  any  legally  authorized 
bonds  issued  by  any  city,  town,  county,  or  other  legally 
constituted  municipality  or  district  in  the  United  States 
which  has  been  in  existence  for  a  period  of  ten  years,  and 
which  for  a  period  of  ten  years  previous  to  such  deposit 
has  not  defaulted  in  the  payment  of  any  part  of  either 
principal  or  interest  of  any  funded  debt  authorized  to  be 
contracted  by  it,  and  whose  net  funded  indebtedness  does 
not  exceed  ten  per  centum  of  the  valuation  of  its  taxable 
property,  to  be  ascertained  by  the  last  preceding  valua- 
tion of  property  for  the  assessment  of  taxes.  The  Treas-  Discretion  of 

TrGfl.su  rcr 

urer  of  the  United  States,  with  the  approval  of  the  Sec- 
retary of  the  Treasury,  shall  accept,  for  the  purposes  of 
this  section,  securities  herein  enumerated  in  such  pro- 
portions as  he  may  from  time  to  time  determine,  and  he 
may  with  such  approval  at  any  time  require  the  deposit 
of  additional  securities,  or  require  any  association  to 
change  the  character  of  the  securities  already  on  deposit. 

SEC.  4.  That  the  legal  title  of  all  bonds,  whether  cou-     Transfer  of 

.    '  .  title  in  trust. 

pon  or  registered,  deposited  to  secure  circulating  notes 
issued  in  accordance  with  the  terms  of  section  three  of 
this  Act  shall  be  transferred  to  the  Treasurer  of  the 
United  States  in  trust  for  the  association  depositing 
them,  under  regulations  to  be  prescribed  by  the  Secretary 
of  the  Treasury.  A  receipt  shall  be  given  to  the  associa-  Receipts  from 

•  «  Treasurer. 

tion  by  the  Ireasurer  or  any  assistant  treasurer  or  the 
United  States,  stating  that  such  bond  is  held  in  trust  for 
the  association  on  whose  behalf  the  transfer  is  made,  and 
as  security  for  the  redemption  and  payment  of  any  cir- 
culating notes  that  have  been  or  may  be  delivered  to 
such  association.  No  assignment  or  transfer  of  any  such  Assignments, 

custody,  etc.,  of 

bond  by  the  Treasurer  shall  be  deemed  valid  unless  coun-  bonds, 
tersigned  by  the  Comptroller  of  the  Currency.     The  pro-     R-    S-r  sees. 
visions   of   sections   fifty-one   hundred    and    sixty-three,  5  ^  24-52:54.' 
fifty-one  hundred  and  sixty-four,  fifty-one  hundred  and  1012.' 
sixty-five,  fifty-one  hundred  and  sixty-six,  and  fifty-one 
hundred  and  sixty-seven  and  sections  fifty-two  hundred 
and  twenty-four  to  fifty-two  hundred  and  thirty-four,  in- 
clusive, of  the  Revised  Statutes  respecting  United  States 
bonds  deposited  to  secure  circulating  notes  shall,  except 


464  NATIONAL   MONETARY  COMMISSION. 

as  herein  modified,  be  applicable  to  all  bonds  deposited 
under  the  terms  of  section  three  of  this  Act. 

diuonal8  cK     SEC.  5-  Tnat  tne  additional  circulating  notes  issued  un- 
lating  notes.      fer  fais  ^ct  snan  be  us&^  held,  and  treated  in  the  same 
way   as  circulating  notes  of  national  banking  associa- 
tions heretofore  issued  and  secured  by  a  deposit  of  United 
States  bonds,  and  shall  be  subject  to  all  the  provisions  of 
law  affecting  such  notes  except  as  herein  expressly  modi- 
FunitSOof  is  ^e<^:   Prodded,   That  the   total   amount   of   circulating 
sue  of  notes  by  notes  outstanding  of  any  national  banking  association, 
including  notes  secured  by  United  States  bonds  as  now 
provided  by  law,  and  notes  secured  otherwise  than  by 
deposit  of  such  bonds,  shall  not  at  any  time  exceed  the 
Maximum  of  amount  of  its  unimpared  capital  and  surplus:  And  pro- 
notes.  l  vided  further,  That  there  shall  not  be  outstanding  at  any 
time  circulating  notes  issued  under  the  provisions  of  this 
Act  to  an  amount  of  more  than  five  hundred  millions  of 
dollars. 
Redemption     jgEC.  6.  That  whenever  and  so  long  as  any  national 

fund.  t  .  .  . 

special    re  -  banking  association  has  outstanding  any  of  the  additional 

qulrement     for     .  .  .  . 

additional  cir-  circulating  notes  authorized  to  be  issued  by  the  provisions 

culation.     Vol.  J  r 

18,  p.  123.  of  this  Act  it  shall  keep  on  deposit  in  the  Treasury  of 
the  United  States,  in  addition  to  the  redemption  fund 
required  by  section  three  of  the  Act  of  June  twentieth, 
eighteen  hundred  and  seventy-four,  an  additional  sum 
equal  to  five  per  centum  of  such  additional  circulation  at 
any  time  outstanding,  such  additional  five  per  centum  to 
be  treated,  held,  and  used  in  all  respects  in  the  same 
manner  as  the  original  redemption  fund  provided  for  by 
said  section  three  of  the  Act  of  June  twentieth,  eighteen 
hundred  and  seventy-four. 

ass^mm.ntonof     k^EC>  7<  In  order  that  the  distribution  of  notes  to  be 

l-n1at°ioan  ^o  '•ssue(^  under  the  provisions  of  this  Act  shall  be  made  as 
equitable  as  practicable  between  the  various  sections  of 
the  country,  the  Secretary  of  the  Treasury  shall  not 
approve  applications  from  associations  in  any  State  in 
excess  of  the  amount  to  which  such  State  would  be  enti- 
tled of  the  additional  notes  herein  authorized  on  the  basis 
of  the  proportion  which  the  unimpaired  capital  and  sur- 
plus of  the  national  banking  associations  in  such  State 
bears  to  the  total  amount  of  unimpaired  capital  and  sur- 
plus of  the  national  banking  associations  of  the  United 
KmeTrK°ency^tate>s:  T>ror'l(^'  however,  That  in  case  the  applications 

iiHsiKimionts.  from  associations  in  any  State  shall  not  be  equal  to  the 
amount  which  the  associations  of  such  State  would  be 


LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.     465 

entitled  to  under  this  method  of  distribution,  the  Secre- 
tary of  the  Treasury  may,  in  his  discretion,  to  meet  an 
emergency,  assign  the  amount  not  thus  applied  for  to 
any  applying  association  or  associations  in  States  in  the 
same  section  of  the  country. 

SEC.  8.  That  it  shall  be  the  duty  of  the  Secretary  of  the  etc^asTo11™: 
Treasury  to  obtain   information  with  reference  to  the  t??stable  securl- 
value  and  character  of  the  securities  authorized  to  be 
accepted  under  the  provisions  of  this  Act,  and  he  shall 
from  time  to  time  furnish  information  to  national  banking 
associations  as  to  such  securities  as  would  be  acceptable 
under  the  provisions  of  this  Act. 

SEC.  9.  That  section  fifty-two  hundred  and  fourteen  of     Tax  on  cir- 

J  culation. 

the  Ee vised  Statutes,  as  amended,  be  further  amended  to 
read  as  follows: 

"  SEC.  5214.  National  banking  associations  having  on  ^^^flil" 
deposit  bonds  of  the  United  States,  bearing  interest  at  the  P-  |^ed    b  ' 
rate  of  two  per  centum  per  annum,  including  the  bonds j^per  cent 
issued  for  the  construction  of  the  Panama  Canal,  under 
the  provisions  of  section  eight  of  'An  Act  to  provide  for     Joi.    32,   p. 
the  construction  of  a  canal  connecting  the  waters  of  the 
Atlantic    and    Pacific    oceans,'    approved    June    twenty- 
eighth,  nineteen  hundred  and  two,  to  secure  its  circulating 
notes,  shall  pay  to  the  Treasurer  of  the  United  States,  in 
the  months  of  January  and  July,  a  tax  of  one-fourth  of 
one  per  centum  each  half  year  upon  the  average  amount 
of  such  of  its  notes  in  circulation  as  are  based  upon  the 
deposit  of  such  bonds :  and  such  associations  having  on   .  By  bonds  of 

1  ,  higher  Interest. 

deposit  bonds  of  the  United  States  bearing  interest  at  a 
rate  higher  than  two  per  centum  per  annum  shall  pay  a 
tax  of  one-half  of  one  per  centum  each  half  year  upon  the 
average  amount  of  such  of  its  notes  in  circulation  as  are 
based  upon  the  deposit  of  such  bonds.  National  banking  By  other  se- 

^  .       curities. 

associations  having  circulating  notes  secured  otherwise 
than  by  bonds  of  the  United  States  shall  pay  for  the  first 
month  a  tax  at  the  rate  of  five  per  centum  per  annum 
upon  the  average  amount  of  such  of  their  notes  in  circu- 
lation as  are  based  upon  the  deposit  of  such  securities, 
and  afterwards  an  additional  tax  of  one  per  centum  per 
annum  for  each  month  until  a  tax  of  ten  per  centum 
per  annum  is  reached,  and  thereafter  such  tax  of  ten  per 
centum  per  annum,  upon  the  average  amount  of  such 
notes.  Every  national  banking  association  having  out-  ^^""of'cir™- 
standing  circulating  notes  secured  by  a  deposit  of  other  {.'1^1^n1onJ°th|^ 
securities  than  United  States  bonds  shall  make  monthly bonds- 


.466  NATIONAL   MONETARY   COMMISSION. 

returns,  under  oath  of  its  president  or. cashier,  to  the 
Treasurer  of  the  United  States,  in  such  form  as  the  Treas- 
urer may  prescribe,  of  the  average  monthly  amount  of  its 
notes  so  secured  in  circulation ;  and  it  shall  be  the  duty  of 
the  Comptroller  of  the  Currency  to  cause  such  reports  of 
notes  in  circulation  to  be  verified  by  examination  of  the 
use  of  taxes  banks'  records.     The  taxes  received  on  circulating  notes 
cured  by  other  secured  otherwise  than  by  bonds  of  the  United  States 
bonds.  '  shall  be  paid  into  the  Division  of  Redemption  of  the 

Treasury  and  credited  and  added  to  the  reserve  fund  held 
for  the  redemption  of  United  States  and  other  notes." 
Retiring  cir-      gEC    IQ   That  section  nine  of  the  Act  approved  July 

dilation.  "  >  « 

i "90° amended'  twelfth,  eighteen  hundred  and  eighty-two,  as  amended 
by  the  Act  approved  March  fourth,  nineteen  hundred  and 
seven,  be  further  amended  to  read  as  follows: 
withdrawal      "  gEc.  9.  That  any  national  banking  association  desir- 

of    n  o  t  e  s    se-  J 

cured  by  united  ing  to  withdraw  its  circulating  notes,  secured  by  deposit 

States  bonds.  6  fe  ... 

y  o  i .  is,  P.  of  United  States  bonds  in  the  manner  provided  in  section 
four  of  the  Act  approved  June  twentieth,  eighteen  hun- 
^1*6^  and  seventy-four,  is  hereby  authorized  for  that  pur- 
pose to  deposit  lawful  money  with  the  Treasurer  of  the 
United  States  and,  with  the  consent  of  the  Comptroller 
of  the  Currency  and  the  approval  of  the  Secretary  of  the 
Treasury,  to  withdraw  a  proportionate  amount  of  bonds 
held  as  security  for  its  circulating  notes  in  the  order  of 

proviso.  such  deposits:  Provided,  That  not  more  than  nine  mil- 
iimit°  n  y  lions  of  dollars  of  lawful  money  shall  be  so  deposited 
during  any  calendar  month  for  this  purpose. 

Notes  secured      "Any  national  banking  association  desiring  to  with- 

by    other    seen-  e  e 

rides.  draw  any  of  its  circulating  notes,  secured  by  the  deposit 

of  securities  other  than  bonds  of  the  United  States,  may 

make  such  withdrawal  at  any  time  in  like  manner  and 

Deposits.       effect  by  the  deposit  of  lawful  money  or  national  bank 

notes  with  the  Treasurer  of  the  United  States,  and  upon 

such  deposit  a  proportionate  share  of  the  securities  so  de- 

i-roviso.        posited  may  be  withdrawn:  Provided.  That  the  deposits 

Itetcntion  of          ,,,.*,.  .  ,  . 

deposits  to  re-  under  this  section  to  retire  notes  secured  by  the  deposit 
io,  p.  of  securities  other  than  bonds  of  the  United  States  shall 
not  be,  covered  into  the  Treasury,  as  required  by  section 
six  of  an  Act  entitled  'An  Act  directing  the  purchase  of 
silver  bullion  and  the  issue  of  Treasury  notes  thereon, 
and  for  other  purposes,'  approved  July  fourteenth,  eight- 
een hundred  and  ninety,  but  shall  be  retained  in  the 
Treasury  for  the,  purpose  of  redeeming  the  notes  of  the 
bank  making  such  deposit." 


LAWS    CONCERNING   MONEY,    BANKING,   AND   LOANS.  467 

SEC.  11.  That  section  fifty-one  hundred  and  seventy-  n*t|ss  u  e  of 
two  of  the  Revised  Statutes  be,  and  the  same  is  hereby,  u  ^llseAf^' 
amended  to  read  as  follows  :  amended  100°' 


"  SEC.  5172.  In  order  to  furnish  suitable  notes  for 
dilation,  the  Comptroller  of  the  Currency  shall,  under 
the  direction  of  the  Secretary  of  the  Treasury,  cause 
plates  and  dies  to  be  engraved,  in  the  best  manner  to 
guard  against  counterfeiting  and  fraudulent  alterations, 
and  shall  have  printed  therefrom,  and  numbered,  such 
quantity  of  circulating  notes,  in  blank,  of  the  denomina-    denomina- 
tions of  five  dollars,  ten  dollars,  twenty  dollars,  fifty 
dollars,  one  hundred  dollars,  five  hundred  dollars,  one 
thousand  dollars,  and  ten  thousand  dollars,  as  may  be 
required  to  supply  the  associations  entitled  to  receive  the 
same.     Such  notes  shall  state  upon  their  face  that  they  sec^ftracter  Ol 
are  secured  by  United  States  bonds  or  other  securities, 
certified  by  the  written  or  engraved  signatures  of  the 
Treasurer  and  Register  and  by  the  imprint  of  the  seal  of 
the  Treasury.     They  shall  also  express  upon  their  face  the 
promise  of  the  association  receiving  the  same  to  pay  on 
demand,  attested  by  the  signature  of  the  president  or 
vice-president  and  cashier.    The  Comptroller  of  the  Cur- 
rency, acting  under  the  direction  of  the  Secretary  of  the 
Treasury,  shall  as  soon  as  practicable  cause  to  be  prepared  nottsd  to^e  pre- 
circulating  notes  in  blank,  registered  and  countersigned,  Pared- 
as  provided  by  law,  to  an  amount  equal  to  fifty  per  centum     Amount. 
of  the  capital  stock  of  each  national  banking  association  ;  deiiverysubject 
such  notes  to  be  deposited  in  the  Treasury  or  in  the  sub-  to  order- 
treasury  of  the  United  States  nearest  the  place  of  busi- 
ness of  each  association,  and  to  be  held  for  such  associ- 
ation, subject  to  the  order  of  the  Comptroller  of  the  Cur- 
rency, for  their  delivery  as  provided  by  law:   Provided,     useVofOSpres- 
That  the  Comptroller  of  the  Currency  may  issue  national  eut  form- 
bank  notes  of  the  present  form  until  plates  can  be  pre- 
pared and  circulating  notes  issued  as  above  provided  : 
Provided,  however,  That  in  no  event  shall  bank  notes  of  nofrefs0ernt  ^1™ 
the  present  form  be  issued  to  any  bank  as  additional  cir-  tlon'1'  clrcula" 
dilation  provided  for  by  this  Act." 

SEC.  12.  That   circulating  notes   of  national   banking  in  ^S  Pmo°nn 
associations,  when  presented  to  the  Treasury  for  redemp-  ey-v  0  ,    18>  p 
tion,  as  provided  in  section  three  of  the  Act  approved  11>3- 
June  twentieth,  eighteen  hundred  and  seventy-four,  shall 
be  redeemed  in  lawful  money  of  the  United  States. 


468  NATIONAL   MONETARY   COMMISSION. 

Authority  of     gEC    13    That  all  acts  and  orders  of  the  Comptroller  of 

Secretary   of  .  .       ..     _ 

the  Treasury,  the  Currency  and  the  Treasurer  of  the  United  States 
authorized  by  this  Act  shall  have  the  approval  of  the  Sec- 
retary of  the  Treasury  who  shall  have  power,  also,  to 
make  any  such  rules  and  regulations  and  exercise  such 
control  over  the  organization  and  management  of  national 
currency  associations  as  may  be  necessary  to  carry  out  the 
purposes  of  this  Act. 
Designated  gEC>  14.  That  the  provisions  of  section  fifty-one  hun- 

serve  not  to  in-  dred  and  ninety-one  of  the  Revised  Statutes,  with  refer- 

clude  public  de-  .          .         ,  .  .  . 

posits.  ence  to  the  reserves  or  national  banking  associations,  shall 

Revised  Stat-  ' 

utes,    sec.  not  applv  to  deposits  or  public  monevs  by  the   United 

5191,  p.  1004.     ,  f  •7,      .  rf       .  J 

States  in  designated  depositaries, 
interest  pay-     SEC.  15.  That  all  national  banking  associations  desig- 

able  on  special  .  ,  ,. 

deposits  of  pub-  nated  as  regular  depositaries  ot  public  money  shall  pay 
upon  all  special  and   additional  deposits  made  by  the 
Secretary  of  the  Treasury  in  such  depositaries,  and  all 
such  associations  designated  as  temporary  depositaries  of 
public  money  shall  pay  upon  all  sums  of  public  money 
deposited  in  such  associations  interest  at  such  rate  as  the 
Secretary  of  the  Treasury  may  prescribe,  not  less,  how- 
ever, than  one  per  centum  per  annum  upon  the  average 
Provisos.      monthly   amount  of  such  deposits:  Provided,  however, 
safe -keeping  rfhat  nothing  contained  in  this  Act  shall  be  construed 

not  modified. 

to  change  or  modify  the  obligation  of  any  association 

or  any  of  its  officers  for  the  safe-keeping  of  public  money : 

uniform   in-  pro  /rided  further.  That  the  rate  of  interest  charged  upon 

terest.  '  .  ' 

such  deposits  shall  be  equal  and  uniform  throughout  the 
United  States. 

Appropria-  SEC.  1(>.  That  a  sum  sufficient  to  carry  out  the  purposes 
of  the  preceding  sections  of  this  Act  is  hereby  appro- 
priated out  of  any  money  in  the  Treasury  not  otherwise 
appropriated. 

National      $EC    \^    That  a  Commission  is  hereby  created,  to  be 

Monetary  Com-  •  ' 

mission   creat- callecl  the  "National  Monetary  Commission,"  to  be  corn- 
Appointment,  posed  of  nine  members  of  the  Senate,  to  be  appointed  by 
the  Presiding  Officer  thereof,  and  nine  members  of  the 
House  of  Representatives,  to  be  appointed  by  the  Speaker 
thereof;   and  any  vacancy  on  the  Commission  shall  be 
filled  in  the  same  manner  as  the  original  appointment. 
r  h'a'S'Vs3  In      SK('-  ls-  That  it  shall  be  the  duty  of  this  Commission 
t"ui"ctc'y    s>'H't°  inquire  into  and  report  to  Congress  at  the  earliest  date 
practicable,  what  changes  are  necessary  or  desirable  in 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  469 

the  monetary  system  of  the  United  States  or  in  the  laws 
relating  to  banking  and  currency,  and  for  this  purpose 
they  are  authorized  to  sit  during  the  sessions  or  recess  of    Authority. 
Congress,  at  such  times  and  places  as  they  may  deem 
desirable,  to  send  for  persons  and  papers,  to  administer 
oaths,  to  summons  and  compel  the  attendance  of  wit- 
nesses, and  to  employ  a  disbursing  officer  and  such  secre- 
taries, experts,  stenographers,  messengers,  and  other  as-    officials. 
sistants  as  shall  be  necessary  to  carry  out  the  purposes  for 
which  said  Commission  was  created.     The  Commission    Powers. 
shall  have  the  power,  through  subcommittee  or  otherwise, 
to  examine  witnesses  and  to  make  such  investigations  and 
examinations,  in  this  or  other  countries,  of  the  subjects 
committed  to  their  charge  as  they  shall  deem  necessary. 

SEC.  19.  That  a  sum  sufficient  to  carry  out  the  purposes     Appropria- 
of  sections  seventeen  and  eighteen  of  this  Act,  and  to  pay 
the  necessary  expenses  of  the  Commission  and  its  mem- 
bers, is  hereby  appropriated,  out  of  any  money  in  the 
Treasury  not  otherwise  appropriated.     Said  appropria-  avIaH^bj!(?lateIy 
tion  shall  be  immediately  available  and  shall  be  paid  out    Accounts. 
on  the  audit  and  order  of  the  chairman  or  acting  chair- 
man of  said  Commission,  which  audit  and  order  shall  be 
conclusive  and  binding  upon  all  Departments  as  to  the 
correctness  of  the  accounts  of  such  Commission. 

SEC.  20.  That  this  Act  shall  expire  by  limitation  on  the  of  Termination 
thirtieth  day  of  June,  nineteen  hundred  and  fourteen. 

Approved,  May  30,  1908. 

ACT  OF  MAECH  4,  1909. 

CHAP.   298.  —  An   act  making  appropriations   to   supply  93^5  stat-  L- 
deficiencies  in  the  appropriations  for  the  fiscal  year 
ending  June  thirtieth,  nineteen  hundred  and  nine,  and 
for  prior  years,  and  for  other  purposes. 


That  the  members  of  the  National  Monetary  Commis-  Mo 
sion,  who  were  appointed  on  the  thirtieth  day  of  May,  mlsslou 
nineteen  hundred  and  eight,  under  the  provisions  of  sec- 
tion seventeen  of  the  Act  entitled  "An  Act  to  amend  the 
national  banking  laws,"  approved  May  thirtieth,  nine- 
teen hundred  and  eight,  shall  continue  to  constitute  the  continued. 
National  Monetary  Commission  until  the  final  report  of 
said  commission  shall  be  made  to  Congress;  and  said 


470  NATIONAL   MONETARY   COMMISSION. 

p  e  °  National  Monetary  Commission  are  authorized  to  pay  to 
such  of  its  members  as  are  not  at  the  time  in  the  public 
service  and  receiving  a  salary  from  the  Government,  a 
salary  equal  to  that  to  which  said  members  would  be  en- 
titled if  they  were  members  of  the  Senate  or  House  of 
Representatives.  All  Acts  or  parts  of  Acts  inconsistent 
with  this  provision  are  hereby  repealed. 

*  *  *  *  * 

Approved,  March  4,  1909. 


COINAGE. 


471 


COINAGE. 


ARTICLES   OF   CONFEDERATION   OF  JULY   9, 

1778. 

ARTICLE  9.  i  stat.  L.,  7. 

SEC.  4. — The  United  States,  in  Congress  assembled, 
shall  also  have  the  sole  and  exclusive  right  and  power  of 
regulating  the  alloy  and  value  of  coin  struck  by  their 
own  authority,  or  by  that  of  the  respective  States ;  fixing 
the  standard  of  weights  and  measures  throughout  the 
United  States;  *  *  * 

THE  CONSTITUTION  OF  THE  UNITED  STATES. 

ARTICLE  1.  i  stat.  L.,  14. 

SEC.  8. — The  Congress  shall  have  power     *     *     *. 

To  coin  money,  regulate  the  value  thereof,  and  of  for- 
eign coin,  and  fix  the  standard  of  weights  and  measures: 

To  provide  for  the  punishment  of  counterfeiting  the 
securities  and  current  coin  of  the  United  States :  *  *  *. 

ARTICLE  1.  i  stat.  L.,  15. 

SEC.  10. — No  State  shall  *  *  * :  coin  money ;  emit 
bills  of  credit;  make  any  thing  but  gold  and  silver  coin 
a  tender  in  payment  of  debts;  *  *. 

RESOLUTION  OF  MARCH  3,  1791.  ,,,J  ****•    L, 

III.  Resolved  by  the  ftcnate  and  Hovxe  of  Repre- 
sentatives of  the  United  States  of  America  in  Conf/rcw 
assembled.  That  a  mint  shall  be  established  under  such  A  mint  io  t^ 

.  ..  established. 

regulations  as  shnll  be  directed  by  law. 

l.r,7J2'J— 10 31  47:; 


474  NATIONAL   MONETARY   COMMISSION. 

•>  n92°f  Apr'  Resolved,  That  the  President  of  the  United  States  be, 
and  he  is  hereby  authorized  to  cause  to  be  engaged,  such 
principal  artists  as  shall  be  necessary  to  carry  the  pre- 
ceding resolution  into  effect,  and  to  stipulate  the  terms 
and  conditions  of  their  service,  and  also  to  cause  to  be 
procured  such  apparatus  as  shall  be  requisite  for  the 
same  purpose. 

Approved,  March  3.  1791. 

ACT  OF  APEIL  2,  1792. 

i   stat.   L.,  CHAP.  XVI. — An  act  establishing  a  Mint,  and  regulating 
the  Coins  of  the  United  States. 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled,  and  it  is  hereby  enacted  and  declared, 
Mint  estab-  That  a  Mint  for  the  purpose  of  a  national  coinage  be,  and 

1  islicd   at  the  ...  .     , 

seat  of  govern-  the  same  is  established;  to  be  situate  and  carried  on  at  the 
seat  of  the  Government  of  the  United  States,  for  the 
time  being:  And  that  for  the  well  conducting  of  the 
business  of  the  said  mint,  there  shall  be  the  following 
officers  and  persons,  namely,  a  Director,  an  Assayer,  a 
Chief  Coiner,  an  Engraver,  a  Treasurer. 

(Section  2  provides  for  the  employment  of  clerks,  work- 
men, and  servants.) 

Duty  of  the  SEC.  3.  And  be  it  further  enacted,  That  the  respective 
functions  and  duties  of  the  officers  above  mentioned  shall 
be  as  follow:  The  Director  of  the  mint  shall  have  the 
chief  management  of  the  business  thereof,  and  shall  super- 
intend all  other  officers  and  persons  who  shall  be  em- 

Assnyor.  ployed  therein.  The  Assayer  shall  receive  and  give 
receipts  for  all  metals  which  may  lawfully  be  brought  to 

.\rt  f,f  Mar.  the  mint  to  be  coined :  shall  assay  all  such  of  them  as  may 

:;,  i "!'•!,  <-!i.  4.  *  .  J 

require  it.  and  shall  deliver  them  to  the  Chief  Coiner  to 

chief  .oinor.  |>e  coined.  The  Chief  Coiner  shall  cause  to  be  coined  all 
metals  which  shall  be  received  by  him  for  that  purpose, 
according  to  such  regulations  as  shall  be  prescribed  by 

Kn -raver,  (his  or  any  future  law.  The  Engraver  shall  sink  and 
prepare  the  necessary  dies  for  such  coinage,  with  the 
proper  devices  and  inscriptions,  but  it  shall  be  lawful  for 
the  functions  and  duties,  of  Chief  Coiner  and  Engraver 

Treasure;-,  to  be  j )er foni icd  by  one  person.  The  Treasurer  shall  re- 
reive  from  the  Chief  Coiner  all  the  coins  which  shall  have 
been  struck,  and  shall  pay  or  deliver  them  to  the  persons 


LAWS   CONCEENING   MONEY,   BANKING,   AND   LOANS.  475 

respectively  to  whom  the  same  ought  to  be  paid  or  de- 
livered; he  shall  moreover  receive  and  safely  keep  all 
monies  which  shall  be  for  the  use,  maintenance  and 
support  of  the  mint,  and  shall  disburse  the  same  upon 
warrants  signed  by  the  Director. 

(Section  4  provides  oath  of  office  for  every  officer  and 
clerk. 

(Section  5  provides  that  assayer,  chief  coiner,  and 
treasurer  shall  each  give  bond  in  the  sum  of  ten  thousand 
dollars. 

(Section  6  provides  salaries. 

(Section  7  provides  for  the  settlement  of  accounts  for 
services  and  administration,  making  reports,  etc. 

(Section  8  provides  for  buildings  and  expenses.) 

SEC.  9.  And  le  it  further  enacted,  That  there  shall  beth*pe™0  <£ 
from  time  to  time  struck  and  coined  at  the  said  Mint,struck- 
coins  of  gold,  silver,  and  copper,  of  the  following  de- 
nominations, values  and  descriptions,  viz.     EAGLES — each     Ea&les- 
to  be  of  the  value  of  ten  dollars  or  units,  and  to  contain 
two  hundred  and  forty-seven  grains  and  four  eighths  of 
a  grain  of  pure,  or  two  hundred  and  seventy  grains  of 
standard  gold.     HALF  EAGLES — each  to  be  of  the  value  of     Half  ef>sles- 
five  dollars,  and  to  contain  one  hundred  and  twenty-three 
grains  and  six  eighths  of  a  grain  of  pure,  or  one  hundred 
and     thirty-five    grains    of    standard     gold.     QUARTER  ea^e"a  r  * e  r 
EAGLES — each  to  be  of  the  value  of  two  dollars  arid  a  half 
dollar,  and  to  contain  sixty-one  grains  and  seven  eighths 
of  a  grain  of  pure,  or  sixty-seven  grains  and  four  eighths 
of  a  grain  of  standard  gold.     DOLLARS  or  UNITS — each  to  UDft°ll!irs  or 
be  of  the  value  of  a  Spanish  milled  dollar  as  the  same  is 
now  current,  and  to  contain  three  hundred  and  seventy- 
one  grains  and  four  sixteenth  parts  of  a  grain  of  pure,  or 
four    hundred    and    sixteen    grains    of    standard    silver. 
HALF  DOLLARS — each  to  be  of  half  the  value  of  the  dollar     Ilalf  clollars- 
or  unit,  and  to  contain  one  hundred  and  eighty-five  grains 
and  ten  sixteenth  parts  of  a  grain  of  pure,  or  two  hundred 
and  eight  grains  of  standard  silver.     QUARTER  DOLLARS- 
each  to  be  of  one  fourth  the  value  of  the  dollar  or  unit, 
and  to  contain  ninety-two  grains  and  thirteen  sixteenth 
parts  of  a  grain  of  pure,  or  one  hundred  and  four  grains 
of  standard  silver.     DISMES — each  to  be  of  the  value  of     i>'^»<'>- 
one  tenth  of  a  dollar  or  unit,  and  to  contain  thirty-seven 
grains  and  two  sixteenth   parts  of  a   grain   of   pure,  or 
forty-one  grains  and  three,  fifth  parts  of  a  grain  of  stand- 
ard silver.     HALF  IMSMKS — each  to  be  of  the  value  of  one.     ii;iir  <iisim>s. 


476  NATIONAL,   MONETARY  COMMISSION. 

twentieth  of  a  dollar,  and  to  contain  eighteen  grains  and 
nine  sixteenth  parts  of  a  grain  of  pure,  or  twenty  grains 
and  four  fifth  parts  of  a  grain  of  standard  silver. 

cents.  CENTS — each  to  be  of  the  value  of  the  one  hundredth  part 
of  a  dollar,  and  to  contain  eleven  penny-weights  of  cop- 

iiaif  cents,    per.     HALF  CENTS — each  to  be  of  the  value  of  half  a  cent, 

Act    of    May  *  .     ,   ,  -,     ,      •,  « 

s,  1702.  and   to  contain   five  penny-weights  and   halt  a  penny- 

weight of  copper. 

vic^s  whnt  de  SEC.  10.  And  be  if  further  enacted,  That,  upon  the  said 
coins  respectively,  there  shall  be  the  following  devices  and 
legends,  namely :  Upon  one  side  of  each  of  the  said  coins 
there  shall  be  an  impression  emblematic  of  liberty,  with  an 
inscription  of  the  word  Liberty,  and  the  year  of  the  coin- 
age; and  upon  the  reverse  of  each  of  the  gold  and  silver 
coins  there  shall  be  the  figure  or  representation  of  an 
eagle,  with  this  inscription,  "  United  States  of  America  " 
and  upon  the  reverse  of  each  of  the  copper  coins,  there 
shall  be  an  inscription  which  shall  express  the  denomina- 
tion of  the  piece,  namely,  cent  or  half  cent,  as  the  case  may 
require. 

vaiIue0pofti°ofci  SEC.  ^1-  And  be  it  further  enacted,  That  the  propor- 
to  silver.  tional  value  of  gold  to  silver  in  all  coins  which  shall  by 
law  be  current  as  money  within  the  United  States,  shall 
be  as  fifteen  to  one,  according  to  quantity  in  weight,  of 
pure  gold  or  pure  silver;  that  is  to  say,  every  fifteen 
pounds  weight  of  pure  silver  shall  be  of  equal  value  in  all 
payments,  with  one  pound  weight  of  pure  gold,  and  so 
in  proportion  as  to  any  greater  or  less  quantities  of  the 
respective  metals. 

Roidtaco?nsrdafnd      ^EC*  12>  And  1)C  ^  furt^er  enacted,  That  the  standard 
be' re  uiated  to  ^or  a^  S°^  coins  of  the  United  States  shall  be  eleven 
parts  fine  to  one  part  alloy ;  and  accordingly  that  eleven 
parts  in  twelve  of  the  entire  weight  of  each  of  the  said 
coins  shall  consist  of  pure  gold,  and  the  remaining  one 
twelfth  part  of  alloy;  and  the  said  alloy  shall  be  com- 
posed of  silver  and  copper,  in  such  proportions  not  ex- 
ceeding one  half  silver  as  shall  be  found  convenient;  to 
be  regulated  by  the  Director  of  the  Mint,  for  the  time 
being,    with    the   approbation    of   the    President    of    the 
United  States,  until  further  provision  shall  be  made  by 
law.     And  to  the  end  that  the  necessary  information  may 
be  had  in  order  to  the  making  of  such  further  provision, 
roT;,'oTt0rn,;;i(  *»»H  >><'  H«'  <l"ty  of  the  Director  of  the  Mint,  at  the. 
Minttl'tm?.'ii!nK('xl)'ra<'<)n  °^  !l  voar  after  commencing  the  operations  of 
sold  "coins.7  "ftlu;  sa^  Mint,  to  report  to  Congress  the  practice  thereof 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  477 

during  the  said  year,  touching  the  composition  of  the 
alloy  of  the  said  gold  coins,  the  reasons  for  such  practice, 
and  the  experiments  and  observations  which  shall  have 
been  made  concerning  the  effects  of  different  proportions 
of  silver  and  copper  in  the  said  alloy. 

SEC.  13.  And  ~be  it  further  enacted,  That  the  standard  Sl,f*{fncd0a,r£ sf^I 
for  all  silver  coins  of  the  United  States,  shall  be  one  j^1  ^v^atld to 
thousand  four  hundred  and  eighty-five  parts  fine  to  one 
hundred  and  seventy-nine  parts  alloy;  and  accordingly 
that  one  thousand  four  hundred  and  eighty-five  parts  in 
one  thousand  six  hundred  and  sixty-four  parts  of  the  en- 
tire weight  of  each  of  the  said  coins  shall  consist  of  pure 
silver,  and  the  remaining  one  hundred  and  seventy-nine 
parts  of  alloy ;  which  alloy  shall  be  wholly  of  copper. 

SEC.  14.  And  ~be  it  further  enacted,  That  it  shall  be  ^1™°^^ 
lawful  for  any  person  or  persons  to  bring  to  the  said  Mint  tolYbe  'coined 
gold  and  silver  bullion,  in  order  to  their  being  coined ;  penes|.  ' 
and  that  the  bullion  so  brought  shall  be  there  assayed 
and  coined  as  speedily  as  may  be  after  the  receipt  thereof, 
and  that  free  of  expense  to  the  person  or  persons  by 
whom  the  same  shall  have  been  brought.     And  as  soon  as24Actg<j|j  AP£- 
the  said  bullion  shall  have  been  coined,  the  person  Orf)^ec1t°rwmtal 
persons  by  whom  the  same  shall  have  been  delivered, fjcha_nse  c°ins 

J  _  '  therefor,     d  e  - 

shall  upon  demand  receive  in  lieu  thereof  coins  of  the  ducting  half 

per  cent. 

same  species  of  bullion  wrhich  shall  have  been  so  deliv- 
ered, weight  for  weight,  of  the  pure  gold  or  pure  silver 
therein  contained :  Provided  nevertheless,  That  it  shall 
be  at  the  mutual  option  of  the  party  or  parties  bringing 
such  bullion,  and  of  the  Director  of  the  said  Mint,  to 
make  an  immediate  exchange  of  coins  for  standard  bul- 
lion, with  a  deduction  of  one  half  per  cent,  from  the 
weight  of  the  pure  gold,  or  pure  silver  contained  in  the 
said  bullion,  as  an  indemnification  to  the  Mint  for  the 
time  which  will  necessarily  be  required  for  coining  the 
said  bullion,  and  for  the  advance  which  shall  have  been 
so  made  in  coins.  And  it  shall  be  the  duty  of  the  Secre-  r  ^'1^.  ° f  sf,cf 
tary  of  the  Treasury  to  furnish  the  said  Mint  from  time  jnreasury  hert 
to  time  whenever  the  state  of  the  Treasury  will  admit 
thereof,  with  such  sums  as  may  be  necessary  for  effecting 
the  said  exchanges,  to  be  replaced  as  speedily  as  may  be 
out  of  the  coins  which  shall  have,  been  made  of  the  bullion 
for  which  the  monies  so  furnished  shall  have  been  ex- 
changed; and  the  said  deduction  of  one  half  per  cent.  ,,,,,'[/"'  j1/,'1^,^ 
shall  constitute  a  fund  towards  defraying  the  expenses  of  £'j.'"u'  :l  fund> 
the  said  Mint, 


478  NATIONAL   MONETARY  COMMISSION. 

order  of  de-     gEC>  15    £n(i  fre  {f  further  enacted.  That  the  bullion 

livermg     coins  .       7 

brin'->in"Sb°uY  w^ich  shall  be  brought  as  aforesaid  to  the  Mint  to  be 
lion."  aSd  pen-  coined,  shall  be  coined,  and  the  equivalent  thereof  in 

alty   on  giving  ' 

undue  prefer-  coins  rendered,  if  demanded,  m  the  order  in  which  the 

ence,  etc. 


3  f795°chM86  Sa^  bullion  shall  have  been  brought  or  delivered,  giving 
priority  according  to  priority  of  delivery  only,  and  with- 
out preference  to  any  person  or  persons ;  and  if  any  pref- 
erence shall  be  given  contrary  to  the  direction  aforesaid, 
the  officer  by  whom  such  undue  preference  shall  be  given, 
shall  in  each  case  forfeit  and  pay  one  thousand  dollars; 
to  be  recovered  with  costs  of  suit.  And  to  the  end  that  it 
may  be  known  if  such  preference  shall  at  any'  time  be 
given,  the  assayer  or  officer  to  whom  the  said  bullion  shall 
be  delivered  to  be  coined,  shall  give  to  the  person  or  per- 
sons bringing  the  same,  a  memorandum  in  waiting  under 
his  hand,  denoting  the  weight,  fineness  and  value  thereof, 
together  with  the  day  and  order  of  its  delivery  into  the 
Mint. 

a  fiawfs,,riedne  SEC.  16.  And  be  #  further  enacted,  That  all  the  gold 
and  silver  coins  which  shall  have  been  struck  at,  and  is- 
sued from  the  said  Mint,  shall  be  a  lawTful  tender  in  all 
payments  whatsoever,  those  of  full  weight  according  to 
the  respective  values  herein  before  declared,  and  those  of 
less  than  full  weight  at  values  proportional  to  their  re- 
spective weights. 

"onfonnb-fb™ato      ^E(<*  ^'  And  ^)6  ^  fur^er  enacted,  That  it  shall  be  the 

wei%tstaetcard  (^uty  °^  ^ne  resPec^ve  officers  of  the  said  Mint,  carefully 
and  faithfully  to  use  their  best  endeavours  that  all  the 
gold  and  silver  coins  which  shall  be  struck  at  the  said 
Mint  shall  be,  as  nearly  as  may  be,  conformable  to  the 
several  standards  and  weights  aforesaid,  and  that  the 
copper  whereof  the  cents  and  half  cents  aforesaid  may  be 
composed,  shall  be  of  good  quality. 

SEC.  18.  And  the  better  to  secure  a  due  conformity  of 

serve  •* 

^"jn  the  said  gold  and  silver  coins  to  their  respective  standards, 
to  UJ/JY  it  furtliar  enacted,  That  from  every  separate  mass  of 
standard  gold  or  silver,  which  shall  be  made  into  coins  at 
the  said  Mint,  there  shall  be  taken,  set  apart  by  the  Treas- 
urer  and   reserved   in  his  custody   a   certain  number  of 
pieces,  not  less  than  three,  and  that  once  in  every  year  the 
pieces  so  set  apart  and  reserved,  shall  be  assayed  under 
i    by  the  inspection  of  the  Chief  Justice  of  the  United  States, 
the  Secretary  and  Comptroller  of  the  Treasury,  the  Sec- 


LAWS    CONCERNING    MONEY,    BANKING,    AND   LOANS.  479 

retary  for  the  Department  of  State,  and  the  Attorney 
General  of  the  United  States,  (who  are  hereby  required  to 
attend  for  that  purpose  at  the  said  Mint,  on  the  last  Mon- 
day in  July  in  each  year,)  or  under  the  inspection  of  any 
three  of  them,  in  such  manner  as  they  or  a  majority  of 
them  shall  direct,  and  in  the  presence  of  the  Director, 
assayer  and  chief  coiner  of  the  said  Mint ;  and  if  it  shall 
be  found  that  the  gold  and  silver  so  assayed,  shall  not  be 
inferior  to  their  respective  standards  herein  before  de- 
clared more  than  one  part  in  one  hundred  and  forty-four 
parts,  the  officer  or  officers  of  the  said  Mint  whom  it  may 
concern  shall  be  held  excusable;  but  if  any  greater  in- 
feriority shall  appear,  it  shall  be  certified  to  the  Presi- 
dent of  the  United  States,  and  the  said  officer  or  officers ,  Penalty  on ,de- 

basing     the 

shall  be  deemed  disqualified  to  hold  their  respective  offices,  coins. 

SEC.  19.  And  be  it  further  enacted,  That  if  any  of  the 
gold  or  silver  coins  which  shall  be  struck  or  coined  at  the 
said  Mint  shall  be  debased  or  made  worse  as  to  the  pro- 
portion of  fine  gold  or  fine  silver  therein  contained,  or 
shall  be  of  less  weight  or  value  than  the  same  ought  to  be 
pursuant  to  the  directions  of  this  act.  through  the  default 
or  with  the  connivance  of  any  of  the  officers  or  persons 
who  shall  be  employed  at  the  said  Mint,  for  the  purpose 
of  profit  or  gain,  or  otherwise  with  a  fraudulent  intent, 
and  if  any  of  the  said  officers  or  persons  shall  embezzle 
any  of  the  metals  which  shall  at  any  time  be  committed 
to  their  charge  for  the  purpose  of  being  coined,  or  any  of 
the  coins  which  shall  be  struck  or  coined  at  the  said  Mint, 
every  such  officer  or  person  who  shall  commit  any  or 
either  of  the  said  offences,  shall  be  deemed  guilty  of 
felony,  and  shall  suffer  death. 

SEC.  20.  And  ~be  it  further  enacted,  That  the  money  of     Money  of  ac- 

'  '  "•  count  to  lie  PX- 

account  of  the  United  States  shall  be  expressed  in  dollars  pressed  in  dui- 

lars,  etc. 

or  units,  dismes  or  tenths,  cents  or  hundredths,  and  milles 
or  thousandths,  a  disme  being  the  tenth  part  of  a  dollar, 
a  cent  the  hundredth  part  of  a  dollar,  a  mille  the  thou- 
sandth part  of  a  dollar,  and  that  all  accounts  in  the  pub- 
lic offices  and  all  proceedings  in  the  courts  of  the  United 
States  shall  be  kept  and  had  in  conformity  to  this  regu- 
lation. 

Approved,  April  i_;,  1TU2. 


480  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  MAY  8,  1792. 
i  stat.  L.,  CHAP.  XXXIX.—  A  n  act  to  provide  for  a  copper  coinage. 

fcOO. 

SECTION  1.  Be  it  enacted  by  the  /Senate  and  House  of 

Representatives  of  the  United  States  of  America  in  Con- 

Director   of  gress  assembled,  That  the  Director  of  the  Mint,  with  the 

purchase  cop-  approbation  of  the  President  of  the  United  States,  be 

per    and    have  p  -i  -i  J.-.L          £ 

coined    into  authorized  to  contract  for  and  purchase  a  quantity  of 
copper,  not  exceeding  one  hundred  and  fifty  tons,  and 


i.24  'that  the  said  Director,  as  soon  as  the  needful  preparation 
w'ife'nce  Vo  shall  be  made,  cause  the  copper  by  him  purchased  to  be 
coined  at  the  Mint  into  cents  and  half  cents,  pursuant  to 
"  the  act  establishing  a  Mint,  and  regulating  the  coins  of 
the  United  States;"  and  that  the  said  cents  and  half 
cents,  as  the}'  shall  be  coined,  be  paid  into  the  Treasury  of 
the  United  States,  thence  to  issue  into  circulation. 
Pubiishcwhen  a      SEC-  -•  And  be  it  further  enacted,  That  after  the  ex- 
has  'been  s"!d  pirati°n  of  six  calendar  months  from  the  time  when  there 
imo  the  Treas-  S1UIH   have    been    paid   into   the    Treasury   by   the   said 
Director,  in  cents  and  half  cents,  a  sum  not  less  than  fifty 
thousand    dollars,    which    time    shall    forthwith    be    an- 
nounced by  the  Treasurer  in  at  least  two  gazettes  or  news- 
papers, published  at  the  seat  of  the  Government  of  the 
United  States,  for  the  time  being,  no  copper  coins  .or 
pieces  whatsoever,  except  the  said  cents  and  half  cents, 
shall  pass  current  as  money,  or  shall  be  paid,  or  offered 
to  be  paid  or  received  in  payment  for  any  debt,  demand. 
i-ennuy  for  claim,  matter  or  thing  whatsoever:  and  all  copper  coins 

offerlngto  & 

pass  other  cop-  or  pieces,  except  the  said  cents  and  half  cents,  which 

per  coins.  i      11  i  • 

r-hall  be  paid  or  offered  to  be  paid  or  received  in  payment 
contrary  to  the  prohibition  aforesaid,  shall  be  forfeited. 
and  every  person  by  whom  any  of  them  shall  have  been  so 
paid  or  offered  to  be  paid  or  received  in  payment,  shall 
also  forfeit  the  sum  of  ten  dollars,  and  the  said  forfeiture 
and  penalty  shall  and  may  be  recovered  with  costs  of  suit 
for  the  benefit  of  any  person  or  persons  by  whom  in- 
formation of  the  incurring  thereof  shall  have  been  given. 
Approved.  May  <S.  1792. 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  481 

ACT  OF  JANUARY  14,  1793. 

CHAP.  II. — An  act  to  amend  an  act  intituled  "An  act  es-  29*  stat-  L- 
tablishing   a   Mint,   and  regulating   the   coins   of   the 
United  States"  so  far  as  respects  the  coinage  of  copper. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  every  cent  shall  contain  two  hundred  and  eight  2  A7g2°chAiG' 
grains  of  copper,  and  every  half  cent  shall  contain  one  cent°sntae°dtsha^ 
hundred  and  four  grains  of  copper;  and  that  so  much  of  cents- 
the  act,  intituled  "  An  act  establishing  a  Mint,  and  regu- 
lating the  coins  of  the  United  States,"  as  respects  the 
weight  of  cents  and  half  cents,  shall  be,  and  the  same  is 
hereby  repealed. 

Approved,  January  14,  1793. 

ACT  OF  FEBRUARY  9,  1793. 

CHAP.  V. — An  act  regulating  foreign  coins,  and  for  other     1  stat.  L., 

purposes. 

SECTION  1.  Be  it  enacted  ~by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled,  That  from  and  after  the  first  day  of  el™atcoins  'es- 
July  next,  foreign  gold  and  silver  coins  shall  pass  cur- 
rent  as  money  within  the  United  States,  and  be  a  legal 
tender  for  the  payment  of  all  debts  and  demands,  at  the 
several  and  respective  rates  following,  and  not  otherwise, 
viz:  The  gold  coins  of  Great  Britain  and  Portugal,  of 
their  present  standard,  at  the  rate  of  one  hundred  cents 
for  every  twenty-seven  grains  of  the  actual  weight  there- 
of ;  the  gold  coins  of  France,  Spain  and  the  dominions  of 
Spain,  of  their  present  standard,  at  the  rate  of  one  hun- 
dred cents  for  every  twenty-seven  grains  and  two-fifths 
of  a  grain,  of  the  actual  weight  thereof.  Spanish  milled 
dollars,  at  the  rate  of  one  hundred  cents  for  each  dollar, 
the  actual  weight  whereof  shall  not  be  less  than  seven- 
teen pennyweights  and  seven  grains;  and  in  proportion 
for  the  parts  of  a  dollar.  Crowns  of  France,  at  the  rate 
of  one  hundred  and  ten  cents  for  each  crown,  the  actual 
weight  whereof,  shall  not  be  less  than  eighteen  penny- 
weights and  seventeen  grains,  and  in  proportion  for  the 
parts  of  a  crown.  But  no  foreign  coin  that  may  have 
been,  or  shall  be  issued  subsequent  to  the  first  day  of  Jan- 
uary, one  thousand  seven  hundred  and  ninety-two,  shall 
be  a  tender,  as  aforesaid,  until  samples  thereof  shall  have 


482  NATIONAL   MONETARY   COMMISSION. 

been  found,  by  assay,  at  the  Mint  of  the  United  States, 
to  be  conformable  to  the  respective  standards  required, 
and  proclamation  thereof  shall  have  been  made  by  the 
President  of  the  United  States. 
when  ail     SEC.  2.  Provided  always,  and  be  it  further  enacted. 

coins    except  ~,  . 

Spanish  dollars  That  at  the  expiration  of  three  years  next  ensuing  the 

shall    cease    to    .  1 ~ 

be  a  tender.  time  when  the  coinage  or  gold  and  silver,  agreeably  to  the 
act,  entitled  "An  act  establishing  a  Mint,  and  regulating 
the  coins  of  the  United  States,"  shall  commence  at  the 
mint  of  the  United  States,  (which  time  shall  be  an- 
nounced by  the  proclamation  of  the  President  of  the 
United  States,)  all  foreign  gold  coins,  and  all  foreign 
silver  coins,  except  Spanish  milled  dollars  and  parts  of 
such  dollars,  shall  cease  to  be  a  legal  tender,  as  aforesaid, 
other  foreign  SEC.  3.  And  be  it  further  enacted,  That  all  foreign  gold 

coined  anew,  and  silver  coins,  (except  Spanish  milled  dollars,  and  parts 
of  such  dollars.)  which  shall  be  received  in  payment  for 
monies  due  to  the  United  States,  after  the  said  time,  when 
the  coining  of  gold  and  silver  coins  shall  begin  at  the 
Mint  of  the  United  States,  shall,  previously  to  their  being 
issued  in  circulation,  be  coined  anew,  in  conformity  to  the 
act,  entitled  "An  act  establishing  a  Mint  and  regulating 
the  coins  of  the  United  States." 
After  .inly  i,  SEC.  4.  And  be  it  further  enacted,  That  from  and  after 

179.'5.      fi  f  t  y  - 

fifth  section  "of  the  first  day  of  July  next,  the  fifty-fifth  section  of  the  act, 

rating  foreign  entitled  "An  act  to  provide  more  effectually  for  the  col- 
coins,  repealed. ,.,,-...  ,  . 
1700,  ch.  -22,  lection  of  the  duties  imposed  by  law  on  goods,  wares  and 

merchandise  imported  into  the  United  States,"  which  as- 
certains the  rates  at  which  foreign  gold  and  silver  coins 
shall  be  received  for  the  duties  and  fees  to  be  collected  in 
virtue  of  the  said  act,  be,  and  the  same  is  hereby  repealed. 

A  s  s  n  y    o  f     SEC.  5.  And  be  it  further  enacted.  That  the  assav,  pro- 
coins,  when  to     .  ,  .  '  .  i  i-  i  • 
commence.      _  vided  to  be  made  by  the  act,  entitled    An  act  establishing 

sec.  iV.'  'a  Mint,  and  regulating  the  coins  of  the  United  States,'' 
shall  commence  in  the  manner  as  by  the  said  act  is  pre- 
scribed, on  the  second  Monday  of  February,  annually,  any 
thing  in  the  said  act  to  the  contrary  notwithstanding. 

Approved,  February  0,  1793. 

l    stat.   L.,      NOTE. — The  proclamation  required  by  section  2  of  the  above  act 
was  issued  July  22,  1707.     (See  11  Statutes  at  Large,  755.) 

The  collection  act  of  March  2,  1799,  provides  for  the  collection 
of  all  duties  and  fees  in  money  of  the  United  States  or  in  foreign 
coins  at  the  rates  prescribed  by  section  1  above;  and  also  provides 
that  no  foreign  coins  which  are  not  by  law  a  tender  for  debts  shall 
be  received,  except  under  a  proclamation  of  the  President  authoriz- 
ing the  same. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  483 

ACT  OF  MARCH  3,  1794. 

CHAP.  IV. — An  act  in  alteration  of  the  act  establishing  a  ^1  stat.  L., 
Mint  and  regulating  the  coins  of  the  United  States. 


341. 


SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled.  That  from  and  after  the  passing  this  act  Duty  of 

treasurer   of 

it  shall  be  the  duty  of  the  treasurer  of  the  Mint  to  receive  the  Mint  here- 

and  give  receipts  for.  all  metals  which  may  lawfully  be.   Act^of  Apr. 

brought  to  the  Mint  to  be  coined ;  and  for  the  purpose  of 

ascertaining  their  respective  qualities,  shall  deliver  from 

every  parcel  so  received,  a  sufficient  number  of  grains  to 

the  assayer,  who  shall  assay  all  such  of  them  as  may  re-     Assay. 

quire  it.     And  the  said  treasurer  shall  from  time  to  time 

deliver  the  said  metals  to  the  chief  coiner  to  be  coined  in 

such  quantities  as  the  Director  of  the  Mint  may  prescribe. 

(Section  2  provides  that  the  assayer  and  chief  coiner 
shall  give  bond.) 

SEC.  3.  And  be  it  further  enacted,  That  so  much  of  the  ta£ai*  c°£  c%; 
act  entitled  "An  act  establishing  a  Mint  and  regulating  ^{^g.,  ch  1G 
the  coins  of  the  United  States,"  as  comes  within  the  pur- 
view of  this  act  be  and  the  same  is  hereby  repealed. 

Approved,  March  3,  1794. 

ACT  OF  MARCH  3,  1795. 

CHAP.  XL VII. — An  net  supplementary  to  tJie  act  intituled- 43g    Stat    L-> 
"An  act  establishing  a  Mint,  and  regulating  the  coins  of 
the  United  States" 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled,  and  it  is  hereby  enacted  and  declared, 
That  for  the  better  conducting  of  the  business  of  the  Mint^ct  of  Apr.  2, 
of  the  United  States  there  shall  be  an  additional  officer  Additional  of- 

fl  c  e  r     of     the 

appointed  therein  by  the  name  of  the  melter  and  refmer,Mint  l)y  *,he 

J  '  name    of    t  li  e 

whose  dutv  shall  be  to  take  charge  of  all  copper,  and  silver  ;»olter  :md  re' 

*•     .  .  '  _        liner. 

or  gold  bullion  delivered  out  by  the  treasurer  of  the  Mint  Ills  duty- 
after  it  has  been  assayed,  agreeably  to  the  rules  and  cus- 
toms of  the  Mint  already  directed  and  established,  or 
which  may  hereafter  be  directed  and  established  by  the 
accounting  officers  of  the  Treasury,  and  to  reduce  the  same 
into  bars  or  ingots  n't  for  the  rolling  mills,  and  then  to  de- 
liver them  to  the  coiner  or  treasurer,  as  the  Director  shall 


484  NATIONAL   MONETARY   COMMISSION. 

judge  expedient ;  and  to  do  and  perform  all  other  duties 
belonging  to  the  office  of  a  melter  and  refiner  or  which 
shall  be  ordered  by  the  Director  of  the  Mint. 

(Section  2  provides  that  the  melter  and  refiner  shall 
take  oath  of  office  and  give  bond. 

(Section  3  provides  salary  for  said  melter  and  refiner. 

(Section  4  authorizes  the  temporary  employment  of  a 
melter  and  refiner.) 
Treasurer  of      SEC.  5.  And  be  it  further  enacted.  That  the  treasurer  of 

the  Mint  to  re-  '  .  ' 

tain  part  of  the  Mint  shall,  and  he  is  hereby  "directed,  to  retain  two 

bullion  deposit-  .... 

ed.  etc.  cents  per  ounce  from  every  deposit  of  silver  bullion  below 

the  standard  of  the  United  States,  which  hereafter  shall 
be  made  for  the  purpose  of  refining  and  coining ;  and  four 
cents  per  ounce  from  every  deposit  of  gold  bullion  made 
as  aforesaid,  below  the  standard  of  the  United  States,  un- 
less the  same  shall  be  so  far  below  the  standard  as  to  re- 
quire the  operation  of  the  test,  in  which  case,  the  treas- 
urer shall  retain  six  cents  per  ounce,  which  sum  so  re- 
tained shall  be  accounted  for  by  the  said  treasurer  with 
the  Treasury  of  the  United  States  as  a  compensation  for 
melting  and  refining  the  same. 
Trp.-isuror  of  SEC.  G.  And  lie  it  further  enacted.  That  the  treasurer  of 

tlie    Mint    shall  '  ' 

not  be  obliged  the  Mint  shall  not  be  obliged  to  receive  from  any  person, 

to    receive    cer-  ~  "     * 

lain  deposits  of  for  the  purpose  of  refining  and  coining,  any  deposit  of 
silver  bullion,  below  the  standard  of  the  United  States,  in 
a  smaller  quantity  than  two  hundred  ounces;  nor  a  like 
deposit  of  gold  bullion  below  the  said  standard,  in  a 
smaller  quantity  than  twenty  ounces. 

Mhi7Cmay°fKtivl      SEC.  "l ''  Alid  1}e  ^  father  enacted,  That  from  and  after 
imfiioierof"th!l the  PaHsing  of  this  act,  it  shall  and  may  be  lawful  for  the 
r\iYtPd8\atc4he  °^cers  °^  *ne  ^^n^  to  giye  a  preference  t$>  silver  or  gold 
secT'i5'  l1''  1G>  Bullion,  deposited  for  coinage,  which  shall  be  of  the  stand- 
ard of  the  United  States,  so  far  as  respects  the  coining  of 
the  same,  although  bullion  below  the  standard,  and  not 
yet  refined,  may  have  been  deposited  for  coinage,  previous 
thereto,  any  law  to  the  contrary  notwithstanding:  Pro- 
ritlcd.  That  nothing  herein  shall  justify  the  officers  of  the 
Mint,  or  any  one  of  them,  in  unnecessarily  delaying  the 
refining  any  silver  or  gold  bullion  below  the  standard, 
that  may  be  deposited,  as  aforesaid. 

r!.ci'urn" ""h,"      Sl':r' <S<  -1  *"*  f>e  'd  I"**!"*'  enacted,  That  the  President  of 
)Vmrgcoin"f  rop'tM(>  United  Stales  be.  and  he  is  hereby  authorized,  when- 
ever he  shall  think  il  for  the  benefit  of  the  United  States, 
to  reduce  the   weight   of  the  copper  coin  of  the  United 


LAWS    CONCERNING    MONEY,   BANKING,    AND   LOANS.  485 

States:  Provided,  Such  reduction  shall  not,  in  the  whole, 
exceed  two  pennyweights  in  each  cent,  and  in  the  like 
proportion  in  a  half  cent;  of  which  he  shall  give  notice 
by  proclamation,  and  communicate  the  same  to  the  then 
next  session  of  Congress. 

SEC.  9.  And  be  it  further  enacted,  That  it  shall  be  the  Mode  of  dts- 
duty  of  the  Treasurer  of  the  United  States,  from  time  to  cents  and  half 
time,  as  often  as  he  shall  receive  copper  cents  and  half 
cents  from  the  treasurer  of  the  Mint,  to  send  them  to  the 
bank  or  branch  banks  of  the  United  States,  in  each  of  the 
States  where  such  bank  is  established;  and  where  there 
is  no  bank  established,  then  to  the  collector  of  the  princi- 
pal town  in  such  State  (in  the  proportion  of  the  number 
of  inhabitants  of  such  State)  to  be  by  such  bank  or  col- 
lector, paid  out  to  the  citizens  of  the  State  for  cash,  in 
sums  not  less  than  ten  dollars  value;  and  that  the  same 
be  done  at  the  risk  and  expense  of  the  United  States, 
under  such  regulations  as  shall  be  prescribed  by  the  De- 
partment of  the  Treasury. 

Approved,  March  3,  1795. 

ACT  OF  MAY  27,  1796. 
CHAP.  XXXIII. — An  act  respecting  the  mint.  i  stat.  L.,475. 

[Expired.] 

SECTION  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  States  of  America  in  Con- 
gress assembled,  That  there  shall  be  appropriated  for  the    Act05f  ;Tfl"- 
purchase  of  copper  for  the  further  coinage  of  cents  and  2/ct18^i  A^'- 
half  cents,  a  Sum  equal  to  the  amount  of  the  cents  and  ;>4. 

Appropriation 

half  cents  which  shall  have  been  coined  at  the  mint,  and  for    the    pur- 

.       ,     -,  chase  of  copper. 

delivered  to  the  treasurer  or  the  United  States,  subse- 
quent to  the  first  day  of  January,  one  thousand  seven  hun- 
dred and  ninety-six,  which  sum  shall  be  payable  out  of 
any  monies  in  the  treasury  not  otherwise  appropriated. 

SEC.  2.  And  be  it  further  enacted,  That  from  and  after    r-art  of  sold 

'  _  and  silver  bul- 

the  passing  of  this  act,  there  shall  be  retained  from  every  lio.n  j°  be  re~ 

1   .          f  "    tamed. 

deposit  in  the  mint,  of  gold  or  silver  bullion  below  the 
standard  of  the  United  States,  such  sum  as  shall  be  equiv- 
alent to  the  expense  incurred  in  refining  the  same,  and 
an  accurate  account  of  such  expense  on  every  deposit  shall 
be  kept,  and  of  the  sums  retained  on  account  of  (lie  same, 
which  shall  be  accounted  for  by  the  treasurer  of  the  mint, 
to  the  treasurer  of  the  United  States. 


486  NATIONAL   MONETARY   COMMISSION. 

Limitation.        SEC.  3.  And  be  it  further  enacted,  That  this  act  shall 

continue  in  force  for  the  term  of  two  years  from  the 

passing  thereof,  and  from  thence  until  the  end  of  the 

next  session  of  Congress  thereafter  holden,  and  no  longer. 

Approved,  May  27,  1796. 

[No.  C.]     Respecting  Coinage  and  Tender. 

July  22,  1797.     BY  JOHN  ADAMS,  THE  PRESIDENT  OF  THE  UNITED  STATES  OF 

AMERICA. 

A  PROCLAMATION. 

Whereas  an  act  of  the  Congress  of  the  United  States 
was  passed  on  the  ninth  day  of  February,  1793,  intituled 

1793,  ch.  s.  -'An  act  regulating  foreign  coins  and  for  other  purposes," 
in  which  it  was  enacted  "  that  foreign  gold  and  silver 
coins,  shall  pass  current  as  money  within  the  United 

vol.  i,  p.  300.  States,  and  be  a  legal  tender  for  the  payment  of  all  debts 
and  demands  "  at  the  several  and  respective  rates  therein 
stated :  and  that  "  at  the  expiration  of  three  years,  next 
ensuing  the  time  when  the  coinage  of  gold  and  silver 

1792,  ch.  is.  agreeably  to  the  act  intituled  ''An  act  establishing  a  Mint 
and  regulating  the  coins  of  the  United  States,"  shall  com- 
mence at  the  Mint  of  the  United  States,  (which  time  shall 

voi.i,  p.  246.  }3e  announced  by  the  Proclamation  of  the  President  of  the 
United  States,)  all  foreign  gold  coins,  and  all  foreign  sil- 
ver coins,  except  Spanish  milled  dollars,  and  parts  of  such 
dollars,  shall  cease  to  be  a  legal  tender  as  aforesaid. 

Coinage  of  Now  therefore,  I,  the  said  John  Adams,  President  of 
to  have  com- the  United  States,  hereby  proclaim,  announce,  and  cive 

menced  Oct.  15,  .  J  ' 

1794,  and  the  notice  to  all  whom  it  may  concern,  that  a<rreeablv  to  the 

coinage  of  gold  ,  ....  .     ./ 

July  i,  1795.  act  last  above  mentioned,  the  coinage  of  silver  at  the  Mint 
of  the  United  States,  commenced  on  the  fifteenth  day  of 
October,  one  thousand  seven  hundred  and  ninety-four, 
and  the  coinage  of  gold  on  the  thirty-first  day  of  July, 
one  thousand  seven  hundred  and  ninety-five:  and  that, 
consequently,  in  conformity  to  the  act  first  above  men- 
tioned, all  foreign  silver  coins,  except  Spanish  milled 
dollars  and  parts  of  such  dollars,  will  cease  to  pass  cur- 
Foroifin  coins  rent  as  money  within  the  United  States  and  to  be  a  legal 

dor  nftpr  those  tender  for  the  payment  of  any  debts  or  demands  after  the 
fifteenth  day  of  October  next,  and  all  foreign  gold  coins 
will  cease  to  pass  current  as  money  within  the  United 
States  and  to  be  a  legal  tender  as  aforesaid  for  the  pay- 


LAWS    CONCERNING    MONEY,    BANKING,    AND   LOANS.  487 

ment  of  any  debts  or  demands  after  the  thirty-first  day 
of  July,  which  will  be  in  the  year  of  our  Lord  one  thou- 
sand seven  hundred  and  ninety-eight. 

In  testimony  whereof,  I  have  caused  the  Seal  of  the 
United  States  to  be  affixed  to  these  presents,  and  signed 
the  same  with  my  hand.  Done  at  Philadelphia,  the 
twenty-second  day  of  July,  in  the  year  of  our  Lord,  one 
thousand  seven  hundred  and  ninety-seven,  and  of  the 
independence  of  the  United  States  the  twenty-second. 

[L.  s.]  JOHN  ADAMS. 

By  the  President: 

TIMOTHY  PICKERING, 

Secretary  of  State. 

ACT  OF  FEBRUARY  1,  1798. 

CHAP.   XI. — An  act  supplementary  to  the  act  intituled 5^  s tat •  L'' 
''An  act  regulating  foreign  coins,  and  for  other  pur-     L  Obsolete.] 
poses" 

Be  it  enacted  by  the  /Senate  and  House  of  Represent- 
atives of  the  United  States  of  America  in  Congress  as- 
sembled. That  the  second  section  of  an  act,  intituled  "An0  f^0^1^' 
act  regulating  foreign  coins,  and  for  other  purposes,"  be,g  A^03f  ^j: 
and  the  same  is  hereby  suspended,  for  and  during  the  ^ 
space  of  three  years  from  and  after  the  first  day  of  Jan- 
uary, one  thousand  seven  hundred  and  ninety-eight,  and 
until  the  end  of  the  next  session  of  Congress  thereafter, 
during  which  time  the  said  gold  and  silver  coins  shall  be 
and  continue  a  legal  tender,  as  is  provided  in  and  by  the 
first  section  of  the  act  aforesaid ;  and  that  the  same  coins 
shall  thereafter  cease  to  be  such  tender. 

Approved.  February  1,  1798. 

ACT  OF  APRIL  24,  1800. 
CHAP.  XXXIV.— A n  act  respecting  the  Mint.  2  stat.  L.,  r,a. 

SECTION  1.  Be  U  enacted  by  the  Senate  and  House  of 
Representatives  of  the  United  State*  of  America  in  Con- 
gress assembled,  That  a  sum  equal  to  the  amount  of  the   Appropriation 
cents  and  half  cents,  which  shall  h;ive  been  coined  at  tho  ch,afvc°f  <I°PI)P!;- 

Act  o!   .M:\.v  !S, 

Mint,  and  delivered  to  the  Treasurer  of  the  United  States,  ITOU,  di.  :<!>. 
subsequent  to  the  third   day  of  March,  in  the  year  one 
thousand  seven  hundred   and   ninety-nine,  shall  be,  and 


488  NATIONAL   MONETARY   COMMISSION. 

the  same  is  hereby  appropriated  for  the  purchase  of  cop- 
per for  the  further  coinage  of  cents  and  half  cents;  and 
that  a  sum  equal  to  the  amount  of  cents  and  half  cents, 
which  shall  be  hereafter  coined  at  the  Mint,  and  delivered 
to  the  Treasurer  of  the  United  States  in  any  one  year, 
shall  be,  and  the  same  is  hereby  appropriated  for  the 
annual  purchase  of  copper  for  the  coinage  of  cents  and 
half  cents,  \vhich  sums  shall  be  payable  out  of  any  monies 
in  the  Treasury  not  otherwise  appropriated. 
Part  of  bui-  gEC-  3.  And  ~be  it  further  enacted.  That  there  shall  be 

lion    deposited,  <  ' 

to  be  retained  retained  from  everv  deposit  in  the  Mint,  of  gold  or  silver 

for  the  expense  l  '         ' 

of  reflninK.       bullion  below  the  standard  of  the  United  States,  such  sum 

Vol.  1, 440.  .  / 

as  shall  be  equivalent  to  the  expense  incurred  in  refining 
the  same,  and  an  accurate  account  of  such  expense  on 
every  such  deposit  shall  be  kept,  and  of  the  sums  retained 
on  account  of  the  same,  wrhich  shall  be  accounted  for  by 
the  treasurer  of  the  Mint,  with  the  Treasury  of  the  United 
States. 

Approved,  April  24,  1800. 

ACT  OF  MAY  14,  1800. 
2  stat.  L.,  so.  CHAP.  LXX. — An  act  supplementary  to  the  act  establish- 

[ Obsolete.]  l  \  J  . 

iny  the  mint,  and  regulating  trie  coins  of  the  united 
States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
Art  of  Mar.  Wed,  That  until  the  fourth  day  of  March  one  thousand 
'The  mint  to  eight  hundred  and  one,  the  mint  shall  remain  in  the  city 
Philadelphia,     of  Philadelphia,  and  be  carried  on  as  heretofore  under 
the  laws  now  in  force;  any  law  to  the  contrary  notwith- 
standing. 

Approved,  May  14,  1800. 

ACT  OF  MARCH  3,  1801. 
i  stat. L.,  in.  CHAP.  XXI. — An  act  concerning  the  Mint. 

B<>  it  enacted  l>i/  the  Senate  and  House  of  Representa- 

t'n'<'K  of  the  [' nitc<l  States  of  America  in  Congress  assem- 

TO  remain  at  b/cfl.  That  the  Mint  shall  remain  in  the  city  of  Phila- 

Pblladelphia.        ,11-  , -i    ,,        £         ,11  /•   n  r        i       •       ,i 

delphia,  until  the  fourth  day  of  March,  in  the  year  one 
thousand  eight  hundred  and  three. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  489 

SEC.  2.  And  be  it  further  enacted.  That  during  the  con-  ,  certain  duties 

7  &  to  be  performed 

tinuance  of  the  Mint  at  the  city  or  Philadelphia,  the  du-bJ'  the  district 

.    .  ~    .     .,  .  judge  and  attor- 


.    .  ~    .     .,  . 

ties  now  enjoined  on  the  Chief  Justice  of  the  United  nfy  ?f 
States,  the  Secretary  and  Comptroller  of  the  Treasury,  commissioner 
the  Secretary  for  the  Department  of  State,  and  the  Attor- 
ney General  of  the  United  States,  by  the  eighteenth  sec- 
tion of  the  act,  intituled  "An  act  establishing  a  Mint,  and 
regulating  the  coins  of  the  United  States,"  passed  the  sec- 
ond day  of  April,  one  thousand  seven  hundred  and 
ninety-two,  shall  be  performed  by  the  district  judge  of 
Pennsylvania,  the  attorney  for  the  United  States  in  the 
district  of  Pennsylvania,  and  the  commissioner  of  loans 
for  the  State  of  Pennsylvania. 
Approved,  March  3,  1801. 

(The  following  acts  further  prolong  the  continuance  of 
the  mint  at  Philadelphia:  March  3,  1803  (ch.  30,  2  Stat. 
L..  242),  April  1,  1808  (ch.  41,  2  Stat.  L.,  481).  December 
2,  1812  (ch.  2,  2  Stat.  L.,  787),  January  14,  1818  (ch.  4, 
3  Stat.  L.,  403).  March  3.  1823  (ch.  43J  3  Stat.  L.,  774), 
May  19,  1828  (ch.  67,  4  Stat.  L.,  277).) 

ACT  OF  FEBRUARY  24,  1804. 

CHAP.  XIII.  —  An  act  for  laying  and  collecting  duties  on  2stat.L.,25i. 
imports  and  tonnage  within  the  territories  ceded  to  the 
United  /States,  by  the  treaty  of  the  thirtieth  of  April, 
one  thousand  eight  hundred  and  three,  between  the 
United  States  and  the  French  Republic,  and  for  other 
purposes. 

SECTION  1.  *     *     *:  and  the  following  acts,  that  is  to._()  ^t^Rept. 
say.  the  act,  intituled.  "An  act  to  establish  the  treasury  de- 
partment." 

***** 

'•An  act  to  establish  a  mint  and  to  regulate  the  coins  of  0  ^.'"ci^ifi' 
the  United  States." 

"An  act  regulating  foreign  coins,  and  for  other  pur-0j  i{^,''^r^' 
poses." 

And  the  act  supplementary  to.  and  amendatory  of  the 
two  last-mentioned  acts,  or  so  much  of  the  said  acts  as  is 
now  in  force.     *     *     *,     shall  extend  to,  and  have  full 
force  and  effect  in  the  above-mentioned  territories. 
***** 

Approved.  February  24,  1801. 
15712°—  10  -  32 


490  NATIONAL,  MONETARY  COMMISSION. 

ACT  OF  APRIL  10,  1806. 

2Stat.L.,374.QHAP_  XXII. — An  act  regulating  the  currency  of  foreign 

coins  in  the  United  States. 

i 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
Foreisn  gold  semlled.  That  from  and  after  the  passage  of  this  act,  for- 

and  silver-coins     .  -in 

to  be  current  in  eijm  "old  and  silver  coins  shall  pass  current  as  money 

the  United      ?     .fo  j   u          i         i    ±       i        .c        J.T 

states  at  the  within  the  United  States,  and  be  a  legal  tender  tor  the 

following  ',  ,  ,  ,          , 

rates.  payment  of  all  debts  and  demands,  at  the  several  and  re- 

spective rates  following,  and  not  otherwise,  viz : 

coins  and  The  gold  coins  of  Great  Britain  and  Portugal,  of  their 
present  standard,  at  the  rate  of  one  hundred  cents,  for 
every  twenty-seven  grains  of  the  actual  weight  thereof; 
the  gold  coins  of  France^  Spain,  and  the  dominions  of 
Spain,  of  their  present  standard,  at  the  rate  of  one  hun- 
dred cents,  for  every  twenty-seven  grains  and  two-fifths 
of  a  grain,  of  the  actual  weight  thereof.  Spanish  milled 
dollars,  at  the  rate  of  one  hundred  cents  for  each,  the 
actual  weight  whereof  shall  not  be  less  than  seventeen 
pennyweights  and  seven  grains,  and  in  proportion  for  the 
parts  of  a  dollar.  Crowns  of  France  at  the  rate  of  one 
hundred  and  ten  cents,  for  each  crown,  the  actual  weight 
whereof  shall  not  be  less  than  eighteen  pennyweights  and 
seventeen  grains,  and  in  proportion  for  the  parts  of  a 

secretary  of  crown.    And  it  shall  be  the  dutv  of  the  Secretarv  of  the 

the  Treasury  to  " 

cause  assays  of  Treasury,  to  cause  assays  of  the  foreign  gold  and  silver 

the    f  o  r  e  1  g  n  •  J  .  fo      fe 

coins,  etc.,  to  coins  made  current  by  this  act.  to  be  had  at  the  Mint  of 

be   bad   at   the  .  J 

mint,  etc.,  and  the  United  States,  at  least  once  in  every  year,  and  to  make 

to  make  report  -  ••    J         ' 

Conhe  BS  to  reP01't  °f  the  result  thereof  to  Congress,  for  the  purpose 
of  enabling  them  to  make  such  alterations  in  this  act.  as 
may  become  requisite,  from  the  real  standard  value  of 
such  foreign  coins.  And  it  shall  be  the  duty  of  the  Secre- 
tary of  the  Treasury,  to  cause  assays  of  the  foreign  gold 
and  silver  coins  of  the  description  made  current  by  this 
act.  which  shall  issue  subsequently  to  the  passage  of  this 
act.  and  shall  circulate  in  the  United  States,  at  the  Mint 
aforesaid,  at  least  once  in  every  year,  and  to  make  report 
of  the  result  thereof  to  Congress,  for  the  purpose  of  en- 
abling Congress  to  make  such  coins  current,  if  they  shall 
deem  the  same  to  be  proper,  at  their  real  standard  value. 
J^'cUoVn-  SK<<-  2-  A  )>d  le  if  farther  enacted,  That  the  first  section 
'"voi'.1'!,  300.  °f  tnp  act<  intituled  ';An  act  regulating  foreign  coins,  and 
for  other  purposes."  passed  the  ninth  day  of  February, 
one  thousand  seven  hundred  and  ninety-three,  be,  and 


LAWS   CONCEKNING   MONEY,   BANKING,   AND   LOANS.  491 

the  same  is  hereby  repealed.    And  the  operation  of  the    operation  of 

.  n    •  t."0    other    sec- 

seCOIld  section  or  the  same  act  shall  be,  and  is  hereby  sus- tion  suspended. 

pended  for.  and  during  the  space  of,  three  years  from  the 
passage  of  this  act. 

Approved,  April  10.  1806. 

ACT  OF  APRIL  21,  1800. 
CHAP.  XLIX. — An  act  for  the  "punishment  of  counter-     ~   stat.   L., 

404. 

felting  the  current  coin  of  the  United  States;  and  for 
other  purposes. 

(Section  1  provides  penalties  for  falsely  making  and 
uttering  coins  of  the  United  States,  or  of  foreign  coun- 
tries made  current  in  the  United  States. 

(Section  2  provides  penalties  upon  those  who  shall  im- 
port into  the  United  States  any  false  or  counterfeit  coins 
to  be  circulated  in  this  country. 

(Section  3  provides  penalties  for  impairing,  falsifying, 
etc.,  the  coins  of  the  United  States,  or  those  of  foreign 
countries  in  circulation  in  the  United  States. 

(Section  4  provides  that  the  jurisdiction  of  the  indi- 
vidual States  is  not  to  be  affected  by  this  act.) 

Approved,  April  '21.  180(5. 

ACT  OF  APRIL  14,  1812. 

CHAP.  LVI. — An-  act  to  prohibit  the  exportation  of  specie.^  ~   stat-   L-> 
goods,  wares  and  merchandise,  for  a  limited  time. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  it  shall  not  be  lawful,  during  the  continuance  Exportation 

'  .  of     specie    and 

of  the  act,  entituled  "An  act  laying  an  embargo  on  all  the  s.oocls   of   £01>- 

0  "-•  eign    manufac- 

ships  and  vessels  in  the  ports  and  harbors  of  the  United  tlli;c  forbidden. 

x  Act    of   Apr. 

States,  for  a  limited  time,  to  export  from  the  United  4, 1812,  ch.  4o. 
States  or  the  territories  thereof,  in  any  manner  what- 
ever, any  specie,  nor  any  goods,  wares  or  merchandise  of 
foreign  or  domestic  growth  or  manufacture;  and  if  any 
person  shall,  with  intent  to  evade  this  law,  export  or  at- 
tempt to  export  any  specie,  goods,  wares  or  merchandise 
from  the  United  States  or  the  territories  thereof,  either 
by  land  or  water,  such  specie,  goods,  wares  and  merchan- 
dise, together  with  the  vessel,  boat,  raft.  cart,  wagon, 
sleigh  or  other  carriage  in  which  the  same  shall  have  been 
exported  or  attempted  to  be  exported,  shall,  together  with 
the  tackle,  apparel,  horses,  mules  and  oxen,  be  forfeited, 


492  NATIONAL    MONETARY   COMMISSION. 

and  the  owner  or  owners  of  such  specie,  goods,  wares  or 
merchandise,  and  every  other  person  knowingly  concerned 
in  such  prohibited  exportation,  on  conviction  thereof, 
shall  each  respectively  forfeit  and  pay  a  sum  not  exceed- 
ing ten  thousand  dollars  for  every  such  offence:  Pro- 
rroviBo.rided  however,  that  nothing  in  this  section  contained, 

1812,  ch.  49. 

shall  be  construed  to  prevent  the  departure  of  vessels, 
which  according  to  the  act  last  above  mentioned,  are  or 
may  be  permitted  to  depart  in  the  manner  and  under  the 
restrictions  provided  by  the  said  act. 
Any  portion      £EC>  2.  And  be  if  further  enacted.  That  it  shall  be  law- 

of   the  land  or  '  ' 

thealufnricte°d  ^  ^or  ^le  Present  °f  the  United  States,  or  such  other 
emTfovTcf  tboPerson  as  ne  shall  have  empowered  for  that  purpose,  to 
prevent'  a  vio-  emplov  any  part  of  the  land  or  naval  forces,  or  militia 

lation     of    the          L  J    * 

embargo.  of  the  United  States  or  of  the  territories  thereof,  as  may 
be  judged  necessary,  for  the  purpose  of  preventing  the 
illegal  departure  of  any  ship  or  vessel,  or  the  illegal  ex- 
portation of  any  specie,  or  of  any  goods,  wares  or  mer- 
chandise, contrary  to  the  provisions  of  this,  or  of  the 
last  above  mentioned  act,  and  for  the  purpose  of  detain- 
ing, taking  possession  of,  and  keeping  in  custody,  any 
such  ship  or  vessel,  specie,  goods,  wares  or  merchandise. 
(Section  3  provides  penalties,  etc.,  for  a  violation  of 
this  act.  and  how  they  are  to  be  recovered.) 
Approved,  April  14,  1812. 

ACT  OF  JANUARY  14,  1818. 

40?   stat-    L-  CHAP.  IV.— An  act  further  to  prolong  the  continuance  of 

the  Mint  at  Philadelphia. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  asxem- 
tiini'o  the  >7int^'^'  That  the  act  entitled  "An  act  concerning  the  Mint.'' 
nhia1>t'onUnueJd  aPProve(^  ^arcn  tnt>  third,  one  thousand  eight  hundred 
r..r  live  years.  an(|  onCj  js  hereby  revived,  and  continued  in  force  and  op- 
eration for  the  further  term  of  five  years  from  the  fourth 
day  of  March  next. 

-  MhV'porT^o      SKr-  2-  A 'ifl  1>c  >f  further  enacted.  That  during  the  coii- 
t''sf'';'.nVoVno!ilinil!llu'0  of  tno  Mint    at  the  cit.v  of  Philadelphia,  tin- 
In^  i'oner'"'^'''1*'0*  which  ^"ere  enjoined  on  the  commissioner  of  loans 
for  the  State  of  Pennsylvania,  by  the  second  section  of 
.",,  'iH-oi,0f-hM"ir'  *n<>  :l(><-  ^'t'th'd  "An  act  concerning  the  Mint."  i>assed  on 
the  third  day  of  March,  one  thousand  eight  hundred  and 
one.  shall  be  performed  by  the  collector  of  the  port  of 
Philadelphia  for  the  time  being:. 

1  o 

Approved.  January  1-}.  1818. 


LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.     493 

ACT  OF  MARCH  3,  1823. 

CHAP.  XLIII. — An  act  further  to  prolong  the  continu-  77|   stat-   L- 
ance  of  the  Mint  at  Philadelphia. 

Be  it  enacted  by  the  Senate  and  House  of  Rept^esenta-     [Expired.] 
tires  of  the  United  States  of  America,  in  Congress  assem- 
bled, That  the  act,  entitled  "An  act  concerning  the  Mint,"     ^^  hM?>5' 
approved  March  the  third,  one  thousand  eight  hundred  concerning  the 

A  c  '  p  mint,  revived 

and  one,  is  hereby  revived  and  continued  in  force  and for  five  years- 
operation  for  the  further  term  of  five  years,  from  the 
fourth  day  of  March  next. 

SEC.  2.  And  be  it  further  enacted^  That,  during  the  con-    Put7  of  com: 

'  7  e  mlssionerof 

tmuance  of  the  Mint  at  the  city  of  Philadelphia,  the  'oans  *°  ,be  ?<*- 

J  formed    by   the 

duties  which  were  enjoined  on  the  commissioner  of  loans  collector  of 

J  .  Philadelphia. 

for  the  State  of  Pennsylvania,  by  the  second  section  of 
the  act,  entitled  "An  act  concerning  the  Mint,"  passed  on 
the  third  day  of  March,  one  thousand  eight  hundred  and 
one,  shall  be  performed  by  the  collector  of  the  port  of 
Philadelphia  for  the  time  being. 

SEC.  3.  And  be  it  further  enacted,  That  when  any  silver,    Expense  of 

'  '  •;  'materials   used 

brought  to  the  Mint  for  coinage,  shall  require  refining,  thein  refining  and 

&  '  other  deduc- 

expense  of  the  materials  used  in  the  process  shall  be  de-tions    to    be 

.  made  from  the 

ducted  from  the  amount  of  the  deposit:  and  that,  whendeposit.  andac- 
^  .       ,      ,      „  ,          „  ~,  .  counted  for  to 

silver  so  deposited,  shall  be  of  a  qualitv  superior  to  that  of  Treasury  of  the 

«.'  -i-  I'DltPfl      St  'itGS 

the  legal  standard  of  the  silver  coins  of  the  United  States, 
a  deduction  shall  be  made  from  the  amount,  equal  to  the 
expense  of  the  copper  necessary  to  reduce  it  to  the  said 
standard :  and  that  all  such  deductions  be  regularly  ac- 
counted for.  by  the  treasurer  of  the  Mint,  to  the  Treasury 
of  the  United  States. 

Approved,  March  3,  1823. 

ACT  OF  MAECH  3,  1825. 

CHAP.  LXV. — An  act  m-ore  effectually  to  provide  for  the  ^   stat-    L- 
punshment  of  certain  crimes  against  the  United  State*, 
and  for  other  purposes. 

***** 

(Sections  20  and  21  make  it  an  offence  and  punishable 
to  falsely  make,  forge,  or  counterfeit,  etc.,  gold,  silver  or 
copper  coin.) 

***** 

(Section  23  makes  it  an  offence  and  punishable  to  de- 
base, etc.,  any  gold  or  silver  coins,  or  to  embezzle  any 
coinage  metal  or  coins.) 

***** 

Approved,  March  3,  18-25. 


494  NATIONAL   MONETARY  COMMISSION. 

ACT  OF  MAY  19,  1828. 

OT|   stat-  **•  CHAP.  LXVII.— An  act  to  continue  the  Mint  at  the  City 
of  Philadelphia,  and  for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  as- 
s  isoi0chM2i' sewi^^»  That  the  act,  entitled  "An  act  concerning  the 
Mint,"  approved  March  the  third,  one  thousand  eight 
hundred  and  one.  be,  and  the  same  hereby  is,  revived  and 
continued   in   force  and  operation,  until  otherwise  pro- 
vided by  law. 
For  purpose      SEC.  2.  And  l>e  it  further  enacted,  That,  for  the  pur- 

of    securing    a  .  .  . 

duo  conformity,  pose  or  securing  a  due  conformity  in  weight  or  the  coins 

the   brass   troy  ... 

weight"  pro-of  the  United  States,  to  the  provisions  of  the  ninth  sec- 

curen    in    1827     .  ., 

shall  be  the  lion  or  the  act,  passed  the  second  01  April,  one  thousand 

standard   troy  '  A  . 

po.imL  seven  hundred  and  ninety-two,  entitled      An  act  estab- 

'  lishing  a  Mint,  and  regulating  the  coins  of  the  United 
States,"  the  brass  troy  pound  weight  procured  by  the 
minister  of  the  United  States  at  London,  in  the  year  one 
thousand  eight  hundred  and  twenty-seven,  for  the  use  of 
the  Mint,  and  now  in  the  custody  of  the  Director  thereof, 
shall  be  the  standard  troy  pound  of  the  Mint  of  the 
United  States,  conformably  to  which  the  coinage  thereof 
-hall  be  regulated. 

A  scrips  of      SEC.  :'.  And  le  it  further  enacted,  That  it  shall  be  the 

•  <>-  ' 


•.vcuhts  corre- 


sounding to  the  duty  of  the  Director  of  the  Mint  to  procure,  and  safely 

aforesaid    troy  • 

pound   weight,  to  keel)  a  series  of  standard  weights,  corresponding  to  the 

to  be  procured.  L  •  '  ° 

aforesaid  troy  pound,  consisting  of  an  one  pound  weight, 
and  the  requisite  subdivisions  and  multiples  thereof,  from 
the  hundredth  part  of  a  grain  to  twenty-five  pounds;  and 
that  the  troy  weights  ordinarily  employed  in  the  transac- 
tions of  the  Mint,  shall  be  regulated  according  to  the 
above  standards,  at  least  once  in  every  year,  under  his 
inspection;  and  their  accuracy  tested  annually  in  the 
presence  of  the  assay  commissioners,  on  the  day  of  the 
annual  assay. 

SEC.  I.  And  l>c  it  further  enacted,  That,  when  silver 
bullion,  brought  to  the  Mint  for  coinage,  is  found  to 
require  the  operation  of  the  test,  the  expense  of  the 
materials  employed  in  the  process,  together  with  a  reason- 
able allowance  for  the  wastage  necessarily  arising  there- 
from, to  be  determined  by  the  melter  and  refiner  of  the 
Mint,  with  the  approbation  of  the  Director,  shall  be  re- 
tained from  such  depont.  and  accounted  for  by  the  treas- 
urer of  the  Mint  to  the  Treasury  of  the  United  States. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  495 

SEC.  5.  And  be  it  further  enacted,  That,  when  silver  fof,ndertoUlco°nn 
bullion,  brought  to  the  Mint  for  coinage,  shall  be  found  ^  *f  propor- 
to  contain  a  proportion  of  gold,  the  separation  thereof 
shall  be  effected  at  the  expense  of  the  party  interested 
therein:  Provided,  nevertheless,  That,  when  the  proper- 
tion  of  gold  is  such  that  it  cannot  be  separated  advan- 
tageously, it  shall   be  lawful,  with  the  consent  of  the 
owner,  or,  in  his  absence,  at  the  discretion  of  the  Di- 
rector, to  coin  the  same  as  an  ordinary  deposit  of  silver. 

SEC.  6.  And  be  it  further  enacted,  That  the  Director  of  th 
the  Mint  may  employ  the  requisite  number  of  clerks,  at  employ  the  req- 

_"  L      "  uisite     number 

a  compensation  not  exceeding  in  the  whole  the  sum  of of  clerks. 
seventeen  hundred  dollars,  and  such  number  of  workmen 
and  assistants  as  the  business  of  the  Mint  shall,  from  time 
to  time,  require. 

SEC.  7.  And  be  it  further  enacted,  That  it  shall  be  law-  t^^fnV"™- 
ful  for  the  Director  of  the  Mint  to  receive,  and  cause  to  be  tolvbeai?ssayld 
assayed,  bullion  not  intended  for  coinage,  and  to  cause  tend^f  °r°coiS- 
certificates  to  be  given  of  the  fineness  thereof  by  such  offi-  ag(xcttcof  Jan 
cer  as  he  shall  designate  for  that  purpose,  at  such  rates  of  ^  118^57'  cn-  3> 
charge,  to  be  paid  by  the  owner  of  said  bullion,  and  under 
such  regulations,  as  the  said  Director  may,  from  time  to 
time,  establish. 

Approved.  May  19,  1828. 

ACT   OF   JUNE   27,   1834. 

CHAP.    XCII. — An    act   making   appropriations  for   the     4    stat.    L., 
civil  and  diplomatic  expense*  of  government  for  the 
i/car  one  thousand  eight  hundred  and  thirty-four. 

SEC.  3.  And  be  it  further  enacted,  That  no  payment  of.  Payments  not 

/_  "  to  be   made   in 

the  money,  appropriated  by  this  act,  or  any  other  actj>an^  notes  bet 
passed  at  the  present  session  of  Congress,  shall  be  madePlac?   of   Pa-v~ 

ment. 

in  the  note  or  notes  of  any  bank  which  shall  not  be  at  par 
value  at  the  place  where  such  payment  may  be  made, 
provided  that  nothing  herein  contained  shall  be  con- 
strued to  make  any  tiling  but  gold  and  silver  a  tender  in 
payment,  of  any  debt  due  from  the  United  States  to 

individuals. 

#  *  *  *  * 

Approved,  June  27,  183-1. 

(Similar  provisions  arc  contained  in  the  appropriation 
acts  of  March  3,  1835,  chap.  30,  sec.  4,  4  Stat.  L.,  771; 


496  NATIONAL   MONETARY  COMMISSION. 

April  14,  1836,  chap.  52  (limiting  amount,  etc.),  5  Stat, 
L,  9.) 

ACT  OF  JUNE  28,  1834. 

4   stat.   L.,  CHAP.  XCV. — An  act  concerning  the  gold  coins  of  the 
United  States,  and  for  other  purposes. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 

fircfi  of  the  United  States  of  America,  in  Congress  as- 

standard  assembled.  That  the  gold  coins  of  the  United  States  shall 

weight  of  coins.  .      '  .°  . 

contain  the  following  quantities  of  metal,  that  is  to  say: 
each  eagle  shall  contain  two  hundred  and  thirty-two 
grains  of  pure  gold,  and  two  hundred  and  fifty-eight 
grains  of  standard  gold ;  each  half  eagle  one  hundred  and 
sixteen  grains  of  pure  gold,  and  one  hundred  and  twenty- 
nine  grains  of  standard  gold;  each  quarter  eagle  shall 
contain  fifty-eight  grains  of  pure  gold,  and  sixty-four 
and  a  half  grains  of  standard  gold ;  every  such  eagle  shall 
be  of  the  value  of  ten  dollars ;  every  such  half  eagle  shall 
be  of  the  value  of  five  dollars;  and  every  such  quarter 
eagle  shall  be  of  the  value  of  two  dollars  and  fifty  cents ; 
and  the  said  gold  coins  shall  be  receivable  in  all  pay- 
ments, when  of  full  weight,  according  to  their  respective 
values:  and  when  of  less  than  full  weight,  at  less  values, 
proportioned  to  their  respective  actual  weights, 
noiti  ami  sii-  ^KC.  2.  A  nd  le  it  further  enacted.  That  all  standard 

v  e  r    deposited  .  ' 

f)°p  (>°Hc'f  f  or^0^  or  S^ver  deposited  for  coinage  after  the  thirty-first 
Mais1''"    fiv<!°f  'Jllb7  next,  shall  be  paid  for  in  coin  under  the  direc- 
tion of  the  Secretary  of  the  Treasury,  within  five  days 
from   the   making  of  such  deposit,  deducting  from  the 
amount  of  said  deposit  of  gold  and  silver  one-half  of  one 
Proviso.        per  centum  :  I'roridcd,  That  no  deduction  shall  be  made 
unless  said  advance  be  required  by  such  depositor  within 
forty  days. 

K-Ii.Vroin^si.ai!  SK(;-  ?)-  Ar>d  lc  tt  father  enacted,  That  all  gold  coins  of 
(he  United  States,  minted  anterior  to  the  thirty-first  day 
of  July  next,  shall  be  receivable  in  all  payments  at  the 
rale  of  ninety-four  and  eight-tenths  of  a  cent  per  penny- 
weight. 

Sl:r-  k  A'"f/  h(;  'tf  f'li-tlmr  enacted,  That  the  better  to 
secure  a  conformity  of  (he,  said  gold  coins  to  their  re- 
spective standards  as  aforesaid,  from  every  separate  mass 
of  standard  gold  which  shall  be  made  into  coins  at  the 
said  Mini,  there  shall  be  taken,  set  apart  by  the  Treasurer 
and  reserved  in  his  custody,  a  certain  number  of  pieces, 


LAWS   CONCERNING   MONEY,   BANKING,    AND   LOANS.  497 

not  less  than  three,  and  that  once  in  every  year  the  pieces 
so  set  apart  and  reserved  shall  be  assayed  under  the  in- 
spection of  the  officers,  and  at  the  time,  and  in  the  man- 
ner now  provided  by  law,  and,  if  it  shall  be  found  that 
the  gold  so  assayed,  shall  not  be  inferior  to  the  said 
standard  hereinbefore  declared,  more  than  one  part  in 
three  hundred  and  eighty-four  in  fineness,  and  one  part  in 
five  hundred  in  weight,  the  officer  or  officers  of  the  said 
Mint  whom  it  may  concern,  shall  be  held  excusable;  but 
if  any  greater  inferiority  shall  appear,  it  shall  be  certi- 
fied to  the  President  of  the  United  States,  and  if  he  shall 
so  decide,  the  said  officer  or  officers  shall  be  thereafter 
disqualified  to  hold  their  respective  offices :  Provided,  That  1>roviso- 
if,  in  making  any  delivery  of  coin  at  the  Mint  in  pay- 
ment of  a  deposit,  the  weight  thereof  shall  be  found  de- 
fective, the  officer  concerned  shall  be  responsible  to 
the  owner  for  the  full  weight,  if  claimed  at  the  time  of 
delivery. 

SEC.  5.  And  be  it  further  enacted,  That  this  act  shall  be  t£g*&jfij$ 
in  force  from  and  after  the  thirty-first  day  of  July,  in  the31' 1834- 
year  one  thousand  eight  hundred  and  thirty-four. 

Approved,  June  28,  1834. 

ACT  OF  JUNE  28,  1834. 

CHAP.  XCVI. — An-  act  regulating  the   value  of  certain    4stat.L.,roo 
foreign  gold  coins  within   the   United  States. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  assem- 
bled. That,  from  and  after  the  thirtv-first  day  of  July  ,Act,of  J™625- 

•    18.H4,  ch.  71. 

next,  the  following  gold  coins  shall  pass  as  current  as    V1?^8     ";} 

e    &  _  which     sold 

money  within  the  United  States,  and  be  receivable  in  all  coins  shall   he 

receivable  after 

payments,  by  weight,  for  the  payment  of  all  debts  andju'y ;n- ls:i4- 
demands,  at  the  rates  following,  that  is  to  say :  the  gold 
coins  of  Great  Britain,  Portugal,  and  Brazil,  of  not  less ^.^"^'Y^mi* 
than  twenty-two  carats  fine,  at  the  rate  of  ninety-four »al. and  Bl';>/-il- 
cents  and  eight-tenths  of  a  cent   per   pennyweight ;   the 
gold   coins  of   France   nine-tenths   fine,   at   the   rate   of 
ninety-three  cents  and  one-tenth   of  a   cent  per  penny- 
weight; and  the  gold  coins  of  Spain,  Mexico,  and   Co- 
lombia.  of  the  fineness  of  twenty  carats  three  grains  and 
seven-sixteenths  of   a   grain,   at    the   rate   of  eighty-nine 
cents  and  nine-tenths  of  a  cent  per  pennyweight. 


498  NATIONAL   MONETARY   COMMISSION. 

Annual  assays     gEC   •>.  And  be  it  further  enacted.  That  it  shall  be  the 

to  be  made.  ' 

duty  of  the  Secretary  of  the  Treasury  to  cause  assays  ot 
the  aforesaid  gold  coins,  made  current  by  this  act,  to  be 
had  at  the  Mint  of  the  United  States,  at  least  once  in 
every  year,  and  to  make  a  report  of  the  result  thereof  to 
Congress. 

Approved,  June  28,  1834. 

ACT  OF  MARCH  3,  1835. 

4Statu,774. (JHA1>.   XXXIX. — An    act   to   establish   branches  of  the 

Mint  of  the  United  States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  assem- 
Branches   otblcd,  That  brunches  of  the  Mint  of  the  United  States 
established  at   shall  be  established  as  follows:  one  branch  at  the  city  of 
New  Orleans;    Xew   Orleans   for  the  coinage  of  gold  and  silver;   one 
charlotte;        branch  at  the  town  of  Charlotte,  in  Mecklinburg  County, 
in  the  State  of  North  Carolina,  for  the  coinage  of  gold 
i>ahiohnej;a.     only;  and  one  branch  at  or  near  Dahlohnega,  in  Lumpkin 
County,  in  the  State  of  Georgia,  also  for  the  coinage  of 

r<"rP1  Mm-'ii-ising "°^    onb'-     ^1K^    f°r   tne  purpose   of   purchasing   sites, 
sites, etc.          erecting  suitable  buildings,  and  completing  the  necessary 
combinations  of  machinery  for  the  several  branches  afore- 
said, the  following  sums,  to  be  paid  out  of  any  money 
in  the  Treasury  not  otherwise  appropriated,  shall  be,  and 
hereby   are,  appropriated:   for  the  branch   at  Xew   Or- 
leans, the  sum  of  two  hundred  thousand  dollars;  for  the 
branch    at    Charlott:,    fifty    thousand    dollars;    for    the 
branch  at  Dahlohnega,  fifty  thousand  dollars, 
omoers  to  be     SEC.  2.  And  be  it  further  enacted.  That,  so  soon  as  the 

appointed  when  ' 

.).e,re'",ll,jing8m't'cssary  buildings  are  erected  for  the  purpose  of  well  con- 
ducting the  business  of  each  of  the  said  branches,  the  fol- 
lowing oflicers  shall  be  appointed  upon  the  nomination  of 
the  President,  and  with  the  advice  and  consent  of  the 
Senate:  one  superintendent,  one  treasurer,  one  assayer, 
one  chief  coiner,  one  melter.  and  one  refiner.  And  the 
superintendent  of  each  mint  shall  engage  and  employ  as 
many  clerks  and  as  many  subordinate  workmen  and 
servants  as  shall  be  provided  for  by  law;  *  *  * 

(The  .-econd  paragraph  fixes  the  salaries  of  the  officers 
and  clerks  and  appropriates  the  necessary  amounts  to  pay 
the  same.  Resolution  No.  5,  of  March  3,  1851,  authorizes 


LAWS    CONCEKNING    MONEY,    BANKING,    AND   LOANS.  499 

treasurers  of  mints  to  appoint  their  own  clerks  subject 
to  the  approval  of  the  Secretary  of  the  Treasury. 

(Section  3  provides  that  the  officers  and  clerks  referred 
to  shall  take  an  oath  or  affirmation,  and  give  bond,  and 
the  act  of  April  2,  1844  (chap.  7,  5  Stat.  L.,  652),  pre- 
scribes that  such  oath  or  affirmation  may  be  taken  before 
any  judge  of  the  Supreme  Court,  or  of  any  court  of  rec- 
ord in  the  State.) 

SEC.  4.  And  be  it  further  enacted.  That  the  general  .General  direc- 

'  -ill  i       -»*-•       tlonof  branches 

direction  of  the  business  of  the  said  branches  of  the  Mint  to  be  under  the 

Director  of  the 

of  the  United  States  shall  be  under  the  control  and  regu-Mint  at  rinia- 

delphia. 

lation  of  the  Director  of  the  Mint  at  Philadelphia,  sub- 
ject to  the  approbation  of  the  Secretary  of  the  Treasury; 
and  for  that  purpose,  it  shall  be  the  duty  of  the  said 
Director  to  prescribe  such  regulations,  and  require  such 
returns,  periodically,  and  occasionally,  as  shall  appear 
to  him  to  be  necessary  for  the  purpose  of  carrying  into 
effect  the  intention  of  this  act  in  establishing  the  said 
branches;  also,  for  the  purpose  of  discriminating  the 
coin  which  shall  be  stamped  at  each  branch,  and  at  the 
Mint  itself;  also,  for  the  purpose  of  preserving  uni- 
formity of  weight,  form,  and  fineness  in  the  coins  stamped 
at  each  place;  and  for  that  purpose,  to  require  the  trans- 
mission and  delivery  to  him,  at  the  Mint,  from  time  to 
time,  such  parcels  of  the  coinage  of  each  branch  as  he 
shall  think  proper  to  be  subjected  to  such  assays  and 
tests  as  he  shall  direct. 

SEC.  5.  And  be  it  further  enacted.  That  all  the  laws,  ,La,ws  for  reK- 

'  ulatlon  of  Mint 

and  parts  of  laws,  made  for  the  regulation  of  the  Mint  extended  to  the 

1  .  branches. 

of  the  United  States,  and  for  the  government  of  the  offi- 
cers and  persons  employed  therein,  and  for  the  punish- 
ment of  all  offences  connected  with  the  Mint  or  coinage 
of  the  United  States,  shall  be,  and  the  same  are  hereby, 
declared  to  be  in  full  force,  in  relation  to  each  of  the 
branches  of  the  Mint  by  this  act  established,  so  far  as  the 
same  shall  be  applicable  thereto. 

Approved,  March  3,  1835. 

(The  act  of  February  13,  1837  (chap.  14,  5  Stat.  L., 
M7).  provides  for  the  officers  and  their  salaries  at 'the 
branch  mints  at  New  Orleans,  Charlotte,  and  Dahloh- 
nega.  and  the  act  of  February  27,  1843  (5  Stat.,  002), 
changes  the  duties  of  the  officers  at  Charlotte  and  Dahl- 
ohnega.) 

XOTK. — The  branch  mint  ;it  Now  Orleans  having  been  closed  on 
account  of  the  rebellion,  its  reopening  was  provided  for  by  the  act 


500  NATIONAL   MONETARY   COMMISSION. 

of  June  20,  1874  (18  Srat.  L.,  97),  and  the  assaying  aud  stamping 
of  bullion  thereat  was  authorized  by  the  acts  of  August  15,  1S76 
(19  Stat.  L.,  158),  and  March  3,  1877  (19  Stat.  L.,  307). 

Other  branch  mints  were  established  as  follows:  In  California, 
July  3.  1852  (10  Stat  L.,  11);  at  San  Francisco,  February  12, 
1870  (17  Stat.  L..  435.  sec.  3495,  It.  S.)  ;  at  Denver,  April  21,  1862 
(12  Stat.  I..,  382,  sec.  3495,  K.  S.). 

The  act  of  February  20,  1895  (28  Stat.  L.,  G73),  provided  for 
coinage  at  Denver,  but  the  act  of  March  2,  1895  (28  Stat.  L., 
7N4)  and  subsequent  appropriation  acts  up  to  1904  provided 
that  until  the  office  should  become  a  coinage  mint  in  accordance 
with  law,  it  should  continue  as  an  assay  office. 

At  Carson  City,  Nov.,  March  3,  1863  (12  Stat  L.,  770,  sec.  3495, 
It.  S.). 

The  establishment  of  a  mint  at  Manila  is  authorized  by  the 
act  of  July  1,  1902  (32  Stat.  L.,  710). 

ACT  OF  JANUARY  18,  183T. 

r.  stat. L.,  136.  CHAP>  HI. — ^.[n.  af-i  supplementary  to  the  act  entitled 
^'An  act  establishing  a  Mint,  and  regulating  the  coins 
of  the  United  States" 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
1  A;;t  of  Apr.  2,  xcnilled,  That  the  officers  of  the  Mint  of  the  United  States 
Act  of  Mar. :?,  shall  be  a  Director,  a  treasurer,  an  assayer,  a  inelter  and 

is:*"),  ch.  A i.  '  J 

Art of  Feij.iiT,  refiner,  a  chief  coiner  and  an  engraver,  to  be  appointed 
Act  of  Apr.  2,  by  the  President  of  the  United  States,  by  and  with  the 

IS  14.  cli.  7.  " 

oiiiwrs.          advice  and  consent  of  the  Senate. 

Duties  of—         SEC.  2.  And  l>c  it  farther  enacted,  That  the  respective 
duties  of  the  officers  of  the  Mint  shall  be  as  follows: 

nin-rtor.  Firxt.  The  Director  shall  have  the  control  and  manage- 

ment of  the  Mint,  the  superintendence  of  the  officers  and 
persons  employed  therein,  and  the  general  regulation  and 
.supervision  of  the  business  of  the  several  branches.  And 
in  the  mouth  of  January  of  every  year  he  shall  make  re- 
port to  the  President  of  the  United  States  of  the  opera- 
tions of  the  Mint  and  its  branches  for  the  year  preceding. 
Aud  also  to  the  Secretary  of  the  Treasury,  from  time  to 
time,  as  -aid  Secretary  shall  require,  setting  forth  all  the 
operations  of  the  Mint  subsequent  to  the  last  report  made 
upon  the  subject. 

Xicdinl.  The  treasurer  shall  receive,  and  safely  keep  all 
moneys  which  shall  be  for  the  use  and  support  of  the 
Mint  :  shall  keep  all  the  current  accounts  of  the  Mint,  and 
pay  all  moneys  due  by  the  Mint,  on  warrants  from  the 
Director.  He  shall  receive  all  bullion  brought  to  the 


niasiir<T. 


LAWS    CONCERNING   MONEY,    BANKING,    AND    LOANS.  501 

Mint  for  coinage;  shall  be  the  keeper  of  all  bullion  and 
coin  in  the  Mint,  except  while  the  same  is  legally  placed 
in  the  hands  of  other  officers,  and  shall,  on  warrants  from 
the  Director,  deliver  all  coins  struck  at  the  Mint  to  the 
persons  to  whom  they  shall  be  legally  payable.  And  he 
shall  keep  regular  and  faithful  accounts  of  all  the  trans- 
actions of  the  Mint,  in  bullion  and  coins,  both  with  the 
officers  of  the  Mint  and  the  depositors ;  and  shall  present, 
quarter-yearly,  to  the  Treasury  Department  of  the  United 
States,  according  to  such  forms  as  shall  be  prescribed  by 
that  Department,  an  account  of  the  receipts  and  disburse- 
ments of  the  Mint,  for  the  purpose  of  being  adjusted  and 
settled. 

Third.  The  assayer  shall  carefully  assay  all  metals  used   Assayer. 
in  coinage,  whenever  such  assays  are  required  in  the  oper- 
ations of  the  Mint ;  and  he  shall  also  make  assays  of  coins 
whenever  instructed  to  do  so  by  the  Director. 

Fourth.  The  melter  and  refiner  shall  execute  all  the    Meiter  and  re- 

•  .  f  .finer. 

operations  winch  are  necessary  in  order  to  form  ingots  or 
standard  silver  or  gold,  suitable  for  the  chief  coiner,  from 
the  metals  legally  delivered  to  him  for  that  purpose. 

Fifth.  The  chief  coiner  shall  execute  all  the  operations  Chief  coiner. 
which  are  necessary  in  order  to  form  coins,  conformable 
in  all  respects  to  the  law,  from  the  standard  silver  and 
gold  ingots,  and  the  copper  planchets,  legally  delivered  to 
him  for  this  purpose. 

Sixth.  The  engraver  shall  prepare  and  engrave,  with   Engraver. 
the  legal  devices  and  inscriptions,  all  the  dies  used  in  the 
coinage  of  the  Mint  and  its  branches. 

SEC.  3.  And  be  it  further  enacted,  That  the  Director of:^jstaa?Ind 
shall   appoint,   with   the    approbation    of   the   President. olerks- 
assistants  to  the  assayer,  meltor  and  refiner,  chief  coiner. 
and  engraver,  and  clerks  for  the  Director  and  treasurer, 
whenever,  on  representation  made  by  the  Director  to  the 
President,  it  shall  be  the  opinion  of  the  President  that 
such  assistants  or  clerks  are  necessary.     And  it  shall  be   Their  duties. 
the  duty  of  the  assistants  to  aid  their  principals  in  the 
execution  of  their  respective  offices,  and  of  the  clerks  to 
perform  such  duties  as  shall  be  prescribed  for  them  by  the 
Director. 

SEC.  4.  And  le  it  further  cn<icte(L  That  whenever  any (..^'j^1'',',1;*,,,!" 
officer  of  the  Mint  shall  be  temporarily  absent,  on  accountraryn,,al),SOU('0> 

•'  liu\v  filled. 

of  sickness,  or  any  other  sufficient  cause,  it  shall  be  law- 
ful for  the  Director,  with  the  assent  of  said  officer,  to 
appoint  some  person  attached  to  the  Mint,  to  act  in  the 


502  NATIONAL   MONETARY   COMMISSION. 

place  of  such  officer  during  his  absence,  and  that  the 
Employment  Director  shall  employ  such  workmen  and  servants  in  the 

of  workmen  and  •» 

servants.          Mint  as  he  shall  from  time  [to  time]  find  necessary. 

(Section  5  provides  that  oath  shall  be  taken  by  officers, 
assistants,  and  clerks. 

(Section  G  requires  that  certain  officers  shall  and  their 
assistants  and  clerks  may  be  required  to  give  bond. 

(Section  7  fixes  salaries  and  wages  of  officers,  clerks, 
assistants,  workmen,  and  servants.) 

standard  for      SEC.  8.  And  be  it  further  enacted.  That  the  standard  for 
?oins"n         er  both  gold  and  silver  coins  of  the  United  States  shall  here- 
after be  such,  that  of  one  thousand  parts  by  weight,  nine 
hundred  shall  be  of  pure  metal,  and  one  hundred  of  alloy : 
Alloys.          and  the  alloy  of  the  silver  coins  shall  be  of  copper;  and 
the  alloy  of  the  gold  coins  shall  be  of  copper  and  silver, 
provided  that  the  silver  do  not  exceed  one-half  of  the 
whole  alloy. 

weight  of  SEC.  9.  And  be  it  further  enacted,  That  of  the  silver 
coins,  the  dollar  shall  be  of  the  weight  of  four  hundred 
and  twelve  and  one-half  grains;  the  half  dollar  of  the 
weight  of  two  hundred  and  six  and  one-fourth  grains; 
the  quarter  dollar  of  the  weight  of  one  hundred  and  three 
and  one-eighth  grains,;  the  dime,  or  tenth  part  of  a  dollar, 
of  the  weight  of  forty-one  and  a  quarter  grains;  and  the 
half  dime  or  twentieth  part  of  a  dollar,  of  the  weight  of 
Dollars,  etc.,  twenty  grains,  and  five-eighths  of  a  grain.  And  that 
tenders,  etc"  dollars,  half  dollars,  and  quarter  dollars,  dimes,  and  half 
dimes,  shall  be  legal  tenders  of  payment,  according  to 
their  nominal  value,  for  any  sums  whatever. 

Rowrofns*  °f      SEC<  10:  And  *>e  it  further  enacted,  That  of  the  gold 
Nhainlra  le'ai  C°^ns5  tne  weight  of  the  eagle  shall  be  two  hundred  and 
tender,  etc.       fifty-eight  grains;  that  of  the  half  eagle  one  hundred  and 
twenty-nine  grains;  and  that  of  the  quarter  eagle  sixty- 
four  and  one-half  grains.     And  that  for  all  sums  what- 
ever, the  eagle  shall  be  a  legal  tender  of  payment  for  ten 
dollars;  the  half  eagle  for  five  dollars;  and  the  quarter 
eagle,  for  two  and  a  half  dollars. 

silver   coins      SKC.  11.  And  1)C  it  further  enacted,  That  the  silver  coins 
heretofore    is-  '  ' 

fined,  and  gold  heretofore  issued  at  the  Mint  of  the  United  States,  and  the 
coins  issued 

since  July  3i,  gold  coins  issued  since  the  thirty-first  day  of  July,  one 

1H:{4,  shall  con-  °  .  *•  • 

tinue  to  be  ie- thousand  eight  hundred  and  thirtv-ioiir,  shall  continue  to 

j,'al  tenders.         1111  ?  \      •  • 

be  legal  tenders  of  payment  for  their  nominal  values,  on 
the  same  terms  as  if  they  were  of  the  coinage  provided  for 
by  this  act. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  503 

SEC.  12.  And  be  it  further  enacted.  That  of  the  copper     weight  of 

copper  coins. 

coins,  the  weight  of  the  cent  shall  be  one  hundred  and 
sixty-eight  grains,  and  the  weight  of  the  half-cent  eighty- 
four  grains.     And  the  cent   shall  be  considered  of  the    Proportional 
value  of  one  hundredth  part  of  a  dollar,  and  the  half-cent lar- 
of  the  value  of  one  two-hundredth  part  of  a  dollar. 

SEC.  13.  And  be  it  further  enacted,  That  upon  the  coins ,  el**l™£a  ™\ 
struck  at  the  Mint  there  shall  be  the  following  devices  and  tx"ins- 
legends :  upon  one  side  of  each  of  said  coins  there  shall  be 
an  impression  emblematic  of  liberty,  with  an  inscription 
of  the  word  Liberty,  and  the  year  of  the  coinage ;  and 
upon  the  reverse  of  each  of  the  gold  and  silver  coins,  there 
shall  be  the  figure  or  representation  of  an  eagle,  with  the 
inscription  United  States  of  America,  and  a  designation 
of  the  value  of  the  coin ;  but  on  the  reverse  of  the  dime 
and  half  dime,  cent  and  half  cent,  the  figure  of  the  eagle 
shall  be  omitted. 

(Sections  14  to  19  provide  that  gold  and  silver  bullion  ,5  stat.  L., 
brought  to  the  mint  shall  be  received  and  coined  for  the 
benefit  of  the  depositor,  and  that  the  only  subjects  of 
charge  to  him  shall  be  for  refining,  toughening,  and  sep- 
arating, and  for  metal  used  for  alloy,  the  rate  of  charge 
being  fixed  from  time  to  time  so  as  not  to  exceed  the 
actual  expense  incurred.  For  the  net  amount  of  the  de- 
posit a  certificate  shall  be  given,  payable  in  coins  of  the 
same  metal  as  the  deposit.) 

SEC.  20.  And  be  it  further  enacted,  That  parcels  of,  Transfers  of 

bullion     by 

bullion  shall  be,  from  time  to  time,  transferred  bv  the  treasurer  to 

melter  and   re- 

treasurer  to  the  melter  and  refiner ;  that  a  careful  record  flner- 
of  these  transfers,  noting  the  weight  and  character  of 
the  bullion,  shall  be  kept;  and  that  the  bullion  thus  placed 
in  the  hands  of  the  melter  and  refiner  shall  be  subjected 
to  the  several  processes  which  may  be  necessary  to  form 
it  into  ingots  of  the  legal  standard,  and  of  a  quality  suit- 
able for  coinage. 

SEC.  21.  And  be  it  further  criacted.  That  the  ingots  in-ots  ID  be 
thus  prepared  shall  be  assayed  by  the  assayer.  and  if  they 
prove  to  be  within  the  limits  allowed  for  deviation  from 
the  standard,  they  shall  be  transferred  by  the  melter  and 
refiner  to  the  treasurer,  accompanied  by  the  assayer's  cer- 
tificate of  their  fineness;  and  that  a  careful  record  of  the 
transfer  shall  be  kept  by  the  treasurer. 

SEC.  22.  And  be  if  further  enacted.  That  no  ingots  of     novation 

.  .  f  ro  in      1  o  K  a  1 

gold  shall  be  used  for  coinage  of  which  the  quality  differs  st"nd,ar.d  al~ 

~  •  lowed  iii  ingots 

more  than  two  thousandths  from  the  legal  standard;  and0/  «Qkl  •IU'1  sl1 


504  NATIONAL   MONETARY   COMMISSION. 

that  no  ingots  of  silver  shall  be  used  for  coinage  of  which 
the  quality  differs  more  than  three  thousandths  from  the 
legal  standard. 

Mccm.nts'wieth     SEC.  23.  And  be  it  further  enacted,  That  in  the  treas- 
meiter  and  re-  urer's  account  with  the  melter  and  refiner,  the  inelter 

liner. 

and  refiner  shall  be  debited  with  the  standard  weight  of 
all  the  bullion  placed  in  his  hands,  that  is  to  say,  with 
the  weight  of  metal  of  legal  standard  fineness  which  it 
will  make:  and  that  he  shall  be  credited  by  the  standard 
weight  of  all  the  ingots  delivered  by  him  to  the  treasurer; 
and  that  once  at  least  in  every  year,  at  such  time  as  the 
Director  shall  appoint,  the  melter  and  refiner  shall  de- 
liver up  to  the  treasurer  all  the  bullion  in  his  possession, 
in  order  that  his  accounts  may  be  settled  up  to  that  time; 
and,  in  this  settlement,  he  shall  be  entitled  to  a  credit  for 
the  difference  between  the  whole  amount  of  bullion  de- 
livered to  him,  and  received  from  him,  since  the  last 
ne"c0^snsc! resettlement,  as  an  allowance  for  necessary  waste:  Pro- 
W!'is>roviso  t'ided,  That  this  allowance  shall  not  exceed  two  thou- 
sandths of  the  whole  amount  of  gold  and  silver  bullion, 
respectively,  that  had  been  delivered  to  him  by  the  treas- 
urer, 
iiijrots  for  SEC.  24.  And  l>e  it  further  enacted.  That  the  treasurer 

col  u;i '  rc, 

shall,  from  time  to  time,  deliver  over  to  the  chief  coiner, 
ingots  for  the  purpose  of  coinage;  that  he  shall  keep  a 
careful  record  of  these  transfers,  noting  the  weight  and 
description  of  the  ingots;  and  that  the  ingots  thus  placed 
in  the  hands  of  the  chief  coiner  shall  be  passed  through 
the  several  processes  necessary  to  make  from  them  coins, 
in  all  respects  conformable  to  law. 


Doviation      SEC.  25.  And  le  it  further  enacted*  That  in  adjusting 

f  r  o  in       lo.u  ;i  I  '  '  J 

standa  i-d  ai-  jjie  weights  of  the  coins,  the  following  deviations  from  the 

lowed      in      tin'  & 

^^^f  standard  weight  shall  not  lie  exceeded  in  any  of  the  single 
pieces :  In  the  dollar  and  half  dollar,  one  grain  and  a  half; 
in  the  quarter  dollar,  one  grain;  in  the  dime  and  half 
dime,  half  a  grain;  in  the  gold  coins,  one-quarter  of  a 
grain  :  in  the  copper  coins,  one  grain  in  the  pennyweight ; 
ii .'  m  i.'e  i-1:"t7i°  :l"('  ln;l^  'n  weighing  a  large  number  of  pieces  together, 
when  delivered  from  the  chief  coiner  to  the  treasurer, 
and  from  the  treasurer  to  the  depositors,  the  deviations 
from  the  standard  weight  shall  not  exceed  the  following 
limits:  Four  pennyweights  in  one  thousand  dollars;  three 
pennyweights  in  one  thousand  half  dollars;  two  penny- 
weight- in  one  thousand  quarter  dollars;  one  pennyweight 
in  one  thousand  dimes;  one  pennyweight  in  one  thousand 


LAWS   CONCERNING-  MONEY,   BANKING,   AND   LOANS.  505 

half  dimes;  two  pennyweights  in  one  thousand  eagles; 
one  and  a  half  pennyweight  in  one  thousand  half  eagles ; 
one  pennyweight  in  one  thousand  quarter  eagles. 

SEC.  2G.  And  be  it  further  enacted,  That  the  chief  we^°|  to  be 
coiner  shall,  from  time  to  time,  as  the  coins  are  prepared, 
deliver  them  over  to  the  treasurer,  who  shall  keep  a  care- 
ful record  of  their  kind,  number,  and  weight;  and  that, 
in  receiving  the  coins,  it  shall  be  the  duty  of  tlj£  treas- 
urer to  see  whether  the  coins  of  that  delivery  are  within 
the  legal  limits  of  the  standard  weight ;  and  if  his  trials 
for  this  purpose  shall  not  prove  satisfactory,  he  shall 
cause  all  the  coins  of  this  delivery  to  be  weighed  sepa- 
rately, and  such  as  are  not  of  legal  weight  shall  be  de- 
livered to  the  melter  and  refiner,  as  standard  bullion,  to 
be  again  formed  into  ingots  and  recoined. 

SEC.  27.  And  be  it  further  enacted.  That  at  everv  de-     <'<>ius  tobe 

J  '  "  preserved   for 

livery  of  coins  made  by  the  chief  coiner  to  the  treasurer, *he    annual 

it  shall  be  the  duty  of  the  treasurer,  in  the  presence  of 
the  assayer,  to  take  indiscriminately,  a  certain  number  of 
pieces  of  each  variety  for  the  annual  trial  of  coins,  (the 
number  being  prescribed  by  the  director,)  which  shall 
be  carefully  labeled,  and  deposited  in  a  chest  appropriated 
for  the  purpose,  kept  under  the  joint  care  of  the  treas- 
urer and  assayer,  and  so  secured  that  neither  can  have 
access  to  its  contents  without  the  presence  of  the  other. 

SEC.  28.  And   be    it   further   enacted.  That   the    chief     Disposition 

of  c  1 1  pp  lugs, 

coiner  shall,  from  time  to  time,  deliver  to  the  treasurer  etc. 
the  clippings  and  other  portions  of  bullion  remaining 
after  the  process  of  coining,  and  that  the  treasurer  shall 
keep  a  careful  record  of  their  amount. 

SEC.  29.  And  be  it  further  enacted.  That  in  the  treas-     Treasurer's 

'  '  account  with 

urers  account  with  the  chief  coiner,  the  chief  coiner  shall  ('hief  coiner. 
be  debited  with  the  amount  in  weight  of  standard  metal 
of  all  the  bullion  placed  in  his  hands,  and  credited  with 
the  amount,  also  by  weight,  of  all  the  coins,  clippings,  and 
other  bullion  delivered  by  him  to  the  treasurer;  and  that 
once  at  least  in  every  year,  at  such  time  as  the  Director 
shall  appoint,  the  chief  coiner  shall  deliver  to  the  treas- 
urer all  the  coins  and  bullion  in  his  possession,  so  that  his 
accounts  may  be  settled  up  to  that  time;  and.  in  this  set-  { ()'V  n^oss'ary 
tlement.  he  shall  be  entitled  to  a  credit  for  the  difference  wastc' 
between   the   whole  amount    of  ingots  delivered   to  him, 
and  of  (lie  coins  and  bullion  received  from  him,  since  the 
last  settlement,  as  an  allowance  for  necessary  waste:  l>r<>- 
loTiif— lu — -y;j 


506  NATIONAL   MONETARY   COMMISSION. 

vided,  That  this  allowance  shall  not  exceed  two  thou- 
sandths of  the  whole  amount  of  the  silver,  or  one  and 
one-half  thousandth  of  the  whole  amount  of  the  gold, 
that  had  been  delivered  to  him  by  the  treasurer. 
Payment  for      SEC.  30.  And   1)C   it    further   enacted.  That   when   the 

bullion  deposit-  '.  '  . 

ed  to  be  coined.  (;ojns  which  are  the  equivalent  to  any  deposite  of  bullion 
are  ready  for  delivery,  they  shall  be  paid  over  to  the  de- 
positor, or  his  order,  by  the  treasurer,  on  a  warrant  from 
the  Director;  and  the  payment  shall  be  made,  if  de- 
manded, in  the  order  in  which  the  bullion  shall  have  been 
brought  to  the  Mint,  giving  priority  according  to  pri- 
ority of  deposite  only;  and  that  in  the  denominations  of 
coin  delivered,  the  treasurer  shall  comply  with  the  wishes 
of  the  depositor,  unless  when  impracticable  or  inconven- 
ient to  do  so;  in  which  case,  the  denominations  of  coin 
shall  be  designated  by  the  Director. 

,>ubifcp°money  SKC.  31.  And  Ic  it  further  enacted,  That  for  the  pur- 
the'>miknPtt  bv  P°'se  °^  enabling  the  Mint  to  make  returns  to  depositors 
Treasury.0'  °f  with  as  little  delay  as  possible,  it  shall  be  the  duty  of  the 
Secretary  of  the  Treasury  to  keep  in  the  said  Mint,  when 
the  state  of  the  Treasury  will  admit  thereof,  a  deposite 
of  such  amount  of  public  money,  or  of  bullion  procured 
for  the  purpose,  as  he  shall  judge  convenient  and  neces- 
sary, not  exceeding  one  million  of  dollars,  out  of  which 
those  who  bring  bullion  to  the  Mint  may  be  paid  the  value 
thereof,  as  soon  as  practicable,  after  this  value  has  been 
ascertained  :  that  the  bullion  so  deposited  shall  become  the 
property  of  the  United  States ;  that  no  discount  or  inter- 
est shall  be  charged  on  moneys  so  advanced;  and  that 
the  Secretary  of  the  Treasury  may  at  any  time  withdraw 
the-  said  deposite,  or  any  part  thereof,  or  may.  at  his 
discretion,  allow  the  coins  formed  at  the  Mint  to  be  given 
for  their  equivalent  in  other  money. 

of'VZs.'  trlnl  •s«'-'>^  And  be  it  further  enacted,  That  to  secure  a 
.x  is '':;!' rhM42'  ('lle  conformity  in  the  gold  and  silver  coins  to  their  re- 
ld-spective  standards  and  weights,  an  annual  trial  shall  be 
made  of  the  pieces  reserved  for  this  purpose  at  the  Mint 
and  its  branches,  before  the  judge  of  the  district  court  of 
the  Tinted  States,  for  the  eastern  district  of  Pennsylvania, 
the  attorney  of  the  United  States,  for  the  eastern  district 
of  Pennsylvania,  and  the  collector  of  the  port  of  Philadel- 
phia, and  such  other  persons  as  the  President  shall,  from 
time  to  time,  de-ignate  for  that  purpose,  who  shall  meet 
as  commissioners,  for  the  performance  of  this  duty,  on  the 
second  Monday  in  February,  annually,  and  may  continue 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  507 

their  meetings  by  adjournment,  if  necessary;  and  if  a  ma- 
jority of  the  commissioners  shall  fail  to  attend  at  anytime 
appointed  for  their  meeting,  then  the  Director  of  the  Mint 
shall  call  a  meeting1  of  the  commissioners  at  such  other 
time  as  he  may  deem  convenient;  and  that  before  these 
commissioners,  or  a  majority  of  them,  and  in  the  pres- 
ence of  the  officers  of  the  Mint,  such  examination  shall 
be  made  of  the  reserved  pieces  as  shall  be  judged  suffi- 
cient; and  if  it  shall  appear  that  these  pieces  do  not  differ 
from  the  standard  fineness  and  weight  by  a  greater 
quantity  than  is  allowed  by  law.  the  trial  shall  be  con- 
sidered and  reported  as  satisfactory;  but  if  any  greater 
deviation  from  the  legal  standard  or  weight  shall  ap- 
pear, this  fact  shall  be  certified  to  the  President  of  the 
United  States,  and  if,  on  a  view  of  the  circumstances  of 
the  case,  he  shall  so  decide,  the  officer  or  officers  impli- 
cated in  the  error  shall  be  thenceforward  disqualified 
from  holding  their  respective  offices. 
SEC.  33.  And  be  it  further  enacted.  That  copper  bullion  Purchase  of 

i     n    i  i  ~\    x        <n        ^f    i     £  ±'  4--  1      copper  bullion. 

shall  be  purchased  lor  the  Mint,  from  time  to  time,  by 
the  treasurer,  under  instructions  from  the  Director;  that 
the  cost  shall  be  paid  from  the  fund  hereinafter  pro- 
vided for:  and  that  the  copper  bullion  shall  be  of  good 
quality,  and  in  form  of  planchets  fit  for  passing  at  once 
into  the  hands  of  the  chief  coiner. 

SEC.  3-i.  And  l>e  it  further  enacted.  That  the  copper     Coinage    of 

'  .  .  L  L         copper. 

planchets  shall  be  delivered,  from  time  to  time,  by  the 
treasurer  to  the  chief  coiner,  to  be  by  him  coined :  and  all 
such  copper  shall  be  returned  to  the  treasurer,  by  the 
chief  coiner,  weight  for  weight,  without  allowance  for 
waste. 

SEC.  35.  And  le  it  further  enacted.  That  it  shall  be  the     copper  coins 

'  m  a  y     n  e     ex- 

dutv  of  the  treasurer  of  the  Mint  to  deliver  the  copper  changed  for 

other   money. 

coins,  in  exchange  for  their  legal  equivalent  in  other 
money,  to  any  persons  who  shall  apply  for  them  :  Pro-  J'roviso. 
/'ided.  That  the  sum  asked  for  be  not  less  than  a  certain 
amount,  to  be  determined  by  the  Director,  and  that  it  be 
not  so  great  as.  in  his  judgment,  to  interfere  with  the 
capacity  of  the  Mint  to  supply  other  applicants. 

SEC.  30.  And  l>c  if  fiirtJin-  etiarfcd.  That  the  p°PPcr  tracn°PP^oi^ 
coins  may.  at  the  discretion  of  the  Director,  be  delivered  ^,lne(nsp  "f  thf' 
in   any  of  the  principal   cities  and   towns  of  the   Fnited 
States,  at  the  cost  of  the  Mint  for  transportation. 

SKC.  37.  And  le  it  further  <<n<«t<><l.  That  the  money  re-  p^'^Iy'rereh-ed 
ceived  by  the  treasurer  in  exchange  for  copper  coins  /hall  copper1  cohisf°r 


508  NATIONAL   MONETARY   COMMISSION. 

form  a  fund  in  his  hands,  which  shall  be  used  to  pur- 
chase copper  planchets.  and  to  pay  the  expense  of  trans- 
portation of  copper  coins;  and  that  if  there  be  a  surplus, 
the  same  shall  be  appropriated  to  defray  the  contingent 
expenses  of  the  Mint. 

acts  SEC.  38.  And  be  it.  further  enacted,.  That  all  acts  or 
parts  of  acts  heretofore  passed,  relating  to  the  Mint  and 
coins  of  the  United  States,  which  are  inconsistent  with 
the  provision-  of  this  act.  be.  and  the  same  are  hereby 
repealed. 

Approved.  January  IS,  ls.">7. 

ACT  OK  MARCH  :j,  1840. 

;>  stat.  L.,  CHAP.   CIX. — An   act  to  authorize   the  coinage  of  gold 

dollars  and  double  eagles. 

lie  it  enacted  by  the  Senate  an.d  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
coinage  otbled.  That  there  shall  be,  from  time  to  time,  struck  and 
and  gold  doi- coined  at  the  Mint  of  the  United  States  and  the  branches 

lars  author-    .  .,  ,,  ,  ,  ,,  ,  ,  , 

i/ed.  thereof,  conformably  in  all  respects  to  law   (except  that 

1853,  sec.  7!  on  the  reverse  of  the  gold  dollar  the  figure  of  the  eagle 
<<>.•  not  Feb.  shall  be    omitted.)  and  conformably  in  all  respects  to  the 

IST.'i,    sec.  .  '.  . 

standard  for  gold  coins  now  established  by  law,  coins  of 
gold  of  the  following  denominations  and  values,  vix. : 
double  eagles,  each  to  be  of  the  value  of  twenty  dollars, 
or  units,  and  gold  dollars,  each  to  be  of  the  value  of  one 
dollar,  or  unit. 

Double  eagle      SEC.  2.  And  be  it  further  enacted.  That,  for  all  sums 
to  be  legal  ten-  whatever,   the   double  eagle   shall   be   a   legal   tender   for 

der. 

fM'i-  twenty  dollars,  and  the  gold  dollar  shall  be  a  legal  tender 

for  one  dollar. 
AH  i:i\v-i  lu.v.-      SEC.  :';.  A-nd  be  'it  further  enacted.  That  all  laws  now  in 

in    fori'e    in    re- 

):iti.,M    io    the  force  in  relation  to  the  coins  of  the  United  States,  and  the 

1'iiliis     ot      t  h  o 

^""'"•'i^'tcs  striking  and  coining  the  same,  shall,  so  far  as  applicable, 
.-.•ins    herein  li;,ve  fu]]  for(.(.  and  ell'ect  in  relation  to  the  coins  herein 

authorized. 

authorized,  whether  the  said  laws  are  penal  or  otherwise; 
and  whether  they  are  for  preventing  counterfeiting  or 
debasement,  for  protecting  the  currency,  for  regulating 
and  guarding  the  process  of  striking  and  coining,  and  the 
preparation-  therefoi-.  or  for  the  security  of  the  coin,  or 
for  anv  other  pnrpo-e. 

w.'ighiK  of      SEC.    I.    Anil  b,    /'/    fin-flu  r  i  nail,  d.  That,    in    adjui-tiiiLr 
the    weight-   ol    «_rold    coins    henceforward,   the    following 


LAWS   CONCERNING    MONEY,    BANKING,    AND    LOANS.  509 

deviations  from  the  standard  weight  shall  not  be  exceeded 
in  any  of  the  single  pieces  —  namely,  in  the  double  eagle, 
the  eagle,  and  the  half  eagle,  one  half  of  a  grain,  and  in 
the  quarter  eagle,  and  gold  dollar,  one  quarter  of  a  grain  ; 
and  that  in  weighing  a  large  number  of  pieces  together, 
when  delivered  from  the  chief  coiner  to  the  treasurer, 
and  from  the  treasurer  to  the  depositors,  the  deviation 
from  the  standard  weight  shall  not  exceed  three  penny- 
weights in  one  thousand  double  eagles  ;  two  pennyweights 
in  one  thousand  eagles;  one  and  one  half  pennyweights 
in  one  thousand  half  eagles;  one  pennyweight  in  one 
thousand  quarter  eagles:  and  one  half  of  a  pennyweight 
in  one  thousand  gold  dollars. 
Approved.  March  '5.  l.s-M>. 

ACT  OF  MAY  itf.  ISr.O. 

CHAP.   XTI.  —  An   «<t  supplementary  to  1l>c  act  entitled   ,9  stat.  i... 
"An    aft   supplementary   1<>   the   act  entitled  ^Ax   act 
hiff  a  ///////.  and  'regulating   tlie  coin*  of  tlte, 


Be  it  enacted  l>i/  the  Senate  and  House  of  Representa" 
tivex  of  tin-  I'nited  Xtrttes  of  America  in  CoiKji-exs  assem- 
bled, That,  for  the  purpose  of  enabling;  the  mint  and  To 

.  l  the    mint    and 

branch  mints  of  the  United  States  to  make  returns  to  branch  mints 

to    make    re- 

depositors  with  as  little  delay  as  possible,  it  shall  be  law-tuFns  to  de- 

1  •  l  posltors,   etc., 

fill  for  the  President  of  the  United  States,  when  the  state  the  President 

Is  author  ized 
of  the  treasury  shall  admit  thereof,  to  direct  transfers  to  to  direct  trims 

•  '  .  .  fers    of    public 

be  made  from  time  to  time  to  the  mint  and  branch  mints  money. 
for  such  sums  of  public  money  as  he  shall  judge  con- 
venient and  necessary,  out  of  which  those  who  bring 
bullion  to  the  mint  may  be  paid  the  value  thereof,  as  soon 
as  practicable  after  this  value  has  been  ascertained:  that 
the  bullion  so  deposited  shall  become  the  property  of  the 
United  States;  that  no  discount  or  interest  shall  be 
charged  on  money  so  advanced;  and  that  the  Secretary 
of  the  Treasury  may  at  any  time  withdraw  the  said  de- 
posite.  or  any  part  thereof,  or  may,  at  his  discretion, 
allow  the  coins  formed  at  the  mint-  to  be  given  for  their 
equivalent  in  oilier  money:  Proinded^  That  the  bonds  pnivis<>. 
given  by  the  United  Slates  treasurers  and  superin- 
tendents of  the  mint  shall  be  renewed  or  increased  at  the 
discretion  of  the  Secretary  of  the  Treasury,  under  the 
operation  of  this  act. 

Approved.  May  *1\\.  1*50. 


510  NATIONAL    MONETARY    COMMISSION. 

ACT  OF  SEPTEMBEK  30,  1850. 

9  stat.  L..  CHAP.  XC. — An  art  making  appropriations  for  the  civil 
and  diplomatic  expenses  of  government  for  the  year 
ending  the  thirtieth  of  June,  eighteen  hundred  and 
-fifty-one,  an'tl  for  other  purposes. 


secretary  of      rj' }ie  Secretary  of  the  Treasury  be,  and  he  is  hereby. 

Treasury  ati-  -  J  •  ' 

thorizedtocon-  authorized  and  directed  to  contract,  upon  the  most  rea- 

tract    with    as-  _  _  I 

say  intr  works  sonable  terms,  with  the  proprietors  of  some  well-estab- 

in    California,  rm 

to  assay  and ] jgnec}   assaying   works   now   in   successful   operation   in 

t\K  the  value  of  .  . 

gold,  under  su_  California,  upon  satisfactory  security,  to  be  judged  bv 

pervisionof  «  -  '  J        e 

T'nited    states  the  Secretary  of  the  Treasury,  who  shall,  under  the  super- 

assayer.  ••  •  *• 

vision  of  the  United  States  assayer  to  be  appointed  by 
the  President,  by  and  with  the  advice  and  consent  of  the 
Senate,  perform  such  duties  in  assaying  and  fixing  the 
value  of  gold  in  grain  and  lumps,  and  in  forming  the 
same  into  bars,  as  shall  be  prescribed  by  the  Secretary 
of  the  Treasury,  and  that  the  said  United  States  assayer 
shall  cause  the  stamp  of  the  United  States,  indicating 
the  degree  of  fineness  and  value,  to  be  affixed  to  each  bar 
or  ingot  of  gold  that  may  be  issued  from  the  establish- 

i-roviso.  ment.  Proridcd,  That  the  United  States  shall  not  be 
held  responsible  for  the  loss  of  any  gold  deposited  with 

Further  pro- said  proprietors  for  assay:  And  provided,  further,  That 
the  salary  of  said  assayer  shall  be  fixed  by  the  Secretary 
of  the  Treasury,  not  to  exceed  five  thousand  dollars. 

gfe  *b  &  *b  •!{ 

Approved.  September  '50,  1850. 

(A  similar  provision  is  contained  in  the  act  of  August 
;U.  185-J.  chap.  108.  10  Stat.  L..  p.  <>7.) 

ACT  OF  MARCH  :>>.  is:,i. 

!_»    stat.    I...  CIIAI-.    XX. — A/I    act   to   reduce   and  modify   the   rate*  of 
postage  tn  the  I  n/ted  States^  and  for  other  purposes. 

lie  it  enacted  hi/  the  Senate  and  Iloiixe  of  Representa- 
fircx  <if  the  1  nited  States  of  America  in  Cont/Tenn  assern- 

hle<l.       *       *       * 

NV\V  <-oin  of      SKC.  11.  .1  ml  he  if  further  enacted.  That  from  and  after 

v  :i  I  U  <•     o  f     .5  . 

'"''s'ee  nc i    of1'"'  I'ass:l^(1  °^  (hls  :lrt-  !t  shall  be  lawful  to  coin  at  the 
Mar    ::.    is,.-,:;,  }[\u\  (,f  t|10  { 'nited  States  and  its  branches,  a  piece  of  the 

ser.    ,. 

I.,A'']rs7°.f  ^;J;-  denomination  and  legal  value  of  three  cents,  or  three  hun- 
dredths  of  a  dollar,  to  be  composed  of  three  fourths  silver 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  511 


and  one  fourth  copper,  and  to  weigh  twelve  grains  and 

three  eighths  of  a  grain  ;  that  the  said  coin  shall  bear  such     Derice. 

devices  as  shall  be  conspicuously  different  from  those  of 

the  other  silver  coins,  and  of  the  gold  dollar,  but  having 

the  inscription  United  States  of  America,  and  its  denomi- 

nation and  date  ;  and  that  it  shall  be  a  legal  tender  in     Made  a  tend- 

cr. 

payment  of  debts  for  all  sums  of  thirty  cents  and  under. 
And  that  no  ingots  shall  be  used  for  the  coinage  of  the 
three-cent  pieces  herein  authorized,  of  which  the  quality 
differs  more  than  five  thousandths  from  the  legal  stand- 
ard; and  that,  in  adjusting  the  weight  of  the  said  coin,     weight. 
the  following  deviations  from  the  standard  weight  shall 
not  be  exceeded,  namely,  one-half  of  a  grain  in  the  single 
piece,  and  one  pennyweight  in  a  thousand  pieces. 
Approved,  March  3,  1851. 

ACT  OF  JULY  3,  185?. 

CHAP.  LIV.  —  An  act  to  establish  a  branch  of  the  Mint  of     10  stat.  L., 
the  United  States  in  California, 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  a  branch  of  the  Mint  of  the  United  States  be  Branch  mint 

.,.-,.,,.,,          .  ,  in  in  California. 

established  in  California,  to  be  located  by  the  Secretary 
of  the  Treasury,  for  the  coinage  of  gold  and  silver. 
%  HC  H:  H:  % 

SEC.  8.  And  be  it  further  enacted.  That,  if  required  bv    ooidtobeas- 

'  •'  sayed  and  cast 

the  holder,  gold  in  grain  or  lumps  shall  be  refined,  as-|nto  b,ars  °r 
saved,  cast  into  bars  or  ingots,  and  stamped  in  said  branch  stamped  at  ex- 

\  (          pense  ot  depos- 

mint,  or  in  the  Mint  of  the  United  States,  or  any  of  its  i^1'- 
branches,  in  such  manner  as  may  indicate  the  value  and 
fineness  of  the  bar  or  ingot,  which  shall  be  paid  for  by  the: 
owner  or  holder  of  said  bullion,  at  such  rates  and  charges, 
and  under  such  regulations,  as  the  Director  of  the  Mint, 
under  the  control  of  the  Secretary  of  the  Treasury,  may 
from  time  to  time  establish. 

#  #  *  *  * 

Approved.  July  3,  1852. 

ACT  OF   FKBin.'ARY  21,  1853. 

CHAP.    LXXIX.  —  An.    <«•!    <inicnd(ifori/    of   ('.I'/xtiinj    /'/"'*,  J,"   stal'   L" 
relative  to  the  li.alf  dollar,  ijuart.cr  dollar*  dune,  and  /it//  / 

' 

dune. 


512  NATIONAL    MONETARY    COMMISSION. 

haife!foifa0rfnnd  Wed,  That  from  and  after  the  first  day  of  June,  eighteen 
andrifaff  dime*  nundred  and  fifty-two,  [three]  the  weight  of  the  half 
after  June  i.  dollar  or  piece  of  fifty  cents  shall  be  one  hundred  and 

loo»>.  •*•  v 

ninety-two  grains,  and  the  quarter  dollar,  dime,  and  half 
dime,  shall  be,  respectively,  one  half,  one  fifth,  and  one 
tenth  of  the  weight  of  said  half  dollar. 

\vhSenChtoC°i!"s;      SEC.  2<  ^nd  l>e  it  further  enacted.  That  the  silver  coins 

legal  tender,      issued  in  conformity  with  the  above  section,  shall  be  legal 

tenders  in  payment  of  debts  for  all  sums  not  exceeding 

live  dollars. 

Purchase  of      ^Kr>  3.  ^\na  ie  ,;f  further  enacted.  That  in  order  to  pro- 

the  silver    bul- 

co?nager  s"('h  c'nre  ')ll^i°n  ^or  tne  requisite  coinage  of  the  subdivisions 
of  the  dollar  authorized  by  this  act,  the  treasurer  of  the 
Mint  shall,  with  the  approval  of  the  Director,  purchase 
such  bullion  with  the  bullion  fund  of  the  Mint.  He  shall 
charge  himself  with  the  gain  arising  from  the  coinage  of 
such  bullion  into  coins  of  a  nominal  value  exceeding  the 

o 

intrinsic  value  thereof,  and  shall  be  credited  with  the  dif- 
ference between  such  intrinsic  value  and  the  price  paid 
for  said  bullion,  and  with  the  expense  of  distributing  said 
coins  as  hereinafter  provided.  The  balances  to  his  credit, 
or  the  profit  of  said  coinage,  shall  be,  from  time  to  time, 
on  a  warrant  of  the  Director  of  the  Mint,  transferred  to 
the  account  of  the  Treasury  of  the  United  States. 

how"cto  ho0i"xs>      SE(<<  4t  ^''^  ^e  '(t  f"rtner  I'lxi'-ted,  That  such  coins  shall 

(',-ih?Km!t  :",'/f  ')('  Pni^  ou*  "t  the  Mint,  in  exchange  for  gold  coins  at  par, 

Ininl-  in  sums  not  less  than  one  hundred  dollars;  and  it  shall  be 

lawful,  also,  to  transmit  parcels  of  the  same  from  time  to 

time  to  the  assistant  treasurers,  depositaries,  and  other 

officers  of  the  United  States,  under  general  regulations, 

proposed  by  the  Director  of  the  Mint,  and  approved  by 

<-.,h,T,°/,!nreK«-  tlle  Secretary  of  the  Treasury:  Provided,  however,  That 

the  amount  coined  into  quarter  dollars,  dimes,  and  half 

dimes,  shall  be  regulated  by  the  Secretary  of  the  Treasury. 

NO  private      SEC.  5.  And  l>e.  it  further  enacted.  That  no  deposits  for 

deposits    for  L 

received18 1°  '"  (>olna£t'  'in^°  the  half  dollar,  quarter  dollar,  dime,  and  half 
dime,  shall  hereafter  be  received,  other  than  those  made 
by  the  treasurer  of  the  Mint,  as  herein  authorized,  and 
upon  account  of  the,  United  States. 

(Section  (>  provides  that  when  gold  or  silver  is  deposited 
for  coinage,  there  shall  be  a  charge  to  the  depositor,  in 
addition  to  the  charge  for  refining  or  parting  the  metals, 
of  one-half  of  one  per  centum,  this  provision  not  applying 
to  silver  coined  into  the  subdivisions  of  the  dollar.) 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  513 

SEC.  7.  A)i  be  it  further  enacted*  That    from  time  to  a,0r'°1^  r?.invs "/ 

?r>  established. 

time  there  shall  be  struck  and  coined  at  the  Mint  of  the 
United  States,  and  the  branches  thereof,  conformably  in 
all  respects  to  law.  and  conformably  in  all  respects  to  the 
standard  of  gold  coins  now  established  by  law,  a  coin  of 
ffold  of  the  value  of  three  dollars,  or  units,  and  all  the  pro-  Provisions  of 

.    .  .  .  .  -let     1849,     ch. 

visions  of  an  act  entitled  "An  act  to  authorize  the  coinage  109-  m»de  ai>- 

fe    pllcaule  to  said 

of  gold  dollars  and  double  eagles,''  approved  March  third, coin- 
eighteen  hundred  and  forty-nine,  shall  be  applied  to  the 
coin  herein  authorized,  so  far  as  the  same  may  be  applica- 
ble: but  the  devices  and  shape  of  the  three  dollar  piece 
shall  be  fixed  by  the  Secretary  of  the  Treasury. 

SEC.  S.  .1  /„/  be  if  further  enacted,  That  this  act  shall  be  fecTt°  ^e  *£ 
in  force  from  and  after  the  first  day  of  June  next.  18f$vj  ,h  ;»i; 

Approved.  February  L>1.  18;tt.  sec.?.' 

ACT  OK  MA liC IT  3,  1853. 

CHAP.  XCVT.--.-l/*  art  to  xnj>j>h/  deficiencies  in  the  ap-  lf™  stnt-  L- 
propriations  for  the  «e  re-ice  of  the  fiscal  year  ending 
the  thirtieth  of  June*  one  thousand  eight  hundred  and 
fifty-three. 

:£  :£  sjc  %  % 

SEC.  7.  And  be  it  further  enaeted*  That  when  gold  or     Charge  for 

casting  si  1  ver 

silver  shall  be  cast  into  bars  or  ingots  or  formed  into  disks  into  disks, bars, 

or  ingots. 

at  the  Mint  of  the  United  States,  or  any  of  the  branches 
thereof,  or  at  any  assay  office  of  the  United  States,  the 
charge  for  refining,  casting,  or  forming  said  bars,  ingots, 
or  disks  shall  be  equal  to.  but  not  exceed,  the  actual  cost 
of  the  operation,   including  labor,   wastage,   use  of  ma- 
chinery,  materials,   etc.,   to   be   regulated    from    time   to 
time  by  the  Secretary  of  the  Treasury.     And  the  Secre- 
tary  of  the   Treasury   is   hereby   authorized    to   regulate  Tl(?e!?ofnthp  sn- 
tlie  size  and  devices  of  the  new  silver  coin,  authorized  by  ^','^,.^",1"^  a"t 
an  act  entitled  ';An  act  amendatory  of  existing  laws  rela-  of  1<sr>;f'  ('h-  70- 
tive   to  the  half  dollar,   quarter  dollar,   dime,   and   half 
dime."  passed  at  the  present  session;  and  that,  to  procure 
such  devices,  as  also  the  models,  moulds,  and  matrices  or 
original  dies  for  the  coins,  disk's,  or  ingots  authorized  by 
said  act.  the  Director  of  the  Mint  is  empowered,  with  the 
approval    of  the   Secretary   of   the   Treasury,    to   engage      Additional 
temporarily  for  that  purpose  the  services  of  one  or  more  mim. 
artists,  distinguished  in  then1  respective  departments,  who 
shall  be  paid  for  surh  >ervices  from  the  contingent  appro- 
priation for  the  Mint:  And  that  hereafter  the  three  cent^y,^.1^^,"* 


514  NATIONAL   MONETARY   COMMISSION. 

coin  now  authorized  by  law  shall  be  made  of  the  weight 
of  three  fiftieths  of  the  weight  of  the  half  dollar,  as  pro- 
vided in  said  act,  and  of  the  same  standard  of  fineness. 
chA79,°to1t8a5k3e  ^nd  tne  said  act>  entitled  "An  act  amendatory  of  existing 
i  si?  A  p  r '  lf  laws  relative  to  the  half  dollar,  quarter  dollar,  dime,  and 
half  dime,"  shall  take  effect  and  be  in  full  force  from  and 
after  the  first  day  of  April,  one  thousand  eight  hundred 
and  fifty-three,  any  thing  therein  to  the  contrary  notwith- 
standing. 

***** 
Approved.  March  3,  1853. 

ACT  OF  MARCH  3,  1853. 

10  stat.  L.,  CHAP.  XCYIL— An  act  making  appropriations  for  the 
civil  and  diplomatic  expenses  of  Government  for  the 
year  ending  the  thirtieth  of  June,  eighteen  hundred  and 
fifty -four. 

***** 

*  and  it  shall  be  the  duty  of  the  superintendent  of 
the  Mint  to  cause  to  be  paid  annually  into  the  Treasury  of 
the  United  States  the  profits  of  the  Mint,  and  to  present  a 
quarterly  account  of  the  expenditures  of  the  Mint  to  the 
Secretary  of  the  Treasury; 

KefininK  of      SEC.  5.  And  be  it  further  enacted.  That  when  private 

Sold  in  private  .  '  t  . 

••stubiishm.'nts.  establishments  shall  be  made  to  refine  gold  bullion,  the 
Secretary  of  the  Treasury,  if  he  shall  deem  them  capable 
of  executing  such  work,  is  hereby  authorized  and  required 
to  limit  the  amount  thereof,  which  shall  be  refined  in  the 
Mint  at  Philadelphia,  from  quarter  to  quarter,  and  to  re- 
duce the  same  progressively  as  such  establishments  shall 
be  expended  [extended?)  or  multiplied,  so  as  eventually, 
and  as  soon  as  may  be.  to  exclude  refining  from  the  Mint, 
and  to  require  that  every  deposit  of  gold  bullion  made 
therein  for  coinage  shall  be  adapted  to  said  purpose,  with- 
Proviso.  out  need  of  refining:  Provided,  That  no  advances  in  coin 
shall  be  made  upon  bullion  after  this  regulation  shall  be 
carried  into  effect,  except  upon  bullion  refined  as  herein 
prescribed. 

Xon.  TO  SI.CTION  .""..--Section  .'!.  ;ict  of  February  L!0.  1SC.1  <li> 
Stal.  L.,  1-1-1).  e.xtciKis  tin'  provisions  oft  this  section  to  the  branch 
mints  and  tiic  jissay  office  at  New  York,  in  all  cases  where  de- 
posits of  bullion  are  made  for  coins  or  line  bars. 

*  *  *  *  * 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  515 

(Section  10  provides  for  the  establishment  of  an  assay 
office  in  the  city  of  New  York.) 

SEC.  11.  And  be  it  further  enacted,  That  the  owner  or     Receipt  to  be 

,>  1n  -i  i      IT          -i  j-i  •         given    for    bul- 

owners  of  any  gold  or  silver  bullion,  in  dust  or  otherwise,  lion. 

or  of  any  foreign  coin,  shall  be  entitled  to  deposite  the 

same  in  the  said  office,  and  the  treasurer  thereof  shall 

give  a  receipt,  stating  the  weight  and  description  thereof, 

in  the  manner  and  under  the  regulations  that   are  or 

may  be  provided  in  like  cases  or  deposits  at  the  Mint  -of 

the  United  States  with  the  treasurer  thereof.     And  such 

bullion  shall,  without  delay,  be  melted,  parted,  refined, 

and  assayed,  and  the  net  value  thereof,  and  of  all  foreign 

coins  deposited  in  said  office,  shall  be  ascertained ;  and 

the  treasurer  shall  thereupon  forthwith  issue  his  certifi-     certificate  of 

V  11  1  11  6     of     d  6  - 

cate  of  the  net  value  thereof,  payable  in  coins  of  the  same  posit,  when  re- 
.,.,  „•          /.]  •  ceivableror 

metal  as  that  deposited,  either  at  the  office  of  the  assistant  public  dues. 

treasurer  of  the  United  States,  in  Xew  York,  or  at  the 
Mint  of  the  United  States,  at  the  option  of  the  depositor, 
to  be  expressed  in  the  certificate,  which  certificates  shall 
be  receivable  at  any  time  within  sixty  days  from  the  date 
thereof  in  payment  of  all  debts  due  to  the  United  States 
at  the  port  of  Xew  York  for  the  full  sum  therein  certified. 
All  gold  or  silver  bullion  and  foreign  coin  deposited,  in  what  form 

1  to  be  cast. 

melted,  parted,  refined,  or  assayed,  as  aforesaid,  shall, 
at  the  option  of  the  depositor,  be  cast  in  the  said  office 
into  bars,  ingots,  or  disks,  either  of  pure  metal  or  of 
standard  fineness,  (as  the  owner  may  prefer.)  with  a 
stamp  thereon  of  such  form  and  device  as  shall  be  pre- 
scribed by  the  Secretary  of  the  Treasury,  accurately 
designating  its  weight  and  fineness:  Provided*  That  no  Proviso. 
ingot,  bar,  or  disk  shall  be  cast  of  less  weight  than  live 
ounces,  unless  the  same  be  of  standard  fineness,  and  of 
either  one.  two.  or  three  ounces  in  weight.  And  all 
gold  or  silver  bullion  and  foreign  coin  intended  by  the 
depositor  to  be  converted  into  the  coins  of  the  United  After  assit.v 

..  .  l  •  f        1  ' 

States,  snail,  as  soon  as  assayed  and  its  net  value  certified 

•  T      i       i  ,•  ^  i  (.       ,        ""'     m 

as  above  provided,  be  transferred  to  the  Mint  ot  the  coined. 
United  States,  under  such  directions  as  shall  be  made 
by  the  Secretary  of  the  Treasury,  and  at  the  expense  of 
the  contingent  fund  of  the  Mint,  and  shall  there  be  coined. 
And  the  Secretary  of  the  Treasury  is  hereby  authorized, 
with  the  approval  of  the  President  of  the  United  States. 
to  make  the  necessary  regulations  for  the  adjustment  or' 
the  accounts  between  the  respective  officers,  upon  the 


516  NATIONAL    MONETARY   COMMISSION. 

transfer  of  any  bullion  or  coin  between  the  assay  office, 
the  Mint,  and  assistant  treasurer  in  New  York. 
Regulations      SEC.  12.  And  l>e  it  further  enacted,  That  the  operations 

of  operations.  .  .  .  .         , 

of  melting,  parting,  refining,  and  assaying  in  the  said 
office  shall  be  under  the  general  directions  of  the  Director 
of  the  -Mint,  in  subordination  to  the  Secretary  of  the 
Treasury;  and  it  shall  be  the  duty  of  the  said  Director  to 
proscribe  such  regulations  and  to  order  such  tests  as  shall 
be  requisite  to  insure  faithfulness,  accuracy,  and  uni- 
formity in  the  operations  of  the  said  office. 
Laws  respect-  SEC.  13.  .1  ml  If  it  further  enacted,  That  the  laws  of  the 

ing  the  mint  to 

apply   to  said  United  States  for  the  government  of  the  Mint  and  its 

assay  office, 

officers   in    relation   to  the  receipt,  payment,   custody   of 

deposits,  and  settlement  of  accounts,  the  duties  and  re- 
sponsibilities of  officers  and  others  employed  therein,  the 
oath  to  be  taken  and  the  bond  and  sureties  to  be  given  by 
them  (as  far  as  the  same  may  be  applicable)  shall  extend 
to  the  assay  office  hereby  established,  and  to  its  officers, 
assistants,  clerks,  workmen,  and  others  employed  therein, 
charges  for  SEC.  14.  Ai«J  le  it  fxi'tlici'  enacted.  That  the  same 

unsaying,  etc. 

charges  shall  be  made  and  demanded  at  the  said  assay 
office  for  refining,  parting,  casting  into  bars,  ingots,  or 
disks,  and  for  alloy,  as  are,  or  shall  be  made  and  demanded 
at  the  Mint:  and  no  other  charges  shall  be  made  to  de- 
positors than  by  law  are  authorized  to  be  made  at  the 
Mint;  and  the  amount  received  from  the  charges  hereby 
authorized  shall  be  accounted  for  and  appropriated  for 
defraying  the  contingent  expenses  of  the  said  office. 

(Section   lf>  authorizes  the  Secretary  of  the  Treasury 
to  procure  quarters  and  machinery  for  said  assay  office. 

(Section  10  changes  the  salary  of  the  assistant  treasurer 
of  the  United  States  at  New  York.) 

***** 

Approved,  March  3,  1853. 

isi  "r>at'  '"  (Other  assay  offices  were  established  as  follows:  At 
Boi,e  City.  February  19,  1809  (15  Stat.  L..  270).  sec.  3495, 
H.  S.;  at  Charlotte,  N.  C.,  February  12,  1873  (IT  Stat.  L., 
43r>).  sec.  340;".,  K.  S. ;  at  Helena,  Mont..  May  12.  1874 
(18  Stat.  L..  45)  :  at  St.  Louis.  February  1,  1881  (21  Stat. 
L..  -",22)  :  at  Deaduood.  S.  Dak..  June  11.  1890  (29  Stat. 
L..  411).  February  19.  1897  (28  Stat.  L.,  559)  ;  at  Seattle. 
Wash..  May  21.  1898  (30  Stat.  L.,  420)  ;  at  Salt  Lake  City, 
May  30,  1908  (35  Stat.  L..  474).) 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  517 

ACT   OF   FEBRUARY  21,   185T. 

CHAP.  LYL — An  act  relating  to  foreign  coins  and  to  the    n   stat.   L., 
coinage  of  cents  at  the  Mint  of  the  United  States. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled* That  the  pieces  commonly  known  as  the  quarter.  ilo.w.  mu(>l) 

•    _  _  Spanish      and 

eighth,  and  sixteenth  of  the  Spanish  pillar  dollar,  and  of  Mexican   coins 

'          "  i  are    to    he    re- 

the  Mexican  dollar,  shall  be  receivable  at  the  Treasury  ceiyed  for   by 

-   United  States. 
of  the  United  States,  and  its  several  offices,  and  at  the 

several  post-offices  and  land-offices,  at  the  rates  of  valua- 
tion following. — that  is  to  say.  the  fourth  of  a  dollar, 
or  piece  of  two  reals,  at  twenty  cents;  the  eighth  of  a 
dollar,  or  piece  of  one  real,  at  ten  cents;  and  the  six- 
teenth of  a  dollar,  or  half  real,  at  five  cents. 

(Section  '2  provides  that  the  said  coins,  when  so  re- 
ceived, shall  not  he  paid  out  again,  but  shall  be  recoined 
at  the  Mint,  and  that  the  expenses  of  transmission  and 
recoinage  "  shall  be  charged  against  the  account  of  silver 
profit  and  loss.'') 

SEC.  3.  And  be  it  further  enacted.  That  all  former  acts n£kh™'foVeUn 
authorizing  the  currency  of  foreign  gold  or  silver  coins,  £°J°j!  {^j™^! 
and  declaring  the  same  a  legal  tender  in  payment  for  d\rsj.f|^o1feffor- 
debts,  are  hereby  repealed ;  but  it  shall  be  the  duty  of  SSde^'anViS 
the  Director  of  the  Mint  to  cause  assays  to  be  made.  fromnuallJ'rei)ortecL 
time  to  time,  of  such  foreign  coins  as  may  be  known  to 
our  commerce,  to  determine  their  average  weight,  fineness, 
and  value,  and  to  embrace  in  his  annual  report  a  state- 
.ment  of  the  results  thereof. 

SEC.  4.  And  l>c  it  further  enacted.  That  from  and  after    ^vcipiit  and 

composition    of 

the  passage  of  this  act.  the  standard  weight  of  the  cent cents- 
coined  at  the  Mint  shall  be  seventy-two  grains,  or  three 
twentieths  of  one  ounce  troy,  with  no  greater  deviation 
than  four  grains  in  each  piece:  and  said  cent  shall  be  com- 
posed of  eighty-eight  per  centum  of  copper  and  twelve 
per  centum  of  nickel,  of  such  shape  and  device  as  may 
be  fixed  by  the  Director  of  the  Mint,  with  the  approbation 
of  the  Secretary  of  the  Treasury:  and  the  coinage  of  the 
half  cent  shall  cease. 

SKC.  5.  A  IK/  lif   'it  fin-flirr  c/iar/ft/.  That   the  Treasur 
of  the  Mint,  under  the  instruction  of  the  Secretary  of  the  r" 
Treasury,   shall,    from    time   to   time,    puivha-e    from    the 
bullion   fund  of  the  Mint  the  materials  nere^arv  f<"'  the 
coinage  of  such  cent  piece,  and   transfer  the  Nime  to  the 


518  NATIONAL   MONETARY   COMMISSION. 

Former  laws  proper  operative  officers  of  the  Mint  to  be  manufactured 

sifch  cents.       and  returned  in  coin.     And  the  laws  in  force  relating  to 

the  Mint  and  the  coinage  of  the  precious  metals,  and  in 

rroflts.  regard  to  the  sale  and  distribution  of  the  copper  coins, 
shall,  so  far  as  applicable,  be  extended  to  the  coinage  herein 
provided  for:  Provided,  That  the  net  profits  of  said  coin- 
age, ascertained  in  like  manner  as  is  prescribed  in  the 
second  section  of  this  act,  shall  be  transferred  to  the 
Treasury  of  the  United  States. 

s"v!ih  ,'Jnt?      SEC.  f>.  And  l>c  it  further  enacted.  That   it  shall  be 

may  he  paid  out  ' 

and    transmit- ]awfu]  ^o  pav  ou^  the  said  cent  at  the  Mint  in  exchange 

ted.  etc.  l     - 

for  any  of  the  gold  and  silver  coins  of  the  United  States, 
and  also  in  exchange  for  the  former  copper  coins  issued: 
and  it  shall  be  lawful  to  transmit  parcels  of  the  said  cents, 
from  time  to  time,  to  the  assistant  treasurers,  deposita- 
ries, and  other  officers  of  the  United  States,  under  general 
regulations  proposed  by  the  Director  of  the  Mint,  and 
approved  by  the  Secretary  of  the  Treasury,  for  exchange 
TO  i>e  paid  out  as  aforesaid.  And  it  shall  also  be  lawful  for  the  space 

for    contain 

coins    at    old  of  two  years  from  the  passage  of  this  act  and  no  longer, 

rate     for     two 

years.  (o  pay  out  at  the  Mint  the  cents  aforesaid  for  the  frac- 

tional parts  of  the  dollar  hereinbefore  named,  at  their 
nominal  value  of  twenty-five,  twelve-and-a-half,  and  six- 
and-a-quarter  cents,  respectively. 

NOTE.— Section  2,  act  of  March  3.  1859  (chap.  .80.  11  Stat.  L... 
422),  extends  the  provisions  of  this  section  for  two  years  from 
February  21.  1859.  The  latter  act  was  repealed  by  section  3,  act 
of  June  25,  I860  (chap.  211,  12  Star.  I,..  104). 

o^ni"i"ectrorp0of      SEC.  7.  And  le  it  further  enacted.  That  hereafter  the 
mnd"ntup°  to^'1'^101'  of  the  ^Iint  slia]1  make  his  annual  report  to  the 
Secretary  of  the  Treasury,  up  to  the  thirtieth' of  June  in 
cadi  year,  so  that  the  same  may  appear  in  his  annual  re- 
port to  Congress  on  the  finances. 
Approved.  February  *21,  1857. 

NOTK. — Section  35(5(5  of  the  Revised  Statutes  of  1874  provides 
1hat  "all  foreign  gold  and  silver  coins  received  in  payment  for 
moneys  due  to  the  I'nited  States  shall,  before  being  issued  in 
circulation,  be  coined  anew." 

ACT  OF  APKTL  -jl.  \m± 

\'2     Stnt.     L.,  ClI.M'.    LIX.       A>i    Art    in    CxtalilixJi    <l    hl'llJieJi    mint   of   f/lC 

OQ«> 

f  mted   Sfafix    <//    f)rni'ei\    in    ///''    Tci'i'itoi'i/   of   (1nlo- 
I'llll  tl. 

Ii<  if  ('!>•< i <-t ( <1  hi/  the  Senate  <tn<l  House  of  Hcprexcnta- 
1'trcx  of  the  United  ftt<itex  of  America  in  (,'ongress  asscm- 


LAWS    CONCERNING   MONEY,    BANKING,    AND   LOANS.  519 

bled.  That  a  branch  of  the  mint  of  the  United   States    Branch  mint 

'  at     Denver     to 

be  located  and  established  at  Denver,  in  the  Territory  of  coln  e°ld- 
Colorado,  for  the  coinage  of  gold. 

SEC.  2.  And  be  it  further  enacted.  That,  for  carrying  mP(ffi  cers  of 
on  the  business  of  said  branch,  the  following  officers  shall 
be  appointed  as  soon  as  the  public  interest  shall  require 
their  service,  upon  the  nomination  of  the  President,  by 
and  with  the  advice  and  consent  of  the  Senate,  namely: 
one  superintendent,  one  assayer,  one  melter  and  refiner, 
and  one  coiner;  and  the  said  superintendent  shall  employ 
as  many  clerks,  subordinate  workmen,  and  laborers,  under 
the  direction  of  the  Secretary  of  the  Treasury,  as  may 
be  required.  *  *  * 

(The  rest  of  the  section  fixes  salaries  of  officers  and 
clerks. ) 

(Section  3  prescribes  that  officers  and  clerks  shall  lake 
oath  of  office  and  give  bonds.) 

SEC.  4.  And  be  it  further  enacted.  That  the  general  di-    Branch  to  be 

'  '  ~  under      control 

rection  of  the  business  of  said  branch  of  the  mint  of  the«f.  Director  of 

United  States  shall  be  under  the  control  and  regulation 

of  the  director  of  the  mint  at  Philadelphia,  subject  to 

the  approbation  of  the  Secretary  of  the  Treasury:  and 

for  that  purpose  it  shall  be  the  duty  of  the  said  director    Director  to 

1_       i  •*  prescribe   regu- 

to  prescribe  such  regulations  and  require  such  returns lations,  etc. 
periodically  and  occasionally,  and  to  establish  such 
charges  for  parting,  assaying,  refining,  and  coining,  as 
shall  appear  to  him  to  be  necessary  for  the  purpose  of 
carrying  into  effect  the  intention  of  this  act  in  establish- 
ing said  branch ;  also  for  the  purpose  of  preserving  uni- 
formity of  weight,  form,  and  finish  in  the  coin  stamped 
at  said  branch. 

SEC.  5.  And  be  it  further  enacted.  That  said  branch  toBr§eCde,S 
mint  shall  be  a  place  of  deposit  for  such  public  moneys  *°g  publlc  mon" 
as  the  Secretary  of  the  Treasury  may  direct.     And  the 
Superintendent  of  said  branch  mint,  who  shall  perform 
the  duties  of  treasurer  thereof,  shall  have  the  custody  of 
the  same,  and  also  perform  the  duties  of  assistant  treas- 
urer:  and   for  that  purpose  shall   be  subject   to  all   the 
provisions  contained  in  an  act  entitled  ''An  act  to  pro-  VcJ,s4jx  (?'5$"' 
vide  for  the  better  organization  of  the  treasury,  and  for 
the   collection,  safe-keeping,  transfer,   and   disbursement 
of  the   public  revenue."   approved    August    six.  eighteen 
hundred  and   forty-six,  \\liich   relates  to  the  treasury  of 
the  branch  mint  at  New  Orleans. 


520  NATIONAL    MONETARY    COMMISSION. 

deCposVtflCn\leyte     SEC.  6-  And  be  it  further  enacted,  That  the  super! n- 
issued  in  pay-tendent   of  said  branch  mint  be  authorized,  under  the 

ment     for     ue-  ' 

posits  for  coin- (jirect  }on  of  tilc  Secretary  of  the  Treasury,  and  on  terms 

age.  * 

to  be  prescribed  by  him.  to  issue  in  payment  of  the  gold 
dust  and  bullion  deposited  for  assay  and  coinage  or  bars, 
drafts,  or  certificates  of  deposit,  payable  at  the  Treasury 
or  any  Sub-treasury  of  the  United  States,  to  any  de- 
positor electing  to  receiye  payment  in  that  form. 
Laws  for  rejj-  SEC.  7.  And  be  it  further  enacted.  That  all  the  laws 

illation  of  mint,  '     .  ' 

applicable    to  and  parts  of  laws  now  in  force  for  the  regulation  of  the 

branch. 

mint  of  the  United  States,  and  for  the  government  of 
the  ofKcers  and  persons  employed  therein,  and  for  the 
punishment  of  all  offences  connected  with  the  mint  or 
coinage  of  the  United  States,  shall  be  and  they  are  hereby 
declared  to  be  in  full  force  in  relation  to  the  branch  of 
the  mint  by  this  act  established,  as  far  as  the  same  may 
be  applicable  thereto. 

(Section  8  makes  appropriation  to  carry  this  act  into 
effect.) 

Approved.  April  21,  1862. 

NOTE.— By  the  act  of  July  12,  1870  (10  Stat.  L..  241).  it  was 
provided,  "That  after  the  first  day  of  April,  1870,  the  branch 
mint  at  Denver  shall  be  carried  on  as  an  assay  office  only,  and  all 
unexpended  balances  of  appropriations  shall  be  paid  and  covered 
into  the  treasury  of  the  United  States,  and  all  the  offices  not 
herein  provided  for  are  hereby  abolished."  The  offices  provided 
for  are  assayer,  inelter.  and  three  clerks. 

ACT  OF  .MARCH  3.  18G3. 

__ii!   stat.    L.,  CHAP.  XCVI. — An  a>-t  to  establish  <i  branch  mint  of  tJie 
United  States  in   the  Territory  of  Xerada. 

Be  it  enacted  o>/  the  Senate  and  flonxe  of  Representa- 
tives of  the  United  States  of  America  in  ('onurezx  asxem- 
r.i-jiMcii   mint  /,/,-,/.  That  a  branch  of  the  mint  of  the  United  States  be 

established     at 

o.rson  city,  ]ocatod  and  established  at  Carson  City,  in  the  Territory 

of  Nevada,  for  the  coinage  of  gold  and  silver. 

Mppoin'f'offiw-s      SE(  •  -•  ^"d  b('  >t  farther  enacted.  That,  for  carrying 

"f  mint-  on  the  business  of  said  branch,  the  following  officers  shall 

be  appointed,  as  soon  as  the  public  interest  shall  require 

their  service,  upon  .the  nomination  of  the   President,  by 

and   with   the  advice  and  consent  of  the  Senate,  namely: 

one  superintendent,  one  assaver.  one  melter  and   refiner. 

sn  peri  nil-nil-  ;i  in  I  01  ic  coi  ner  ;  ;i  nd  tin-  --iid  <i  i  per  intended!  --hall  employ 

.•ill    l»    app-.int 

i-i«Tks.  as  jnanv  clerks,  -tibordinate  workmen,  ana  laborers,  under 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  521 

the  direction  of  the  Secretary  of  the  Treasury,  as  may  be 
required.  (Rest  of  section  fixes  salaries  of  officers,  clerks, 
etc.) 

(Section  3  provides  that  officers  and  clerks  shall  take 
oaths,  and  give  bonds.) 

SEC.  4.  And  be  it  further  enacted.  That  the  general     Director  of 

T        .L-  £   xi        i        •  ji        -11  i        £.  xi  •    i       -.mint   to    direct 

direction  or  the  business  of.  said  branch  or  the  mint  ofttusiness  of 
the  United  States  shall  be  under  the  control  and  regula- 
tion of  the  director  of  the  mint  at  Philadelphia,  subject 
to  the  approbation  of  the  Secretary  of  the  Treasury ;  and 
for  that  purpose  it  shall  be  the  duty  of  the  said  director 
to  prescribe  such  regulations  and  require  such  returns 
periodically  and  occasionally,  and  to  establish  such  charges 
for  parting,  assaying,  refining,  and  coining,  as  shall  ap- 
pear to  him  to  be  necessary  for  the  purpose  of  carrying 
into  effect  the  intention  of  this  act  in  establishing  said 
branch :  also  for  the  purpose  of  preserving  uniformity  of 
weight,  form,  and  finish  in  the  coin  stamped  at  said 
branch. 

SEC.  5.  And  l>e  it  further  enacted.  That  said  branch    Branch  mint 

'  .  to  be  place  of 

mint  shall  be  a  place  of  deposit  for  such  public  moneys ^posit for  pub- 

A  .  'lie  moneys. 

as  the  Secretary  of  the  Treasury  mav  direct.     And  the    Superintend- 

u  .          .  ,,  ent  to  have  cus- 

supenntendent  of  said  branch  mint,  who  shall  perform  tody, 
the  duties  of  treasurer  thereof,  shall  have  the  custody  of 
the  same,  and  also  perform  the  duties  of  assistant  treas- 
urer; and  for  that  purpose  shall  be  subject  to  all  the  pro- 
visions contained  in  an  act  entitled  "An  act  to  provide  for    is4<5.  ch.  no, 

Vol.  IX,  p.  50. 

the  better  organization  of  the  treasury,  and  for  the  collec- 
tion, safe-keeping,  transfer,  and  disbursement  of  the 
public  revenue,"  approved  August  six,  eighteen  hundred 
and  forty-six,  which  relates  to  the  treasury  of  the  branch 
mint  at  Xew  Orleans. 

SEC.  0.  And  be  It  further  enacted.  That  the  stiperin-    snpprmtpmi- 

'  '  ent  may  pay  for 

tendent   of  said  branch  mint  be  authorized,  under  thedust-  et,c"  ,de" 

posi  t(>d,      1)  y 

direction  of  the  Secretary  of  the  Treasury,  and  on  terms  Drafts  or  cer- 
tificates of  de- 
to  be  prescribed  by  him,  to  issue  in  payment  of  the  gold  posit. 

dust  and  bullion  deposited  for  assay  and  coinage  or  bars, 
drafts,  or  certificates  of  deposit,  payable  at  the  treasury 
or  any  sub-treasury  of  the  United  States,  to  any  depositor 
electing  to  receive  payment  in  that  form. 

SEC.  7.  And  be   if  furthci'  cmi'-fcd.  That  all   the  laws    i-a\vs  ro«mai 
'  .  ing   mint,   etc., 

and  parts  of  laws  now  in  force  for  the  regulation  of  theniil(1('    appiirn 
1  _  l>  1  e   t  o    t  h  1  H 

mint  of  the  United  Slates,  and  for  the  government  of  the Ijrullcn' 
officers  and  persons  employed  therein,  and  for  the  punish- 
jr,7]i2°— 10 :M 


522  NATIONAL    MONETARY    COMMISSION. 

ment  of  all  offences  connected  with  the  mint  or  coinage 
of  the  United  States  shall  be,  and  they  are  hereby,  de- 
clared to  be  in  full  force  in  relation  to  the  branch  of  the 
mint  by  this  act  established,  as  far  as  the  same  may  be 
applicable  thereto. 

(Section  8  makes  an  appropriation  to  carry  this  act 
into  effect.) 

Approved,  March  3,  1863. 

ACT  OF  APRIL  22,  1864. 

13  stat.  L.,54.  CHAP.  LXVI.  —  An  act  in  amendment  of  an  act  entitled 
"An  act  relating  to  foreign  coins  and  the  coinage  of 
cents  at  the  mint  of  the  United  States"  approved  Feb- 
ruary twenty-one*  eighteen  hundred  and  fifty-seven. 

Be  it  enacted  It/  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  assem- 

s  t  a  n  (i  a  rd~[rfe(7   That,  from  and  after  the  passage  of  this  act,  the 

weight,  etc.,  of  _  .  . 

mint-  standard  weight  of  the  cent  coined  at  the  mint  of  the 

United  States  shall  be  forty-eight  grains,  or  one  tenth  of 

is?1!  Fsectionone  oimce  troy  :  and  said  cent  shall  be  composed  of  ninety- 
five  per  centum  of  copper,  and  five  per  centum  of  tin  and 
/inc.  in  such  proportions  as  shall  be  determined  by  the 


i>  icces<tori)e^^rector  °^  *ne  ^"t  ;  and  there  shall  be  from  time  to 
Coi/)j1d'  time  struck  and  coined  at  the  mint  a  two-cent  piece,  of 

the  same  composition,  the  standard  weight  of  which  shall 
be  ninety-six  grains,  or  one-fifth  of  one  ounce  troy,  with 
no  greater  deviation  than  four  grains  to  each  piece  of  said 
j?hape,  devices,  cenj  an(|  two-cent  coins;  and  the  shape,  mottoes,  and  de- 
vices of  said  coins  shall  be  fixed  by  the  Director  of  the 
Mint,  with  the  approval  of  the  Secretary  of  the  Treasury; 
and  the  laws  now  in  force  relating  to  the  coinage  of  cents 
and  providing  for  the  purchase  of  material  and  prescrib- 
ing the  appropriate  duties  of  the  officers  of  the  mint  and 
the  Secretary  of  the  Treasury  be,  and  the  same  are  hereby, 
extended  to  the  coinage  herein  provided  for. 

f.xV.'ndi''(V  tiH-iv-      SK('-  -•  Ar'(J  ^c  *t  father  enacted.  That  all  laws  now  in 

'"uovisod  sfit-  f(MV('  ''elating  to  the  coins  of  the  United  States  and  the 

uti-s,  510-1.        striking  and  coining  the  same  shall,  so  far  as  applicable, 

be  extended  to  the  coinage  herein  authorized,  whether  said 

laws  are  penal  or  otherwise,  for  the  security  of  the  coin, 

regulating  and  guarding  the  process  of  striking  and  coin- 

ing. for  preventing  debasement  or  counterfeiting,  or  for 

any  other  purpose. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  523 

SEC.  3.  And  be  it  further  enacted.  That  the  Director  of.  Director   of 

'    .  -IT  i      •  •  Mint  to  secure 

the  Mint  shall  prescribe  suitable  regulations  to  insure  a  conformity    of 

.  .       ,          .    ,  .          alloy  in  such 

due  conformity  to  the  required  weights  and  proportions  coins. 
of  alloy  in  the  said  coins  ;  and  shall  order  trials  thereof  to 
be  made  from  time  to  time  by  the  assayer  of  the  mint, 
whereof  a  report  shall  be  made  in  writing  to  the  Director. 

SEC.  4.  And  be  it  further  enacted.  That  the  said  coins.  Snch  f0,1118*0 

'  be  legal  tender 

shall  be  a  legal  tender  in  any  payment,  the  one-cent  coin  ancj  for  what 

J    r    •  sums. 

to  the  amount  of  ten  cents,  and  the  two-cent  coin  to  the  Repealed. 
amount  of  twenty  cents;  and  it  shall  be  lawful  to  pay  out 
said  coins  in  exchange  for  the  lawful  currency  of  the 
United  States,  (except  cents  or  half  cents  issued  under 
former  acts  of  Congress,)  in  suitable  sums,  by  the  treas- 
urer of  the  mint,  and  by  such  other  depositaries  as  the 
Secretary  of  the  Treasury  may  designate,  under  general 
regulations  proposed  by  the  Director  of  the  Mint  and  ap- 
proved by  the  Secretary  of  the  Treasury  ;  and  the  expenses 
incident  to  such  exchange,  distribution,  and  transmission 
may  be  paid  out  of  the  profits  of  said  coinage  ;  and  the  net 
profits  of  said  coinage,  ascertained  in  like  manner  as  is 
prescribed  in  the  second  section  of  the  act  to  which  this 
is  a  supplement,  shall  be  transferred  to  the  Treasury  of 
the  United  States. 

(Section  5  prescribes  n  penalty  for  making  coins  in- 
tended to  be  passed  as  one  or  two  cent  pieces.) 

Approved,  April  22,  LS04. 

ACT  OF  JUNE  8,  18(54. 

CHAP.  CXIV.  —  An  act  to  putiixh  and  prevent  the  conn-  12J3  stat>  LM 
t<  ffe'/tiiKj  of  co'in  of  the  I'  lilted  titatex. 

(This  art  prescribes  a  penally  for  counterfeiting,  etc., 
current  coins  of  (lie  United  States  or  of  foreign  countries.) 

ACT  OF  MARCH  :',,  ls<;;>. 

CHAP.  C.  —  An  <:<•/  l<>  authorise  the  <-otn<i<i<    of  Ih.rce-ccnf  r,I;!  stnt-   I'-> 

•'          i  51  1. 

x^  ami  for  other 


Be  it  ena-rted  hi/  fin  ^ctmic  <nnl  //oi/.\r  <>f  Representa- 
tives of  the  United  titatcx  of  America  in  donyrcxN  awtn- 
hlrd,  That    so  soon    as   practicable   after   the    passage   of  [(  .  *  r  ;;   ,'0''  'j,,l 
this  act,  there  shall  be  coined  at  the  Mint  of  the  United  'llil"'(l- 
States  a  three-cent  piece,  composed  of  copper  and  nickel 


524  NATIONAL   MONETARY   COMMISSION. 

composition,  jn  S\K>]I  proportions,  not  exceeding  twenty-five  per  centum 

weight,    shape,  5^  *        . 

device,  etc.  of  nickel,  as  shall  be  determined  by  the  Director  ot  the 
Mint,  the  standard  weight  of  which  shall  be  thirty  grains, 
with  no  greater  deviation  than  four  grains  to  each  piece, 
and  the  shape,  mottoes,  and  devices  of  said  coin  shall  be 
determined  by  the  Director  of  the  Mint,  with  the  ap- 
Laws  appii-  Droval  of  the  Secretary  of  the  Treasury.  And  the  laws 

cable. 

now  in  force  relating  to  the  coinage  of  cents,  and  provid- 
ing for  the  purchase  of  material  and  prescribing  the  ap- 
propriate duties  of  the  officers  of  the  Mint,  and  of  the 
Secretary  of  the  Treasury  be,  and  the  same  are  hereby, 
extended  to  the  coinage  herein  provided  for. 

Laws   reiat-      SEC.  2.  And  Ije  it  further  enacted,  That -all  laws  now  in 
and  coinage  ex-  force,  relating  to  the  coins  of  the  United  States,  and  the 

tended    to   this  &     . 

coin,  etc.  striking  and  coinage  or  the  same,  shall  so  far  as  appli- 
cable be  extended  to  the  coinage  herein  authorized, 
whether  said  laws  are  penal  or  otherwise,  for  the  security 
of  the  coin,  regulating  and  guarding  the  process  of  strik- 
ing and  coining,  for  preventing  debasement,  or  counter- 
Director  «f  felting,  or  for  any  other  purpose.  And  the  Director  of 

Mint    to    make  =  •  *-    .    *•  . 

r.'guiations.  the  Mint  shall  prescribe  suitable  regulations  to  insure  a 
due  conformity  to  the  required  weights  and  proportions 
of  alloy  in  the  said  coin,  and  shall  order  trials  thereof 
to  be  made  from  time  to  time,  by  the  assayer  of  the  Mint, 
whereof  a  report  shall  be  made  in  Avriting  to  the  Director. 
TO  be  legal  $Er  3  J;?c/  ~bc  it  further  enacted.  That  the  said  coin 

tender    for    00  '     t 

cents.  shall  be  a  legal  tender  in  any  payment  to  the  amount  of 

sixty  cents.     And  it  shall  be  lawful  to  pay  out  said  coins 
in  exchange  for  the  lawful  currency  of  the  United  States, 
coin' '°  m-lv  r°be  (cxcept  cents  or  half-cents  or  two-cent  pieces  issued  under 
ci'-'n-'e'foMa^w "  f()rnu'r  ;u'ts  °f  Congress.)  in  suitable  sums  by  the  Treas- 
urer  ()f  the  Mint,  and  by  such  other  depositaries  as  the 
Secretary  of  the  Treasury  may  designate,  and  under  gen- 
•}-',, .."f  Apr-eral  regulations  approved  by  the  Secretary  of  the  Treas- 
••••Aisi;i'f  Al'r'l"'y.     And   under  the  like  regulations  the  same  may  be 
]"'U'is-'I  ^-exchanged   in   suitable  sums  for  any  lawful  currency  of 
1(;-  the  United  States:  and  the  expenses  incident  to  such  ex- 

ii'.w'jmid. '  'change,  distribution,  and  transmission,  may  be  paid  out. 
of  the  profits  of  said  coinage,  and  the  net  profits  of  said 
coinage,  ascertained  in  like  manner  as  is  prescribed  in 
the  second  section  of  the  act  entitled  "An  act  relating  to 
foreign  coin-,  and  the  coinage  of  cents  at  the  Mint  of  the 
United  State-.'  approved  February  twenty-first,  eighteen 
id  red  and  fifty-seven,  shall  be  transferred  to  the  Treas- 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  525 

ury  of  the  United  States:  Provided.  That  from  and  after    -No fractional 

f  note   to    he    1s- 

the  passage  of  this  act,  no  issues  of  fractional  notes  of  the  s "  ed  "nd"  5 

.  .          .  cents. 

United  States  shall  be  of  a  less  denomination,  than  five 
cents,  and  all  such  issues  of  a  less  denomination,  at  that 
time  outstanding,  shall,  when  paid  into  the  Treasury  or 
any  designated  depositary  of  the  United  States,  or  re- 
deemed or  exchanged  as  now  provided  by  law,  be  retained 
and  cancelled. 

(Section  -i  prescribes  a  penalty  for  knowingly  making 
or  passing  counterfeits  of  such  coins.) 

SEC.  5.  And  be  it  further  enacted,  That,  in  addition  to     "  in  God  we 

j.1         i  11  i  .LI  11-1  1^1         trust."  may  be 

the  devices  and  legends  upon  the  gold,  silver,  and  other  placed  on  coins 
coins  of  the  United  States,  it  shall  be  lawful  for  the  sued.' 
Director  of  the  Mint,  with  the  approval  of  the  Secretary 
of  the  Treasury,  to  cause  the  motto  '"  In  God  we  trust  "  to 
be  placed  upon  such  coins  hereafter  to  be  issued  as  shall 
admit  of  such  legend  thereon. 

SEC.  6.  And  l>e  it  further  enacted.  That  the  one  and  9  one-cent  and 
two  cent  coins  of  the  United  States  shall  not  be  a  legal  be  a  legal  teu- 

„  der  only  for  4 

tender  for  any  payment  exceeding  four  cents  in  amount ;  <--ents. 
and  so  much  of  the  laws  of  the  United  States  heretofore 
enacted  as  are  in  conflict  with  the  provisions  of  this  act, 
are  hereby  repealed. 

Approved.  March  3,  1865. 

ACT  OF  MAY  10.  180(3. 

CHAP.  LXXXI. — An  act  to  authorise  the  coinage  of  five-     l*  stat-  L- 
cent  pieces. 

Be  it  enacted  Ijy  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled. That,  so  soon  as  practicable  after  the  passage  of  .Five-cent 

pieces    to    be 

this  act.  there  shall  be  coined  at  the  Mint  of  the  United  roiued  <>*',  C;°P- 

pcr  and  nickel. 

States  a  five-cent  piece  composed  of  copper  and  nickel,  in 
such  proportions,  not  exceeding  twenty-five  per  centum 
of  nickel,  as  shall  be  determined  by  the  Director  of  the 
Mint,  the  standard  weight  of  which  shall  be  seventy-  lwel.g.1?t.- 

shape,   devices, 

seven    and    sixteen    hundredths   grains,    with    no   greater  ('!<l- 
deviation  than  two  grains  to  each  piece;  and  the  shape, 
mottoes  and  device--  of  said  coin  shall  be  determined  by 
the  Director  of  the  Mint,  with  the  approval  of  the  Secre- 
tary of  the  Treasiirv:  and  the  laws  now  in   force  relating    r.aws  relating 

"  tu     coinage     ol 

to  the  coinage  of  cents,  and  providing  for  the  purchase  of  cents.   ft<-.,  to 

1    ,  apply     to     tin-; 

material,  and   prescribing  the  appropriate  duties  of  (he coinage. 


526  NATIONAL   MONETARY   COMMISSION. 

officers  of  the  Mint  and  the  Secretary  of  the  Treasury,  be, 
and  the  same  are  hereby,  extended  to  the  coinage  herein 
provided  for. 

Laws  relating     SEC.  ~2.  And  be  it  further  enacted,  That  all  laws  now  in 
tended  to  this  force  relating  to  the  coins  of  the  United  States,  and  the 

act    so    far    as         ...  .     .  ,,     ,  i     11  p  v 

applicable.  striking  and  coining  or  the  same,  shall,  so  tar  as  appli- 
cable, be  extended  to  the  coinage  herein  authorized, 
whether  said  laws  are  penal  or  otherwise,  for  the  security 
of  (lie  coin,  regulating  and  guarding  the  process  of  strik- 
ing and  coining,  for  preventing  debasement  or  counter- 
Reguiationsfejtinor  or  for  anv  other  purpose.  And  the  Director  of 

as  to  alloy.  .  . 

the  Mint  shall  prescribe  suitable  regulations  to  insure  a 
due  conformity  to  the  required  weights  and  proportions 
of  alloy  in  the  said  coin,  and  shall  order  trials  thereof  to 
be  made  from  time  to  time  by  the  assayer  of  the  Mint, 

Report.         whereof  a  report  shall  be  made  in  writing  to  the  Director. 

TO  he  ie«ai      SEC.  3.  And  be  it  further  enacted,  That  said  coin  shall 

tender     to  .  . 

amount  of  $1.  be  a  legal  tender  in  any  payment  to  the  amount  01  one 

TO  bo  paid  in  dollar.     And   it   shall   be  lawful  to  pay  out   such  coins 

currency.        '  in  exchange  for  the  lawful  currency  of  the  United  States, 

2/1792°  (except  cents,  or  half  cents,  or  two-cent  pieces,  issued 

22,A  WIM*  A  "'  under  former  acts  of  Congress.)  in  suitable  sums,  by  the 

treasurer  of  the  Mint,  and  by  such  other  depositaries  as 

the  Secretary  of  the  Treasury  may  designate,  and  under 

general  regulations  approved   by   the   Secretary  of  the 

Treasury.    And  under  the  like  regulations  the  same  may 

be  exchanged  in  suitable  sums  for  any  lawful  currency 

of  the   United  States,  and  the  expenses  incident  to  such 

exchange,  distribution,  and  transmission  may  be  paid  out 

of  the  profits  of  said  coinage;  and  the  net  profits  of  said 

coinage,  as  ascertained  in  the  manner  prescribed   in  th;1 

second   section   of  the   act   entitled   "An   act   relating   t<; 

foreign  coins  and  the  coinage  of  cents  at  the  Mint  of  the 

United  States,''  approved  February  twenty-first,  eighteen 

hundred    and    fifty-seven,    shall    be    transferred    to    the, 

No  fractional  Treasury    of    the    United    States:  Provided,   That    from 
currency    of  ,   '  .  .  ft 

ii-ss  than  10  and  after  the  passage  or  this  act  no  issues  ot  fractional 
sued,   ami   old  notes  of  the  United  States  ^,hall  be  of  a  less  denomination 

1  s  s  u  c  s   to  he  . 

•  am-H.'d.  than  ten  cents;  and  all  such  issues  at  that  time  outstand- 

utea, U573.'  '  ing  shall,  when  paid  into  the  Treasury  or  any  designated 
depository  of  the  United  States,  or  redeemed  or  ex- 
changed as  now  provided  by  law,  be  retained  and 
cancelled. 

(Section  4  denounces  the  unauthorized  making  of  such 
coins.) 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  527 

SEC.  5.  And  be  it  further  enacted.  That  it  shall  be  law- ,  Mar   be  re- 

.        .  .  deemed  in  sums 

fill  for  the  Treasurer  and  the  several  assistant  treasurers  ° f    n  °  t    les8 

-.  •  •  toan  $100- 

of  the    United   States  to  redeem   in  national  currency, 

under  such  rules  and  regulations  as  may  be  prescribed 
by  the  Secretary  of  the  Treasury,  the  coin  herein  author- 
ized to  be  issued,  when  presented  in  sums  of  not  less  than 
one  hundred  dollars. 

Approved,  May  16.  1806. 

JOINT  RESOLUTION  OF  MARCH  22,  1867. 

[No.  6.]  Joint  resolution  in  relation  to  certain  coin  and  0  is  stat.  L., 
bullion  on  special  deposit  in  the  Treasury. 

Be  it  resolved  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  one  hundred  thousand  dollars,  or  .there-  9,eFta,!?  coln 

and  bullion  on 

about,  in  coin  and  bullion,  now  on   special   deposit  in  special  deposit 

1  J  in    the    Treas- 

the  Treasury  of  the  United  States,  after  said  bullion  is  UI>y  to  be  con- 

'  _  verted    Into 

converted  bv  directions  of  the  Treasurer  into  coin,  beF°ln  aud  i)aid 

into  the  Treas- 

paid  into  the  Treasury.  ury. 

Approved,  March  22,  1867. 

ACT    OF    JULY   20,  1868. 

CHAP.  CLXXVII. — An  act  making  appropriations  for     is  stat.  L., 
sundry  civil  expenses  of  the  Government  for  the  year 
ending  June  thirty,  eighteen  hundred  and  sixty-nine, 
and  for  other  purposes. 

jjj  £*  »;.  .;.  .;, 

*     *     *:     Provided,    That    the    Mint    of    the    United     Mint  and 

.  branches  to  re- 

btates,  and  branches,  shall  continue  to  refine  gold  andflne  bullion, 

and  not  to  con- 

silver  bullion,  and  no  contract  to  exchange  crude  or  un-  tract  to  ex- 

change,  etc. 

parted  bullion  for  refined  bars  shall  be  made  until  author- 
ized by  law. 

Approved,  July  20.  1868. 

ACT   OF  FEBRUARY   1!).  186!). 

CHAP.  XXXIII. — An  act  to  locate  and  <'Ntablix1i  an  C/.V.SY///  .,_(1r>  st!lt-  L- 
office  In  the  Territory  of  Idaho. 

Be  it  enacted  by  the  Senate  find  House  of  Represent  a  - 
fires  of  the  Untied  States  of  America  in  Cong  res*  axxc/ti- 
bled.  That   a    United    States  assay   office   be   located   and      Assay    om<v 
established  at  Boise  City,  in  the  Territory  of  Idaho,  for  lisin-d  at  n<ns.> 
the  assaying  of  gold  and  silver.     For  the  carrying  on  of 


528  NATIONAL   MONETARY   COMMISSION. 

the  business  of  said  office  the  following  officers  shall  be 
appointed,  as  soon  as  the  public  interest  shall  require 
their  service,  upon  the  nomination  of  the  President,  by 
and  with  the  advice  and  consent  of  the  Senate,  namely: 

officers.  Qne  superintendent,  one  assayer,  and  one  melter  and  re- 
finer, and  two  clerks,  and  the  superintendent  may  employ 
as  many  subordinate  workmen  and  laborers,  under  the 
direction  of  the  Secretary  of  the  Treasury,  as  may  be 
required.  (Rest  of  section  authorizes  and  fixes  salaries.) 
(Section  2  directs  that  officers  and  clerks  shall  take 
oaths  and  give  bonds.) 

Director   of     SEC.  3.  And  l>e  it  further  enacted,  That  the  general 

duct  the  busi-  direction  of  the  business  of  said  assay  office  of  the  United 

States  shall  be  under  the  control  and  regulation  of  the 

director  of  the  mint  at  Philadelphia,  subject  to  the  ap- 

Reguiations,  probation  of  the  Secretary;  and  for  that  purpose  it  shall 
charges,  etc.  'be  the  duty  of  the  said  director  to  prescribe  such  regu- 
lations, and  to  require  such  returns  periodically  and  oc- 
casionally, and  to  establish  such  charges  for  parting, 
assaying,  melting,  and  refining,  as  shall  appear  to  him 
to  be  necessary  for  the  purpose  of  carrying  into  effect  the 
intention  of  this  act  in  establishing  said  assay  office. 

Assay  office  SEC.  4.  And  be  it  further  enacted,  That  said  assay 
deposit  for  office  shall  be  a  place  of  deposit  for  such  public  moneys 

public  moneys.  L  .  L 

1846,  ch.  so.  as  the  Secretary  or  the  -treasury  may  direct.  And  the 
so.  superintendent  of  said  assay  office  who  shall  perform 

the  duties  of  treasurer  thereof,  shall  have  the  custody  of 
the  .same,  and  also  perform  the  duties  of  assistant  treas- 
urer: and  for  that  purpose  shall  be  subject  to  all  the  pro- 
visions contained  in  an  act  (entitled)  "'  An  act  to  provide 
for  the  better  organization  of  the  treasury,  and  for  the 
collection,  safe-keeping,  transfer  and  disbursement  of  the 
public  revenue,"  approved  August  sixth,  eighteen  hun- 
dred and  forty-six,  which  relates  to  the  treasury  of  the 
branch  mint  of  New  Orleans. 

certificates      SEC.  5.  A nd  l»e  it  further  enacted,  That  the  superin- 

of     deposit      to  .  •  . 

in-    issued    intendent  of  said  assay  office  be  authorized,  under  the  di- 

pa  y  rn  c  n  t     o  t 

Kohi  dust,  etc.;  ivrtion  of  the  Secretary  of  the  Treasury,  and  on  terms  to 
be  prescribed  by  him,  to  issue  in  payment  of  the  gold 
dust  and  bullion  deposited  for  assay  and  coinage,  or  bars, 
drafts,  or  ceil  ideates  of  deposit,  in  sums  of  not  less  than 

wiKTH  payable,  one  hundred  dollars,  payable  at  the  treasury,  or  any  suit- 
treasury  of  the  United  States,  to  any  depositor  electing  to 
receive  payment  in  thut  form. 


LAWS    OONCERNINO    MONEY,    BANKING,    AND    LOANS.  529 

(Sections  G  and  7  appropriate  for  the  construction  of 
said  assay  office,  and  provide  that  the  laws  for  the  regu- 
lation of  the  assay  office  at  New  York,  and  punishment 
for  offenses  shall  be  applicable  thereto.) 

Approved,  February  19,  1869. 

ACT  OF  JULY  15,  1870. 

CHAP.  CCXCII. — An  act  making  appropriations  for  sun-     10  stat.  L., 
dry   civil  expenses   of   the   Government  for   the   year" 
ending  June  thirty,  eighteen  hundred  and  seventy-one, 
and  for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, *  *  * 

For  continuing  the  work  on  the  branch  mint  building  bi 
in  San  Francisco,  California,  five  hundred  thousand  dol-  San 
lars:  Proeidec1,  That  the  total  cost  of  the  building,  exclu- notT°J:|^°ls  * 
sive  of  the  sum  paid  for  the  site  thereof,  shall  not  ex- 
ceed  one   million   five   hundred   thousand   dollars:   And     Unrefined  or 

imparted    bul- 

provided  further,  That  it  shall  be  lawful,  until  after  thelio,n  ma/  b« 

'  '  _  _  ...          exchanged     a  t 

completion  and  occupation  of  said  branch  mint  building,  W  niiint'  un~ 

to  exchange,  at  any  mint  or  branch  mint  of  the  United 

States,  unrefined  or  imparted  bullion  whenever,  in  the 

opinion  of  the  Secretary  of  the  Treasury,  it  can  be  done 

with  advantage  to  the  government:  Provided,  That  the     weight,  etc., 

-    .  of    bullion    de- 

Weight,  fineness,  and  value  of  the  bullion  received  and termined   by 

1         •  mint  assav. 

given  in  exchange  shall  be  determined  by  the  mint  assay : 

And  provided  further,  That  the  authority  hereby  given     Proviso. 

shall  not  be  construed  so  as  to  interfere  with  the  rights 

and  privileges  now  or  heretofore  enjoyed  by  depositors 

of  bullion  at  said  mints. 

*  *  *  *  * 

Approved,  July  15.  1870. 

ACT  OF  MARCH  :>>.  1871. 
CHAP.  CXXTV. — An-  act  to  provide  for  the  redemption     u;    stat.  i,., 

."ISO. 

of  copper  find  other  tolcen   <-otnx. 

He  it  enacted  by  /he  Senate,  and  Ilouxe  of  llept't'senttt- 
t'tre.x  of  tJie  United  Ktatex  of  America  in  ConyrexH  </*xe/f/- 


530  NATIONAL    MONETARY   COMMISSION. 

and*  baseSai  bled,  That  the  Secretary  of  the  Treasury  is  hereby  author- 
coinage   to   beize(j  an(j  required  to  redeem  in  lawful  money,  under  such 

redee  med     in  .  . 

fessmtimnf$0oot  ru^es  an<^  regulations  as  he  may  from  time  to  time  pre- 
scribe, all  copper,  bronze,  coper-nickel,  and  base-metal 
coinage  of  every  kind  heretofore  authorized  by  law,  when 
may °be  "discon*  presented  in  sums  of  not  less  than  twenty  dollars;  and 
unued,    when,  whenever  under  this  authority  these  coins  are  presented 
for  redemption  in  such  quantity  as  to  show  the  amount 
outstanding  to  be  redundant,  the  Secretary  of  the  Treas- 
ury is  authorized  to  discontinue  or  diminish  the  manu- 
facture and  issue  of  such  coinage  until  otherwise  ordered 
by  him. 

Approved.  March  3,  1871. 

ACT  OF  FEBRUARY  12.  1873. 

4047  stat-  T>-CHAP.  CXXXI. — An  act  revising  and  amending  the  laws 
relative  to  the  mints,  assay-offices,  and  coinage  of  the 
United  States. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 

tires  of  the  United  States  of  America  in  Congress  assem- 

M  i  n  t  estab- /,  w    That    the   Mint    of   the    United    States   is   hereby 

lished  as  a  Bu- 

reau  ami  in- established  as  a  Bureau  of  the  Treasury  Department,  em- 

c hides  what. 

A  1 1    former  bracing  in  its  organization  and  under  its  control  all  mints 

acts      repealed,  e  * 

for  the  manufacture  of  coin,  and  all  assay-offices  for  the 

stamping  of  bars,  which  are  now,  or  which  may  be  here- 

nirector;  np-  after,  authorized  by  law.     The  chief  officer  of  the  said 

puintment,  and 

term  of  office;  Bureau  shall  be  denominated  the  Director  of  the  Mint, 
and  shall  be  under  the  general  direction  of  the  Secretary 
of  the  Treasury.  He  shall  be  appointed  by  the  President, 
by  and  with  the  advice  and  consent  of  the  Senate,  and 
shall  hold  his  office  for  the  term  of  five  years,  unless 
sooner  removed  by  the  President,  upon  reasons  to  be  com- 
municated by  him  to  the  Senate. 

powers;  Si:r.  2.  That  the  Director  of  the  Mint  shall  have  the 

general  supervision  of  all  mints  and  assay-offices,  and 

n-i»>i-ts;  -hall  make  an  annual  report  to  the  Secretary  of  the  Treas- 

ury of  their  operations,  at  the  close  of  each  fiscal  year,  and 
from  time  to  time  such  additional  reports,  setting  forth 
the  operations  and  condition  of  such  institutions,  as  the 
Secretary  of  the  Treasury  shall  require,  and  shall  lay 

annual  esti- before  him  the  annual  estimates  for  their  support.     And 

the  Secretary  of  the  Treasury  shall  appoint  the  number 

clerks,   nurn-of  clerks,   classified    according  to  law,   necessary  to  dis- 

li  P  r    a  n  d    up-  . 

pointment.        charge  the  duties  of  said  Bureau, 


LAWS    CONCERNING    MONEY.    BANKING,    AND    LOANS.  5,31 

SEC.  X.  'I  lull  the  officers  of  each  mint  shall  he  a  superin-     Officers      of 

1  each  mint,  and 

tendent,  an  assaver,  a  melter  and  refiner,  and  a  coiner, their    appoint- 

'  *  went. 

and  for  the  mint  at  Philadelphia,  an  engraver,  all  to  be    Devised  stat, 

*          '  .  utes,  :UO(J. 

appointed  by  the  President  of  the  United  States,  by  and 
with  the  advice  and  consent  of  the  Senate. 

SEC,  4.  That  the  superintendent  of  each  mint  shall  have    superintend- 
ent of  mint,  and 
the  control  thereof,  the  superintendence  of  the  officers  and  powers ; 

J  .  .        Revised  Stut- 

persons  employed  therein,  and  the  supervision  of  the  busi-  uti>s. :<r>u:!- 

ness  thereof,  subject  to  the  approval  of  the  Director  of  the 

Mint,  to  whom  he  shall  make  reports  at  such  times  and  repots,     their 

'    _  _  form    and    con- 

according  to  such  forms  as  the  Director  of  the  Mint  may tents- 
prescribe,  which  shall  exhibit,  in  detail,  and  under  appro- 
priate heads,  the  deposits  of  bullion,  the  amount  of  gold, 
silver,  and  minor  coinage,  and  the  amount  of  imparted, 
standard,  and  refined  bars  issued,  and  such  other  statistics 
and  information  as  may  be  required.     The  superintendent  bu^j£nneys  or 
of  each  mint   shall  also  receive   and  safely  keep,  until  ut^|v^6  stat' 
legally  withdrawn,  all  moneys  or  bullion  which  shall  be 
for  the  use  or  the  expenses  of  the  mint.     He  shall  receive 
all  bullion  brought  to  the  mint,  for  assay  or  coinage ;  shall    r°in- 
be  the  keeper  of  all  bullion  or  coin  in  the  mint,  except 
while  the  same  is  legally  in  the  hands  of  other  officers; 
and  shall  deliver  all  coins  struck  at  the  mint  to  the  per- 
sons to  whom  they  shall  be  legally  payable.     From  the    Deposits. 
report  of  the  assaver  and  the  weight  of  the  bullion,  he 
shall   compute  the  value  of  each  deposit,  and  also  the 
amount  of  the  charges  or  deductions,  if  any,  of  all  which 
he  shall  give  a  detailed  memorandum  to  the  depositor; 
and  he  shall  also  give  at  the  same  time,  under  his  hand,  de(p^ti|:ncat^  £* 
a  certificate  of  the  net  amount  of  the  deposit,  to  be  paid  ^'"^ayt^"^1 
in  coins  or  bars  of  the  same  species  of  bullion  as  that  de- 
posited, the  correctness  of  which  certificate  shall  be  veri- 
fied by  the  assaver,  who  shall  countersign  the  same;  and  (.0]n':le'tscf<M's   (>f 
in  all  cases  of  transfer  of  coin  or  bullion,  he  shall  give 
and  receive  vouchers,  stating  the  amount  and  character  of 
such  coin  or  bullion.     Tie  shall  keep  and  render,  quarter-  (.(Ju1M!t"''e[(1>y  jVi! 
yearly,  to  the  Director  of  the  Mint,  for  the  purpose  of '•'•'•t'"'.  ''<<'• 
adjustment,  according  to  such  forms  as  may  be  prescribed 
by  the  Secretary  of  the  Treasury,  regular  and   faithful 
accounts  of  his  transactions  with  the  other  officers  of  the 
mint  and  the  depositors;  and  shall  also  render  to  him  a 
monthly  statement  of  the  ordinary  expenses  of  the  mint 
or  assay-office  under  his  charge. 

He   shall    also   appoint    all   assistants,   clerk-,    (one   of  ,.,,^1^nts' 
whom  shall  be  designated  ''chief  clerk".)  and  workmen 


532  NATIONAL   MONETARY   COMMISSION. 


under  his  superintendence;  but  no  person  shall 
er,  etc.  ^e  appointed  to  employment  in  the  offices  of  the  assayer, 

melter  and  refiner,  coiner,  or  engraver,  except  on  the 
recommendation  and  nomination  in  writing  of  those  offi- 
Appointments  cers?  respectively;  and  he  shall  forthwith  report  to  the 
to  Director  and  Director  of  the  Mint  the  names  of  all  persons  appointed 

approved    by 

him.  by  him,  the  duties  to  be  performed,  the  rate  of  compensa- 

tion, the  appropriation  from  which  compensation  is  to 
be  made,  and  the  grounds  of  the  appointment;  and  if  the 
Director  of  the  Mint  shall  disapprove  the  same,  the  ap- 
pointment shall  be  vacated. 

Assayer's  du-     gEC>  5.  That   the   assayer  shall  assay  all  metals  and 

Revised  stat-  bullion,  whenever  such  assays  are  required  in  the  opera- 

tions of  the  Mint  ;  he  shall  also  make  assays  of  coins  or 

samples  of  bullion  whenever  required  by  the  superin- 

tendent. 

Meiter  and  re-  gEC.  c^.  That  the  melter  and  refiner  shall  execute  all 
Revised  stat-  the  operations  which  are  necessary  in  order  to  form  ingots 
of  standard  silver  or  gold,  and  alloys  for  minor  coinage, 
suitable  for  the  coiner,  from  the  metals  legally  delivered 
to  him  for  that  purpose;  and  shall  also  execute  all  the 
operations  which  are  necessary  in  order  to  form  bars 
conformable  in  all  respects  to  the  law,  from  the  gold  and 
silver  bullion  delivered  to  him  for  that  purpose.  He 
shall  keep  a  careful  record  of  all  transactions  with  the 
superintendent,  noting  the  weight  and  character  of  the 
bullion  ;  and  shall  be  responsible  for  all  bullion  delivered 
to  him  until  the  same  is  returned  to  the  superintendent 
and  the  proper  vouchers  obtained. 

coiner.  gEc.  7.  That  the  coiner  shall  execute  all  the  operations 

which  are  necessary  in  order  to  form  coins,  conformable 
in  all  respects  to  the  law.  from  the  standard  gold  and 
silver  ingots,  and  alloys  for  minor  coinage,  legally  de- 
livered to  him  for  that  purpose;  and  shall  be  responsible 
for  all  bullion  delivered  to  him,  until  the  same  is  returned 
to  the  superintendent  and  the  proper  vouchers  obtained. 
Knjjnm-r.  gEC>  g.  That  the  engraver  shall  prepare  from  the  origi- 

nal dies  already  authorized  all  the  working-dies  required 
for  use  in  the  coinage  of  the  several  mints,  and,  when 
deuces™'""  '  "  '  110W  coins  or  devices  are  authorized,  shall,  if  required  by 
Stat"  tlie   IJiwtor  <>f  the  Mint,  prepare  the  devices,  models. 
molds,  and  matrices,  or  original  dies,  for  the  same;  but 
the  Director  of  the  Mint  shall  nevertheless  have  power, 
Avith  the  approval  of  the  Secretary  of  the  Treasury,  to 
engage  temporarily  for  this  purpose  the  services  of  one, 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  533 

or  more  artists  distinguished  in  their  respective  depart- 
ments of  art,  who  shall  be  paid  for  such  service  from  the 
contingent  appropriation  for  the  mint  at  Philadelphia. 

SEC.  9.  That  whenever  any  officer  of  a  mint  or  assay-    if  any  officer 
office  shall  be  temporarily  absent,  on  account  of  sickness    Revised  stat- 
or  any  other  cause,  it  shall  be  lawful  for  the  superin- 
tendent, with  the  consent  of  said  officer,  to  appoint  some 
person  attached  to  the  mint  to  act  in  the  place  of  such 
officer  during  his  absence ;  but  all  such  appointments  shall 
be  forthwith  reported  to  the  Director  of  the  Mint  for  his 
approval ;  and  in  all  cases  whatsoever  the  principal  shall 
be  responsible  for  the  acts  of  his  representative.     In  case 
of  the  temporary  absence  of  the  superintendent,  the  chief  superintend- 
clerk  shall  act  in  his  place ;  and  in  case  of  the  temporary 
absence  of  the  Director  of  the  Mint,  the  Secretary  of  the  Director 
Treasury  may  designate  some  one  to  act  in  his  place. 

SEC.  10.  That  everv  officer,  assistant,  and  clerk  of  the     Oatb  .of  °m- 

cers,  assistants, 

Mint  shall,  before  he  enters  upon  the  execution  of  his  clerks,  and  em- 

1  ployees. 

office,  take  an  oath  or  affirmation  before  some  judge  of    JRevisre<*  stat- 

J  utes,  3500. 

the  United  States,  or  judge  of  the  superior  court,  or  of 
some  court  of  record  of  any  State,  faithfully  and  dili- 
gently to  perform  the  duties  thereof,  in  addition  to  other 
official  oaths  prescribed  by  law ;  which  oaths,  duly  certi- 
fied, shall  be  transmitted  to  the  Secretary  of  the  Treas- 
ury; and  the  superintendent  of  each  mint  may  require 
such  oath  or  affirmation  from  any  of  the  employees  of 
the  mint. 

SEC.  11.  That    the    superintendent,    the    assayer,    the  h!JSnfts"^i 
melter  and  refiner,  and  the  coiner  of  each  mint,  before otI1^^s:p(1  Sfat. 
entering  upon  the  execution  of  their  respective  offices,  utes,  15501. 
shall  become  bound  to  the  United   States,  with   one  or 
more  sureties,  approved  by  the  Secretary  of  the  Treas- 
ury, in  the  sum  of  not  less  than  ten  nor  more  than  fifty 
thousand   dollars,  with   condition   for. the   faithful,   and 
diligent  performance  of  the  duties  of  his  office.     Similar 
bonds  may  be  required  of  the  assistants  and   clerks,  in2na"crta1nt* 
such  sums  as  the  superintendent  shall   determine,  with 
the   approbation   of  the    Din-dor   of  the   Mint;   but    the 
same  shall  not  be  construed  to  relieve  I  he  superintendent 
or  other  officers  from  liability  to  the  United  States  for 
acts,   omissions,   or  negligence   of    their   subordinates  or 
employees:  I'romde.J,  Thai    (he  Secretary  of  the  Treas- 
ury,  may.   at    his   discretion,   increase   the   bonds   of   the 
superintendent. 


534  NATIONAL   MONETABY   COMMISSION. 

salary  of  Di-     SEC.  12.  That  there  shall  be  allowed  to  the  Director 
r  Revised  stat-  of  the  Mint  an  annual  salary  of  four  thousand  five  hun- 
dred dollars,  and  actual  necessary  travelling  expenses  in 
visiting  the  different  mints  and  assay-offices,  for  which 
vouchers  shall   be   rendered,  to  the   superintendents   of 
superintend- the  mints  at  Philadelphia  and  San  Francisco,  each  four 

PTltS  * 

assayers,  etc.;  thousand  five  hundred  dollars;  to  the  assayers,  melters 
and  refiners,  and  coiners  of  said  mints,  each  three  thou- 
sand dollars;  to  the  engraver  of  the  mint  at  Philadel- 
phia, three  thousand  dollars;  to  the  superintendent  of 
the  mint  at  Carson  City,  three  thousand  dollars;  and  to 
the  assayer,  to  the  melter  and  refiner,  and  to  the  coiner 
of  the  mint  at  Carson  City,  each,  two  thousand  five  hun- 

cferktsanand'dre(^  dollars;   to  the  assistants  and  clerks  such  annual 

workmen;  salary  shall  be  allowed  as  the  Director  of  the  Mint  may 
determine,  with  the  approbation  of  the  Secretary  of  the 
Treasury;  and  to  the  workmen  shall  be  allowed  such 
wages,  to  be  determined  by  the  superintendent,  as  may 
be  customary  and  reasonable  according  to  their  respec- 
tive stations  and  occupations,  and  approved  by  the  Di- 

payabie  month-  rector  of  the  Mint ;  and  the  salaries  provided  for  in  this 
section,  and  the  wages  of  the  workmen  permanently  en- 
gaged, shall  be  payable  in  monthly  instalments, 
standard    of     $EC.  13.  That  the  standard  for  both  gold  and  silver 

gold  and  silver 

coins.  coins  of  the   United   States  shall  be  such  that   of  one 

Revised  Stat- 
utes, 3314.        thousand  parts  by  weight  nine  hundred  shall  be  of  pure 

metal  and  one  hundred  of  alloy;  and  the  alloy  of  the 
Alloy.  silver  coins  shall  be  of  copper,  and  the  alloy  of  the  gold 

coins  shall  be  of  copper,  or  of  copper  and  silver;  but 
the  silver  shall  in  no  case  exceed  one-tenth  of  the  whole 
alloy. 

rjoifi  coins;  SEC.  14.  That  tlie  gold  coins  of  the  United  Slates  shall 
i792.acl  "'be  a  one-dollar  piece,  which,  at  the  standard  weight  of 
1834.  '  'twenty-five  and  eight-tenths  grains,  shall  be  the.  unit  of 

Act   Jan.    18,        i  i  i        i      TI>     i    n 

isrjT.  value;  a   quarter-eagle,  or  two-and-a-nali  dollar  piece; 

isns.  'a  three-dollar  piece;  a  half-eagle,  or  five-dollar  piece;  an 

utes?35ii.'    '  "eagle,  or  ten-dollar  piece;  and  a  double-eagle,  or  twenty- 
LT,',( 'i8!>d,  'r 'h  '.  dollar  piece.     And  the  standard  weight  of  the  gold  dol- 
s  t*'a  n  durdhii1  shall  l)e  twenty-five  and  eight-tenths  grains;  of  the 
quarter-eagle,  or  two-and-a-half  dollar  piece,  sixty-four 
and    a-half   grains;    of   the    three-dollar   piece,    severity- 
seven  and  four-tenths  grains;  of  the  half-eagle,  or  iive- 
I849t   Mar<   3>  dollar  piece,  one  hundred  and  twenty-nine  grains;  of  the 
eagle,  or  ten-dollar   piece,   two   hundred   and   fifty-eight 
grains;  of  the  double-eagle,  or  twenty-dollar  piece,  five 


LAWS    CONCERNING   MONEY,    BANKING,    AND   LOANS.  535 

hundred  and  sixteen  grains ;  which  coins  shall  be  a  legal  *°  b.e  lesnl  ten- 
tender  in  all  payments  at  their  nominal  value  when  not    IIJ'M. 

•     -'  Revised  Stat- 


below  the  standard  weight  and  limit  of  tolerance  pro-  utes> 

vided  in  this  act  for  the  single  piece,  and,  when  reduced 

in  weight,  below  said  standard  and  tolerance,  shall  be  a 

legal  tender  at  valuation  in  proportion  to  their  actual 

weight;  and  any  gold  coin  of  the  United  States,  if  re- r  e.d  "ct,ion   ln 

&       .  .        •     to  _  weight  by  nat- 

duced  in  weight  by  natural  abrasion  not  more  than  one-  ural  abrasion .; 

Revised  Stat- 

half  of  one  per  centum  below  the  standard  weight  pre-  utes- 3505- 
scribed  by  law,  after  a  circulation  of  twenty  years,  as 
shown  by  its  date  of  coinage,  and  at  a  ratable  propor- 
tion for  any  period  less  than  twenty  years,  shall  be  re- 
ceived at  their  nominal  value  by  the  United  States  Treas-  ^^j to  be  re" 
ury  and  its  offices,  under  such  regulations  as  the  Secre- 
tary of  the  Treasury  may  prescribe  for  the  protection  of 
the   Government   against    fraudulent    abrasion   or   other 
practices;   and  any  gold  coins  in  the  Treasury  of  the  Utggv.^1d2 stat" 
United    States   reduced    in    weight    below    this   limit    of 
abrasion  shall  be  recoined. 

SEC.  15.  That  the  silver  coins  of  the  United  States  shall    silver  coins; 

be   a   trade-dollar,   a   half-dollar,   or   fifty-cent   piece,   a    Revised  stat- 
utes, ;ir>i  :$. 

quarter-dollar,  or  twenty-five-cent  piece,  a  dime,  or  ten- 
cent  piece;  and  the  weight  of  the  trade-dollar  shall  be 
four  hundred  and  twenty  grains  trov;  the  weight  of  the  wei^iu  : 

Revised  Stut- 

half-dollar  shall  be  twelve  grams   (grammes)    and  one-  "tes.  :?r»s«. 
half  of  a  gram,   (gramme;)   the  quarter-dollar  and  the 
dime  shall  be  respectively,  one-half  and  one-fifth  of  the 
weight  of  said  half  dollar;  and  said  coins  shall  be  a  legal <"  be  le"al  tou- 
tender  at  their  nominal  value  for  any  amount  not  exceed- 
ing five  dollars  in  any  one  payment. 

SEC.  10.  That  the  minor  coins  of  the  United  States  shall     \nnor  <*oins. 

and  their  alloy  ; 

be  a  five-cent  piece,  a  three-cent  piece,  and  a  one-cent 
piece,  and  the  alloy  for  the  five  and  three-cent  pieces  shall  Ut^.lrf1ll(sia(~ 
be  of  copper  and  nickel,  to  be  composed  of  three-fourths  .,riS(^sn,(('|  s(?1,'1t- 
copper  and  one-fourth  nickel,  and  the  alloy  of  the  one-5'1-"- 
cent  piece  shall  be  ninety-five  per  centum  of  copper  and 
five  per  centum  of  tin  and  /inc.  in  such  proportions  as 
shall  be  determined  by  the  Director  of  the  Mint.     The wH"M  : 
weight  of  the  piece  of  five  cents  shall   be  seventy-seven 
and   sixteen-hundredths  grains,  troy;   of  the   three-cent, 
piece,  thirty  grains;  and  of  the  one-rent  piece,  forty-eight 
grains:  which  coins  shall  be  a  legal  tender,  at  their  nomi- 
nal value,  for  any  amount  not  exceeding  twenty-five  cents 
in  any  one  payment. 


536  NATIONAL   MONETARY  COMMISSION. 

cept*  etc"8'  ex      ^EC-  ^'  That  no  coins,  either  of  gold,  silver,  or  minor 
ma.,  3516.     coinage,  shall  hereafter  be  issued  from  the  mint  other 
than  those  of  the  denominations,  standards,  and  weights 
herein  set  forth. 

leSs68.  Paonn  SEC.  18.  That  upon  the  coins  of  the  United  States  there 
c°Revised  stat- sna^  De  the  following  devices  and  legends :  Upon  one  side 
utes,  3517.  there  shall  be  an  impression  emblematic  of  liberty,  with 
inscriptions.  an  inscription  of  the  word  "  Liberty  "  and  the  year  of  the 
coinage,  and  upon  the  reverse  shall  be  the  figure  or  repre- 
sentation of  an  eagle,  with  the  inscriptions  "  United 
States  of  America "  and  "  E  Pluribus  Unum,"  and  a 
designation  of  the  value  of  the  coin ;  but  on  the  gold  dol- 
lar and  three-dollar  piece,  the  dime,  five,  three,  and  one 
cent  piece  the  figure  of  the  eagle  shall  be  omitted ;  and  on 
the  reverse  of  the  silver  trade-dollar  the  weight  and 
fineness  of  the  coin  shall  be  inscribed;  and  the  Director 
of  the  Mint,  with  the  approval  of  the  Secretary  of  the 
Treasury,  may  cause  the  motto  "  In  God  we  trust  "  to  be 
inscribed  upon  such  coins  as  shall  admit  of  such  motto; 
and  any  one  of  the  foregoing  inscriptions  may  be  on  the 
rim  of  the  gold  and  silver  coins. 

orBsifver*  g°M     ^EC<  19>  ^hat  at  tne  op^011  °f  tne  owner,  gold  or  silver 
Revised  stat- may  be  cast  jnto  bars  of  fine  metal,  or  of  standard  fine- 

utes,  3518.  J 

ness,  or  unparted,  as  he  may  prefer,  with  a  stamp  upon 
vice"1-  and  de'*he  same  designating  the  weight  and  fineness,  and  with 
such  devices  impressed  thereon  as  may  be  deemed  expedi- 
iinlit  to  weight,  ent  to  prevent  fraudulent  imitation,  and  no  such  bars 

shall  be  issued  of  a  less  weight  than  five  ounces. 

eoidebumon  for     SEC.  20.  That  any  owner  of  gold  bullion  may  deposit. 
'  'Revved  stat-  ^ie  same  at  any  mint,  to  be  formed  into  coin  or  bars  for 
utes,  ;55io.        ]jjs  benefit ;  but  it  shall  be  lawful  to  refuse  any  deposit  of 
less  value  than  one  hundred  dollars,  or  any  bullion  so  base 
as  to  be  unsuitable  for  the  operations  of  the  mint;  and 
Avhen  gold  and  silver  are  combined,  if  either  metal  be  in 
such  small  proportion  that  it  cannot  be  separated  advan- 
tageously, no  allowance  shall  be  made  to  the  depositor 
for  its  value. 

of^siivor  bui-  <»;,,,(,  21.  That  any  owner  of  silver  bullion  may  deposit 
nte^ :{£>() S<a1  t'ie  sam(i  ;lt  ;lli.v  mint,  to  be  formed  into  bars,  or  into  dol- 
lars of  the  weight  of  four  hundred  and  twenty  grains, 
troy,  designated  in  this  act  as  trade-dollars,  and  no  de- 
posit of  silver  for  other  coinage  shall  be  received:  but 
silver  bullion  contained  in  gold  deposits,  and  separated 
therefrom,  may  be  paid  for  in  silver  coin,  at  such  valua- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  537 

tlon  as  may  be,  from  time  to  time,  established  by  the 
Director  of  the  Mint. 

SEC.  22.  That  when  bullion  is  deposited  in  any  of  the    Bunion  to  be 
mints,  it  shall  be  weighed  by  the  superintendent,  and,  deposited,  Wand 

when   practicable,  in  the  presence  of  the   depositor,  to    Revised  Stat- 
utes 35'*1 

whom  a  receipt  shall  be  given,  which  shall  state  the  de- 
scription and  weight  of  the  bullion ;  but  when  the  bullion 
is  in  such  a  state  as  to  require  melting,  or  the  removal 
of  base  metals,  before  its  value  can  be  ascertained,  the 
weight,  after  such  operation,  shall  be  considered  as  the 
true  weight  of  the  bullion  deposited.     The  fitness  of  the  fi  t  n  e  s  s    and 
bullion  to  be  received  shall  be  determined  by  the  assayer,  ins,  how  deter- 
and  the  mode  of  melting  by  the  melter  and  refiner. 

SEC.  23.  That  from  every  parcel  of  bullion  deposited    Assay  of  bui- 
for  coinage  or  bars,  the  superintendent  shall  deliver  to    ue'vised  stat- 

/»,...  .         utes,  3522. 

the  assayer  a  sufficient  portion  for  the  purpose  of  being 
assayed,  but  all  such  bullion  remaining  from  the  opera- 
tions of  the  assay  shall  be  returned  to  the  superintendent 
by  the  assayer. 

SEC.  24.  That  the  assaver  shall  report  to  the  superin-    Report  of  as- 

1  sayer. 

tendent  the  quality  or  fineness  of  the  bullion  assayed  by   J{ev's"l stat" 

1  <f  J  utes,  3523. 

him*,  and  such  information  as  will  enable  him  to  compute 
the  amount  of  the  charges  hereinafter  provided  for,  to 
be  made  to  the  depositor. 

SEC.  25.  That  the  charge  for  converting  standard  gold^c^l^.for 
bullion  into  coin  shall  be  one-fifth  of  one  per  centum;  and|?"i1^io°ndi"*)0 
the  charges  for  converting  standard  silver  into  trade-  ai'][^,iv0i"p0df  '^'.'^i 
dollars,  for  melting  and  refining  when  bullion  is  below  utes> 3524- 
standard,  for  toughening  when  metals  are  contained  in  it 
which  render  it  unfit  for  coinage,  for  copper  used  for 
alloy  when  the  bullion  is  above  standard,  for  separating 
the  gold  and  silver  when  these  metals  exist  together  in 
the  bullion,  and  for  the  preparation  of  bars,  shall  be  fixed, 
from  time  to  time,  by  the  Director,  with  the  concurrence 
of  the  Secretary  of  the  Treasury,  so  as  to  equal  but  not  not   to  exceed 

•  '  the   actual    uv- 

exceed,  in  their  judgment,  the  actual  average  cost  to  eacherage  cost, 
mint  and  assay-office  of  the  material,  labor,  wastage,  and 
use  of  machinery  employed  in  each  of  the  cases  afore- 
mentioned. 

SEC.  20.  That  the  assayer  shall  verify  all  calculations     AKSfij^to 
made  by  (he  superintendent  of  the  value  of  deposits,  and.  l';'^'!!,1/,1/,,'",.'^ 
if  satisfied  of  the  correctness  thereof,  shall  countersign  the  si^™'^'™^; 
certificate  required  to  be  given  by  the  superintendent  to  '"''*•  •"'•"'-•"'• 
the  depositor. 

157]  2"— 10 :jr> 


538  NATIONAL   MONETARY   COMMISSION. 

bumonchforesn-     SEC.  ^'  That  in  order  to  procure  bullion  for  the  silver 

veRevisedgstat  comage  authorized  by  this  act,  the  superintendents,  with 

utes,  3526.        the  approval  of  the  Director  of  the  Mint,  as  to  price, 

terms,  and  quantity,  shall  purchase  such  bullion  with  the 

Gain   to   be  bullion  fund.     The  gain  arising  from  the  coinage  of  such 

credited  to  sil- 
ver-profit fund,  silver  bullion  into  coin  of  a  nominal  value  exceeding  the 

and    paid    into  /.ini  TTJ  -ic        -11 

the  Treasury,  cost  thereof  shall  be  credited  to  a  special  tund  denomi- 
nated the  silver-profit  fund.  This  fund  shall  be  charged 
with  the  wastage  incurred  in  the  silver  coinage,  and  with 
the  expense  of  distributing  said  coins  as  hereinafter  pro- 
vided. The  balance  to  the  credit  of  this  fund  shall  be 
from  time  to  time,  and  at  least  twice  a  year,  paid  into 
the  Treasury  of  the  United  States, 
silver  coins  SEC.  28.  That  silver  coins  other  than  the  trade-dollar 

where  Pand  for  shall  be  paid  out  at  the  several  mints,  and  at  the  assay- 
Revised  stat-  oflice  in  New  York  Citv,  in  exchange  for  gold  coins  at 

utes    35^7 

par,  in  sums  not  less  than  one  hundred  dollars;  and  it 
shall  be  lawful,  also,  to  transmit  parcels  of  the  same, 
from  time  to  time,  to  the  assistant  treasurers,  deposita- 
ries, and  other  officers  of  the  United  States,  under  general 
regulations  proposed  by  the  Director  of  the  Mint,  and 
approved  by  the  Secretary  of  the  Treasury;  but  nothing 
herein  contained  shall  prevent  the  payment  of  silver  coins, 
at  their  nominal  value,  for  silver  parted  from  gold,  as 
provided  in  this  act,  or  for  change  less  than  one  dollar 
Proviso.  in  settlement  for  gold  deposits:  Proridcd,  That  for  two 
years  after  the  passage  of  this  act,  silver  coins  shall  be 
paid  at  the  mint  in  Philadelphia  and  the  assay-office  in 
Xew  York  City  for  silver  bullion  purchased  for  coinage, 
under  such  regulations  as  may  be  prescribed  by  the 
Director  of  the  Mint,  and  approved  by  the  Secretary  of 
the  Treasury. 

Purchase   of      SEC.  20.  That  for  the  purchase  of  metal  for  the  minor 

minor  coinage ;  coinage  authorized  by  this  act,  a  sum  not  exceeding  fifty 

utes,  .-ir/js'.        thousand  dollars  in  lawful  money  of  the  United  States 

shall  be  transferred  by  the  Secretary  of  the  Treasury  to 

to    UP   carried  the  credit  of  the  superintendent  of  the  mint  at  Philadel- 

on  only  at  Phil-  , 

adeipina.  phia.  at   whicli  establishment  only,  until  otherwise  pro- 

vided by  law.  such  coinage  shall  be  carried  on.  The 
superintendent,  with  the  approval  of  the  Director  of  the 
Mint  as  to  price,  terms,  and  quantity,  shall  purchase  the 
metal  required  for  such  coinage  bv  public  advertisement, 
and  the  lowest  and  best  bid  shall  be  accepted,  the  fineness 
of  the  metals  to  be  determined  on  the  Mint  assay.  The 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  539 

gain  arising  from  the  coinage  of  such  metals  into  coin     Minor -coin- 

.  , .  age  profit  fund. 

of  a  nominal  value,  exceeding  the  cost  thereof,  shall  be 
credited  to  the  special  fund  denominated  the  minor-coin- 
age profit  fund;  and  this  fund  shall  be  charged  with  the 
wastage  incurred  in  such  coinage,  and  with  the  cost  of 
distributing  said  coins  as  hereinafter  provided.  The  bal- 
ance remaining  to  the  credit  of  this  fund,  and  any  bal- 
ance of  .profits  accrued  from  minor  coinage  under  former  ^IinorJ  ,c.oins 

,     „    ,          ,  .  .  where    deliver- 

acts,  shall  be.  from  time  to  time,  and  at  least  twice  a  able-  etc- : 
year,  covered  into  the  TreasuiT  of  the  United  States. 

SEC.  30.  That  the  minor  coins  authorized  bv  this  act  exchangeable 

for  what  ; 

may,  at  the  discretion  of  the  Director  of  the  Mint,  be   J{evif_e^L stat- 

.  '  ....  .  utes,  3o29. 

delivered  in  any  of  the  principal  cities  and  towns  of  the 
United  States,  at  the  cost  of  the  Mint,  for  transportation, 
and  shall  be  exchangeable  at  par  at  the  mint  in  Philadel- 
phia, at  the  discretion  of  the  superintendent,  for  any 
other  coins  of  copper,  bronze,  or  copper-nickel  heretofore 
authorized  by  law ;  and  it  shall  be  lawful  for  the  Treas- 
urer and  the  several  assistant  treasurers  and  depositaries 
of  the  United  States  to  redeem,  in  lawful  monev,  under  redeemable  in 

*  '  \v  HciL  sums. 

such  rules  as  may  be  prescribed  by  the  Secretary  of  the 
Treasury,  all  copper,  bronze,  and  copper-nickel  coins  au- 
thorized by  law  when  presented  in  sums  of  not  less  than 
twentv  dollars ;  and  whenever,  under  this  authority,  these  such  coinage 

.  .  to  cease  when. 

coins  are  presented  for  redemption  in  such  quantity  as 
to  show  the  amount  outstanding  to  be  redundant,  the 
Secretary  of  the  Treasury  is  authorized  and  required  to 
direct  that  such  coinage  shall  cease  until  otherwise 
ordered  by  him. 

SEC.  31.  That  parcels  of  bullion  shall  be,  from  time  to     Molting  and 

rofinmir. 

time,  transferred  bv  the  superintendent  to  the  melter  and    uevised  stat- 

1  .  utes.  .'{530. 

refiner:  a  careful  record  of  these  transfers,  noting  the 
weight  and  character  of  the  bullion,  shall  be  kept,  and 
vouchers  shall  be  taken  for  the  delivery  of  the  same,  duly 
receipted  by  the  melter  and  refiner,  and  the  bullion  thus 
placed  in  the  hands  of  the  melter  and  refiner  shall  be 
subjected  to  the  several  processes  which  may  be  neces- 
sary to  form  it  into  ingots  of  the  legal  standard,  and  of  .ingots  for 

coinage  ; 

a  quality  suitable  for  coinage. 

SEC.  3-2.  That  the  ingot.-  ><>  prepared  shall  be  assayed  : lo  ,'1 

and 

and    if  they   prove  to   be   within   the  limits   allowed   for  •-i,v.l(', 
deviation  from  the  standard,  the  assayor  shall  certify  the  »'«'*• 
fact  to  the  superintendent,  who  shall   thereupon   receipt 
for  the  same,  and  transfer  them  to  the  coiner. 


540  NATIONAL   MONETARY   COMMISSION. 

?f°ttheybdilffS      SEC.  33.  That  no  ingots  shall  be  used  for  coinage  which 

tha™'eetc'more  differ  from  the  legal  standard  more  than  the  following 

ut?s  V35e^3Stat"  proportions,  namely :  In  gold  ingots,  one-thousandth ;  in 

silver  ingots,  three-thousandths;  in  minor-coinage  alloys, 

twenty-five-thousandths,  in  the  proportion  of  nickel. 

Bars  for  pay-      gEC    34.  That  the  melter  and  refiner  shall  prepare  all 

m  e  n  t    of  de- 

Eneness  etc eir  ^ars  r60!1^1'6^  for  the  payment  of  deposits;  but  the  fine- 
Revised  stat-  ness  thereof  shall  be  ascertained  and  stamped  thereon  by 

UtGS,   oOo4. 

the  assayer ;  and  the  melter  and  refiner  shall  deliver  such 

bars  to  the  superintendent,  who  shall  receipt  for  the  same. 

ingots  for      SEC.  35.  That  the  superintendent  shall,  from  time  to 

coinage    to    be  i 

delivered  to  time,  deliver  to  the  coiner  ingcts  for  the  purpose  of  coin- 
Revised  stat-  age ;  a  careful  record  of  these  transfers,  noting  the  weight 
and  character  of  the  bullion,  shall  be  kept,  and  vouchers 
shall  be  taken  for  the  delivery  of  the  same,  duly  receipted 
by  the  coiner;  and  the  ingots  thus  placed  in  the  hands  of 
the  coiner  shall  be  subjected  to  the  several  processes  neces- 
sary to  make  from  them  coins  in  all  respects  conformable 
to  law. 
Deviations  in      SEC.   3G.  That   in   adjusting  the  weights  of  the  gold 

weights  of  gold        .  j  »  t 

coins  not  to  ex-  coins,  the  following  deviations  shall  not  be  exceeded  in  anv 

ceed,  etc. :  ~ 

Revised  stat- single  piece :  In  the  double-eagle  and  the  eagle,  one-half 

utes,  3o3;>.  . 

of  a  grain;  in  the  half-eagle,  the  three-dollar  piece,  the 
quarter-eagle,  and  the  one-dollar  piece,  one-fourth  of  a 
grain.  And  in  weighing  a  number  of  pieces  together, 
when  delivered  by  the  coiner  to  the  superintendent,  and 
by  the  superintendent  to  the  depositor,  the  deviation  from 
the  standard  weight  shall  not  exceed  one-hundredth  of 
an  ounce  in  five  thousand  dollars  in  double-eagles,  eagles, 
half-eagles,  or  quarter-eagles,  in  one  thousand  three-dol- 
lar pieces,  and  in  thousand  one-dollar  pieces. 

ofRe5spdCsItnast-  ^C"  37-  Tliat  *n  a<lj  listing  the  weight  of  the  silver  coins 
utes,  3536.  ^he  following  deviations  shall  not  be  exceeded  in  any 
single  piece:  In  the  dollar,  the  half  and  quarter  dollar, 
and  in  the  dime,  one  and  one-half  grains:  and  in  weigh- 
ing large  numbers  of  pieces  together,  when  delivered  by 
the  coiner  to  the  superintendent,  and  by  the  superintend- 
ent to  the  depositor,  the  deviations  from  the  standard 
weight  shall  not  exceed  two-hundredths  of  an  ounce  in 
one  thousand  dollars,  half-dollars,  or  quarter-dollars,  and 
one-hundredth  of  an  ounce  in  one  thousand  dimes, 
of  minor  coins.  SK<  .  3S.  That  in  adjusting  the  weight  of  the  minor 

Revised  Stnt-        .  -111,1-  i      11   i  i       • 

utes,  WAI.        coins  provided  by  this  act.  there  shall  be  no  greater  devia- 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  541 

tion  allowed  than  three  grains  for  the  five-cent  piece  and 
two  grains  for  the  three  and  one  cent  pieces. 

SEC.  39.  That  the  coiner  shall,  from  time  to  time,  as  „  Coiner  to  de- 

"  .  liver    coins    to 

coins  are  prepared,  deliver  them  to  the  superintendent,  |JJp?rin tend - 
who  shall  receipt  for  the  same,  and  who  shall  keep  a  care-    Revised  stat- 
f  ul  record  of  their  kind,  number,  and  actual  weight ;  and  utes'  3o38' 
in  receiving  coins  it  shall  be  the  duty  of  the  superintend-  ed!nand  bff  *  not 
ent  to  ascertain,  by  the  trial  of  a  number  of  single  pieces ||^lsfactory' 
separately,  whether  the  coins  of  that  delivery  are  within 
the  legal  limits  of  the  standard  weight ;  and  if  his  trials 
for  this  purpose  shall  not  prove  satisfactory,  he  shall 
cause  all  the  coins  of  such  delivery  to  be  weighed  sep- 
arately, and  such  as  are  not  of  legal  weight  shall  be  de- 
faced and  delivered  to  the  melter  and  refiner  as  standard 
bullion,  to  be  again  formed  into  ingots  and  recoined;  er 
the  whole  delivery  may,  if  more  convenient,  be  remelted. 

SEC.  40.  That  at  every  delivery  of  coins  made  bv  the    Proceedings 

at    each    deliv- 

coiner  to  a  superintendent,  it  shall  be  the  duty  of  such  ej-y  of  coins  by 

L     f  •  the  coiner  to  a 

superintendent,  in  the  presence  of  the  assayer,  to  takesuPerIntend- 
indiscriminately  a  certain  number  of  pieces  of  e'ach  variety    Revised  stat- 

*     UtGS     3530 

for  the  annual  trial  of  coins,  the  number  for  gold  coins 
being  not  less  than  one  piece  for  each  one  thousand  pieces 
or  any  fractional  part  of  one  thousand  pieces  delivered; 
and  for  silver  coins  one  piece  for  each  two  thousand  pieces 
or  any  fractional  part  of  two  thousand  pieces  delivered. 
The  pieces  so  taken  shall  be  carefully  sealed  up  in  an  en- 
velope, properly  labeled,  stating  the  date  of  the  delivery, 
the  number  and  denomination  of  the  pieces  inclosed,  and 
the  amount  of  the  delivery  from  which  they  were  taken. 
These  sealed  parcels  containing  the  reserved  pieces  shall 
be  deposited  in  a  pyx,  designated  for  the  purpose  at  each 
mint,  which  shall  be  kept  under  the  joint  cure  of  the 
superintendent  and  assayer,  and  be  so  secured  that  neither 
can  have  access  to  its  contents  without  the  presence  of  the 
other,  and  the  reserved  pieces  in  their  sealed  envelopes 
from  the  coinage  of  each  mint  shall  be  transmitted  quar- 
terly to  the  mint  at  Philadelphia.  A  record  shall  also  be 
kept  at  the  same  time  of  the  number  and  denomination  of 
the  pieces  so  taken  for  the  annual  trial  of  coins,  and  of 
the  number  and  denomination  of  the  pieces  represented 
by  them  and  so  delivered,  a  copy  of  which  record  shall  be 
transmitted  quarterly  to  the  Director  of  the  Mint.  Other 
pieces  may.  at  any  time,  be  taken  for  such  tests  as  the 
Director  of  the  Mint  shall  prescribe. 


542  NATIONAL   MONETARY  COMMISSION. 


etc?,  \Mffi:      SEC.  41.  That  the  coiner  shall,  from  time  to  time,  de- 

utes  V3SlioStat"  ^Ver  to  tne  suPermtendent  the  clippings  and  other  por- 

tions of  bullion  remaining  after  the  process  of  coining; 

and  the  superintendent  shall  receipt  for  the  same  and  keep 

a  careful  record  of  their  weight  and  character. 

charged1"  w°ith      SEC-  4-'  Tmit  tne  superintendent  shall  debit  the  coiner 

JJdited!dtol)ewith  tne  amount  in  weight  of  standard  metal  of  all  the 

Revised  stat-  bullion   placed   iii  his  hands,  and  credit  him  with  the 

utes,  3541.  .  .  „  . 

amount  in  weight  ot  all  the  coins,  clippings,  and  other 
Accounts  of  bullion  returned  bv  him  to  the  superintendent.     Once  at 

coiner   and  .  1 

meiter  and  re-  least  in  every  vear,  and  at  such  time  as  the  Director  of 

floor  to  DC  fullv  ** 

settled  at  least  the  Mint  shall  appoint,  there  shall  be  an  accurate  and  full 

once   in  each  L 

year.  settlement  of  the  accounts  of  the  coiner,  and  the  meiter 

and  refiner,  at  which  time  the  said  officers  shall  deliver  up 
to  the  superintendent  all  the  coins,  clippings,  and  other 
bullion  in  their  possession,  respectively,  accompanied  by 
statements  of  all  the  bullion  delivered  to  them  since  the 
last  annual  settlement,  and  all  the  bullion  returned  by 
them  during  the  same  period,  including  the  amount  re- 
turned for  the  purpose  of  settlement. 

enftHiamftfe     SEC.  43-  Tnat  wnen  a11  the  Coins5  clippings,  and  other 
etc.,of  toecoin-  ^u^^on  nave  ^een  delivered  to  the  superintendent,  it  shall 
nndarefinerelter  ^e  n*s  duty  to  examine  the  accounts  and  statements  ren- 
Revised  stat-  dered  by  the  coiner  and  the  meiter  and  refiner,  and  the 
difference  between  the  amount  charged  and  credited  to 
allow  aS>Te°'aD8Cack  °fncer  shall  be  allowed  as  necessary  wastage,  if  the 
es  s  a  r  y  superintendent  shall  be  satisfied  that   there  has  been  a 
bona-fide  waste  of  the  precious  metals,  and  if  the  amount 
shall  not  exceed,  in  the  case  of  the  meiter  and  refiner,  one 
thousandth  of  the  whole  amount  of  gold,  and  one  and 
one-half  thousandth  of  the  whole  amount  of  silver  de- 
livered to  him  since  the  last  annual  settlement,  and  in 
the   case   of   the   coiner,   one   thousandth   of   the   whole 
amount  of  silver,  and  one-half  thousandth  of  the  whole 
amount  of  gold  that  has  been  delivered  to  him  by  the 
superintendent;  and  all  copper  used  in  the  alloy  of  gold 
and   silver   bullion   shall   be  separately   charged   to  the 
meiter  and  refiner,  and  accounted  for  by  him. 

Balance-sheet      SEC.  4-J  .  That  it  shall  also  be  the  dutv  of  the  superin- 
to  be  forward- 

ed to  the  iM-tencIent   to  forward  a   correct   statement  of  his  balance- 
rector    of    the 

MRe'lsedSt  t  SMlH't-  :1^  ^1(>  ('1<>S(1  °f  such  settlement,  to  the  Director  of 

uics,  3543.        tjie  Mint,  who  shall  compare  the  total   amount  of  gold 

and  silver  bullion  and  coin  on  hand  with  the  total  lia- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  543 

bilities  of  the  mint.    At  the  same  time  a  statement  of  the     Expense  ac- 
count. 
ordinary-expense  account,  and  the  moneys  therein,  shall 

also  be  made  by  the  superintendent. 

SEC.  45.  That  when  the  coins  or  bars  which  are  the    payment  of 

coins  or  bars  to 

equivalent  to  any  deposit  of  bullion  are  ready  for  de-  depositors, 
livery,  they  shall  be  paid  to  the  depositor,  or  his  order,  utes,  3544.' 
by  the  superintendent ;  and  the  payments  shall  be  made, 
if  demanded,  in  the  order  in  which  the  bullion  shall  have 
been  brought  to  the  mint ;  but  in  cases  where  there  is 
delay  in  manipulating  a  refractory  deposit,  or  for  any 
other  unavoidable  cause,  the  payment  of  subsequent  de- 
posits, the  value  of  which  is  known,  shall  not  be  delayed 
thereby;  and  in  the  denominations  of  coins  delivered,  the 
superintendent  shall  comply  with  the  wishes  of  the  de- 
positor, except  when  impracticable  or  inconvenient  to 
do  so. 

SEC.  4G.  That  imparted  bullion  may  be  exchanged  at,  TJn  par  ted 

1  -  bullion  may  be 

any  of  the  mints  for  fine  bars,  on  such  terms  and  con-  exchanged. 

ditions  as  may  be  prescribed  by  the  Director  of  the  Mint,    Revjs_ed  stat- 

with  the  approval  of  the  Secretary  of  the  Treasury ;  and 

the  fineness,  weight,  and  value  of  the  bullion   received 

and  given  in  exchange  shall  in  all  cases  be  determined 

by  the  mint  assay.     The  charge  to  the  depositor  for  re-      charge  of 

"  .  .  parting. 

fining  or  parting  shall  not  exceed  that  allowed  and  de- 
ducted for  the  same  operation  in  the  exchange  of  unre- 
fined for  refined  bullion. 

SEC.  47.  That  for  the  purpose  of  enabling  the  mints  tuf  e°Treasyu  r°y 
and  the  assay-office  in  Xew  York  to  make  returns  to  de-  m°0nee/porebui- 
positors  with  as  little  delay  as  possible,  it  shall  be  the  sp'.l.'.liv'n'turns 
duty  of  the  Secretary  of  the  Treasury  to  keep  in  the  said' J£{|f^itors  of 
mints  and  assay-office,  when  the  state  of  the  Treasury  „/!'.' v-i.-!4-,stat" 

»  «-       11  LLo,    O'>-t  tj. 

will  admit  thereof,  such  an  amount  of  public  money,  or 
bullion  procured  for  the  purpose,  as  he  shall  judge  conven- 
ient and  necessary,  out  of  which  those  who  bring  bullion 
to  the  said  mints  and  assay-office  may  be  paid  the  value 
thereof,  in  coin  or  bars,  as  soon  as  practicable  after  the 
value  has  been  ascertained;  and  on  payment  thereof 
being  made,  the  bullion  so  deposited  shall  become  the, 
property  of  the  United  States;  but  the  Secretary  of  the 
Treasury  may  at  any  time  withdraw  the  fund,  or  any 
portion  thereof. 

SEC.  48.  That  to  secure  a  due  conformity  in  the  gold 
and  silver  coins  to  their  respective  standards  of  fineness 
and  weight,  the  judge  of  the  district  court  of  the  Tinted 
States  for  the  eastern  district  of  Pennsylvania,  the  Comp- 


•il  St:il- 


544  NATIONAL   MONETARY   COMMISSION. 

troller  of  the  Currency,  the  assayer  of  the  assay-oifice  at 

New  York,  and  such  other  persons  as  the  President  shall, 

when     and  from  time  to  time,  designate,  shall  meet  as  assay-corn- 

where  *  . 

missioners,  at  the  mint  in  Philadelphia,  to  examine  and 
test,  in  the  presence  of  the  Director  of  the  Mint,  the  fine- 
ness and  weight  of  the  coins  reserved  by  the  several  mints 
for  this  purpose,  on  the  second  Wednesday  in  February, 
annually,  and  may  continue  their  meetings  by  adjourn- 
if  a   majority  nient,  if  necessary ;  if  a  majority  of  the  commissioners 
shall  fail  to  attend  at  any  time  appointed  for  their  meet- 
ing, the  Director  of  the  Mint  shall  call  a  meeting  of  the 
commissioners  at  such  other  time  as  he  may  deem  con- 
Test  to  be  re- venient ;  and  if  it  shall  appear  by  such  examination  and 
factory?Sif,aetc!  test  that  these   coins  do   not   differ  from   the   standard 
fineness  and  weight  by  a  greater  quantity  than  is  allowed 
by  law,  the  trial  shall  be  considered  and  reported   as 
if  test  is  not  satisfactory ;  but  if  any  greater  deviation  from  the  legal 
fact8 to  Cbe°rre- standard  or  weight  shall  appear,  this  fact  shall  be  certi- 
ficers  in  error  fied  to  the  President  of  the  United  States;  and  if,  on  a 
ned.)e  view  of  the  circumstances  of  the  case,  he  shall  so  decide, 

the  officer  or  officers  implicated  in  the  error  shall  be 
thenceforward  disqualified  from  holding  their  respective 
offices. 

'  o\mddaof  ^the      ^EC-  ^'  That  for  the  purpose  of  securing  a  due  con- 

unked  °statese  ^orm^y  m  weignt  OT>  tne  coins  of  the  United  States  to 

the  provisions  of  this  act,  the  brass  troy-pound  weight 

procured  by  the  minister  of  the  United  States  at  London, 

Revised  stat-  in  the  year  eighteen  hundred  and  twenty-seven,  for  the 

use  of  the  Mint,  and  now  in  the  custody  of  the  mint  at 

Philadelphia,  shall  be  the  standard  troy  pound  of  the 

Mint  of  the  United   States,  conformably  to  which  the 

coinage  thereof  shall  be  regulated. 

standard      SEC.  50.  That  it  shall  be  the  duty  of  the  Director  of  the 

weights  of  eacci       . 

mint  and  assay- Mint  to  procure  for  each  mint  and  assay-office,  to  be  kept 

office  ; 

Revised  stat- safely  thereat,  a  series  of  standard  weights  corresponding 

utes,  .''.04!J. 

to  the  aforesaid  troy  pound,  consisting  of  a  one-pound 
weight  and  the  requisite  subdivisions  and  multiples 
thereof,  from  the  hundredth  part  of  a  grain  to  twenty- 
five  pounds;  and  the  troy  weights  ordinarily  employed 
in  the  transactions  of  such  mints  and  assay-offices  shall 
to  be  reguinted  be  regulated  according  to  the  above  standards  at  least 

and    tested    an-  .  ,•  P    ,1 

nuaiiy.  once  in  every  year,  under  the  inspection  ot  the  superin- 

tendent and  assayer;  and  the  accuracy  of  those  used  at 
the  mint  at  Philadelphia  shall  be  tested  annually,  in  the 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  545 

presence  of  the  assay-commissioners,  at  the  time  of  the 
annual  examination  and  test  of  coins. 

SEC.  51.  That  the  obverse  working-dies  at  each  mint    obverse  work- 
shall,  at  the  end  of  each  calendar  year,  be  defaced  andmint  toabeeade- 

i  i    i         ji  •  •        ,1  e    ,  i  •        stroyod  at,  etc. 

destroyed  bv  the  coiner  in  the  presence  of  the  superin-     itevised  stat- 

-,     '  i  utes,  3550. 

tendent  and  assayer. 

SEC.  52.  That  dies  of  a  national  character  may  be  exe-     inos  of  a  na- 
cuted  by  the  engraver,  and  national  and  other  medals 
struck  by  the  coiner  of  the  mint  at  Philadelphia,  under 
such  regulations  as  the  superintendent,  with  the  approval 
of  the  Director  of  the  Mint,  may  prescribe:  Provided.     Revised'stat- 
That  such  work  shall  not  interfere  with  the  regular  coin-  utes>  3u5L 
age  operations,  and  that  no  private  medal  dies  shall  be 
prepared  at  said  mint,  or  the  machinery  or  apparatus 
thereof  be  used  for  that  purpose. 

SEC.  53.  That  the  monevs  arising  from  all  charges  and     Moneys  from 

,     n  ,    „  *    ,,          ,      .,  i     IT  i    ,1      charges  and  de- 

dedUCtlOnS  on  and  irom  gold  and  silver  bullion  and  the duct ions,  etc., 

manufacture  of  medals,  and  from  all  other  sources,  except  into  the  Treas- 

urv  * 

as  hereinbefore  provided,  shall,  from  time  to  time,  be  cov-     Revised  stat- 
ered  into  the  Treasury  of  the  United  States,  and  no  part 

of  such  deductions  or  medal  charges,  or  profit  on  silver  or  no  part  for  sai- 

*     11  i  i     i  •          i      •  i     i  aries,  etc. 

minor  coinage,  shall  be  expended  in  salaries  or  wages;  but 

all  expenditures  of  the  mints  and  assay-offices,  not  herein    Expenditures 

,  .  •  1     -i    _e  i     11    i  •  i    j;  •       to  be  paid  from 

otherwise  provided  tor,  shall  be  paid  from  appropria- appropriations 
tions  made  by  law  on  estimates  furnished  by  the  Secretary 
of  the  Treasury. 

SEC.  54.  That  the  officers  of  the  United  States  assay- s. officers  of  as- 
office  at  Xew  York  shall  be  a  superintendent,  an  assayer,  ^"exy  York  an'J 

J       '  their     appoiut- 

and  a  melter  and  refiner,  who  shall  be  appointed  by  the  meut- 

President,  by  and  with  the  advice  and  consent  of  the 

Senate.     The  business  of  said  assav-office  shall  be  in  all..  R«sinpsa  of 

the     assay  -  of- 

respects  similar  to  that  of  the  mints,  except  that  bars  only,  Ii('p(>vNpll  SHt 
and  not  coin,  shall  be  manufactured  therein;  and  no utes' 355:5- 
metals  shall  be  purchased  for  minor  coinage.  All  bul- 
lion intended  by  the  depositor  to  be  converted  into  coins 
of  the  United  States,  and  silver  bullion  purchased  for 
coinage,  when  assayed,  parted,  and  refined,  and  its  net 
value  certified,  shall  be  transferred  to  the  mint  at  Phila- 
delphia, under  such  directions  as  shall  be  made  by  the 
Secretary  of  the  Treasury,  at  the  expense  of  the  con- 
tingent fund  of  the  Mint,  and  shall  be  there  coined,  and 
the  proceeds  returned  to  the  assay-ofliee.  And  the  Sec- 
retary of  the  Treasury  is  hereby  authori/ed  to  make  the 
necessarv  arrangements  for  the  adjustment  of  the  ac- 
counts upon  such  transfers  between  the  respective  ollices. 


546  NATIONAL   MONETARY  COMMISSION. 

of  ?u  ^Intend-     ^EC<  ^'  That  the  duties  of  the  superintendent,  assay  er, 
ent,    etc.,    of  an(j  melter  and  refiner  of  said  office  shall  correspond  to 

each  assay 

°Revi:sed  stat  tnose  °^  superintendents,  assayers,  and  melters  and  re- 

utes,  3555.       finers  of  mints;  and  all  parts  of  this  act  relating  to  mints 

and  their  officers,  the  duties  and  responsibilities  of  such 

officers,  and  others  employed  therein,  the  oath  to  be  taken, 

and  the  bonds  and  sureties  to  be  given  by  them,  (as  far 

as  the  same  may  be  applicable,)  shall  extend  to  the  assay- 

office  at  New  York,  and  to  its  officers,  assistants,  clerks, 

workmen,  and  others  employed  therein. 

their  salaries.       SEC.  56.  That  there  shall  be  allowed  to  the  officers  of  the 

Revised  Stat-  . 

ujtes,  3556,  assay-office  at  2s  ew  York  City  the  following  salaries  per 
annum  :  to  the  superintendent,  four  thousand  five  hundred 
dollars  ;  to  the  assayer,  and  to  the  melter  and  refiner,  each, 
three  thousand  dollars;  and  the  salaries  of  assistants  and 
clerks,  and  wages  to  workmen,  and  their  manner  of 
appointment,  shall  be  determined  and  regulated  as  herein 
directed  in  regard  to  mints. 


assaVslofficSes  °at     ^C'  ^'  That  the  business  at  the  branch  mint  at  Den- 
p.enver,  ,Bo.ise  ver,  while  conducted  as  an  assay-office,  and  of  the  assay- 

Clty,  and  else-         '  j  i  j 

where    to    be  office  at  Boise  City,  Idaho,   and   all  other  assay-offices 

limited  to  what.  J~  J 

u?eVsised  3558  hereafter  to  be  established,  shall  be  confined  to  the  receipt 
3559,  3560.  '  of  gold  and  silver  bullion,  for  melting  and  assaying,  to 
be  returned  to  depositors  of  the  same,  in  bars,  with  the. 
weight  and  fineness  stamped  thereon;  and  the  officers  of 
assay-offices,  when  their  services  are  necessary,  shall  con- 
sist of  an  assayer,  who  shall  have  charge  thereof,  and  a 
melter,  to  be  appointed  by  the  President,  by  and  with  the 
advice  and  consent  of  the  Senate;  and  the  assayer  may 
employ  as  many  clerks,  workmen,  and  laborers,  under  the 
direction  of  the  Director  of  the  Mint,  as  may  be  pro- 
0  ,,°^hceosn  =  «  i  vided  for  bv  law.  The  salaries  of  said  officers  shall  not 

• 


s£riesn-d  their  exceed  the  sum  of  two  thousand  five  hundred  dollars  to 
the  assayer  and  melter,  one  thousand  eight  hundred  dol- 
lars each  to  the  clerks,  and  the  workmen  and  laborers 
shall  receive  such  wages  as  are  customary,  according  to 
their  respective  stations  and  occupations. 

bond.  °ath  and  kSEC-  58-  Tnat  each  officer  and  clerk  to  be  appointed  at 
1862'ch-  128-  such  assay-offices,  before  entering  upon  the  execution  of 
his  office,  shall  take  an  oath  or  affirmation  before  some 
judge  of  the  United  States,  or  of  the  Supreme  Court,  as 
prescribed  by  the  act  of  July  second,  eighteen  hundred 
and  sixty-two,  and  each  become  bound  to  theUnited  States 
of  America,  with  one  or  more  sureties,  to  the  satisfac- 


LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.     547 

tion  of  the  Director  of  the  Mint  or  one  of  the  judges 

of  the  supreme  court  of  the  State  or  Territory  in  which 

the  same  may  be  located,  and  of  the  Secretary  of  the 

Treasury,  conditioned  for  the  faithful  performance  of 

the  duties  of  their  offices ;  and  the  said  assayers  shall  dis-     Assayers  t  o 

charge  the  duties  of  disbursing  agents  for  the  payment  agents. 

of  the  expenses  of  their  respective  assay-offices. 

SEC.  59.  That  the  general  direction  of  the  business  of    Director   of 
assay-offices  of  the  United  States  shall  be  under  the  con-  nave  'the  gen- 
trol  and  regulation  of  the  Director  of  the  Mint,  subject  of  the  assa°y 
to  the  approbation  of  the  Secretary  of  the  Treasury; etc. ;  'reguia- 
and  for  that  purpose  it  shall  be  the  duty  of  the  said  and  charges. 
Director   to   prescribe  such   regulations  and   to   require 
such  returns,  periodically  and  occasionally,  and  to  estab- 
lish  such   charges   for  melting,   parting,   assaying,   and 
stamping  bullion  as  shall  appear  to  him  to  be  necessary 
for  the  purpose  of  carrying  into  effect  the  intention  of 
this  act. 

SEC.  GO.  That  all  the  provisions  of  this  act  for  the  regu-    Provis  i  o  n  s 
lation  of  the  mints  of  the  United  States,  and  for  the  gov-  mints  to  apply 

f    ,-.  ff.  ,  -.          -,       ,     "    .       to  assay  offices. 

ernment  ol  the  officers  and  persons  employed  therein.     Revised  stat- 

utes    5457 

and  for  the  punishment  of  all  offenses  connected  with  the 
mints  or  coinage  of  the  United  States,  shall  be,  and  they 
are  hereby  declared  to  be,  in  full  force  in  relation  to  the 
assay-offices,  as  far  as  the  same  may  be  applicable  thereto. 

SEC.  61.  That  if  any  person  or  persons  shall  falsely     Pennlt/,  f°r 
J  ••   counterfeiting, 

make,  forge,  or  counterfeit,  or  cause  or  procure  to  beetc->  anv  coin 

'  .  .  .     .  ,     or  bars,  In 

falsely  made,  forged,  or  counterfeited,  or  willingly  aidsiml|1tlld£.etc.; 

'  °  •;  Revised  Stat- 

or  assist  in  falsely  making,  forging,  or  counterfeiting,  utes,  sod'. 
any  coin  or  bars  in  resemblance1  or  similitude  of  the  gold 
or  silver  coins  or  bars,  which  have  been,  or  hereafter 
may  be,  coined  or  stamped  at  the  mints  and  assay-offices 
of  the  United  States,  or  in  resemblance  or  similitude  of 
any  foreign  gold  or  silver  coin  which  by  law  is,  or  here- 
after may  be  made,  current  in  the  United  States,  or  are 
in  actual  use  and  circulation  as  money  within  the  United 
States,  or  shall  pass,  utter,  publish,  or  sell,  or  attempt ^ knowing 
to  pass,  utter,  publish,  or  sell,  or  bring  into  the  United  *t'**}\'\\  j,"1' ,,".'; 
States  from  any  foreign  place,  or  have  in  his  possession,  ^'i^011^ 
any   such    false,   forged,   or   counterfeited   coin    or   bars, colns  or  burs ; 
knowing  the  same  to  be  false,  forged,  or  counterfeited, 
every  person  so  offending  shall  be  deemed  guilty  of  fel- 
ony, and  shall,  on  conviction  thereof,  be  punished  by  fine 
not    exceeding   live   thousand    dollars,   and    by    imprison- 


548  NATIONAL  MONETABY  COMMISSION. 

ment  and  confinement  at  hard  labor  not  exceeding  ten 
years,  according  to  the  aggravation  of  the  offense, 
for  counterfeit-     gEC-  £2.  That  if  any  person  or  persons  shall  falsely 

ing,  etc.,  minor  •>  * 

t°eraign'  ^such  inake,  forge,  or  counterfeit,  or  cause  or  procure  to  be 
faRev°isedSstat  falsety  made,  forged,  or  counterfeited,  or  willingly  aid 
utes,  5458.  or  assist  in  falsely  making,  forging,  or  counterfeiting, 
any  coin  in  the  resemblance  or  similitude  of  any  of  the 
minor  coinage  which  has  been,  or  hereafter  may  be, 
coined  at  the  mints  of  the  United  States;  or  shall  pass, 
utter,  publish,  or  sell,  or  bring  into  the  United  States 
from  any  foreign  place,  or  have  in  his  possession  any 
such  false,  forged,  or  counterfeited  coin,  with  intent  to 
defraud  any  body  politic  or  corporation,  or  any  person 
or  persons  whatsoever,  every  person  so  offending  shall 
be  deemed  guilty  of  felony,  and  shall,  on  conviction 
thereof,  be  punished  by  fine  not  exceeding  one  thousand 
dollars  and  by  imprisonment  and  confinement  at  hard 
labor  not  exceeding  three  years, 
for  fraudu-  SEC.  63.  That  if  any  person  shall  fraudulently,  by  any 

lently     impair-  "    J  ,-i    ,        •  • 

ing,  etc.,  gold  art,  way,  or  means  whatsoever,  detace,  mutilate,  impair, 
rent  coins;       diminish,    falsify,   scale,   or   lighten   the   gold   or   silver 

Revised  Stat-       .  . '  i  •   i~    i     n  i,  ^       v  i 

utes,  5459.  coins  which  have  been,  or  which  shall  hereatter  be,  coined 
at  the  mints  of  the  United  States,  or  any  foreign  gold 
or  silver  coins  which  are  by  law  made  current,  or  are  in 
actual  use  and  circulation  as  money  within  the  United 
States,  every  person  so  offending  shall  be  deemed  guilty 
of  a  high  misdemeanor,  and  shall  be  imprisoned  not  ex- 
ceeding two  years,  and  fined  not  exceeding  two  thousand 
dollars. 

for      fraudu-      SEC.  64.  That  if  any  of  the  gold  or  silver  coins  which 

lently  debasing  .     -  °  . 

the     gold     or  shall  be  struck  or  coined  at  any  or  the  mints  of  the  United 

silver   coins   of  ' 

the    united  States  shall  be  debased,  or  made  worse  as  to  the  proper- 
states,  .  n     r>  11  f  M  I'  '         I 

tion   of  fine   gold   or  fine   silver   therein   contained;    or 
shall  be  of  less  weight  or  value  than  the  same  ought  to 
"eight's? etc? g ^e)  pursuant  to  the  several  acts  relative  thereto;  or  if 
any  of  the  weights  used  at  any  of  the  mints  or  assay- 
offices  of  the  United  States  shall  be  defaced,  increased, 
or  diminished  through  the  fault  or  connivance  of  any 
of  the  officers  or  persons  who  shall  be  employed  at  the 
said   mints   or   assay-offices,   with    a    fraudulent    intent; 
ernbo"/nnV"mfeT  an(^  ^  an^  °^  *ne  said  officers  or  persons  shall  embezzle 
med-iis"  et('ins'  any  °^  *ne  met'lls  which  shall  at  any  time  be  committed 
to  their  charge  for  the  purpose  of  being  coined,  or  any 
of  the  coins  which  shall  be  struck  or  coined  at  the  said 
mints,  or  any  medals,  coins,  or  other  moneys  of  said  mints 


LAWS    CONCERNING   MONEY,    BANKING,    AND   LOANS.  549 

or  assay-offices  at  any  time  committed  to  their  charge, 
or  of  which  they  may  have  assumed  the  charge,  every 
such  officer  or  person  who  shall  commit  any  or  either  of 
the  said  offenses  shall  be  deemed  guilty  of  felony,  and 
shall  be  imprisoned  at  hard  labor  for  a  term  not  less  than 
one  year  nor  more  than  ten  years,  and  shall  be  fined 
in  a  sum  not  exceeding  ten  thousand  dollars. 

SEC.  65.  That  this  act  shall  take  effect  on  the  first  day     When  act  to 
of  April,  eighteen  hundred  and  seventy-three,  when  the 
offices  of  the  treasurer  of  the  mints  in  Philadelphia,  San    office  of  treas- 

urcr     lit      etc 

Francisco,  and  New  Orleans  shall  be  vacated,  and  the  vacated.' 
assistant  treasurer  at  New  York  shall  cease  to  perform 
the  duties  of  treasurer  of  the  assay-office.    The  other  offi-     other  offi- 
cers and  employees  of  the  mints  and  assav-offices  now  continue,  'give 

Tin*  •  11  •  •  tr>          bonds,  etc. 

appointed  shall  continue  to  hold  their  respective  offices,    Revised  stat- 

utes,  3497. 

they  having  first  given  the  necessary  bonds,  until  further 
appointments  may  be  required,  the  Director  of  the  Mint 
at  Philadelphia  being  styled  and  acting  as  superintend-  superintend- 

1  ft  L  ents   to  act  as 

ent  thereof.     The  duties  of  the  treasurers  shall  devolve  treasurers. 

Treasurers  to 

as  herein  provided  upon  the  superintendents,  and  said  act  only  as  as- 

/•  sistant  treasnr- 

treasurers  shall  act  only  as  assistant  treasurers  of  the ers- 
United   States:  Provided.   That  the  salaries   heretofore  ., Claries  not 

'  .  diminished. 

paid  to  the  treasurers  of  the  mints  at  Philadelphia,  San 
Francisco,  and  New  Orleans,  acting  as  assistant  treas- 
urers, shall  hereafter  be  paid  to  them  as  "  assistant  treas- 
urers of  the  United  States,''  and  that  the  salary  of  the 
assistant  treasurer  at  New  York  shall  not  be  diminished 
by  the  vacation  of  his  office  as  treasurer  of  the  assay- 
office. 

SEC.  GO.  That  the  different  mints  and  assay-offices  au-dl£«.™*  ^,Jje 
thorized  by  this  act  shall  be  known  as  "  the  mint  of  the  <™?s  assav  of- 
United  States  at  Philadelphia,"  ''the  mint  of  the  United  ute^3495.stat" 
States  at  San  Francisco,''  "  the  mint  of  the  United  States 
at  Carson."'  "the  mint  of  the  United  States  at  Denver,'' 
"  the  United  States  assay-office  at  New  York,"  and  u  the 
United   States  assay-office  at  Boise  City,   Idaho,"  ''  the 
United  States  assay-office  at  Charlotte,  North  Carolina;" 
and  all  unexpended  appropriations  heretofore  authorized  ap^0p^",?npsd 
by  law  for  the  use  of  the  mint  of  the  United  States  at 
Philadelphia,  the  branch-mint  of  the   United   States   in 
California,  the  branch-mint  of  the  United  States  at  Den- 
ver,   the    United    States    assay-oflico    in    New    York,    the 
United  States  assay-oflice  at    Charlotte,  North   Carolina, 
and  the  United   States  assay-oflice  at    Boise  City.   Idaho, 
are  hereby  authorized  to  be  transferred  for  the  account- 


550  NATIONAL,  MONETARY  COMMISSION. 

and  use  of  the  institutions  established  and  located  re- 
spectively at  the  places  designated  by  this  act. 

be™soawcn  as     SEC-  6?-  That  tnis  act  sha11  be  known  as  the  "  Coinage 
coinage  act,  etc.  ac^  Qf  eighteen  hundred  and  seventy-three;  "  and  all  other 

o  t/  * 

acts  and  parts  of  acts  pertaining  to  the  mints,  assay-offices, 
and  coinage  of  the  United  States  inconsistent  with  the 

Prov^s^ons  °^  *^s  ac^  are  nereDy  repealed  :  Pro  vided, 
That  this  act  shall  not  be  construed  to  affect  any  act  done, 
right  accrued,  or  penalty  incurred,  under  former  acts,  but 
every  such  right  is  hereby  saved  ;  and  all  suits  and  prose- 
cutions for  acts  already  done  in  violation  of  any  former 
act  or  acts  of  Congress  relating  to  the  subjects  embraced 
in  this  act  may  be  begun  or  proceeded  with  in  like  manner 
as  if  this  act  had  not  been  passed  ;  and  all  penal  clauses 
and  provisions  in  existing  laws  relating  to  the  subjects 
embraced  in  this  act  shall  be  deemed  applicable  thereto: 
"471^  provided  further,  That  so  much  of  the  first  section 
sec.  i,  vol.  16.  of  "An  act  making  appropriations  for  sundry  civil  ex- 
penses of  the  Government  for  the  year  ending  June  thirty, 
eighteen  hundred  and  seventy-one,  and  for  other  pur- 
poses,"' approved  July  fifteen,  eighteen  hundred  and 
seventy,  as  provides  that  until  after  the  completion  and 
occupation  of  the  branch-mint  building  in  San  Francisco, 
it  shall  be  lawful  to  exchange,  at  any  mint  or  branch-mint 
of  the  United  States,  unrefined  or  imparted  bullion,  when- 
ever, in  the  opinion  of  the  Secretary  of  the  Treasury,  it 
can  be  done  with  advantage  to  the  Government,  is  hereby 
repealed. 

Approved,  February  12,  1873. 

REVISED  STATUTES  APPLICABLE  TO  THE  SUBJECT  OF 

COINAGE. 


th?Mintauof  k^EC>  343>  There  shall  be  established  in  the  Treasury 
c  F^  12,  1873,  Department  a  Bureau  of  the  Mint,  embracing  in  its 
i",  p.  424.  organization  and  under  its  control  all  mints  for  the  man- 
ufacture of  coin,  and  all  assay-offices  for  the  stamping  of 
bars,  which  are  now,  or  which  may  be  hereafter,  author- 
ized by  law.  The  chief  officer  of  the  said  Bureau  shall 
be  denominated  the  Director  of  the  Mint,  and  shall  be 
under  the  general  direction  of  the  Secretary  of  the  Treas- 
ury. He  shall  be  appointed  by  the  President,  by  and 
with  the  advu-e  and  consent  of  the  Senate,  and  shall  hold 
his  office  for  the  term  of  five  years,  unless  sooner  re- 
moved by  the  President,  upon  reasons  to  be  communi- 
cated by  him  to  the  Senate. 


LAWS    CONCERNING    MONEY,    BANKING,    AND   LOANS.  551 

SEC.  345.  The  Director  of  the  Mint  shall  have  the  gen-     Powers  of 

and  reports  by 

eral  supervision  of  all  mints  and  assav-offices,  and  shall  directors. 

I-ob.  li.',  1873, 

make  an  annual  report  to  the  Secretary  of  the  Treasury  |-_  131>4o4  2>  v- 
of  their  operations,  at  the  close  of  each  fiscal  year,  and 
from  time  to  time  such  additional  reports,  setting  forth 
the  operations  and  condition  of  such  institutions,  as  the 
Secretary  of  the  Treasury  shall  require,  and  shall  lay  be- 
fore him  the  annual  estimates  for  their  support.  And  the 
Secretary  of  the  Treasury  shall  appoint  the  number  of 
clerks,  classified  according  to  law,  necessary  to  discharge 
the  duties  of  said  Bureau. 

SEC.  3474.  No  gold  or  silver  other  than  coin  of  standard    what  coin  re- 
fineness  of  the  United  States,  shall  be  receivable  in  pav-    AUK.  «i,  1852 

*      ch    108    sec    l> 

ment  of  dues  to  the  United  States,  except  as  provided  in  vol.  10,'  pp.  '97 
section  twenty-three  hundred  and  sixty-six,  Title  "Pub-  Feb.  21,18,57 
lie  Lands,"  and  in  section  thirty-five  hundred  and  sixty-  3.  '  voi'.  11,'  p 
seven,  Title  "  Coinage,  Weights,  and  Measures." 

SEC.  3495.  The  different  mints  and  assay-offices  shall  of  ^fl'n  t^an 
be  known  as— 


First.  The  mint  of  the  United  States  at  Philadelphia.  S 

Second.  The  mint  of  the  United  States  at  San  Francisco. 

Third.  The  mint  of  the  United  States  at  Xew  Orleans. 

Fourth.  The  mint  of  the  United  States  at  Carson.  at 

Fifth.  The  mint  of  the  United  States  at  Denver.  ffiy  s  i"!  YSM! 

Sixth.  The  United  States  assay-office  at  Xew  York.        ™L  18:' 

Seventh.  The  United  States  assay-office  at  Boise  City, 

Idaho. 

Eighth.  The   United   States  assay-office  at   Charlotte, 

North  Carolina. 

NOTE.  —  For  list  of  acts  establishing  branch  mints  and  assay 
offices  see  Note  to  act  of  March  2,  1835  (4  Stat.  L.,  774),  and 
March  3,  1853  (10  Stat.  L.,  181-212). 

SEC.  3496.  The  officers  of  each  mint  shall  be  a  superin-  officers  of 
tendent,  an  assaver.  a  melter  and  refiner.and  a  coiner  ;  and,  i-vii.  1:2,1.87:*, 

e.    LSI,    seo.    3, 

for  the  mint  at  Philadelphia,  an  engraver;  all  to  be  ap-  v.  17.  p.  424. 
pointed   by  the  President,  by  and  with  the  advice  and 
consent  of  the  Senate. 

SEC.  3497.  The  superintendents  of  the  mints  at  Phila-  enfs"Pf  ('°*f°fn 
delphia.  San  Francisco,  and  Xew  Orleans  shall  be,  and  SrmSciii?!ps|)Pof 
perform  the  duties  of,  treasurers  of  said  mints  respectively,  '"/'^'//"scc  r,r> 

SEC.  3500.  Every  officer,  assistant,  and  clerk  appointed 
for  any  mint  shall,  before  he  enters  upon  the  execution 
of  his  office,  take  an  oath  before  some  judge  of  the.  United 
States,  or  judge  of  some  court  of  record  of  the  State  in 
which  such  mint  is  located,  faithfully  and  diligently  to 


552  NATIONAL,   MONETARY   COMMISSION. 

perform  the  duties  thereof;  in  addition  to  other  official 
oaths  prescribed  by  law,  such  oath,  duly  certified,  shall 
be  transmitted  to  the  Secretary  of  the  Treasury.  The 
superintendent  of  each  mint  may  require  such  oath  from 
any  of  the  employes  of  the  mint. 

(See  Sees.  1756,  1757.) 
Bonds  of  offl-     SEC.  3501.  The  superintendent,  the  assayer,  the  melter 

cers,  assistants,  .  •          -i          •  /• ' 

and  clerks.  and  refiner,  and  the  coiner  of  each  mint,  before  entering 
upon  the  execution  of  their  respective  offices,  shall  become 
bound  to  the  United  States,  with  one  or  more  sureties, 
approved  by  the  Secretary  of  the  Treasury,  in  the  sum  of 
not  less  than  ten  nor  more  than  fifty  thousand  dollars, 
with  condition  for  the  faithful  and  diligent  performance 
of  the  duties  of  his  office.  Similar  bonds  may  be  required 
of  the  assistants  and  clerks,  in  such  sums  as  the  superin- 
tendent shall  determine,  with  the  approbation  of  the 
Director  of  the  Mint ;  but  the  same  shall  not  be  construed 
to  relieve  the  superintendent  or  other  officers  from  lia- 
bility to  the  United  States  for  acts,  omissions,  or  negli- 
gence of  their  subordinates  or  employes ;  and  the  Secretary 
of  the  Treasury  may,  at  his  discretion,  increase  the  bonds 
of  the  superintendents. 

w  h  o  to  act  SEC.  3502.  Whenever  any  officer  of  a  mint  or  assay-office 
director,  super-  shall  be  temporarily  absent,  on  account  of  sickness  or  any 
other  officer.'  other  cause,  it  shall  be  lawful  for  the  superintendent,  with 
the  consent  of  such  officer,  to  appoint  some  person  attached 
to  the  mint  to  act  in  the  place  of  such  officer  during  his 
absence;  but  all  such  appointments  shall  be  forthwith 
reported  to  the  Director  of  the  Mint  for  his  approval; 
and  in  all  cases  whatsoever  the  principal  shall  be  respon- 
sible for  the  acts  of  his  representative.  In  case  of  the 
temporary  absence  of  the  superintendent,  the  chief  clerk 
shall  act  in  his  place;  in  case  of  the  temporary  absence  of 
the  Director  of  the  Mint  the  Secretary  of  the  Treasury 
may  designate  some  one  to  act  in  his  place. 

oonomi  ciu-      SEC.  3503.  The  superintendent  of  each  mint  shall  have 
ties  of  superin-    ,  ,     .  ,.     .  .  ,  ,,    ,          ~,  , 

tendcnt  s  of  the  control  thereof,  the  superintendence  or  the  officers  and 
ibiii.,Kcc.  4.  persons  employed  therein,  and  the  supervision  of  the  busi- 
ness thereof,  subject  to  the  approval  of  the  Director  of  the 
Mint.  He  shall  make  reports  to  the  Director  of  the  Mint 
at  such  times  and  according  to  such  forms  as  the  Director 
may  prescribe:  which  shall  exhibit  in  detail.  a;id  under 
appropriate  heads,  the  deposits  of  bullion,  the  amount  of 
gold,  silver,  and  minor  coinage,  and  the  amount  of  un- 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  553 

parted,  standard,  and  refined  bars  issued,  and  such  other 
statistics  and  information  as  may  be  required. 

SEC.  3504.  He  shall  keep  and  render,  quarter-yearly,  to  ma,. 
the  Director  of  the  Mint,  for  the  purpose  of  adjustment 
according  to  such  forms  as  may  be  prescribed  by  the  Sec- 
retary of  the  Treasury,  regular  and  faithful  accounts  of 
his  transactions  with  the  other  officers  of  the  Mint  and 
the  depositors;  and  shall  also  render  to  him  a  monthly 
statement  of  the  ordinary  expenses  of  the  mint  or  assay- 
office  under  his  charge.  He  shall  also  appoint  all  assist- 
ants, clerks,  one  of  whom  shall  be  designated  "  chief 
clerk,"  and  workmen  employed  under  his  superintend- 
ence ;  but  no  person  shall  be  appointed  to  employment  in 
the  office  of  the  assayer,  melter  and  refiner,  coiner,  or  en- 
graver, except  on  the  recommendation  and  nomination  in 
writing  of  those  officers,  respectively.  He  shall  forthwith 
report  to  the  Director  of  Mint  the  names  of  all  persons 
appointed  by  him,  the  duties  to  be  performed,  the  rate  of 
compensation,  the  appropriation  from  which  compensa- 
tion is  to  be  made,  and  the  grounds  of  the  appointment ; 
and  if  the  Director  of  the  Mint  shall  disapprove  the  same, 
the  appointment  shall  be  vacated. 

SEC.  3505.  Any  gold  coins  of  the  United  States,  if  re-,  coins  reduced 

*    e  in  w  e  i  g  h  t  by 

duced  in  weight  bv  natural  abrasion  not  more  than  one-  abrasion. 

J  .  Ibid.,  sec.  14. 

half  of  one  per  centum  below  the  standard  weight 
prescribed  by  law,  after  a  circulation  of  twenty  years,  as 
shown  by  the  date  of  coinage,  and  at  a  ratable  proportion 
for  any  period  less  than  twenty  years,  shall  be  received  at 
their  nominal  value  by  the  United  States  Treasury  and 
its  offices,  under  such  regulations  as  the  Secretary  of  the 
Treasury  may  prescribe  for  the  protection  of  the  Govern- 
ment against  fraudulent  abrasion  or  other  practices. 

SEC.  3500.  The  superintendent  of  each  mint  shall   r^^iKndrats 
ceive  and  safely  keep,  until  legally  withdrawn,  all  money s  ('»o  ^^  ,„{," 
or  bullion  which  shall  be  for  the  use  or  the  expenses  of  lio^{(7  sec  4 
the  mint,     lie  shall   receive   all   bullion   brought   to  the 
mint  for  assay  or  coinage;  shall  be  the  keeper  of  all  bul- 
lion or  coin  in  the  mint,  except  while  the  same  is  legally 
in  the  hands  of  other  officers:  and  shall  deliver  all  coins 
struck  at  the  mint  to  the  persons  to  whom  they  shall  bo 
legally  payable.     From  the  report  of  the  assayer  and  the 
weight  of  the  bullion,  he  shall  compute  the  value  of  each 
deposit,  and  also  the   amount    of  the  charges  or  deduc- 
tions, if  anv.  of  all  which  he  shall  give  a  detailed  memo- 
17711''— 10 .'W 


554  NATIONAL    MONETARY    COMMISSION. 

randum  to  the  depositor;  and  he  shall  also  give  at  the 
same  time,  under  his  hand,  a  certificate  of  the  net  amount 
of  the  deposit,  to  be  paid  in  coins  or  bars  of  the  same 
species  of  bullion  as  that  deposited,  the  correctness  of 
which  certificate  shall  be  verified  by  the  assayer,  who  shall 
countersign  the  same,  and  in  all  cases  of  transfer  of  coin 
or  bullion,  shall  give  and  receive  vouchers,  stating  the 
amount  and  character  of  such  coin  or  bullion. 
Duties  of  as-  gEC<  3507.  The  assaver  shall  assay  all  metals  and  bul- 

sayers.  _  "  ... 

ibid.,  sec.  5.  lion,  whenever  such  assays  are  required  in  the  operations 
of  the  mint ;  and  shall  make  assays  of  coin  or  samples  of 
bullion  whenever  required  by  the  superintendent. 

Duties  of      SEC.  3508.  The  melter  and  refiner  shall  execute  all  the 

melters  and  re- 
finers, operations  which  are  necessary  in  order  to  form  ingots  of 

Ibid.,  sec.  6.  •  te 

standard  silver  or  gold,  and  alloys  for  minor  coinage, 
suitable  for  the  coiner,  from  the  metals  legally  delivered 
to  him  for  that  purpose;  and  shall  also  execute  all  the 
operations  which  are  necessary  in  order  to  form  bars 
conformable  in  all  respects  to  the  law,  from  the  gold 
and  silver  bullion  delivered  to  him  for  that  purpose. 
He  shall  keep  a  careful  record  of  all  transactions  with 
the  superintendent,  noting  the  weight  and  character  of 
the  bullion,  and  shall  be  responsible  for  all  bullion  deliv- 
ered to  him  until  the  same  is  returned  to  the  superintend- 
ent and  the  proper  vouchers  obtained. 

Duties  of      SEC.  3500.  The  coiner  shall  execute  all  the  operations 
coiners. 

ibid.,  sec.  7.  which  are  necessary  in  order  to  form  coins,  conformable 
in  all  respects  to  the  law,  from  the  standard  gold  and 
silver  ingots,  and  alloys  for  minor  coinage,  legally  deliv- 
ered to  him  for  that  purpose:  and  shall  be  responsible 
for  all  bullion  delivered  to  him.  until  the  same  is  re- 
turned to  the  superintendent  and  the  proper  vouchers 
obtained. 
gral-ens8  °f  en~  ^EC<  ^10.  The  engraver  shall  prepare  from  the  orig- 

ibid.,sec..s.  jna}  (]jos  already  authorized  all  the  working-dies  required 
for  use.  in  the  coinage  of  the  several  minis,  and.  when 
new  coins  or  devices  are  authorized,  shall,  if  required  by 
the  Director  of  the  Mint,  prepare  the  devices,  models, 
molds,  and  matrices,  or  original  dies,  for  the  same:  but 
the  Director  of  the  Mint  shall  nevertheless  have  power, 
with  the  approval  of  the  Secretary  of  the  Treasury,  to 
engage  temporarily  for  Ihis  purpose  the  service's  of  one 
01-  more  artists,  distinguished  in  their  respective  depart- 
ment-- of  art.  who  shall  be  paid  for  such  service  from  the 
contingent  appropriation  for  the  mint  at  Philadelphia. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  555 

SEC.  3511.  The  gold  coins  of  the  United  States  shall  be    G°ld  coins  of 

.  .  the     U  n  i  ted 

a   one-dollar  piece,   which,   at  the  standard   weight  of s, tates    and 

r       .  .  5  their  weight. 

twenty-five  and  eight-tenths  grains,  shall  be  the  unit  of    lbifi-> sec- 14- 

"  '  See  act  Sept. 

value;  a  quarter-eagle,  or  two  and  a  half  dollar  piece :  R6,_  isoo,  ch. 

.  94o,    v.    '2Q,    p. 

a  three-dollar  piece ;  a  half-eagle,  or  five-dollar  piece ; 485- 
an  eagle,  or  ten-dollar  piece;  and  a  double-eagle,  or 
twenty-dollar  piece.  And  the  standard  weight  of  the 
gold  dollar  shall  be  twenty-five  and  eight-tenths  grains; 
of  the  quarter-eagle,  or  two  and  a  half  dollar  piece, 
sixty-four  and  a  half  grains;  of  the  three-dollar  piece, 
seventy-seven  and  four-tenths  grains:  of  the  half-eagle, 
or  five-dollar  piece,  one  hundred  and  twenty-nine  grains ; 
of  the  eagle,  or  ten-dollar  piece,  two  hundred  and  fifty- 
eight  grains;  of  the  double-eagle,  or  twenty-dollar  piece, 
five  hundred  and  sixteen  grains. 

SEC.  3512.  Any  gold  coins  in  the  Treasury  of  the  Recojnage  of 
United  States,  when  reduced  in  weight  by  natural  abra-  ,,Act  of'  Feb. 
sion  more  than  one-half  of  one  per  centum  below  the  i3i,  s.  14,  v. 
standard  weight  prescribed  by  law,  shall  be  recoined. 

SEC.  3513.  The  silver  coins' of  the  United  States  shall  a  ns(llvert  hce^ 
be  a  trade-dollar,  a  half-dollar,  or  fifty-cent  piece,  a  we]^j;)  sec  lr, 
quarter-dollar,  or  twenty-five-cent  piece,  a  dime,  or  ten-  3  Sf|7a5cts  ^pr" 
cent  piece;  and  the  weight  of  the  trade-dollar  shall  be^-  i78ju'iyr|->' 
four  hundred  and  twenty  grains  troy :  the  weight  of  the  18|^  act  Mar 
half-dollar  shall  be  twelve  grams  and  one-half  of  a  gram;  ?{9618v7'94chp' 
the  quarter-dollar  and  the  dime  shall  be,  respectively. G:54- 
one-half  and  one-fifth  of  the  Aveight  of  said  half-dollar. 

SEC.  3514.  The  standard  for  both  gold  and  silver  coins  standard  for 
of  the  United  States  shall  be  such  that  of  one  thousand  wins. 

11)  i  (I    SGC   13 

parts  by  weight  nine  hundred  shall  be  of  pure  metal  and 
one  hundred  of  alloy.  The  alloy  of  the  silver  coins  shall 
be  of  copper.  The  alloy  of  the  gold  coins  shall  be  of  cop- 
per, or  of  copper  and  silver:  but  the  silver  shall  in  no 
case  exceed  one-tenth  of  the  whole  alloy. 

(See  Sec.  5400.) 

SEC.  3515.  The  minor  coins  of  the  United  States  shall     Minor  coins. 

their  weight 

be  a  five-cent  piece,  a  three-cent  piece,  and  a   one-cent  and  aiioy. 

1  .  I  hid.,  see.  1(>. 

piece.     The  alloy  for  the  five  and  three  cent  piece's  shall  (  sw  act  sept. 
be  of  copper  and  nickel,  to  be  composed  of  three-fourths '.M-J.  v.  IT,,  p. 
copper  and  one-fourth  nickel.     The  alloy  of  the  one-cent 
piece  shall  be  ninety-five  per  centum  of  copper  and  five 
per  centum  of  tin  and  /inc.  in  such  proportions  as  shall  be 
determined  by  the  Director-  of  the  Mint.     The  weight  of 
the  piece  of  five  cents  shall  be  seventy-seven  and  sixteen- 


556  NATIONAL   MONETARY   COMMISSION. 

hundredths  grains  troy;  of  the  three-cent  piece,  thirty 
grains;  and  of  the  one-cent  piece,  forty-eight  grains, 
issue  of  oth-     SEC.  3516.  No  coins,  either  of  gold,  silver,  or  minor 

er  coins  prohib-       .  _     -  ' 

ited.  coinage,  shall  hereafter  be  issued  from  the  Mint  other 

Act   of  Feb. 

12,  1793,  ch'.  than  those  of  the  denominations,  standards,  and  weights 

131,    s.    17,    v. 

17.  set  forth  in  this  Title. 

(See  sets.  5457-5462.) 

uponcofnstlons  SEC.  3517.  Upon  the  coins  there' shall  be  the  following 
ibid.,  sec.  is.  devices  and  legends :  Upon  one  side  there  shall  be  an  im- 
pression emblematic  of  liberty,  with  an  inscription  of  the 
word  "  Liberty  "  and  the  year  of  the  coinage,  and  upon 
the  reverse  shall  be  the  figure  or  representation  of  an 
eagle,  with  the  inscriptions  "  United  States  of  America  " 
and  "  E  Pluribus  Unum,"  and  a  designation  of  the 
value  of  the  coin ;  but  on  the  gold  dollar  and  three-dollar 
piece,  the  dime,  five,  three,  and  one  cent  piece,  the  figure 
of  the  eagle  shall  be  omitted;  and  on  the  reverse  of  the 
silver  trade-dollar  the  weight  and  the  fineness  of  the  coin 
shall  be  inscribed. 

sliver  bars  and      ^EC.  3518.  At  the  option  of  the  owner  gold  or  silver 
ibid.,  sec.  19.  may  he  cagfc  jn^o  bars  of  fine  metal,  or  of  standard  fine- 
ness, or  imparted,  as  he  may  prefer,  with  a  stamp  upon 
the  same  designating  the  weight  and  fineness,  and  with 
such  devices  impressed  thereon  as  may  be  deemed  expe- 
dient to  prevent  fraudulent  imitation,  and  no  such  bars 
shall  be  issued  of  a  less  weight  than  five  ounces, 
coining  gold      SEC.  3519.  Any  owner  of  gold  bullion  mav  deposit  the 

bullion;     when  ^  .  • 

deposits   may  same  at  anv  mint,  to  be  formed  into  coin  or  bars  for  his 

uo  rpfusGu. 

ibid.,  sec.  20.  benefit.  It  shall  be  lawful,  however,  to  refuse  any  deposit 
of  less  value  than  one  hundred  dollars,  or  any  bullion  so 
base  as  to  be  unsuitable  for  the  operations  of  the  Mint. 
Tn  cases  where  gold  and  silver  are  combined,  if  either 
metal  be  in  such  small  proportion  that  it  cannot  be  sep- 
arated advantageously,  no  allowance  shall  be  made  to  the 
depositor  for  its  value. 

silver  bui-     SEC.  3520.  Any  owner  of  silver  bullion  mav  deposit  the 

lion      may     be  J 

received     f  o  r  same  at  any  mint,  to  be  formed  into  bars,  or  into  dollars 

forming     into  J  ' 

donarsr  trndo"°f  the  weight  of  four  hundred  and  twenty  grains  troy, 
ibid.,  sec.  21.  designated  in  this  Title  as  trade-dollars,  and  no  deposit 
of  silver  for  other  coinage  shall  be  received.  Silver  bul- 
lion contained  in  gold  deposits,  and  separated  therefrom, 
may,  however,  be  paid  for  in  silver  coin,  at  such  valua- 
tions as  may  be,  from  time  to  time,  established  by  the 
Director  of  the  Mint. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  557 

SEC.  3521.  When  bullion   is  deposited  in  any  of  the    weighing  bui- 

..,..,  .  .  .  lion     and     as- 

mmts,  it  shall   be  weighed   by  the  superintendent,  ami,  tertaining    its 

when  practicable,  in  the  presence  of  the  depositor,  to    Md.,  sec.  22. 

whom  a  receipt  shall  be  given,  which  shall  state  the  de- 

scription and  weight  of  the  bullion.     When,  however,  the 

bullion  is  in  such  a  state  as  to  require  melting,  or  the 

removal  of  base  metals,  before  its  value  can  be  ascer- 

tained, the  weight,  after  such  operation,  shall  be  con- 

sidered as  the  true  weight  of  the  bullion  deposited.     The 

fitness  of  the  bullion  to  be  received  shall  be  determined 

by  the  assayer,  and  the  mode  of  melting  by  the  melter 

and  refiner. 

SEC.  3522.  From  every  parcel  of  bullion  deposited  for  llo£ssay  of  bul' 
coinage  or  bars,  the  superintendent  shall  deliver  to  the     ri>w.,  sec.  23. 
assayer  a  sufficient  portion  for  the  purpose  of  being  as- 
sayed.   The  bullion  remaining  from  the  operations  of  the 
assay   shall   be   returned   to   the  superintendent  by   the 
assayer. 

SEC:.  35-23.  The  assayer  shall  report  to  the  superintend-  re,f0srstnyt0    *° 


ent  the  quality  or  fineness  of  the  bullion  assayed  by  him,  perintendent 

1  -•  "  •'  quality  of  bul- 

0?,  assayed 

Ibid.,  sec.  24. 


-•  "  •  quality  of  bu 

and  such  information  as  will  enable  him  to  compute  the110?,  assayed 

I  2 

amount  of  the  charges  hereinafter  provided  for,  to  be 
made  to  the  depositor. 

SEC.  3524.  The  charge  for  converting  standard  gold 
bullion  into  coin  shall  be  one-fifth  of  one  per  centum. 
The  charges  for  converting  standard  silver  into  trade- 
dollars  for  meltin  and  refinin  when  bullion  is  below 


standard,  for  toughening  when  metals  are  contained  in  ^'ig5'  s«?gg  ~' 

it  which  render  it  unfit  for  coinage,  for  copper  used  for 

alloy  when  the  bullion  is  above  standard,  for  separating 

the  gold  and  silver  when  these  metals  exist  together  in  the 

bullion,  and  for  the  preparation  of  bars,  shall  be  fixed, 

from  time  to  time,  by  the  Director,  with  the  concurrence 

of  the  Secretary  of  the  Treasury,  so  as  to  equal  but  not 

exceed,  in  their  judgment,  the  actual  average  cost  to  each 

mint  and  assay-office  of  the  material,  labor,  wastage,  and 

use  of  machinery  employed  in  each  of  the  cases  afore- 

mentioned. 

SEC.  3525.  The    assayer    shall    verify    all    calculations  ^Assaypr^o 
made  by  the  superintendent  of  the  value  of  deposits,  and,  fi<>,ns    of,    'j"' 

•'  value      of      <!<• 

if  satisfied  of  the  correctness  thereof,  shall   countersign  POR  j  ts    .ami 

ronnt.  t»  r  H  1  g  n 

the  certificate  required  to  be  given  by  the  superintendent  .  ccrtm<-:itos. 

ibid.,  sci'.  -G. 

to  the  depositor. 


558  NATIONAL   MONETARY   COMMISSION. 

Purchase  of     gEC.  3526.  In  order  to  procure  bullion  for  the  silver 

bullion  for  sll-  * 

ve  r    coinage ;  coinage  authorized  by  this  title,  the  superintendents,  with 

the  silver-profit  J  L 

fu/bid  sec  •>?  *ne  aPProval  °f  tne  Director  ot  the  Mint,  as  to  price, 
terms,  and  quantity,  shall  purchase  such  bullion  with  the 
bullion-fund.  The  gain  arising  from  the  coinage  of  such 
silver  bullion  into  coin  of  a  nominal  value  exceeding  the 
cost  thereof  shall  be  credited  to  a  special  fund  denomi- 
nated the  silver-profit  fund.  This  fund  shall  be  charged 
with  the  wastage  incurred  in  the  silver  coinage,  and  with 
the  expense  of  distributing  such  silver  coins  as  herein- 
after provided.  The  balance  to  the  credit  of  this  fund 
shall  be  from  time  to  time,  and  at  least  twice  a  year,  paid 
into  the  Treasury  of  the  United  States. 
Paying  out  gEC>  3527.  Silver  coins  other  than  the  trade-dollar 

silver  coins  for 

gold  coins  au-  shall  be  paid  out  at  the  several  mints,  and  at  the  assay- 

tliorizGd. 

ibid.,  sec.  28.  office  in  Xew  York  City,  in  exchange  for  gold  coins  at 
par,  in  sums  not  less  than  one  hundred  dollars.  It  shall 
be  lawful,  also,  to  transmit  parcels  of  the  same,  from 
time  to  time,  to  the  assistant  treasurers,  depositaries,  and 
other  officers  of  the  United  States,  under  general  regu- 
lations proposed  by  the  Director  of  the  Mint,  and  ap- 
proved by  the  Secretary  of  the  Treasury.  Nothing  herein 
contained  shall,  however,  prevent  the  payment  of  silver 
coins,  at  their  nominal  value,  for  silver  parted  from  gold, 
as  provided  in  this  Title,  or  for  change  less  than  one  dol- 
lar in  settlement  for  gold  deposits.  But  for  two  years 
after  the  twelfth  day  of  February,  eighteen  hundred  and 
seventy-three,  silver  coins  shall  be  paid  at  the  mint  in 
Philadelphia,  and  the  assay-office  in  New  York  City,  for 
silver  bullion  purchased  for  coinage,  under  such  regu- 
lations as  may  be  prescribed  by  the  Director  of  the  Mint 
and  approved  by  the  Secretary  of  the  Treasury. 

Purchase  of      SEC.  3528.  For  the  purchase  of  metal  for  the  minor 

metal    for    mi-        .  ,1         •        -i     i         .1  •       rn-,1  -,- 

nor    coinage;  coinage  authorized   by  this   line,  a  sum  not  exceeding 

the  minor-coin-  inn  •        i         PI  £    ,1         TT    -^     i 

age  profit  fund,  fifty  thousand  dollars  in  lawiuJ  money  ot  the  United 
States  shall  be  transferred  by  the  Secretary  of  the  Treas- 
ury to  the  credit  of  the  superintendent  of  the  mint  at 
Philadelphia,  at  which  establishment  only,  until  other- 
wise provided  by  law,  such  coinage  shall  be  carried  on. 
The  superintendent,  with  the  approval  of  the  Director 
of  the  Mint  as  to  price,  terms,  and  quantity,  shall  pur- 
chase the  metal  required  for  such  coinage  by  public  ad- 
vertisement, and  the  lowest  and  best  bid  shall  be  accepted, 
the  fineness  of  the  metals  to  be  determined  on  the  mint 
assay.  The  gain  arising  from  the  coinage  of  such  metals 


LAWS    CONCERNING    MONEY,    BANKING,    AND    LOANS.  559 

into  coin  of  a  nominal  value,  exceeding  the  cost  thereof, 
shall  be  credited  to  the  special  fund  denominated  the 
minor-coinage  profit  fund ;  and  this  fund  shall  be 
charged  with  the  wastage  incurred  in  such  coinage,  and 
with  the  cost  of  distributing  said  coins  as  hereinafter 
provided.  The  balance  remaining  to  the  credit  of  this 
fund,  and  any  balance  of  profits  accrued  from  minor  coin- 
age under  former  acts,  shall  be,  from  time  to  time,  and 
at  least  twice  a  year,  covered  into  the  Treasury. 

SEC.  3529.  The  minor  coins  authorized  by  this  Title     .^yery  of 

v  111   111OL     COlLlo  } 

may,  at  the  discretion  of  the  Director  of  the  Mint,  be  de-  l>e^fs°e°;  30. 
livered  in  any  of  the  principal  cities  and  towns  of  the 
United  States,  at  the  cost  of  the  Mint,  for  transportation, 
and  shall  be  exchangeable  at  par  at  the  mint  in  Philadel- 
phia, at  the  discretion  of  the  superintendent,  for  any  other 
coins  of  copper,  bronze,  or  copper-nickel  heretofore  au- 
thorized by  law.  It  shall  be  lawful  for  the  Treasurer  and 
the  several  assistant  treasurers  and  depositaries  of  the 
United  States  to  redeem,  in  lawful  money,  under  such 
rules  as  may  be  prescribed  by  the  Secretary  of  the  Treas- 
ury, all  copper,  bronze,  and  copper-nickel  coins  authorized 
by  law  when  presented  in  sums  of  not  less  than  twenty 
dollars.  Whenever,  under  this  authority,  these  coins  are 
presented  for  redemption  in  such  quantity  as  to  show 
the  amount  outstanding  to  be  redundant,  the  Secretary 
of  the  Treasury  is  authorized  and  required  to  direct  that 
such  coinage  shall  cease  until  otherwise  ordered  by  him. 

SEC.  3530.  Parcels  of  bullion  shall  be,  from  time  to     Transfer  of 
time,  transferred  b}^  the  superintendent  to  the  melter  and  mutton  into  in- 
refiner.     A  careful  record  of  these  transfers,  noting  the  S° /bid.,  sec.  31. 
weight  and  character  of  the  bullion,  shall  be  kept,  and 
vouchers  shall  be  taken  for  the  delivery  of  the  same,  duly 
receipted  by  the  melter  and  refiner.     The  bullion  thus 
placed  in  the  hands  of  the  melter  and  refiner  shall  be  sub- 
jected to  the  several  processes  which  may  be  necessary  to 
form  it  into  ingots  of  the  legal  standard,  and  of  a  qual- 
ity suitable  for  coinage. 

SKC.  3531.  The  ingots  so  prepared  shall  be  assayed.     If  .,4"^^^^ 
they  prove  to  be  within  the  limits  allowed  for  deviation  ^'j^f  ^  r, 
from  the  standard,  the  assayer  shall  certify  the  fact  to 
the  superintendent,  who  shall  thereupon  receipt  for  the 
same,  and  transfer  them  to  the  coiner. 

SKC.  353-2.  The  superintendent  shall,  from  time  to  time.  i.J^Tomer 
deliver  to  the  coiner  ingots  for  the  purpose  of  coinage,  '"y^'/111^.'  35. 
A  careful  record  of  these  transfers,  noting  the  weiirht  and 


560  NATIONAL   MONETARY   COMMISSION. 

character  of  the  bullion,  shall  be  kept,  and  vouchers  shall 
be  taken  for  the  delivery  of  the  same,  duly  receipted  by 
the  coiner.  The  ingots  thus  placed  in  the  hands  of  the 
coiner  shall  be  subjected  to  the  several  processes  necessary 
to  make  from  them  coins  in  all  respects  conformable  to 
law. 

inSofs°used  f°or      ^EC>  ^533.  No  ingots  shall  be  used  for  coinage  which 
coinage.  differ  from  the  legal  standard  more  than  the  following 

l^\d.,  sec.  33.  iii. 

proportions,  namely :  In  gold  ingots,  one  thousandth ;  in 
silver  ingots,  three  thousandths ;  in  minor-coinage  alloys, 
twenty-five  thousandths,  in  the  proportion  of  nickel. 
Preparation      gEC.  3534.  The  melter  and  refiner  shall  prepare  all  bars 

and   stamping  .  <•     i  • 

of  bars  for  pay- required  for  the  payment  or  deposits:  but  the  fineness 

ment  of  depos-    ,  „  •  .  ,  , 

its.  thereof  shall  be  ascertained  and  stamped  thereon  by  the 

assayer.     The  melter  and  refiner  shall  deliver  such  bars 
to  the  superintendent,  who  shall  receipt  for  the  same. 
Deviations      SEC.  3535.  In  adjusting  the  weights  of  the  gold  coins, 

allowed   in   ad-  .  . J     .        & 

justing  weights  the  following  deviations  shall  not  be  exceeded  in  any 

of  gold  coins.  .  °  • 

ibid.,  sec.  36.  single  piece :  In  the  double-eagle  and  the  eagle,  one-halt 
of  a  grain;  in  the  half-eagle,  the  three-dollar  piece,  the 
quarter-eagle,  and  the  one-dollar  piece,  one-fourth  of  a 
grain.     And  in  weighing  a  number  of  pieces  together, 
when  delivered  by  the  coiner  to  the  superintendent,  and 
by  the  superintendent  to  the  depositor,  the  deviation  from 
the  standard  weight  shall  not  exceed  one  hundredth  of 
an  ounce  in  five  thousand  dollars  in  double-eagles,  eagles, 
half-eagles,    or   quarter-eagles,    in    one   thousand    three- 
dollar  pieces,  and  in  one  thousand  one-dollar  pieces. 
coi?s  silver      SEC.  353G.  In  adjusting  the  weight  of  the  silver  coins 
{xbe  s\vCor7d  t<ne   following  deviations  shall  not  be  exceeded  in  any 
fmirthStft1  single  piece :  In  the  dollar,  the  half  and  quarter  dollar, 
by  acif'of '"-eii  an<^  *n  *ne  dime,  one  and  one-half  grains.    And  in  weigh - 
i'j'  p^'lo'i  VoL  *n&  CaJ  larSe  number  of  pieces  together,  when  delivered 
by  the  coiner  to  the  superintendent,  and  by  the  super- 
intendent to  the  depositor,  the  deviations  from  the  stand- 
ard weight  shall  not  exceed  two-hundredths  of  an  ounce 
in  one  thousand  dollars,  half-dollars,  or  quarter-dollars, 
and  one-hundredth  of  an  ounce  in  one  thousand  dimes, 
of  minor      SEC.  3537.  In  adjusting  the  weight  of  the  minor  coins 

coins.  .  J  ° 

/bw.,  sec.  38.  provided  by  this  Title,  there  shall  be  no  greater  devia- 
tion allowed  than  three  grains  for  the  five-cent  piece  and 
two  grains  for  the  three  and  one  cent  pieces. 

Delivery   «f      SEC.  3538.  The  coiner  shall,  from  time  to  time,  as  coins 

coins  by  coiner 

and  trial  of  a  re   prepared,  deliver  them  to  the  superintendent,  who 
/ML,  sec.  so.  shall  receipt  for  the  same,  and  who  shall  keep  a  careful 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  561 

record  of  their  kind,  number,  and  actual  weight.  In 
receiving  coins  it  shall  be  the  duty  of  the  superintendent 
to  ascertain,  by  the  trial  of  a  number  of  single  pieces 
separately,  whether  the  coins  of  that  delivery  are  within 
the  legal  limits  of  the  standard  weight ;  and  if  his  trials 
for  this  purpose  shall  not  prove  satisfactory,  he  shall 
cause  all  the  coins  of  such  delivery  to  be  weighed  sepa- 
rately, and  such  as  are  not  of  legal  \veight  shall  be  de- 
faced and  delivered  to  the  melter  and  refiner  as  stand- 
ard bullion,  to  be  again  formed  into  ingots  and  recoined ; 
or  the  whole  delivery  may,  if  more  convenient,  be 
remelted. 

SEC.   3539.  At  every  delivery  of  coins  made  bv  the.  Trial    pieces 

J  J  to  be  sealed  up 

coiner  to  a  superintendent,  it  shall  be  the  duty  of  such*11"1    transmit- 

1     .  ted  quarterly  to 

superintendent,  in  the  presence  of  the  assayer,  to  take  ^ ."J,^  at 
indiscriminately  a  certain  number  of  pieces  of  each  vari-  Ibid->  sec.  40. 
ety  for  the  annual  trial  of  coins,  the  number  for  gold 
coins  being  not  less  than  one  piece  for  each  one  thousand 
pieces  or  any  fractional  part  of  one  thousand  pieces  de- 
livered ;  and  for  silver  coins  one  piece  for  each  twro 
thousand  pieces  or  any  fractional  part  of  two  thousand 
pieces  delivered.  The  pieces  so  taken  shall  be  carefully 
sealed  up  in  an  envelope,  properly  labeled,  stating  the 
date  of  the  delivery,  the  number  and  denomination  of 
the  pieces  inclosed,  and  the  amount  of  the  delivery  from 
which  they  were  taken. 

These  sealed  parcels  containing  the  reserved  pieces 
shall  be  deposited  in  a  pyx,  designated  for  the  purpose 
at  each  mint,  which  shall  be  kept  under  the  joint  care 
of  the  superintendent  and  assayer,  and  be  so  secured  that 
neither  can  have  access  to  its  contents  without  the  pres- 
ence of  the  other,  and  the  reserved  pieces  in  their  sealed 
envelopes  from  the  coinage  of  each  mint  shall  be  trans- 
mitted quarterly  to  the  mint  at  Philadelphia.  A  record 
shall  also  be  kept  at  the  same  time  of  the  number  and 
denomination  of  the  pieces  so  taken  for  the  annual  trial 
of  coins,  and  of  the  number  and  denominations  of  the 
pieces  represented  by  them  and  so  delivered,  a  copy  of 
which  record  shall  be  transmitted  quarterly  to  the  Di- 
rector of  the  Mint.  Other  pieces  may,  at  any  time,  be 
taken  for  such  tests  as  the  Director  of  the  Mint  shall 
prescribe. 

SEC.  3540.  The  coiner  shall,  from  time  to  time,  deliver  d,  ^P"8^0* 
to  the  superintendent  the  dippings  and  other  portions     /^/..see. -u. 


562  NATIONAL   MONETARY  COMMISSION. 

of  bullion  remaining  after  the  process  of  coining;  and 

the  superintendent  shall  receipt  for  the  same  and  keep 

a  careful  record  of  their  weight  and  character. 

Yearly  settle-      SEC.  3541.  The  superintendent  shall  debit  the  coiner 

counts  of  coin-  with  the  amount  in  weight  of  standard  metal  of  all  the 

er,  and  of  melt-  i  •      i         i  i  T  • 

er  and  refiner,    bullion   placed  in  his  hands,  and  credit  him  with  the 

Ibid.,  sec.  42.  . 

amount  111  weight  of  all  the  coins,  clippings,  and  other 
bullion  returned  by  him  to  the  superintendent.  Once  at 
least  in  every  year,  and  at  such  time  as  the  Director  of 
the  Mint  shall  appoint,  there  shall  be  an  accurate  and 
full  settlement  of  the  accounts  of  the  coiner,  and  the 
melter  and  refiner,  at  which  time  those  officers  shall  de- 
liver up  to  the  superintendent  all  the  coins,  clippings, 
and  other  bullion  in  their  possession,  respectively,  ac- 
companied by  statements  of  all  the  bullion  delivered  to 
them  since  the  last  annual  settlement,  and  all  the  bullion 
returned  by  them  during  the  same  period,  including  the 
amount  returned  for  the  purpose  of  settlement. 

wastageance  f0'  k^EC'  3542>  Wnen  &U  tne  coins,  clippings,  and  other 
/bid"sec- 43- bullion  have  been  delivered  to  the  superintendent,  it  shall 
be  his  duty  to  examine  the  accounts  and  statements  ren- 
dered by  the  coiner  and  the  melter  and  refiner.  The 
difference  between  the  amount  charged  and  credited  to 
each  officer  shall  be  allowed  as  necessary  wastage,  if  the 
superintendent  shall  be  satisfied  that  there  has  been  a 
bona-fide  waste  of  the  precious  metals,  and  if  the,  amount 
shall  not  exceed,  in  the  case  of  the  melter  and  refiner,  one 
thousandth  of  the  whole  amount  of  gold,  and  one  and  one- 
half  thousandths  of  the  whole  amount  of  silver  delivered 
to  him  since  the  last  annual  settlement,  and  in  the  case  of 
the  coiner,  one-thousandth  of  the  whole  amount  of  silver, 
and  one-half  thousandth  of  the  whole  amount  of  gold  that 
has  been  delivered  to  him  by  the  superintendent.  All 
copper  used  in  the  alloy  of  gold  and  silver  bullion  shall 
be  separately  charged  to  the  melter  and  refiner,  and 
accounted  for  by  him. 

bafancf-^hoet      SEC-  354;L  Tt  sha11  also  be  tno  clllt.v  of  tlie  superiiitend- 

hy^ipeHnt.'mi-61^  to  f°rwiir(l  a  correct  statement  of  his  balance-sheet,  at 

o?ttbteMintctorthe  close  of  such  settlement,  to  the  Director  of  the  Mint; 

iiid.,sev.  -14.  w]10  sjlall  compare  the  total  amount  of  gold  and  silver 

bullion  and  coin  on  hand  with  tlur  total  liabilities  of  the 

mint.     At    the   same   time   a   statement   of  the   ordinary 

expense  account,  and  the  moneys  therein,  shall  also  be 

made  by  the  superintendent. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  563 

SEC.  3544.  When  the  coins  or  bars  which  are  the  equiva-    .Delivery  of 

1  com  or  bars  to 

lent  to  any  deposit  of  bullion  are  ready  for  delivery,  they  depositor. 

J  *  "  '  Ibid.,  sec.  45. 

shall  be  paid  to  the  depositor,  or  his  order,  by  the  superin- 
tendent•  ;  and  the  payments  shall  be  made,  if  demanded,  in 
the  order  in  which  the  bullion  shall  have  been  brought  to 
the  mint.  In  cases,  however,  where  there  is  delay  in  ma- 
nipulating a  refractory  deposit,  or  for  any  other  unavoid- 
able cause,  the  payment  of  subsequent  deposits,  the  value 
of  which  is  known,  shall  not  be  delayed  thereby.  In  the 
denominations  of  coin  delivered,  the  superintendent  shall 
comply  with  the  wishes  of  the  depositor,  except  when 
impracticable  or  inconvenient  to  do  so. 

SEC.  3545.  For  the  purpose  of  enabling  the  mints  and    Payment    in 

.  L       A  .  money     to    de- 

the  assay-office  in  JNew  lork  to  make  returns  to  depositors  posi tors  when 
with  as  little  delay  as  possible,  it  shall  be  the  duty  of  the  tamed. 
Secretary  of  the  Treasury  to  keep  in  such  mints  and 
assay-office,  when  the  state  of  the  Treasury  will  admit 
thereof,  such  an  amount  of  public  money,  or  bullion  pro- 
cured for  the  purpose,  as  he  shall  judge  convenient  and 
necessary,  out  of  which  those  who  bring  bullion  to  the 
said  mints  and  assay-office  may  be  paid  the  value  thereof, 
in  coin  or  bars,  as  soon  as  practicable  after  the  value  has 
been  ascertained.  On  payment  thereof  being  made,  the 
bullion  so  deposited  shall  become  the  property  of  the 
United  States.  The  Secretary  of  the  Treasury  may,  how- 
ever, at  any  time  withdraw  the  fund,  or  any  portion 
thereof. 

SEC.  354G.  Unparted  bullion  may  be  exchanged  at  any     Exchange  of 

r  ,-t  •    i     £       n        -\  ,  ,  ,.    .  *    imparted     bul- 

01  the  mints  tor  fine  bars,  on  such  terms  and  conditions  asikm    for    fine 
may  be  prescribed  by  the  Director  of  the  Mint,  with  the    /&'<&,  sec.  46. 
approval  of  the  Secretary  of  the  Treasury.     The  fineness, 
weight,  and  value  of  the  bullion  received  and  given  in 
exchange  shall  in  all  cases  be  determined  by  the  Mint 
assay.     The  charge  to  the  depositor  for  refining  or  parting 
shall  not  exceed  that  allowed  and  deducted  for  the  same 
operation  in  the  exchange  of  unrefined  for  refined  bullion. 

SEC.  3547.  To  secure  a  due  conformity  in  the  gold  and an^P^1e°j™e° * 
silver  coins  to  their  respective  standards  of  fineness  anda,ssay"commls' 

sioners. 

weight,  the  judge  of  the  district  court  for  the  eastern  dis-  u>i<i.,  sec.  48. 
trict  of  Pennsylvania,  the  Comptroller  of  the  Currency, 
the  assayer  of  the  assay-oflice  at  New  York,  and  such  other 
persons  as  the  President  shall,  from  time  to  time,  desig- 
nate, shall  meet  as  assay-commissioners,  at  the  mint  in 
Philadelphia,  to  examine  and  test,  in  the  presence  of  the 
Director  of  the  Mint,  the  fineness  and  weight  of  the  coins 


564  NATIONAL  MONETAKY  COMMISSION. 

reserved  by  the  several  mints  for  this  purpose,  on  the 
second  Wednesday  in  February,  annually,  and  may  con- 
tinue their  meeting  by  adjournment,  if  necessary.  If  a 
majority  of  the  commissioners  fail  to  attend  at  any  time 
appointed  for  their  meeting,  the  Director  of  the  Mint 
shall  call  a  meeting  of  the  commissioners  at  such  other 
time  as  he  may  deem  convenient.  If  it  appears  by  such 
examination  and  test  that  these  coins  do  not  differ  from 
the  standard  fineness  and  weight  'by  a  greater  quantity 
than  is  allowed  by  law,  the  trial  shall  be  considered  and 
reported  as  satisfactory.  If,  however,  any  greater  devia- 
tion from  the  legal  standard  or  weight  appears,  this  fact 
shall  be  certified  to  the  President;  and  if,  on  a  view  of 
the  circumstances  of  the  case,  he  shall  so  decide,  the  officers 
implicated  in  the  error  shall  be  thenceforward  disqualified 
from  holding  their  respective  offices. 

standard  SEC.  3548.  For  the  purpose  of  securing  a  due  con- 
troy  pound  for  .  .  .  .  <•  i  -10 

the   regulation  formitv  in  weight  of  the  coins  of  the  United  States  to 

of  coinage.  ;  °          . 

ibid.,  sec.  49.  the  provisions  of  this  Title,  the  brass  troy-pound  weight 
procured  by  the  minister  of  the  United  States  at  London, 
in  the  year  eighteen  hundred  and  twenty-seven,  for  the 
use  of  the  Mint  and  now  in  the  custody  of  the  mint  in 
Philadelphia,  shall  be  the  standard  troy  pound  of  the 
Mint  of  the  United  States,  conformably  to  which  the 
coinage  thereof  shall  be  regulated. 

standard  SEC.  3549.  It  shall  be  the  duty  of  the  Director  of  the 
mints  and  as-  Mint  to  procure  for  each  mint  and  assay-office,  to  be 

ma.,  sec.  50.  kept  safely  thereat,  a  series  of  standard  weights  cor- 
responding to  the  standard  troy  pound  of  the  Mint  of  the 
United  States,  consisting  of  a  one-pound  weight  and  the 
requisite  subdivisions  and  multiples  thereof,  from  the 
hundredth  part  of  a  grain  to  twenty-five  pounds.  The 
troy  weights  ordinarily  employed  in  the  transactions  of 
such  mints  and  assay-offices  shall  be  regulated  according 
to  the  above  standards  at  least  once  in  every  year,  under 
the  inspection  of  the  superintendent  and  assayer:  and 
the  accuracy  of  those  used  at  the  mint  at  Philadelphia 
shall  be  tested  annually,  in  the  presence  of  the  assay- 
commissioners,  at  the  time  of  the  annual  examination 
and  test  of  coins. 

Yearly    de-      SEC;.  3550.  The  obverse  working  dies  at  each  mint  shall, 

struction  of  ob-  ,  i        <•  i  i        i  \         ^    £         ^  11 

verse    working ;it  the.  end   of  each   calendar  year,   be   defaced    and   de- 
ibid.,  sec.  51.  stroyed  by  the  coiner  in  the  presence  of  the  superintendent 
and  assayer. 


LAWS   CONCERNING  MONEY,   BANKING,   AND   LOANS.  565 


SEC.  3551.  Dies  of  a  national  character  may  be  executed  ot£e 
by  the  engraver,  and  national  and  other  medals  struck  by  ™ay  ^s  truck 
the  coiner  of  the  mint  at  Philadelphia,  under  such  regu- 
lations  as  the  superintendent,  with  the  approval  of  the 
Director  of  the  Mint,  may  prescribe.     Such  work  shall 
not,  however,  interfere  with  the  regular  coinage  opera- 
tions, and  no  private  medal  dies  shall  be  prepared  at  any 
mint,  or  the  machinery  or  apparatus  thereof  be  used  for 
that  purpose. 

SEC.  3552.  The  moneys  arising  from  all  charges  and  f  M 
deductions  on  and  from  gold  and  silver  bullion  and  the  ^ 
manufacture  of  medals,  and  from  all  other  sources,  ex-  1°*?  the  Treas 
cept  as  provided  by  this  Title,  shall,  from  time  to  time,     Ibid->  sec-  5::- 
be  covered  into  the  Treasury,  and  no  part  of  such  deduc- 
tions or  metal  charges,  or  profit  on  silver  or  minor  coin- 
age, shall  be  expended  in  salaries  or  wages.     All  expendi- 
tures of  the  mints  and  assay-offices,  not  herein  otherwise 
provided  for,  shall  be  paid  from  appropriations  made  by 
law    on    estimates    furnished    by    the   Secretary    of   the 
Treasury. 

SEC.  3553.  The  business  of  the  United  States  assay-office    Business  of 

J  assay   office  at 

at  New  York  shall  be  in  all  respects  similar  to  that  of  the  New  Y°rk- 

Ibid.,  sec.  u4. 

mints,  except  that  bars  only,  and  not  coin,  shall  be  manu- 
factured therein  ;  and  no  metals  shall  be  purchased  for 
minor  coinage.  All  bullion  intended  by  the  depositor  to 
be  converted  into  coins,  of  the  United  States,  and  silver 
bullion  purchased  for  coinage,  when  assayed,  parted,  and 
refined,  and  its  net  value  certified,  shall  be  transferred  to 
the  mint  at  Philadelphia,  under  such  directions  as  shall 
be  made  by  the  Secretary  of  the  Treasury,  at  the  expense 
of  the  contingent  fund  of  the  Mint,  and  shall  be  there 
coined,  and  the  proceerls  returned  to  the  assay-office.  And 
the  Secretary  of  the  Treasury  is  hereby  authorized  to 
make  the  necessary  arrangements  for  the  adjustment  of 
the  accounts  upon  such  transfers  between  the  respective 
offices. 

SEC.  3554.  The  officers  of  the  assay-office  at  Xew  York  of 
shall  be  a  superintendent,  an  assayer,  and  a  melter  and  re-Nej 
finer:  each  of  whom  shall  be  appointed  by  the  President, 
by  arid  with  the  advice  and   consent  of  the  Senate. 

SEC.   3555.  The   duties  of  the   superintendent,  the   as-  of  ^"m^r 
saver,   and   the   melter  and   refiner  of  the   assav-oflice  at  Ne?i,Xork- 

*  lutu.f  Bet- 

Xew  York'  shall  correspond  to  those  of  superintendents, 
assayers.  and  melters  and  refiners  of  mints;  and  all  the 
provisions  of  this  Title  relating  to  mints  and  their  officers, 


566  NATIONAL  MONETAKY  COMMISSION. 

the  duties  and  responsibilities  of  such  officers,  and  others 
employed  therein,  the  oaths  to  be  taken,  and  the  bonds 
and  sureties  to  be  given  by  them,  shall  extend,  as  far  as 
the  same  may  be  applicable,  to  the  assay-office  at  New 
York,  and  to  its  officers,  clerks,  and  employes. 

***** 
Appointment     SEC.  3557.  The  appointment  and  compensation  of  as- 

and  salaries  of  11  •       ,1  n>  ,    v 

assistants  and  sistants,  clerks,  and  workmen  in  the  assay-omce  at  rsew 

employees   at  7  . 

New  York.       York  shall  be  regulated  in  the  same  manner  as  is  pre- 

Ibid.,  sec.  56.         .,      _   . 

scribed  in  regard  to  mints. 

Business   of     SEC.  3558.  The  business  of  the  mint  of  the  United 
and'  assay  States  at  Denver,  while  conducted  as  an  assay-office,  that 

offices  at  Boise  n    _  rt,  _    .         _.c  t    ,1 

City  and  char-  of  the  United  States  assay-omce  at  Boise  City,  and  that 

n'id.,  sec.  57.  of  any  other  assay-offices  hereafter  established,  shall  be 

confined  to  the  receipt  of  gold  and  silver  bullion,  for 

melting  and  assaying,  to  be  returned  to  depositors  of  the 

same,   in  bars,  with  the  weight  and  fineness  stamped 

thereon. 

Appointment     SEC.  3559.  The  officers  of  the  assay-offices  embraced  by 

of     officers     at  .  .-,     • 

Denver,    Boise  the  preceding  section  shall  be,  when  their  respective  serv- 

City.  and  Char-  .  ?  L 

lotte.  ices  are  required,  an  assaver  and  a  melter:  each  ot  whom 

Ibid.,  sec.  57.  •        '  -i  i          i    *  T->        •  i  -i        •   i       i 

shall  be  appointed  by  the  1  resident,  by  and  with  the  ad- 
vice and  consent  of  the  Senate.  Their  salaries  shall  not 
exceed  two  thousand  five  hundred  dollars  a  year  each. 

Powers    and      SEC.  3560.  The  assaver  at  each  of  the  assav-offices  em- 
duties    of    as-  .  t 
savers   at   as-  braced  bv  section  thirty-five  hundred  and  fiftv-eight,  shall 

S8.V    offiCGS  "  * 

/bw.,    sees,  have  general  charge  of  the  office:  and  may  employ,  under 

the  direction  of  the  Director  of  (ho  Mint,  such  clerks, 

workmen,  and  laborers  as  may  be  authorized  therefor  by 

law;  and  shall  discharge  the  duties  of  disbursing  agent 

Compensation  for  the  expenses  of  the  office  under  his  charge.     The  sal- 

of  employees.  .  -1,11111  -i  i  -i       •     i 

aries  paid  to  clerks  shall  not  exceed  one  thousand  Jigm 
hundred   dollars  a   year  each.     Workmen    and   laborers 
shall  receive  such  wages  as  are  customary  according  to 
their  respective  stations  and  occupations. 
Bond  and  oath      SEC.  3501.  Each  officer  and  clerk  appointed  at  either 

of    officer    and  „  .  ,   .  „ 

clerk.  r    of  the  assay-olhces  embraced   by  section  thirty-five  hun- 

dred and  fifty-eight  shall,  before  entering  upon  the  duties 
of  his  office,  take  an  oath  pursuant  to  the  provisions  of 
Title  XIX.  "PROVISIONS  J/YY,)7.V/Y  |  AIMM/ICAULK]  TO 
SEVERAL  CLASSES  OF  OFFICERS/'  and  shall  give  ii  bond  to  the 
United  States,  with  one  or  more  sureties,  satisfactory  to 
the  Director  of  the  Mint  or  to  one  of  the  judges  of  the 
supreme  court  of  the  State  or  Territory  in  which  the 


LAWS    CONCERNING   MONEY,   BANKING,   AND   LOANS.  567 

office  to  which  he  is  appointed  is  located,  conditioned  for 
the  faithful  performance  of  his  duties. 

(See  sections  1756,  1757.) 

(The  act  of  February  18,  1875,  substitutes  the  word 
':  offices  "  for  "  officers."  See  also  the  act  of  February  27, 
1877,  as  to  word  applying  and  applicable.) 

SEC.  3562.  All  provisions  of  law  for  the  regulation  of  jn^  *0W^  feiat- 
mints,  the  government  of  officers  and  persons  employed  saveofficesto  as 
therein,  and  for  the  punishment  of  all  offenses  connected  Ibi(L> sec-  60- 
with  mints  or  coinage,  shall  extend  to  all  assay-offices  as  staf^tes^Je8^ 
far  as  applicable.  5400.] 

SEC.  3563.  The  money  of  account  of  the  United  States  t  c^ci™salt  |ybs; 
shall  be  expressed  in  dollars  or  units,  dimes  or  tenths,  lished. 

Apr.    -;,  1 1  y-, 

cents,  or  hundredths,  and  mills  or  thousandths,  a  dime  ^^is,  f.^so, 

being  the  tenth  part  of  a  dollar,  a  cent  the  hundredth 

part  of  a  dollar,  a  mill  the  thousandth  part  of  a  dollar; 

and  all  accounts  in  the  public  offices  and  all  proceedings 

in  the  courts  shall  be  kept  and  had  in  conformity  to  this 

regulation. 

SEC.  3564.  The  value  of  foreign  coin  as  expressed  in  the  .  value  of  for- 
money  of  account  of  the  United  States  shall  be  that  of  ascertained.^ 
the  pure  metal  of  such  coin  of  standard  value ;  and  the  ch'.  268,  sec.  i^ 
values  of  the  standard  coins  in  circulation  of  the  various 
nations  of  the  world  shall  be  estimated  annually  by  the 
Director  of  the  Mint,  and  be  proclaimed  on  the  first  day 
of  January  by  the  Secretary  of  the  Treasury. 

SEC.  3565.  In  all  payments  by  or  to  the  Treasury,  value  of  the 
whether  made  here  or  in  foreign  countries,  where  it  be-  pound  sterling. 

,  ,  »    ,  .  Ibid.,  sec.  2. 

comes  necessary  to  compute  the  value  or  the  sovereign  or 
pound  sterling,  it  shall  be  deemed  equal  to  four  dollars 
eighty-six  cents  and  six  and  one-half  millls,  and  the  same 
rule  shall  be  applied  in  appraising  merchandise  imported 
where  the  value  is,  by  the  invoice,  in  sovereigns  or  pounds 
sterling,  and  in  the  construction  of  contracts  payable  in 
sovereigns  or  pounds  sterling;  and  this  valuation  shall 
be  the  par  of  exchange  between  Great  Britain  and  the 
United  States;  and  all  contracts  made  after  the  first  day 
of  January,  eighteen  hundred  and  seventy-four,  based  on 
an  assumed  par  of  exchange  with  Great  Britain  of  fifty- 
four  pence  to  the  dollar,  or  four  dollars  forty-four  and 
four-ninths  cents  to  the  sovereign  or  pound  sterling,  shall 
be  null  and  void. 

SKC.  3566.  All  foreign  gold  and  silver  coins  received  in  f(1,!^™'™fIfsof 
payment  for  moneys  due  to  the  United  States  shall,  be-  Foll  0  17;):?> 
fore  being  issued  in  circulation,  be  coined  anew.  (vl1-,  ''•  ^Ij'/  ./,'• 

1S57,  ch.  [><;,' see.  ".  v.'  XL 


568  NATIONAL   MONETARY   COMMISSION. 

.  3567.  The  pieces  commonly  known  as  the  quarter, 


dfe5621sec85if  eighth?  and  sixteenth  of  the  Spanish  pillar  dollar,  and  of 
v-  XI-  the  Mexican  dollar,  shall  be  receivable  at  the  Treasury 

of  the  United  States,  and  its  several  offices,  and  at  the 
several  post-offices  and  land-offices,  at  the  rates  of  valua- 
tion following:  the  fourth  of  a  dollar,  or  piece  of  two 
reals,  at  twenty  cents  ;  the  eighth  of  a  dollar,  or  piece  of 
one  real,  at  ten  cents;  and  the  sixteenth  of  a  dollar,  or 
half-real,  at  five  cents. 
Their  trans-  SEC.  35G8.  The  Director  of  the  Mint,  with  the  approval 

mission  for  re-  .•*•* 

coinage  of  the  Secretary  of  the  Treasury,  may  prescribe  such 

ch.  so,  sec.  '2,  regulations  as  are  necessary  and  proper,  to  secure  the 
transmission  of  the  coins  mentioned  in  the  preceding 
section  to  the  mint  for  recoinage,  and  the  [re]  turn  or 
distribution  of  the  proceeds  thereof,  when  deemed  ex- 
pedient, and  may  prescribe  such  forms  of  account  as  are 
appropriate  and  applicable  to  the  circumstances.  The 
expenses  incident  to  such  transmission  or  distribution, 
and  of  recoinage,  shall  be  charged  against  the  account  of 
silver  profit  and  loss,  and  the  net  profits,  if  any,  shall 
be  paid,  from  time  to  time,  into  the  Treasury. 

(The  act  of  February  27,  1877.  substitutes  the  word 
';  return  ''  for  "  turn/') 
Foreign  coins.      gEC-  3584.  Xo  foreign,  gold  or  silver  coins  shall  be  a 

r  Ph.  Jlt  1  o 


.        t  , 

11   °'  ic1}3'  v'  ^e£al  tender  in  payment  of  debts. 

Gold  coins  of     SEC.  3585.  The  gold  coins  of  the  United  States  shall  be 

states.  a  legal  tender  in  all  payments  at  their  nominal  value 

ch.  131,  sec.  14)  when  not  below  the  standard  weight  and  limit  of  toler- 

V°Mar.'3?'i875|  ance  provided  by  law  for  the  single  piece,  and,  when  re- 

lis/p.  '470.  '  v'duced  in  weight  below  such  standard  and  tolerance,  shall 

be  a  legal  tender  at  valuation  in  proportion  to  their  actual 

weight. 

SEC.  3580.  The  silver  coins  of  the  United  States  shall 


states  j)e  a  iQgul  tender  at  their  nominal  value  for  any  amount 

r  f*i>.  1  —  ,  IcH  •>,  ** 

p._m,  s.  i5;>v.  not.  exceeding  five  dollars  in  any  one  payment. 

Mar.  3,"l875,  C.  143,  s.  2,  v.  18,  p.  470. 

Minor  coins.      $Ec.  3587.  The  minor  coins  of  the  United  States  shall 

Ibid.,  sec.  1<». 

be  a  legal  tender,  at  their  nominal  value  for  any  amount 

not  exceeding  twenty-five  cents  in  any  one  payment. 

Certain  mints        /~i  n-/,'.     rm  j          /     /^  r\'  L  i       i    T^V 

and  assay  of-  .SEC.  3;>!)2.  The  mints  at  Carson  City,  and  at  Denver, 
positories.6  "'and  the  assay-oflice  at  Boise  City,  shall  be  places  of  de- 
rA.?o  2s'  58Gv'P°s^  f°r  sm'n  P11^!'0  moneys  as  the  Secretary  of  the 
Mar  Ps'  f>i.sr!::'r^ronsur.v  lna.v  (''re('^ 

<•.  !><;,  s.'.r>,  v.  12,  p.  770.      FVI).  1!»,  ISC,!),  c.  ::.'!,  s.  4,  v.  15,  p.  271.      Feb. 

12,  J87o,  c.  i:;i,  ss.  c,r>,  w,  v.  17,  p.  4:;r>. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  569 

SEC.  3594.  The  superintendent  of  the  mint  at  Carson   superintend- 
ent of  mint  at 

City,  and  the  superintendent  of  the  assaj-  -office  at  Boise  £n^r  |°gn  citj 
City,  shall  be  assistant  treasurers  of  the  United  States, £9®  at  'noise 

J  '  '  City    to   be   as- 

and  shall  respectively  have  the  custody  and  care  of  all^stant  treas- 
public  moneys  deposited  therein,  and  shall  perform  all  thec  APJJ-  -i.  1^62, 
duties  required  of  them  in  reference  to  the  receipt,  safe-  y^  PS-  3| 3 • 
keeping,  transfer,  and  disbursement  of  all  such  moneys,^96-  *-fyjf' 
as  provided  by  law.  f^s1!'  i869' 

15.  p.  271  ;  Mar.  3,  1871,  c.  113,  s.  1,  v.  16,  p.  485.     Feb.  12,  1873    c" 
131,  ss.  65,  66,  v.  17,  p.  435. 

SEC.  3651.  No  exchange  of  funds  shall  be  made  bv  anv ,  Exchange  of 

"  funds    restrlct- 

disbursing  officer  or  agent  of  the  Government,  of  anyed^i]<r  fi 
grade  or  denomination   whatsoever,   or  connected   with  £•  90*  «•  '-®<  v! 

9.  p.  64.      Feb. 

any  branch  of  the  public  service,  other  than  an  exchange  22,^862,  c.  33, 
for  gold,  silver,  United  States  notes,  and  national-bank  345.'  Juiy'n, 

'  .  7  1SG2,  c.  142,  s. 

notes;  and  every  such  disbursing  officer,  when  the  means  1.  v.  12,  p-532. 
for  his  disbursements  are  furnished  to  him  in  gold,  silver.  ?-(>73'  «.  i  v. 
United  States  notes,  or  national-bank  notes,  shall  make  -Tune  3,  1864, 

'  c.  106,  s.  23,  v. 

his  payments  in  the  monevs  so  furnished :  or  when  they  13.  P.  100. 

1 „    "'     .    ,  .  J       United  States 

are  furnished  to  him  in  drafts,  shall  cause  those  drafts  *<••    city   Hank 

.  „  ( 6  M  c  L  e  n  n . 

to  be  presented  at  their  place  of  payment,  and  properly  13°>- 
paid  according  to  law,  and  shall  make  his  payments  in 
the  money  so  received  for  the  drafts  furnished,  unless, 
in  either  case,  he  can  exchange  the  means  in  his  hands 
for  gold  and  silver  at  par.  And  it  shall  be  the  duty  of 
the  head  of  the  proper  Department  immediately  to  sus- 
pend from  duty  any  disbursing  officer  or  agent  who  vio- 
lates the  provisions  of  this  section,  and  forthwith  to  re- 
port the  name  of  the  officer  or  agent  to  the  President, 
with  the  fact  of  the  violation,  and  all  the  circumstances 
accompanying  the  same,  and  within  the  knowledge  of 
the  Secretary,  to  the  end  that  such  officer  or  agent  may 
be  promptly  removed  from  office,  or  restored  to  his  trust 
and  the  performance  of  his  duties,  as  the  President  may 
deem  just  and  proper. 

SEC.  3697.  The  Secretary  of  the  Treasury  is  authorized,    Redemption 

"  of    6    per    cent 

with  any  coin  in  the  Treasury  which  he  may  lawfully  bonds- 
apply  to  such  purpose,  or  which  may  be  derived  from  the  J870-*:-  -r'!;-_.!t- 

1  l    "  l        1  .  •  _  4,  v.  10.  p.  -i". 

sale  of  any  of  the  bonds  which  he  may  be  authorized  to 
dispose  of  for  that  purpose,  to  pay  at  par  and  cancel  any 
six  per  centum  bonds  of  the  United  States  of  the  kind 
known  as  five-twenty  bonds,  which  have  become  or  shall 
hereafter  become  redeemable  by  the  terms  of  their  issue. 
But  the  particular  bonds  so  to  be  paid  and  canceled  shall 
in  all  cases  be  indicated  and  specified  by  class,  date,  and 
number,  in  the  order  of  their  numbers  and  issue,  begin- 
15712°— 10- — 37 


' 


570  NATIONAL   MONETARY   COMMISSION. 

ning  with  the  first  numbered  and  issued,  in  a  public  notice 
to  be  given  by  the  Secretary  of  the  Treasury,  and,  in  three 
months  after  the  date  of  such  public  notice,  the  interest 
on  the  bonds  so  selected  and  advertised  to  be  paid  shall 
cease. 

Purchase  of     SEC.  3700.  The  Secretary  of  the  Treasury  may  purchase 
'a  r  .  17,  coin  with  any  of  the  bonds  or  notes  of  the  United  States, 

1862,  c.   45,   s.  -,   , 

i,  v.  12,  p.  3-0.  authorized  by  law,  at  such  rates  and  upon  such  terms  as 

he  may  deem  most  advantageous  to  the  public  interest. 
counterfeit-     Section  5457,  as  codified  in  section  163  of  the  Penal 

ing  gold  or  sil- 

ver  coins  o  r  Code  of  the  United  States.  March  4,  1909  (35  Stat.  L., 

bars. 

1119): 

Whoever  shall  falsely  make,  forge,  or  counterfeit,  or 
cause  or  procure  to  be  falsely  made,  forged,  or  counter- 
feited, or  shall  willingly  aid  or  assist  in  falsely  making, 
forging,  or  counterfeiting  any  coin  or  bars  in  resemblance 
or  similitude  of  the  gold  or  silver  coins  or  bars  which  have 
been,  or  hereafter  may  be,  coined  or  stamped  at  the  mints 
and  assay  offices  of  the  United  States,  or  in  resemblance 
or  similitude  of  any  foreign  gold  or  silver  coin  which  by 
law  is,  or  hereafter  may  be,  current  in  the  United  States, 
or  are  in  actual  use  and  circulation  as  money  within  the 
United  States  ;  or  whoever  shall  pass,  utter,  publish,  or 
sell,  or  attempt  to  pass,  utter,  publish,  or  sell,  or  bring 
into  the  United  States  or  any  place  subject  to  the  jurisdic- 
tion thereof,  from  any  foreign  place,  knowing  the  same  to 
be  false,  forged,  or  counterfeit,  with  intent  to  defraud  any 
body  politic  or  corporate,  or  any  person  or  persons  whom- 
soever, or  shall  have  in  his  posses-ion  any  such  false, 
forged,  or  counterfeited  coin  or  bars,  knowing  the  same 
to  be  false,  forged,  or  counterfeited,  with  intent  to  de- 
fraud any  body  politic  or  corporate,  or  any  person  or  per- 
Punishment  sons  whomsoever,  shall  be  fined  not  more  than  five  thou- 

f  or.  . 

sand  dollars  and  imprisoned  not  more  than  ten  years. 

Section  5458,  as  codified  in  section  164  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 
1119)  : 

Counterfeit-      Whoever  shall   falsely  make,  forgo,  or  counterfeit,  or 
1  n  g     m  i  n  o  r  •  D  ' 

coins.  cause  or  procure  to  be  falsely  made,  forged,  or  counter- 

feited. or  shall  willingly  aid  or  assist  in  falsely  making, 
forging,  or  counterfeiting  any  coin  in  the  resemblance  or 
similitude  of  any  of  the  minor  coins  which  have  been,  or 
hereafter  may  be.  coined  at  the  mints  of  the  Cnited  States; 
or  Avhoever  shall  pass,  utter,  publish,  or  sell,  or  bring 
into  the  United  States  or  any  place  subject  to  the  juris- 


LAWS   CONCEKNING  MONEY,   BANKING,   AND   LOANS.  571 

diction  thereof,  from  any  foreign  place,  or  have  in  his 
possession  any  such  false,  forged,  or  counterfeited  coin, 
with  intent  to  defraud  any  person  whomsoever,  shall  be 
fined  not  more  than  one  thousand  dollars  and  imprisoned 
not  more  than  three  }'ears. 

Section  5459,  as  codified  in  section  165  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L.,  ^  t e  n » n  s 

1119)  : 

"Whoever,  fraudulently,  by  any  art,  way,  or  means, 
shall  deface,  mutilate,  impair,  diminish,  falsify,  scale, 
or  lighten,  or  cause  or  procure  to  be  fraudulently  defaced, 
mutilated,  impaired,  diminished,  falsified,  scaled,  or  light- 
ened, or  willingly  aid  or  assist  in  fraudulently  defacing, 
mutilating,  impairing,  diminishing,  falsifying,  scaling, 
or  lightening,  the  gold  or  silver  coins  which  have  been,  or 
which  may  hereafter  be,  coined  at  the  mints  of  the  United 
States,  or  any  foreign  gold  or  silver  coins  which  are  by 
law  made  current  or  are  in  actual  use  or  circulation  as 
money  within  the  United  States  or  in  any  place  subject 
to  the  jurisdiction  thereof;  or  whoever  shall  pass,  utter,  62Jo1-  29>  p- 
publish,  or  sell,  or  attempt  to  pass,  utter,  publish,  or  sell, 
or  bring  into  the  United  States  or  any  place  subject  to  the 
jurisdiction  thereof,  from  any  foreign  place,  knowing  the 
same  to  be  defaced,  mutilated,  impaired,  diminished, 
falsified,  scaled,  or  lightened,  with  intent  to  defraud  any 
person  whomsoever,  or  shall  have  in  his  possession  any 
such  defaced,  mutilated,  impaired,  diminished,  falsified, 
scaled,  or  lightened  coin,  knowing  the  same  to  be  defaced, 
mutilated,  impaired,  diminished,  falsified,  scaled,  or  light- 
ened, with  intent  to  defraud  any  person  whomsoever, 
shall  be  fined  not  more  than  two  thousand  dollars  and  Punishment 

for. 

imprisoned  not  more  than  five  years. 

Section  5460.  as  codified  in  section  166  of  the  Penal     p  chasing 

coins  by  officers 

Code  of  the  United  States,  March  4.  1000   (35  Stat.  L.,  of  the  mint. 

1120)  : 

If  any  of  the  gold  or  silver  coins,  struck  or  coined  at  any 
of  the  mints  of  the  United  States  shall  be  debased,  or 
made  worse  as  to  the  proportion  of  fine  gold  or  fine  silver 
therein  contained,  or  shall  be  of  less  weight  or  value  than 
the  same  ought  to  be.  pursuant  to  law,  or  if  any  of  the 
scales  or  weights  used  at  any  of  the  mints  or  assay  offices 
of  the  United  States  shall  be  defaced,  altered,  increased, 
or  diminished  through  the  fault  or  connivance  of  anv  oili- 
cer  or  person  employed  at  the  said  mints  or  assay  offices, 


572  NATIONAL,   MONETARY   COMMISSION. 

with  a  fraudulent  intent  ;  or  if  any  such  officer  or  person 
shall  embezzle  any  of  the  metals  at  any  time  committed 
to  his  charge  for  the  purpose  of  being  coined,  or  any  of 
the  coins  struck  or  coined  at  the  said  mints,  or  any  medals, 
coins,  or  other  moneys  of  said  mints  or  assay  offices  at  any 
time  committed  to  his  charge,  or  of  which  he  may  have 
assumed  the  charge,  every  such  officer  or  person  who  com- 
mits any  of  the  said  offenses  shall  be  fined  not  more  than 
Punishment  ten  thousand  dollars  and  imprisoned  not  more  than  ten 

for. 

years. 
Making  or  ut-     Section  54G1,  as  codified  in  section  167  of  the  Penal 

t  c  r  i  D  2"  coins 

resembling  Code  of  the  United  States,  March  4.  1901)  (35  Stat.  L., 
1120)  : 

Whoever,  except  as  authorized  by  law,  shall  make  or 
cause  to  be  made,  or  shall  utter  or  pass,  or  attempt  to  utter 
or  pass,  any  coins  of  gold  or  silver  or  other  metal,  or 
alloys  of  metals,  intended  for  the  use  and  purpose  of  cur- 
rent money,  whether  in  the  resemblance  of  coins  of  the 
United  States  or  of  foreign  countries,  or  of  original  de- 
runishmentsign,  shall  be  fined  not  more  than  three  thousand  dollars, 

or  imprisoned  not  more  than  five  years,  or  both. 
Making  or  ut-      Section  54G2,  as  codified  in  section  1G8  of  the  Penal 

tering  devices 

of  minor  coins.  Code  of  the  United  States.  March  4,  1909   (35  Stat.  L., 
1120)  : 

Whoever,  not  lawfully  authorized,  shall  make,  issue,  or 
pass,  or  cause  to  be  made,  issued,  or  passed,  any  coin, 
card,  token,  or  device  in  metal,  or  its  compounds,  which 
may  be  intended  to  be  used  as  money  for  any  one-cent, 
two-cent,  three-cent,  or  five-cent  piece,  now  or  hereafter 
authorized  by  law,  or  for  coins  of  equal  value,  shall  be 
Punishment  fined  not  more  than  one  thousand  dollars  and  imprisoned 

for. 

not  more  than  live  years. 

ACTS   SUBSEQUENT   TO   THE   REVISED   STATUTES. 

ACT   OF  JANUARY  20.   1ST4. 
is  stnt.  L.,  CHAP.  19.  —  An  act  authorizing  coinaqc  /o  !>c  executed  at 

pt.    8,   p.    0.  .  .  ,        '  , 

the  mints  of  the  united  States  for  f»i'<  i</n  countries. 

/>'<  it  enacted  l>y  the  Senate  and  Honxe  of  Iu'iti-c*enfa- 
tii'cs  of  the  I  nitcd  States  of  America  in  C  out/Text  <iKxcni- 
'  That    i(   sllill]   IK>  1:lwf"1   f»i'  coinae  lo  be  executed 


states^'mints  d  a^  ^'n(>  m'n^s  °f  ^ne  United  Stales,  for  any  foreign  coun- 
try applying  for  the  same,  according  to  the  legally  pre- 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  573 

scribed  standards  and  devices  of  such  country,  under  such 
regulations  as  the  Secretary  of  the  Treasury  may  pre- 
scribe ;  and  the  charge  for  the  same  shall  be  equal  to  the 
expenses  thereof,  including  labor,  materials,  and  use  of 
machinery,  to  be  fixed  by  the  Director  of  the  Mint,  with 
the  approval  of  the  Secretary  of  the  Treasury:  Provided,     Proviso. 
That  the  manufacture  of  such  coin  shall  not  interfere 
with  the  required  coinage  of  the  United  States. 
Approved,  January  29,  1874. 

ACT  OF  MAY  12,  1874. 
CHAP.  168. — An  act  to  establish  an  assaii-ofjice  at  Helena,     is  stat.  L., 

pt.  3,  p.  45. 

in  the  Territory  of  Montana. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  Secretary  of  the  Treasury  is  hereby  au- 
thorized and  required  to  establish  an  assay-office  at  Hel- 
ena, in  the  Territory  of  Montana,  the  said  assay-office  to  Assay  office 

.    "      -  ..  ni  ...at    Helen  a, 

be  conducted   under  the  provisions  ol  the   act  entitled  Mont. 

1    ...  1873,  ch.  131, 

An  act  revising  and  amending  the  laws  relative  to  the  Vol.   xvu,   p. 
mints,  assay-offices,  and  coinage  of  the  United  States," 
approved  February  twelfth,  eighteen  hundred  and  sev- 
enty-three. 

*  *  *  *  * 

Approved,  May  12,  1874. 

ACT  OF  JUNE  22,  1874. 
CHAP.  411). — An  act  authorhinq  1he  transfer  of  a  old  mint     is  st?,t,:.,L-> 

pt.  3,  p.  202. 

bars  from   the   bullion   fund  of   1he  asmtij   office  Xeu' 
York  to  the  Assistant  Treasurer  at  New  York. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  Secretary  of  the  Treasury  may,  from  time  Transferor 

/  •  -  "  gold  mint   bars 

to  time,  transfer  to  the  office  of  the  Assistant  Treasurer'0  assistant 

t  re as n  rer    at 

at   Xe\v    York   from   the  bullion    fund  of  the  assay  office  New  York- 
at  New  York,  refined  gold  bars  bearing  (he,  United  States 
stamp  of  fineness,   weight    and    value,  or  bars  from   any 
melt  of  foreign  gold  coin  or  bullion  of  standard  equal  to 


574  NATIONAL  MONETARY  COMMISSION. 

May  be  ap- or  above  that  of  the  United  States  and  may  apply  the 

demption  of  same  to  the  redemption  of  coin  certificates  or  in  exchange 

cates,  etc.         for  gold  coins  at  not  less  than  par  and  not  less  than  the 

market    value   subject   to   such   regulations   as   he  may 

prescribe. 

Approved,  June  22,  1874. 

ACT  OF  JANUARY  14,  1875. 
is'  stat.  L.,  CHAP.    15. — An    act   to   pro  ride   for   the    resumption   of 

pt.  3,  p.  296.  . 

specie  payments. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
ofSwe^5C°&nd^e^'>  That  the  Secretary  of  the  Treasury  is  hereby  au- 
coineedntand°  h£  thorized  and  required,  as  rapidly  as  practicable,  to  cause 
ti'on'of6? r™c- to  ke  coine(l  at  tne  mints  of  the  United  States,  silver 
rencaal    c  u  r "  coins  of  the  denominations  of  ten,  twenty-five,  and  fifty 
cents,  of  standard  value,  and  to  issue  them  in  redemption 
of  an  equal  number  and  amount  of  fractional  currency 
of  similar  denominations,  or,  at  his  discretion,  he  may 
issue  such  silver  coins  through  the  mints,  the  subtreas- 
uries,  public  depositaries,  and  post-offices  of  the  United 
States;  and,  upon  such  issue,  he  is  hereby  authorized  and 
required  to  redeem  an  equal  amount  of  such  fractional 
currency,  until  the  whole  amount  of  such  fractional  cur- 
rency outstanding  shall  be  redeemed. 

Revisedstat-  SEC.  2.  That  so  much  of  section  three  thousand  five 
701,' repealed,  hundred  and  twenty-four  of  the  Revised  Statutes  of  the 
United  States  as  provides  for  a  charge  of  one-fifth  of  one 
per  centum  for  converting  standard  gold  bullion  into  coin 
is  hereby  repealed,  and  hereafter  no  charge  shall  be  made 
for  that  service. 

Approved.  January  1-1,  1875. 

ACT    OF    MARCH    3,  1875. 

!8  stat.  L.  CHAP.  11-3. — An  act  authorizing  the  coinage  of  a  twenty- 
cent  piece  of  .S-///V-/'  at  f/ie  mintx  of  the  United  States. 

Be  it  enacted  Li/  fJie  Senate  and  lloiine  of  Representa- 
tives of  the  United  States  of  America  in  Congress  axsem- 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  575 


bled,  That  there  shall  be,  from  time  to  time,  coined  at 
the  mints  of  the  United  States,  conformably  in  all  re-  V0118'^  ch- 
spects  to  the  coinage  act  of  eighteen  hundred  and  seventy-  ut^V3Sii3stat" 
three,  a  coin  of  silver  of  the  denomination  of  twenty  cents    Repealed. 
and  of  the  weight  of  five  grams. 

SEC.  2.  That  the  twenty-cent  piece  shall  be  a  legal  ten-     Legal  tender 

•*  .         for  what  sums. 

der  at  its  nominal  value  for  any  amount  not  exceeding 
five  dollars  in  any  one  payment. 

SEC.  3.  That  in  adjusting  the  weight  of  the  twenty- 
cent  piece,  the  deviation  from  the  standard  weight  shall  weight. 
not  exceed  one  and  one-half  grains;  and  in  weighing  a 
large  number  of  pieces  together,  when  delivered  by  the 
coiner  to  the  superintendent  and  by  the  superintendent 
to  the  depositor  the  deviation  from  the  standard  weight 
shall  not  exceed  two-hundredths  of  an  ounce  in  one  thou- 
sand pieces. 

SEC.  -4.  That  all  laws  now  in  force  in  relation  to  the    Existing  laws 

appl  i  cable  to 

coins  of  the  United  States,  and  the  coinage  of  the  same,  20-cent  coin. 
shall,  as  far  as  practicable,  have  full  force  and  effect  in 
relation  to  the  coin  herein  authorized  whether  the  said 
laws  are  penal  or  otherwise  and  whether  they  are  for 
preventing  counterfeiting  or  abasement,   for  protecting 
the  currency,  for  regulating  the  process  of  coining  and 
the  preparation  therefor,  or  for  the  security  of  the  coin, 
or  for  any  other  purpose. 
Approved,  March  3,  1875. 

ACT   OF   APRIL   17,  1876. 

CHAP.  G3.  —  An   act  to   provide  for  a  deficiency  in   the  3319  stat-  L'- 
Printing  and  Engraving  Bureau  of  the  Treasury  De- 
partment, and  for  the  ixsue  of  silver  coin  of  the  United 
States  in  place  of  fractional  currency. 


SEC.  2.  That  the  Secretary  of  the  Treasury  is  hereby,  silver  coins 

"   in    redemption 

directed  to  issue  silver  coins  of  the  United  States  of  the  of  fractional 

currency. 

denomination  of  ten,  twenty,  twenty-five  and  fifty  cents  Revised  stat- 
of  standard  value,  in  redemption  of  an  equal  amount  of 
fractional  currency,  whether  the  same  be  now  in  the 
Treasury  awaiting  redemption,  or  whenever  it  may,  be 
presented  for  redemption  :  and  the  Secretary  of  the  Treas- 
ury may,  under  regulations  of  the  Treasury  Department, 
provide  for  such  redemption  and  issue  by  substitution 
at  the  regular  subtreasuries  and  public  depositories  of 
the  United  States  until  the  whole  amount  of  fractional 


576  NATIONAL   MONETARY   COMMISSION. 

currenceyetoebecurrency  outstanding  shall  be  redeemed.    And  the  frac- 
fund°f  slnking  tional  currency  redeemed  under  this  act  shall  be  held  to 
se^e£ 25>  1862>  ^e  a  Par*  °f  tne  Nuking- fund  provided  for  by  existing 
law,  the  interest  to  be  computed  thereon  as  in  the  case  of 
bonds  redeemed  under  the  act  relating  to  the  sinking- 
fund. 

Approved,  April  17,  1876. 

JOINT  RESOLUTION  OF  JULY  22,  1876. 
19  stat.  L.,      [Xo.  17.]  Joint  resolution  for  the  issue  of  silver  coin. 

Resolved  l>y  the  /Senate  and  House  of  Representatives 

of  the  United  States  of  America  in-  Congress  assembled, 

silver  coin  to  That  the  Secretary  of  the  Treasury,  under  such  limits 

be  issued  in  ex-  .  .  .  . 

change  for  and  regulations  as  will  best  secure  a  lust  and  fair  dis- 

legal-  tender  .  . 

notes.  tribution  of  the  same  through  the  country,  may  issue  the 

silver  coin  at  any  time  in  the  Treasury  to  an  amount  not 

exceeding  ten  million  dollars,  in  exchange  for  an  equal 

Notes  to  be  amount  of  legal-tender  notes;  and  the  notes  so  received 

kept  as  a   spe- 
cial fund.         m  exchange  shall  be  kept  as  a  special  fund  separate  and 

apart  from  all  other  money  in  the  Treasury,  and  be  re- 
issued only  upon  the  retirement  and  destruction  of  a 
like  sum  of  fractional  currency  received  at  the  Treasury 
in  payment  of  dues  to  the  United  States;  and  said  frac- 
tional currency,  when  so  substituted,  shall  be  destroyed 
187G,  vol.  19,  and  held  as  part  of  the  sinking-fund,  as  provided  in  the 
act  approved  April  seventeen,  eighteen  hundred  and  sev- 
enty-six. 

no™Ld£?,i  SK(:-  2-  That  lllc  tn)de  <l°H"r  shnll  1K)t  hereafter  be  a 
terc<fina  'o  of  l°£al  tender,  and  the  Secretary  of  the  Treasury  is  hereby 
'"'uovL-d'stu't'  authorized  to  limit  from  time  to  time,  the  coinage  thereof 
utes,  ;;5i.°,.  t0  s;uch  an  amount  as  he  may  deem  suflicient  to  meet  the 

export  demand  for  the  same. 

^ibskiiarv ^ K\\  ^E('-  '^  That  }n  Addition  to  the  amount  of  subsidiary 
au"silv(>1'  ('°in  authorized  by  law  to  be  issued  in  redemption 
of  the  fractional  currency  it  shall  be  lawful  to  manufac- 
ture at  the  several  mints,  and  issue  through  the  Treasury 
and  its  several  ollices.  such  coin,  to  an  amount,  that,  in- 
cluding the  amount  of  subsidiary  silver  coin  and  of  frac- 
tional currciif-y  outstanding,  shall,  in  the  aggregate,  not 
exceed,  at  any  time  fifty  million  dollars. 

Jjurrbnse    of        SE(I>    .,_    Tj)a(     tj)(1    sil;.(M.    |)Ul]jon    m,,,jn.(l    for    the    plir- 

poses  of  this  resolution  shall  be  purchased,  from  time  to 
time,  at  market  rate,  by  the  Secretary  of  the  Treasury, 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  577 

with  any  money  in  the  Treasury  not  otherwise  appro- 
priated;  but  no  purchase  of  bullion  shall  be  made  under  Price  limited, 
this  resolution  when  the  market-rate  for  the  same  shall 
be  such  as  will  not  admit  of  the  coinage  and  issue,  as 
herein  provided,  without  loss  to  the  Treasury;  and  any 
gain  or  seigniorage  arising  from  this  coinage  shall  be  .  Seigniorage 

e  to  be  accounted 

accounted  for  and  paid  into  the  Treasury,  as  provided  for- 
under  existing  laws  relative  to  the  subsidiary  coinage: 
Provided,  That  the  amount  of  money  at  any  one  time  in-     Proviso, 
vested  in  such  silver  bullion,  exclusive  of  such  resulting 
coin  shall  not  exceed  two  hundred  thousand  dollars. 
Approved,  July  22,  1876. 

ACT  OF  AUGUST  15,  1876. 

CHAP.  287. — An  act  making  appropriations  for  the  legis- 15™  $$*•  L>' 
1  afire,  executive,  and  judicial  expenses  of  the  Govern- 
ment for  the  year  ending  June  thirtieth,  eighteen  hun- 
dred and  seventy-seven,  and  for  other  purposes, 

*:•:#:!:>(: 

*     *     *:  For  specimens  of  coins,  to  be  expended  under    Contingent 

expenses,  mints 

the  direction  of  the  Secretary  of  the  Treasury,  two  him-  "nd  assay  of- 

.          J '  fices. 

dred  dollars;  for  books,  balances  and  weights,  and  other 

incidental  expenses,  seven  hundred  dollars;  and  refining     Refining  and 

1  &  partingbullion. 

and  parting  of  bullion  shall  be  carried  on  at  the  mints 
of  the  United  States  and  at  the  assay  office,  New  York; 
and  it  shall  be  lawful  to  apply  the  moneys  arising  from 
charges  collected  from  depositors  for  these  operations 
pursuant  to  law,  to  the  defraying  in  full  of  the  expenses 
thereof,  including  labor,  materials,  and  wastage;  but  no 
part  of  the  moneys  otherwise  appropriated  for  the  sup- 
port of  the  mints  and  assay  office  at  New  York  shall  be 
used  to  defray  the  expenses  of  refining  and  parting 
bullion. 

***** 
Approved.  August  15,  1876. 

ACT  OF  JANUARY  1(5.  1877. 

CHAP.  24. — An  act  to  amend  section,  fifty-four  hundred.^  stat>  L>> 
and  fifty-seven  of  the  Remixed  Statutes  of  the  U  nitcd 
titates  relating  to  counterfeiting. 

P>c  it  enacted  l>\i  fhe  Senate  and  House  of  Representa- 
tive*  of  the  J' nitcd  tifafcx  of  America  in  Conqress  axxe/n- 

Ut'vised  Stat- 

bled,  That  section  fifty-four  hundred  and  fifty-seven  ofutes,  r.  457 

amended. 


578  NATIONAL   MONETARY  COMMISSION. 

the  Revised  Statutes  of  the  United  States  be,  and  the 
same  is  hereby,  amended  so  as  to  read  as  follows : 
ing°Ue°cerfceolin      "  Every  person  who  falsely  makes,  forges,  or  counter- 
etc-  feits,  or  causes  or  procures  to  be  falsely  made,  forged,  or 

counterfeited,  or  willingly  aids  or  assists  in  falsely  making, 
forging,  or  counterfeiting  any  coin  or  bars  in  resemblance 
or  similitude  of  the  gold  or  silver  coins  or  bars  which  have 
been,  or  hereafter  may  be,  coined  or  stamped  at  the  mints 
and  assay-offices  of  the  United  States,  or  in  resemblance 
or  similitude  of  any  foreign  gold  or  silver  coin  which  by 
law  is,  or  hereafter  may  be,  current  in  the  United  States, 
or  are  in  actual  use  and  circulation  as  money  within  the 
United  States,  or  who  passes,  utters,  publishes,  or  sells,  or 
attempts  to  pass,  utter,  publish,  or  sell,  or  bring  into  the 
United  States  from  any  foreign  place,  knowing  the  same 
to  be  false,  forged,  or  counterfeit,  with  intent  to  defraud 
any  body  politic  or  corporate,  or  any  other  person  or  per- 
sons whatsoever,  or  has  in  his  possession  any  such  false, 
forged  or  counterfeited  coin  or  bars,  knowing  the  same  to 
be  false,  forged,  or  counterfeited,  with  intent  to  defraud 
any  body  politic  or  corporate,  or  any  other  person  or  per- 
Penaity.  SOI1S  whatsoever,  shall  be  punished  by  a  fine  of  not  more 
than  five  thousand  dollars,  and  by  imprisonment  at  hard 
labor  not  more  than  ten  years. 
Approved,  January  10,  1877. 

ACT  OF  MARCH  3,  1877. 

see9  Stat'  L->CHAP.  102. — An  act  making  appropriations  fur  the  legis- 
lative, executive,  and  judicial  exj>enxc*  of  the  Govern- 
ment for  the  year  ending  Jum-  ///i/f/rf/i.  eighteen  hun- 
dred and  seventy-eight^  and  for  other  i>ni'i>oses. 

*     *     *     And  refining  and  parting  of  bullion  shall  be 

Refining  and  carried  on  at  the  mints  of  the  United  States  and  at  the 
parting  b.    ion.  assay.office    at    New     Y()rk>      Aml    it    shaU    bc    lawful    to 

apply  the  moneys  arising  from  charges  collected  from 
depositors  for  these  operations  pursuant  to  law,  to  the 
defraying  in  full  of  the  expenses  thereof,  including  labor, 
materials  and  wastage;  but  no  part  of  the  moneys  other- 
wise appropriated  for  the  support  of  the  mints  and  the 
assay-office  at  Now  York  shall  be  used  to  defray  the 
expenses  of  refining  and  parting  bullion. 

*  *  *  *  * 

Approved,  March  3,  1877. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  579 

ACT  OF  FEBRUARY  28,  1878. 

CHAP.  20. — An  act  to  authorize  the  coinage  of  the  stand-  9  20  stat.  L., 
ard  silver  dollar,  and  to  restore  its  legal-tender  char- 
acter. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  there  shall  be  coined,  at  the  several  mints  of  152.  upp<  R'  S" 
the  United  States,  silver  dollars  of  the  weight  of  four  siivei^donars. 
hundred  and  twelve  and  a  half  grains  troy  of  standard  fineness?*  ' 
silver,  as  provided   in  the  act  of  January  eighteenth,  3  oR6  9 %  4S7°3S', 
eighteen   hundred   thirty-seven,   on   which   shall   be  the 3586.  '  8    t3' 
devices  and  superscriptions  provided  by  said  act;  which 
coins  together  with  all  silver  dollars  heretofore  coined 
by  the  United  States,  of  like  weight  and  fineness,  shall 
be  a  legal  tender,  at  their  nominal  value,  for  all  debts     Legal  tender. 
and   dues   public   and   private,   except   where   otherwise 
expressly  stipulated  in  the  contract.     And  the  Secretary 
of  the  Treasury  is  authorized  and  directed  to  purchase,    Purchase  of 
from  time  to  time,  silver  bullion,  at  the  market  price81 
thereof,   not   less   than   two   million   dollars   worth   per 
month,  nor  more  than   four  million  dollars  worth   per 
month,  and  cause  the  same  to  be  coined  monthly,  as  fast 
as  so  purchased,  into  such  dollars;  and  a  sum  sufficient 
to  carry  out  the  foregoing  provision  of  this  act  is  hereby 
appropriated   out   of   any   money   in   the   Treasury   not 
otherwise   appropriated.     And  any  gain  or  seigniorage     seigniorage 

•       *  .  u    ll    l  i     j:  to     to  be  paid  into 

arising   from   this   coinage  shall  be   accounted   for  and  the  Treasury. 

paid  into  the  Treasury,  as  provided  under  existing  laws 

relative  to  the  subsidiary  coinage:  Provided,  That  the     Proviso. 

amount  of  money  at  any  one  time  invested  in  such  silver 

bullion,  exclusive  of  such  resulting  coin,  shall  not  exceed 

five  million  dollars:  And  provided  further,  That  nothing 

in  this  act  shall  be  construed  to  authorize  the  payment  in 

silver  of  certificates  of  deposit  issued  under  the  provisions 

of  section  two  hundred  and  fifty-four  of  the  Revised     Revised  stat 

^  utes,    sec.    254. 

Statutes. 

SEC.  2.  That  immediately  after  the  passage  of  this  act.   The  President 

J  of  t  h  e  United 

the  President  shall  invite  the  Governments  of  the  conn- states  to  invite 

the    countries 

tries  composing  the  Latin  Union,  so-called,  and  of  such  composing  the 

1  .  Latin    Union 

other   European  nations  as  he  may  deem  advisable,  toa  n  d  other 

.    .  .  .  ,  n  Europe  a  n 

ioin  the  United  States  in  a  conference  to  adopt  a  common  countries  to  n 

...     conference  with 

ratio  between  gold  and  silver,  tor  the  purpose  of  estab-tue  united 

...  ,  States  to  adopt 

lishmir,  internationally,  the  use  or  bi-metalhc  monev,  and  a  common  ratio 

....  between    gold 

securing  lixity  oi  relative  value  between  those  metals ;  and  silver,  etc. 


580 


NATIONAL   MONETARY   COMMISSION. 


pointed. 


Compensa- 
tion. 


such  conference  to  be  held  at  such  place,  in  Europe  or  in 
the  United  States,  at  such  time  within  six  months,  as  may 
be  mutually  agreed  upon  by  the  Executives  of  the  Govern- 
ments joining  in  the  same,  whenever  the  Governments  so 
invited,  or  any  three  of  them,  shall  have  signified  their 
willingness  to  unite  in  the  same. 

erCs°mhowSiap-  ^he  President  shall,  by  and  with  the  advice  and  con- 
sent of  the  Senate,  appoint  three  commissioners,  who 
shall  attend  such  conference  on  behalf  of  the  United 
States,  and  shall  report  the  doings  thereof  to  the  Presi- 
dent, who  shall  transmit  the  same  to  Congress. 

Said  commissioners  shall  each  receiver  the  sum  of  two 
thousand  five  hundred  dollars  and  their  reasonable  ex- 
penses, to  be  approved  by  the  Secretary  of  State  ;  and  the 
amount  necessary  to  pay  such  compensation  and  expenses 
is  hereby  appropriated  out  of  an}7  money  in  the  Treasury 
not  otherwise  appropriated. 

mt"™be°daer-  SEC-  3-  That  any  holder  of  the  coin  authorized  by  this 
Treasure^  and  ac^  may  deposit  the  same  with  the  Treasurer  or  any  as- 
sistant  treasurer  of  the  United  States,  in  sums  not  less 
than  ten  dollars,  and  receive  therefor  certificates  of  not 
tifiIcSates°offCde-  ^ess  than  ten  dollars  each,  corresponding  with  the  denomi- 
nations  of  the  United  States  notes.  The  coin  deposited 
^or  or  representing  the  certificate's  shall  be  retained  in  the 
Treasury  for  the  payment  of  the  same  on  demand.  Said 
certificates  shall  be  receivable  for  customs,  taxes,  and  all 
public  dues,  and,  when  so  received,  may  be  reissued. 

SEC.  4.  All  acts  and  parts  of  acts  inconsistent  with  the 
provisions  of  this  act  are  hereby  repealed. 

SAM.  J.  RANDALL. 
Speaker  of  the  HOIIXC,  of  Representatives. 

W.  A.  WHEELER, 
Vice-Presideiit  of  f/te  United  States  and 

1*  resident  of  the  Semite. 

IN  THE  HOUSE  OF  REPRESENTATIVES  IT.  S. 

Fein-nary  .'8^  1878. 

The  President  of  the  United  States  ha  vino-  returned  to 
the  House  of  Representatives,  in  which  it  originated  the 
bill,  entitled  "An  act  to  authorize  the  coinage  of  the  stand- 
ard silver  dollar,  and  to  restore  its  legal-tender  char- 
acter." with  hi>  objections  thereto:  the  House  of  Repre- 
sentatives proceeded  in  pursuance  of  the  Constitution  to 
reconsider  the  same  ;  and 


P°CO  i  n  to  be 

demotion  oej 
certiflcates. 


Repeal. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  581 

Resolved,  That  the  said  bill  pass,  two-thirds  of  the 
House  of  Representatives  agreeing  to  pass  the  same. 
Attest :  GEO.  M.  ADAMS, 

Clerk. 
By  GREEN  ADAMS, 

Chief  Clerk. 

IN  THE  SENATE  or  THE  UNITED  STATES 

February  28,  1878. 

The  Senate  having  proceeded,  in  pursuance  of  the  Con- 
stitution, to  reconsider  the  bill  entitled  "An  act  to  au- 
thorize the  coinage  of  the  standard  silver  dollar,  and  to 
restore  its  legal-tender  character,"  returned  to  the  House 
of  Representatives  by  the  President  of  the  United  States, 
with  his  objections,  and  sent  by  the  House  of  Representa- 
tives to  the  Senate  with  the  message  of  the  President  re- 
turning the  bill; 

Resolved,  That  the  bill  do  pass,  two-thirds  of  the  Senate 
agreeing  to  pass  the  same. 

Attest:  GEO.  C.  GORHAM, 

Secretary  of  the  Senate. 

ACT  OF  MAY  -2,  1878. 

CHAP.  79.— An  act  to  prohibit  the  coinage  of  the  twenty   j>o  stat.  L., 
cent  piece  of  silver. 

Be  it  enacted  by  the  Senate  and-  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  from,  and  after  the  passage  of  this  act,  the  silver  20-cent 

piocGs     coins  SQ 

coinage  of  the  twenty  cent  piece  of  silver,  by  the  Govern-  of,  prohibited. 
ment  of  the  United  States  be,  and  the  same  is  hereby  pro- 
hibited.    And  all  laws  in  conflict  with  this  act  are  hereby 
repealed. 

Approved.  May  2,  1878. 

ACT  OF  JUNE  8.  1878. 

CHAP.  170. — An  act  to  authorize  th.c.  Secretary  of  the     20  stat.  L., 
Treasury  to  constitute  superintendents  of  mints  or  as- 
saycrs  in  assay  offices,  assistant  treasure)1*  of  the  United 
States. 

Be  it  enacted  l>y  the,  Senate  and  House  <>f  Representa- 
tives of  the  United  Slates  of  America  in  Congress  assem- 


582  NATIONAL   MONETARY   COMMISSION. 

ents  Pofinm1nts  bled.  That  the  Secretary  of  the  Treasury  be  and  he  is 
ma d  beaScSonstiS  hereby  authorized  to  constitute  any  superintendent  of  a 
tuted  assistant  mint  or  assayer  of  anv  assay-office,  an  assistant  treasurer 

treasurers.  J  .  .  ,  ,.    . 

of  the  United  States  without  additional  compensation, 
pose  what  pur  *°  receiye  gold  coin  and  bullion  on  deposit  for  the  pur- 
poses provided  for  in  section  two  hundred  and  fifty-four 
of  the  Revised  Statutes. 
Approved,  June  8,  1878. 

ACT  OF  JUNE  19,  1878. 

20  stat.  L.,  CHAP.  329. — An  act  making  appropriations  for  the  legis- 
lative, executive,  and  judicial  expenses  of  the  govern- 
ment for  the  fiscal  year  ending  June  thirtieth,  eighteen 
hundred  and  seventy-nine,  and  for  other  purposes. 
***** 

paJttal'buiiuS?  *  *  *•  Ancl  refining  and  parting  of  bullion  shall  be 
carried  on  at  the  mints  of  the  United  States  and  at  the 
assay-office  at  New  York.  And  it  shall  be  lawful  to  apply 
the  moneys  arising  from  charges  collected  from  deposi- 
tors for  these  operations  pursuant  to  law  so  far  as  may  be 
necessary  to  the  defraying  in  full  of  the  expenses  thereof, 
including  labor,  materials,  and  wastage;  but  no  part  of 
the  moneys  otherwise  appropriated  for  the  support  of  the 
mints  and  the  assay-office  at  New  York  shall  be  used  to 
defray  the  expenses  of  refining  and  parting  bullion ;  but 
when  the  bullion  received  shall  not.  in  the  aggregate,  be 
in  such  proportion  of  gold  and  silver  as  to  admit  of 
economical  parting,  or  the  necessary  supplies  of  acids 
cannot  be  procured  at  reasonable  rates,  imparted  bullion 
Revised  stat- may  be  exchanged  for  fine  bars,  as  provided  in  section 

705.'  thirty-five  hundred  and  forty-six  of  the  Revised  Statutes 

of  the  United  States. 


de 


Payment  to     And  for  the  purpose  of  enabling  the  several  mints  and 

depositors     at  1  . 

mints,  etc.        assa v-ofiices    of   the    United    States   to    make    returns   to 

Revised  Stat-  •    . 

utes,   3545,   P.  depositors  with  as  little  delay  as  possible,  the  provisions 

of  section  thirty-five  hundred  and  forty-five  of  the  Re- 
vised Statutes  of  the.  United  States  shall  hereafter  apply 
to  the  several  mints  and  assay-offices  of  the  United  States; 
and  the  Secretary  of  the  Treasury  is  hereby  authorized 
to  use.  as  far  as  he  may  deem  it  proper  and  expedient, 
for  payment  to  depositors  of  bullion  at  the  several  mints 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  583 

and   assay-offices,  coin   certificates,  representing  coin  in  cer^sflecateScoln 

the  Treasury,  and  issued  under  the  provisions  of  section  ut^se%o-4d  st|J" 

two  hundred  and  fifty-four  of  the  Revised  Statutes  of  the  187^.  <*.'  182.  ' 

United  States  ;  all  of  said  acts  and  duties  to  be  performed 

under  such  rules  and  regulations  as  shall  be  prescribed 

by  the  Secretary  of  the  Treasury.    And  it  shall  be  lawful 

to  apply  the  moneys  arising  from  charges  collected  from  ch^rg|seto  °y 

depositors  at  the  several  mints  and  assay-offices  pursuant  expenses. 

to   law,    to    defraying   the   expenses   thereof,    including 

labor,  material,  wastage,  and  use  of  machinery  ;  and  only 

so  much  of  the  appropriations  herein  made  for  the  mints 

and  assay-offices  respectively  shall  be  used  for  said  mints 

and  assay-offices  as  shall  be  necessary  for  the  operations 

of  the  same,  after  the  moneys  arising  from  the  charges 

aforesaid  shall  have  been  exhausted  as  herein  provided. 

But  in  no  event  shall  the  expenditures  of  said  mints  and 

assay-offices  exceed  the  amount  of  the  specific  appropri- 

ations herein  made  for  same. 

***** 

Approved,  June  19,  1878. 

ACT    OF    MARCH    3,  1879. 

CHAP.  182.  —  An  act  making  appropriations  for  sundry    20  stat.  L., 
civil  expenses  of  the  government  for  the  fiscal  year 
ending  June   thirtieth,  eighteen  hundred  and  eighty, 
and  for  other  purposes. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled<  That  the  following  sums  be,  and  the  same  are  hereby,  .  Appropria- 

J  '  tions. 

appropriated  for  the  objects  hereinafter  expressed,  for     sundry  civil 

111  _  ...  expenses. 

the  fiscal  year  ending  June  thirtieth,  eighteen  hundred 
and  eighty,  namely  : 


MISCELLANEOUS  OBJECTS  UNDER  THE  TREASURY  DEPARTMENT. 
***** 

*;  and  so  much  of  the  act  "making  appropri- 
ations for  the  legislative,  executive,  and  judicial  expenses 
of  the  government  for  the  fiscal  year  ending  June  thir- 
tieth. eighteen  hundred  and  seventy-nine,  and  for  other 
purposes,"  approved  June  nineteenth,  eighteen  hundred 
and    seventy-eight,    as   authorizes    the    Secretary    of    the     is~r>,  oh.  320. 
Treasury  to  issue  coin  certificates  in  exchange  for  bullion     Bunion   cer- 
deposited  for  coinage  at  mints  and  assay-offices  other  than 


584  NATIONAL   MONETARY  COMMISSION. 

those  mentioned  in  section  thirty-five  hundred  and  forty  - 


uteseV3545Stat'  flve  °^  tne  Revised  Statutes,  be,  and  the  same  is  hereby, 
repealed;  said  repeal  to  take  effect  at  the  end  of  the 

present  fiscal  year. 

***** 

Approved,  March  3,  1879. 

ACT  OF  JUNE  9,  1879. 

21  stat.  L.,  7.  CHAP.  12.  —  An  Act  to  provide  for  the  exchange  of  sub- 
sidiary coins  for  lawful  money  of  the  United  States 
under  certain  circumstances,  and  to  make  such  coins  a 
legal  tender  in  all  sums  not  exceeding  ten  dollars,  and 
for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  assem- 

subsid  i  a  r  y  fifed.  That  the  holder  of  any  of  the  silver  coins  of  the 

coins.  .  '  J 

United  States  of  smaller  denominations  than  one  dollar, 
may,  on  presentation  of  the  same  in  sums  of  twenty  dol- 
lars, or  any  multiple  thereof,  at  the  office  of  the  Treasurer 
or  any  assistant  treasurer  of  the  United  States,  receive 
therefor  lawful  money  of  the  United  States. 

Redemption.  gEC>  2.  The  Treasurer  or  any  assistant  treasurer  of  the 
United  States  who  may  receive  any  coins  under  the  pro- 
vision of  this  act  shall  exchange  the  same  in  sums  of 
twenty  dollars,  or  any  multiple  thereof,  for  lawful  money 
of  the  United  States,  on  demand  of  any  holder  thereof. 

Legal  tender.  gEC>  3<  That  the  present  silver  coins  of  the  United 
States  of  smaller  denominations  than  one  dollar  shall 
hereafter  be  a  legal  tender  in  all  sums  not  exceeding  ten 
dollars  in  full  payment  of  all  dues  public  and  private. 

Repeals.  gEC<  4.    That  all  laws  or  parts  of  laws  in  conflict  with 

this  act  be,  and  the  same  are  hereby,  repealed. 
Approved  June  9,  1879. 

ACT  OF  MARCH  1.  1881. 

21  stat.  L.,  CHAP.  95.  —  An  act  to  amend  section  thirty-fine  hundred 
i  'supp.  R.  s.,     and  twenty-four  of  the  Revised  Statutes  so  as  to  author- 

ize a  charge  for  melting  or  refining  bullion  when  at  or 

above  standard. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 


LAWS   CONCEKNING   MONEY,   BANKING,   AND   LOANS.  585 

bled.  That  section  thirty-five  hundred  and  twenty-four  of   charge  for 

"  melting    or    re- 

the  Revised  Statutes  of  the  United  States  be  amended  by  «"«"£    bunion 
striking  out  of  said  section  the  words  "  for  melting  and  P>  rector   of 

O  Mint. 

refining  when  bullion  is  below  standard,"  and  inserting  in    Revised  stat- 
utes, sec  ,'5524 
lieu  thereof  the  words  "  for  melting  or  refining  bullion."  1875,  Jan.  14, 

Approved  March  1,  1881, 

ACT  OF  MARCH  3,  1881. 

CHAP.  130. — An  act  making  appropriations  for  the  legis-  ^   stat-  L- 
lative,  executive,  and  judicial  expenses  of  the  Govern- 
ment, for  the  fiscal  year  ending  June  thirtieth,  eighteen 
hundred  and  eighty-two,  and  for  other  purposes. 
***** 

PARTING   AND   REFINING   BULLION. — That    the    moneys    Parting    and 

.    .          ,.  ,  „  ,    ,,  ,  .,          f  c     .        refining  bullion. 

arising  iroin  charges  collected  from  depositors  tor  rennmg 
and  parting  bullion  at  the  mints  of  the  United  States  and 
the  assay-office  at  New  York  shall  be  applied  to  defraying 
the  expenses,  including  labor,  materials,  incidentals,  and 
wastage,  of  those  operations;  but  no  part  of  the  moneys 
otherwise  appropriated  for  the  support  of  the  mints  and 
assay-office  at  New  York  shall  be  used  to  defray  the 
expenses  of  refining  and  parting  bullion. 

Approved,  March  3,  1881. 

ACT    OF    MARCH    3,  1881. 

CHAP.  133. — An  act  making  appropriations  for  sundry  44271    stat-    L- 
ciml  c.epemes  of  the  goi'crniucnt  for  the  fixral  year 
ending  June  thirtieth,  eighteen  hundred  and  cigltty- 
two,  and  for  other  purposes. 


That  the  Secretary  of  the  Treasury  bo,  and  he  is  hereby,  }^rt^m 
authorized  and  directed  to  transport  free  of  charge  silver  silvor  ('"in- 
coin  when  requested  to  do  so:    Provided,  That  an  equal    1>roviso- 
amount  in  coin  or  currency  shall  have  been  deposited  in 
the  Treasury  by  the  applicant   or  applicants;  and  that 
there,  is  hereby  appropriated  twenty  thousand  dollars,  or 
so  much  thereof  as  may  be  necessary,  for  that  purpose1, 
15711!  °— 10 y.S 


586  NATIONAL   MONETARY   COMMISSION. 

and  that  the  same  be  available  from  and  after  the  passage 
of  this  act. 

***** 
Approved,  March  3,  1881. 

NOTE.  —  This  act  (see  p.  455,  21  Stat.  L.)  appropriated  for  sal- 
aries and  expenses  of  three  commissioners  to  be  appointed  by  the 
President  to  represent  the  United  States  at  a  conference  to  be 
called  to  adopt  a  common  ratio  bet\veen  gold  and  silver  for  the 
purpose  of  establishing  internationally  the  use  of  bimetallic  money 
and  securing  fixity  of  relative  value  between  those  metals. 

ACT   OF   MAY   26,  1882. 

22  stat.  L.,  97.  CHAP.  19Q.  —  An  act  to  authorize  the  receipt  of  United 
States  gold  coin  in  exchange  for  gold  bars. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  assem- 

Receipts  of  l>led.  That  the  superintendents  of  the  coinage  mints,  and 

gold  coin  in  ex-  '  * 

change  for  gold  of  the  United  States  assav  office  at  New  York,  are  hereby 

bfirs 

Revised  stat-  authorized  to  receive  United  States  gold  coin  from  anv 

tutes,  sec.  3ol8.  & 

holder  thereof  in  sums  not  less  than  five  thousand  dollars, 
and  to  pay  and  deliver  in  exchange  therefor  gold  bars 
in  value  equaling  such  coin  so  received. 
Approved,  May  26,  1882. 

ACT   OF   JULY   12.  1882. 
22   stat.   L.,  CHAP.  290.  —  An  act  to  enable   national-banking  associ- 

1  62 

ations   to   extend   their   corporate   existence,   and   for 
other  purposes. 

***** 
Gold  certifl-      SEC.  12.  That  the  Secretarv  of  the  Treasurv  is  author  - 

cates  issued  in.  .       •  • 

exchange    f  o  r  ized  and  directed  to  receive  deposits  or  gold  com  with 

deposits  of  gold 

coin.  the  Ireasurer  or  assistant  treasurers  ol  the  United  States, 

in  sums  not  less  than  twenty  dollars,  and  to  issue  certifi- 
cates therefor  in  denominations  of  not   less  than  twenty 


Gold  received  dollars  each,  corresponding:  with  the  denominations  of 

held     for    re-  J  fe.  . 

demotion    of  United  States  notes.     Ihe  com  deposited  tor  or  represent- 
ing the  certificates  of  deposits  shall  be  retained  in  the 


bank*  Treasury  for  the  payment  of  the  same  on  demand.     Said 
countedCasVart  certificates  shall  be  receivable  for  customs,  taxes,  and  all 
"public  dues,  and  when  .so  received  may  be  reissued;  and 


serve!  wl 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  587 


such   certificates,   as   also   silver  certificates,   when  held 

by  any  national-banking  association,  shall  be  counted  as 

part  of  its  lawful  reserve  ;  and  no  national-banking  as- 

sociation  shall  be  a  member  of  any  clearing-house  in  which 

such  certificate  shall  not  be  receivable  in  the  settlement  of  balances. 

clearing-house  balances  :  Provided,  That  the  Secretary  of    Proviso. 

the  Treasury  shall  suspend  the  issue  of  such  gold  certifi-  .  Suspension  of 

•'  &  issue     of    gold 

cates  whenever  the  amount  of  srold  coin  and  gold  bullion  certificates, 

1  .          when. 

in  the  Treasury  reserved  for  the  redemption  of  United 

States  notes  falls  below  one  hundred  millions  of  dollars; 

and  the  provisions  of  section  fifty-two  hundred  and  seven  a?|Tslse^}foV 

of  the  Revised  Statutes  shall  be  applicable  to  the  certifi-  1007- 

cates  herein  authorized  and  directed  to  be  issued. 

***** 
Approved.  July  12,  1882. 

ACT  OF  AUGUST  7,  1882. 

CHAP.  433.  —  An  act  making  appropriations  for  sundry    22   stat.   L., 
civil  expenses  of  the  Government  for  the  -fiscal  year 
ending  June'  thirtieth,  eighteen  hundred  and  eighty  - 
three,  and  for  other  purposes. 


For  the  transportation  of  silver  coins:  That  the  Secre-    Transporta- 
tion   of    silver 
tarv  of  the  Treasury  be,  and  he  is  hereby,  authorized  and  coin  free  of 

charge. 

directed  to  transport,  free  of  charge,  silver  coins  when    Revised  stat- 

•    utes-  sec-  3527- 
requested  to  do  so:  Provided^  I  hat  an  equal  amount  in 

coin  or  currency  shall  have  been  deposited  in  the  Treasury 
by  the  applicant  or  applicants;  and  that  there  is  hereby 
appropriated  ten  thousand  dollars,  or  so  much  thereof  as 
may  be  necessary,  for  that  purpose,  and  that  the  same  be 
available  from  and  after  the  passage  of  this  act. 

***** 

Approved.  August  7,  1882. 

ACT  OF  A  lid  1 1ST  4,  1880. 

CHAP.  902. — An  act  making  appropriations  for  sundry    24   stat.   L., 
civil  expenses  of  flic  (Jot'criinieiit.  for  the  fixeal  year*" 
ending  June   thirtieth,  eigliteen    hundred  and  eiglili/- 
seven,  and  for  other  pm-poxes. 

*  *  *  *  * 

TRANSPORTATION  OF  SILVKR  roix :  For  transportation  of    Transportn- 

.  .  tioll       of      SilVtT 

silver  coin,  including  fractional  silver  coin  by  registered  coins    free    <>f 
mail  or  otherwise,  seventy-live  thousand  dollars;  and  in 


588  NATIONAL  MONETARY  COMMISSION. 

expending  this  sum  the  Secretary  of  the  Treasury  is 
authorized  and  directed  to  transport  from  the  Treasury 
utesVlsec  ^527  or  subtreasuries,  free  of  charge,  silver  coin  when  requested 
to  do  so ;  Provided,  That  an  equal  amount  in  coin  or  cur- 
rency shall  have  been  deposited  in  the  Treasury  or  sub- 
treasuries  by  the  applicant  or  applicants.  And  the  Secre- 
tary of  the  Treasury  shall  report  to  Congress  the  cost 
arising  under  this  appropriation. 

***** 

Approved  August  4,  1886. 

ACT  OF  MARCH  3,  1887. 

6sf4  Stat  L"CHAP.  396. — An  act  for  the  retirement  and  recoinage  of 

the  trade-dollar. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
trad°ea  dollars  bled,  That  for  a  period  of  six  months  after  the  passage  of 
for  silver  coins,  this  act,  United  States  trade-dollars,  if  not  defaced,  mu- 
tilated, or  stamped,  shall  be  received  at  the  office  of  the 
Treasurer,  or  any  assistant  treasurer  of  the  United  States 
in  exchange  for  a  like  amount,  dollar  for  dollar,  of  stand- 
ard silver  dollars,  or  of  subsidiary  coins  of  the  United 
States. 
Retirement     gEC.  2.  That  the  trade-dollars  received  bv,  paid  to,  or 

and  recoinage  of  .  . 

trade  dollars,  deposited  with  the  Treasurer  or  any  assistant  treasurer  or 
national  depositary  of  the  United  States  shall  not  be  paid 
out  or  in  any  other  manner  issued,  but,  at  the  expense  of 
the  United  States,  shall  be  transmitted  to  the  coinage 
mints  and  recoined  into  standard  silver  dollars  or  sub- 
sidiary coin,  at  the  discretion  of  the  Secretary  of  the 
Treasury:  Provided,  That  the  trade  dollars  recoined  un- 
der this  act  shall  not  be  counted  as  part  of  the  silver 
bullion  required  to  be  purchased  and  coined  into  standard 
dollars  as  required  by  the  act  of  February  twenty-eighth, 
eighteen  hundred  and  seventy-eight. 
Authority  to  SEC.  3.  That  all  laws  and  parts  of  laws  authorizing  the 

com   trade  dol-  * 

lars  repealed,    coinage  and  issuance  of  United  States  trade-dollars  are 
hereby  repealed. 

Received  by  the  President,  February  It).  1SST. 

NOTK  itv  THI-;  DKPAKTMKNT  or  STATK. — The  foregoing  net  having 
been  presented  to  the  President  of  the  Tinted  States  for  his 
approval,  and  not  having  been  returned  by  him  to  the  house  of 
Congress  in  which  it  originated  within  the  time  prescribed  by  the 
Constitution  of  the  United  States,  has  become  a  law  without  his 
approval. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  589 

ACT  OF  MAY  24,  1888. 

CHAP.  307. — An  act  authorising   the  President  of  the    25  stat.  L., 
United.  States  to  arrange  a  conference   between  the 
United  States  of  America  and  the  Republics  of  Mexico, 
Central  and  South  America,  Hayti,  San  Domingo,  and 
the  Empire  of  Brazil. 

***** 
SEC.  2.  That  in  forwarding  the  invitations  to  the  said  fef  ™P|  of  con' 
Governments  the  President  of  the  United  States  shall  set- 
forth  that  the  conference  is  called  to  consider — * 

Sixth.  The  adoption  of  a  common  silver  coin,  to  be 
issued  by  each  Government,  the  same  to  be  legal  tender 
in  all  commercial  transactions  between  the  citizens  of  all 
of  the  American  States. 

*  *  *  *  * 

Approved,  May  24,  1888. 

ACT  OF  MARCH  2,  1889. 

CHAP.  411. — An  act  making  appropriations  for  sundry  93295  stat-   L-- 
civil  expenses  of  the  Government  for  the  fiscal  year 
ending  June   thirtieth,  eighteen  hundred  and  ninety, 
and  for  other  purposes. 

***** 
*     *     *.     That  hereafter  it  shall  not  be  lawful  to  use  0_2r5   »*«*.  L., 

955. 

any  portion  of  the  so-called  "  silver-profit  fund  "  or  of 
the  appropriation  for  "  storage  of  silver-transportation  " 
for  the  purpose  of  paying  the  expenses  of  the  transporta- 
tion of  standard  silver  dollars  from  the  mints  or  the  sub- 
treasuries  to  the  Treasury  at  Washington,  District  of 
Columbia. 

***** 

Approved,  March  2,  1889. 

ACT  OF  JULY  14,  1890. 

CHAP.  703. — An  act  direct/tig  the  purchase  of  silver  ~bul-  oj,6  stat-  L-» 
lion  and  the  issue  of  Treasury  'notes  thereon,  and  for 
other  purposes. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America,  in  Congress  as- 
sembled, That  the  Secretary  of  the  Treasury  is  hereby  di- 1 J11^  ''j^1™ 
rected  to  purchase,  from  time  to  time,  silver  bullion  to  L'lulHO(1- 
the  aggregate  amount  of  four  million  five  hundred  thoii- 


590  NATIONAL   MONETARY   COMMISSION. 


&s  san(^  ounces,  or  so  much  thereof  as  may  be  offered  in  each 
month,  at  the  market  price  thereof,  not  exceeding  one 
dollar  for  three  hundred  and  seventy-one  and  twenty- 
Limit  of  five  hundredths  grains  of  pure  silver,  and  to  issue  in  pay- 
Treasury  ment  for  such  purchases  of  silver  bullion  Treasury  notes 
sued  in  pay-  of  the  United  States  to  be  prepared  by  the  Secretary  of 
chases0         r  the  Treasury,  in  such  form  and  of  such  denominations, 
tions,Detc.,nof  not  less  than  one  dollar  nor  more  than  one  thousand  dol- 
lars, as  he  may  prescribe,  and  a  sum  sufficient  to  carry 
into  effect  the  provisions  of  this  act   is  hereby  appro- 
Appropria-priated  out  of  any  money  in  the  Treasury  not  otherwise 

appropriated. 
Redemption      gEC>  9.  That  the  Treasurv  notes  issued  in  accordance 

of    n  o  t  e  s    in 

coin  with  the  provisions  of  this  act  shall  be  redeemable  on 

Reissue  after  1 

redemption.      demand,  in  com,  at  the  Treasurv  of  the  United  States,  or 

Volumeof  ,  J  .' 

outstanding  at   the  office  of  any  assistant  treasurer   of  the  United 

notes,  limited. 

Legal  tender,  States,  and  when  so  redeemed  may  be  reissued  ;  but  no 

except,  etc. 

Receivable  greater  or  less  amount  of  such  notes  shall  be  outstanding 

for     customs,  . 

etc.  at  any  time  than  the  cost  or  the  silver  bullion  and  the 

Reissue  after  -  .  .  . 

receipt.  standard  silver  dollars  coined  therefrom,  then  held  in  the 

tionai  bank  re-  Treasury  purchased  by  such  notes;  and  such  Treasury 

Redemption  notes  shall  be  a  legal  tender  in  payment  of  all  debts,  pub- 

in  gold   or  sil-    .  .  \  J         .  i         5 

ver  coin,  at  the  lie  and  private,  except  where  otherwise  expressly  stipu- 

discretion  of  ,          ,    .        .  i     i      n   i  i  i      j: 

secretary  of  lated  in  the  contract,  and  shall  be  receivable  tor  customs, 
taxes,  and  all  public  dues,  and  when  so  received  may  be 
reissued;  and  such  notes,  when  held  by  any  national  bank- 
ing association,  may  be  counted  as  a  part  of  its  lawful 
reserve.  That  upon  demand  of  the  holder  of  any  of  the 
Treasury  notes  herein  provided  for  the  Secretary  of  the 
Parity  and  Treasurv  shall,  under  such  regulations  as  he  may  pre- 

ratio  of  gold  •  .  .  /.    l 

and  silver.  scribe,  redeem  such  notes  in  gold  or  silver  coin,  at  his  dis- 
cretion. it  being  the  established  policy  of  the  United 
States  to  maintain  the  two  metals  on  a  parity  with  each 
other  upon  the  present  legal  ratio,  or  such  ratio  as  may 
be  provided  by  law. 
Monthly  SEC.  ft.  That  the  Secretary  of  the  Treasury  shall  each 

coinage   of   sll-  _  .  .  .  '          . 

yer  d  o  1  1  a  r  s  month  coin  two  million  ounces  of  the  silver  bullion  pur- 

from     pur- 

chased bullion,  chased   under   the    provisions  of   this   act   into   standard 
Before  a  nd  silver  dollars  iinlil  the  first  day  of  July  eighteen  hun- 

after    July    1,  _  .    * 

1891-  dred  and  ninety-one,  and  after  that  time   he  shall  coin 

of  the  silver  bullion  purchased  under  the  provisions  of 
this  act  as  much  as  may  be  necessary  to  provide  for  the 
redemption  of  the  Treasury  notes  herein  provided  for, 
Seigniorage.  .,,,<]  aily  rrain  or  seigniorage  arising  from  such  coinage 
shall  be  accounted  for  and  paid  into  the  Treasury. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  591 

SEC.  4.  That  the  silver  bullion  purchased  under  the    Purchases 

*  subject  to  ex- 

provisions  of  this  act  shall  be  subject  to  the  requirements  ^ ing   laws, 

of  existing  law  and  the  regulations  of  the  mint  service 
governing  the  methods  of  determining  the  amount  of  „<£* 
pure  silver  contained,  and  the  amount  of  charges  or  de- 
ductions, if  any,  to  be  made. 

SEC.  5.  That  so  much  of  the  act  of  February  twenty- 
eighth,  eighteen  hundred  and  seventy-eight,  entitled  "An  ;fglejj.au8e  re' 
act  to  authorize  the  coinage  of  the  standard  silver  dollar 
and  to  restore  its  legal-tender  character,"  as  requires  the 
monthly  purchase  and  coinage  of  the  same  into  silver 
dollars  of  not  less  than  two  million  dollars,  nor  more 
than  four  million  dollars'  worth  of  silver  bullion,  is 
hereby  repealed. 

SEC.  6.  That  upon  the  passage  of  this  act  the  balances  re(Ss^J° 
standing  with  the  Treasurer  of  the  United  States  to  thenotef   fr,om 

.  .  .  .  general  cash. 

respective  credits  of  national  banks  for  deposits  made  to 
redeem  the  circulating  notes  of  such  banks,  and  all 
deposits  thereafter  received  for  like  purpose,  shall  be 
covered  into  the  Treasury  as  a  miscellaneous  receipt,  and 
the  Treasury  of  the  United  States  shall  redeem  from  the 
general  cash  in  the  Treasury  the  circulating  notes  of  said 
banks  which  may  come  into  his  possession  subject  to 
redemption;  and  upon  the  certificate  of  the  Comptroller mKeimburse- 
of  the  Currency  that  such  notes  have  been  received  by  Treasurer  from 

J  •'"National 

him  and  that  thev  have  been  destroyed  and  that  no  new  bank   notes, 

•i  .,  Redemption  ac- 

notes  will  be  issued  in  their  place,  reimbursement  of  their  count.11 
amount  shall  be  made  to  the  Treasurer,  under  such  regu- 
lations as  the  Secretary  of  the  Treasury  may  prescribe, 
from  an  appropriation  hereby,  created,  to  be  known  as 
National  bank  notes :  Redemption  account,  but  the  pro-     Not  to  apply 

/•  in  i  IT-  -.to    5    per    cent 

visions  or  this  act  shall  not  apply  to  the  deposits  received  deposit  for  re- 
under  section  three  of  the  act  of  June  twentieth,  eighteen  circulation, 
hundred  and  seventy-four,  requiring  every  National  bank     Monthly   re- 

i  i        £    i  MI    xi       m  £  .LI       TT    >j.     -i  port  of  remain- 

to  keep  in  lawful  money  with  the  Ireasurer  01  the  united  ing  balance  of 

States  a  sum  equal  to  five  per  centum  of  its  circulation, 
to  be  held  and  used  for  the  redemption  of  its  circulating 
notes;  and  the  balance  remaining  of  the  deposits  so  cov- 
ered shall,  at  the  close  of  each  month,  be,  reported  on  the 
monthly  public  debt  statement  as  debt  of  the  United 
States  bearing  no  interest. 

"  SEC.  7.  That  this  act  shall  take  effect  thirty  days  from     operation. 
and  after  its  passage." 

Approved,  July  14,  1890. 


592  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  SEPTEMBEE  26,  1890. 

26  stat.  L.,  CHAP.  944. — An  act  to  amend  section  thirty-five  hundred 
and  ten  of  the  Revised  Statutes  of  the  United  States, 
and  to  provide  for  new  designs  of  authorised  devices 
of  United  States  coins. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  section  thirty-five  hundred  and  ten  of  the 
Revised  Statutes  of  the  United  States  be,  and  the  same 
is  hereby,  amended  so  as  to  read  as  follows  : 

"  SEC.  3510.  The  engraver  shall  prepare  from  the  origi- 
nal dies  already  authorized  all  the  working-dies  required 
for  use  in  the  coinage  of  the  several  mints,  and,  when  new 
coins,  emblems,  devices,  legends,  or  designs  are  author- 
ized, shall,  if  required  by  the  Director  of  the  Mint,  pre- 
Revised  stat- pare  the  devices,  models,  hubs,  or  original  dies  for  the 

utes,  sec.  3517.  r  .  •  . 

same.  The  Director  of  the  Mint  shall  have  power,  with 
the  approval  of  the  Secretary  of  the  Treasury,  to  cause 
fo?eeoiusSiauS  new  designs  or  models  of  authorized  emblems  or  devices 
*5°riears  every  ^°  ^e  PrePared  and  adopted  in  the  same  manner  as  when 
new  coins  or  devices  are  authorized.  But  no  change  in 
the  design  or  die  of  any  coin  shall  be  made  oftener  than 
once  in  twenty-five  years  from  and  including  the  year 
of  the  first  adoption  of  the  design,  model,  die,  or  hub  for 
the  same  coin:  Provided,  That  no  change  be  made  in  the 
diameter  of  any  coin:  And  provided  further,  That  noth- 
ing in  this  section  shall  prevent  the  adoption  of  new 
designs  or  models  for  devices  or  emblems  already  author- 
ized for  the  standard  silver  dollar  and  the  five-cent  nickel 
piece  as  soon  as  practicable  after  the  passage  of  this  act. 
thm-Sto  em-  B«t  the  Director  of  the  Mint  shall  nevertheless  have 
pioy  artists,  power,  with  the  approval  of  the  Secretary  of  the  Treas- 
ury, to  engage  temporarily  for  this  purpose  the  services 
of  one  or  more  artists,  distinguished  in  their  respective 
departments  of  art,  who  shall  be  paid  for  such  service 
from  the  contingent  appropriation  for  the  mint  at  Phila- 
delphia." 

Approved,  September  2G,  1890. 


LAWS   CONCERNING  MONEY,   BANKING,   AND  LOANS.  593 

ACT  OF  SEPTEMBER  26,  1890. 

CHAP.  945. — An  act  to  discontinue   the  coinage  of  the     26  stat.  L., 
three-dollar  and  one-dollar  gold  pieces  and  three-cent 
nickel  piece. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  from  and  after  the  passage  of  this  act  the 
coinage  of  the  three-dollar  gold  piece,  the  one-dollar  gold 
piece,  and  the  three-cent  nickel  piece  be,  and  the  same  is 
hereby,  prohibited,  and  the  pieces  named  shall  not  be 
struck  or  issued  by  the  Mint  of  the  United  States. 

SEC.  2.  That  as  fast  as  the  said  coins  shall  be  paid  into 
the  Treasury  of  the  United  States  they  shall  be  with- 
drawn from  circulation  and  be  recoined  into  other  de- 
nominations of  coins. 

SEC.  3.  That  all  laws  and  parts  of  laws  in  conflict  with 
this  act  are  hereby  repealed. 

Approved,  September  26,  1890. 

ACT    OF    OCTOBER    1,  1890. 

CHAP.  1244. — An  act  to  reduce  the  revenue  and  equalise     |6  stat.  L., 

duties  on  imports,  and  for  other  purposes. 
***** 
SEC.  52.  That  the  value  of  foreign  coin  as  expressed  el^aICotnof  for" 
in  the  money  of  account  of  the  United  States  shall  be  that 
of  the  pure  metal  of  such  coin  of  standard  value;  and 
the  values  of  the  standard  coins  in  circulation  of  the  vari- 
ous nations  of  the  world  shall  be  estimated  quarterly  by 
the  Director  of  the  Mint,  and  be  proclaimed  by  the  Secre-  ,  Prooiama- 

,  '  l  tlon,  quarterly. 

tary  of  the  Treasury  immediately  after  the  passage  of 
this  act  and  thereafter  quarterly  on  the  first  day  of 
January,  April,  July  and  October  in  each  year. 

***** 
Approved,  October  1,  1890. 

NOTE. — A.  similar  provision  is  contained  in  section  25  of  the 
tariff  act  of  1894  (28  Stat.  L.,  552),  and  further  that  "the  values 
so  proclaimed  shall  be  followed  in  estimating  the  value  of  all  for- 
eign merchandise  exported  to  the  United  States  during  the  quarter 
for  which  the  value  is  proclaimed,"  etc. 


594  NATIONAL  MONETARY  COMMISSION. 

ACT   OF   FEBRUARY   10,  1891. 

26  stat.  L.,  CHAP.  127. — An  act  further  to  prevent  counterfeiting  or 
manufacture  of  dies,  tools,  or  other  implements  used 
in  counterfeiting,  and  providing  penalties  therefor,  and 
providing  for  the  issue  of  search  warrants  in  certain 
cases. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
Making  bled,  That  every  person  who,  within  the  United  States 
!  etc!,b  in  or  any  Territory  thereof,  makes  any  die,  hub,  or  mold, 
"states  either  of  steel  or  plaster,  or  any  other  substance  whatso- 
diRevised  stat-  ever  in  likeness  or  similitude,  as  to  the  design  or  the  in- 
toe5462?s'  °457  scription  thereon,  of  any  die,  hub,  or  mold  designated  for 
the  coining  or  making  of  any  of  the  genuine  gold,  silver, 
nickel,  bronze,  copper  or  other  coins  of  the  United  States 
that  have  been  or  hereafter  may  be  coined  at  the  mints 
of  the  United  States,  or  who  willingly  aids  or  assists  in 
the  making  of  any  such  die,  hub,  or  mold,  or  any  part 
thereof,  or  who  causes  or  procures  to  be  made  any  such 
die,  hub  or  mold,  or  any  part  thereof,  without  authority 
from  the  Secretary  of  the  Treasury  of  the  United  States 
or  other  proper  officer,  or  who  shall  have  in  his  possession 
any  such  die,  hub,  or  mold  with  intent  to  fraudulently 
or  unlawfully  use  the  same,  or  who  shall  permit  the  same 
to  be  used  for  or  in  aid  of  the  counterfeiting  of  any  of 
the  coins  of  the  United  Spates  hereinbefore  mentioned 
Penalty.  shall,  upon  conviction  thereof,  be  punished  by  a  fine  of 
not  more  than  five  thousand  dollars  and  by  imprisonment 
at  hard  labor  not  more  than  ten  years,  or  both,  at  the  dis- 
cretion of  the  court. 
Procuring  the  gEC>  2.  That  every  person  who,  within  the  United 

s  a  m  e    to    be  ^  ; 

made.  States  or  any  Territory  thereof,  without  lawful  author- 

ity, makes,  or  willingly  aids  or  assists  in  making,  or 
causes  or  procures  to  be  made,  any  die,  hub,  or  mold, 
either  of  steel  or  of  plaster,  or  of  any  other  substance  what- 
soever, in  the  likeness  or  similitude,  as  to  the  design  or 
the  inscription  thereon,  of  any  die,  hub,  or  mold  designated 
for  the  coining  of  the  genuine  coin  of  any  foreign  Govern- 
ment, or  who  conceals  or  shall  have  in  possession  any  such 
die,  hub,  or  mold  hereinbefore  mentioned,  with  intent  to 
fraudulently,  or  unlawfully  use  the  same  for  counter- 
feiting any  foreign  coin,  or  who  knowingly  suffers  the 
same  to  be  fraudulently  used  for  the  counterfeiting  of 


LAWS   CONCERNING   MONEY,  -BANKING,   AND  LOANS.  595 

» 

any  foreign  coin  shall,  upon  conviction  thereof,  be  pun-     Penalty, 
ished  by  a  fine  of  not  more  than  two  thousand  dollars  or 
imprisonment  at  hard  labor  not  more  than  five  years,  or 
both,  at  the  discretion  of  the  court. 

SEC.  3.  That  every  person  who  makes,  or  who  causes  or     Making  or 
procures  to  be  made,  or  who  brings  into  the  United  States  thing  in  simfl- 

,.  f  i         i      n  i  •  •        i tude  of  United 

from  any  foreign  country,  or  who  shall  have  in  possession  states  coins. 
with  intent  to  sell,  give  away,  or  in  any  other  manner  use 
the  same,  any  business  or  professional  card,  notice,  pla- 
card, token,  device,  print,  or  impression,  or  any  other 
thing  whatsoever,  whether  of  metal  or  its  compound  or  of 
any  other  substance  whatsoever,  in  likeness  or  similitude, 
as  to  design,  color,  or  the  inscription  thereon,  of  any  of 
the  coins  of  the  United  States  jor  of  any  foreign  Govern- 
ment, that  have  been  or  hereafter  may  be  issued  as  money, 
either  under  the  authority  of  the  United  States  or  under 
the  authority  of  any  foreign  Government  shall,  upon  con- 
viction thereof,  be  punished  by  a  fine  not  to  exceed  one  Penalty. 
hundred  dollars. 

SEC.  4.  That  all  counterfeits  of  any  of  the  obligations  QCoiuiterfeUs 
or  other  securities  of  the  United  States  or  of  any  foreign  states  obiiga- 
Government,  or  counterfeits  of  any  of  the  coins  of  the 
United  States  or  of  any  foreign  Government,  and  all  ma- 
terial or  apparatus  fitted  or  intended  to  be  used,  or  that 
shall  have  been  used,  in  the  making  of  any  of  such  coun- 
terfeit obligations  or  other  securities  or  coins  hereinbefore 
mentioned,  that  shall  be  found  in  the  possession  of  any 
person  without  authority  from  the  Secretary  of  the  Treas- 
ury or  other  proper  officer  to  have  the  same,  shall  be  taken 
possession  of  by  any  authorized  agent  of  the  Treasury 
Department  and  forfeited  to  the  United  States,  and  dis- 
posed of  in  any  manner  the  Secretary  of  the  Treasury 
may  direct. 

SEC.  5.  That  the  several  judges  of  courts  established  g  eTasr sc  £  ew°rf 
under  the  laws  of  the  United  States  and  the  commis-  "  iu  such 
sioners  of  such  courts  may,  upon  proper  oath  or  affirma- 
tion, within  their  respective  jurisdictions,  issue  a  search 
warrant  authorizing  any  marshal  of  the  United  States,  or 
any  other  person  specially  mentioned  in  such  warrant,  to 
enter  any  house,  store,  building,  boat,  or  other  place  named 
in  such  warrant,  in  the  daytime  only,  in  which  there  shall 
appear  probable  cause  for  believing  that  the  manufacture 
of  counterfeit  money,  or  the  concealment  of  counterfeit 
money,  or  the  manufacture  or  concealment  of  counterfeit 
obligations  or  coins  of  the  United  States  or  of  any  i'or- 


596  NATIONAL  MONETARY  COMMISSION. 

eign  government,  or  the  manufacture  or  concealment  of 
dies,  hubs,  molds,  plates,  or  other  things  fitted  or  intended 
to  be  used  for  the  manufacture  of  counterfeit  money, 
coins,  or  obligations  of  the  United  States  or  of  any  for- 
eign government,  or  of  any  bank  doing  business  under 
the  authority  of  the  United  States  or  of  any  State  or  Ter- 
ritory thereof,  or  of  any  bank  doing  business  under  the 
authority  of  any  foreign  government  or  of  any  political 
division  of  any  foreign  government,  is  being  carried  on 
or  practiced,  and  there  search  for  any  such  counterfeit 
money,  coins,  dies,  hubs,  molds,  plates  and  other  things, 
and  for  any  such  obligations,  and  if  any  such  be  found,  to 
Seizures.  seize  and  secure  the  same  and  to  make  return  thereof  to 
the  proper  authority;  anil  all  such  counterfeit  money, 
coins,  dies,  hubs,  molds,  plates,  and  other  things  and  all 
such  counterfeit  obligations  so  seized  shall  be  forfeited  to 
the  United  States. 

Approved,  February  10,  1891. 

This  act  was  amended  by  the  act  of  March  4,  1909 
(chap.  321,  35  Stat.  L.,  pp.  1120.  1121).  See  sections  169 
to  173,  inclusive. 

ACT  OF  MARCH  3,  1891. 

26  stat.  L.,  CHAP.  541. — An  act  making  appropriations  for  the  legis- 
lative, executive  and  judicial  expense*  of  the  Govern- 
ment for  the  'fiscal  year  ending  June  thirtieth,  eighteen 
hundred  and  ninety-two,  and  for  other  purposes. 
***** 

SEC.  3.  That  an  act  to  authorize  the  receipt  of  United 

States  gold  coin   in  exchange   for  gold   bars,   approved 

May  twenty-sixth,  eighteen  hundred  and  eighty-two,  be 

amended  to  read  as  follows: 

Authorizing     "  That  the  superintendents  of  the  coinage  mints  and  of 

the   issuance  of  -11 

gold  bars  in  the  United  States  assav  office  at  New  lork  mav,  with  the 

exchange     for  . 

gold  coin.  approval  or  the  Secretary  or  the  Ireasury,  but  not  other- 
wise, receive  United  States  gold  coin  from  any  holder 
thereof  in  sums  of  not  less  than  five  thousand  dollars,  and 
pay  and  deliver  in  exchange  therefor  gold  bars  in  value 
equaling  such  coin  so  received:  Provided,  That  the  Secre- 
tary of  the  Treasury  may  impose  for  such  exchange  a 
charge  which  in  his  judgment  shall  equal  the  cost  of 
manufacturing  the  bars." 

***** 

Approved.  March  3,  1891. 


LAWS   CONCERNING  MONEY,  BANKING,   AND  LOANS.  597 

ACT  OF  MARCH  3,  1891. 

CHAP.  542. — An  act  making  appropriations  for  sundry     26  stat.  L., 
civil  expenses  of  the  Government  for  the  fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  ninety- 
two,  and  for  other  purposes. 

***** 

RECOINAGE  OF  SILVER  COINS  :  For  recoinage  of  the  uncur-    Recoinage.sii- 
rent  fractional  silver  coins  abraded  below  the  limit  of 
tolerance  in  the  Treasury,  to  be  expended  under  the  direc- 
tion of  the  Secretary  of  the  Treasury,  one  hundred  and 
fifty  thousand  dollars:  Provided,  That  the  Secretary  of     Proviso. 
the  Treasury  shall,  as  soon  as  practicable,  coin  into  stand- etc.^into  sta^d- 
ard  silver  dollars  the  trade-dollar  bullion  and  trade  dol-  ai 
lars  now    in   the   Treasury,   the  expense  thereof   to   be     charges. 
charged  to  the  silver  profit  fund. 

***** 

Approved,  March  3,  1891. 

ACT  OF  AUGUST  5,  1892. 

CHAP.  380. — An  act  making  appropriations  for  sundry     27  stat.  L., 
civil  expenses  of  the  Government  for  the  -fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  ninety- 
three,  and  for  other  purposes. 

***** 

INTERNATIONAL  MONETARY  CONFERENCE:  The  President   Monetary  con- 
ference. 
of  the  United  States  is  hereby  authorized  to  appoint  five 

commissioners  to  an  international  conference,  to  be  held 

at  a   place  to  be  hereafter  designated,  with   a   view   to 

secure,  internationally,  a  fixity  of  relative  value  between 

gold  and  silver,  as  money,  by  means  of  a  common  ratio 

between  those  metals,  with  free  mintage  at  such  ratio, 

and  for  compensation  of  said  commissioners,  and  for  all 

reasonable  expenses  connected  therewith,  to  be  approved 

by  the  Secretary  of  State,  including  the  proportion  to  bo     see^aiso  net 

paid  by  the  United  States  of  the  joint  expenses  of  such 

conference,  eighty  thousand  dollars,  or  so  much  thereof 

as  may  be  necessary. 

*  *  :|:  *  * 

Approved,  August  f>,  1892. 


598  NATIONAL  MONETARY  COMMISSION. 

ACT  OF  AUGUST  5,  1892. 

ssl7  Stat  L"  CHAP.  381. — An  act  to  aid  in  carrying  out  the  act  of  Con- 
gress approved  April  twenty-fifth,  eighteen  hundred 
and  ninety,  entitled  "An  act  to  provide  for  celebrating 
the  four  hundredth  anniversary  of  the  discovery  of 
America  by  Christopher  Columbus,  by  holding  an  in- 
ternational exposition  of  arts,  industries,  manufactures, 
and  products  of  the  soil,  mine,  and  sea,  in  the  city  of 
Chicago,  in  the  State  of  Illinois"  and  appropriating 
money  therefor. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
Authorizing  bled,  That  for  the  purpose  of  aiding  in  defraying  the  cost 

coinage    of    5,-  .  .      ,  ,  i        - 

000,000  souve-  of  completing  in  a  suitable  manner  the  work  01  prepara- 

mr  half  dollars  1,^,1  •         -r-,  •   • 

for  the  world's  tion  f or  inaugurating  the  v\  orld  s  Columbian  Exposition, 

Columbian   Ex-  ^ 

position  authorized  by  the  act  of  Congress  approved  April  twenty- 

Revised  Stat.  J 

utes,  sec.  3513.  fifth,  anno  Domini  eighteen  hundred  and  ninety,  to  be 

held  at  the  city  of  Chicago,  in  the  State  of  Illinois,  there 
shall  be  coined  at  the  mints  of  the  United  States  silver 
half  dollars  of  the  legal  weight  and  fineness,  not  to  exceed 
five  million  pieces,  to  be  known  as  the  Columbian  half 
dollar,  struck  in  commemoration  of  the  World's  Colum- 
bian Exposition,  the  devices  and  designs  upon  which  shall 
be  prescribed  by  the  Director  of  the  Mint,  with  the  ap- 
proval of  the  Secretary  of  the  Treasury;  and  said  silver 
coins  shall  be  manufactured  from  uncurrent  subsidiary 
silver  coins  now  in  the  Treasury,  and  all  provisions  of 
law  relative  to  the  coinage,  legal-tender  quality,  and 
redemption  of  the  present  subsidiary  silver  coins  shall  be 
applicable  to  the  coins  issued  under  this  act,  and  when 
so  recoined  there  is  hereby  appropriated  from  the  Treas- 
ury the  said  five  millions  of  souvenir  half  dollars,  and  the 
Secretary  of  the  Treasury  is  authorized  to  pay  the  same 
to  the  World's  Columbian  Exposition. 

(The  remainder  of  section  1  and  section  2  prescribe 
conditions  for  the  guidance  of  the  managers  of  the  expo- 
sition; section  3  authorizes  bronze  medals  and  diplomas 
for  awards  to  exhibitors  and  provides  that  the  Secretary 
of  the  Treasury  may  authorize  holders  of  such  medals  to 
have  duplicates  in  gold,  silver,  or  bronze  made  at  any 
of  the  mints  at  the  expense  of  the  person  desiring  the 
same;  and  section  4  forbids  the  opening  of  the  exposition 
to  the  public  on  Sunday.) 

Approved.  August  5,  1892. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  599 

ACT  OF  MARCH  3,  1893 

CHAP.  208. — An  act  making  appropriations  for  sundry  58|7  stat-  L- 
civil  expenses  of  the  Government  for  the  fiscal  year  end- 
ing June  thirtieth,  eighteen  hundred  and  ninety-four, 
and  for  other  purposes. 

***** 
WORLD'S  COLUMBIAN   COMMISSION:     *     *     *     and  ten     Authorizing 

coinage  of  40,- 

thousand  dollars  of  the  appropriation  for  the  Board  of  ooo    souvenir 

.  ,    .  ..  ,.,      quarter  dollars 

Ladv  Managers  shall  be  paid  in  souvenir  coins  of  the  f0/  the  Board 

*    .      .        „  /.i  of  Lady Mana- 

denomination  of  twenty-five  cents,  and  for  that  purpose  gers  world's 

J  L       L  Columbian  Ex- 

there  shall  be  coined  at  the  mints  of  the  United  States  position. 

silver  quarter  dollars  of  the  legal  weight  and  fineness, 
not  to  exceed  forty  thousand  pieces,  the  devices  and 
designs  upon  which  shall  be  prescribed  by  the  Director 
of  the  Mint,  with  the  approval  of  the  Secretary  of  the 
Treasury;  and  said  silver  coins  shall  be  manufactured  Revised  stat- 

J  '  ...  .  .  utes,  sec.  3o43. 

from  uncurrent  subsidiary  silver  coins  now  in  the  Treas- 
ury; and  all  provisions  of  law  relative  to  the  coinage, 
legal-tender  quality,  and  redemption  of  the  present  sub- 
sidiary silver  coins  shall  be  applicable  to  the  coins  herein 
authorized  to  be  issued;  and  a  sum  not  exceeding  five 
thousand  dollars  may  be  used  by  the  Director-General 
in  his  discretion  for  incidental  and  contingent  expenses 

of  his  office. 

***** 

Approved.  March  3.  1893. 

ACT  OF  NOVEMBER  1.  1893. 

CHAP.  8. — An  act  to  repeal  a  part  of  an  act  approved  July    28  stat  L-'4- 
fourteenth,  eighteen  hundred  and  ninety,  entitled  uAn 
act  directing   the  purchase   of  silver  bullion    and  the 
•issue  of  Treasury  Notes  thereon,  and  for  other  pur- 
poses.^ 

Be  it  enacted  l>y  the  Ken  ate  and  House  of  Representa- 
tives of  the  United  Stntcx  of  America  in  Congress  assem- 
bled, That  so  much  of  (he  act  approved  July  fourteenth, pu?c£ne^nu0e| 
eighteen  hundred  and  ninety,  entitled  "An  act  directing silvor  bulllon- 
the  purchase  of  silver  bullion  and  issue  of  Treasury  notes 
thereon,  and  for  other  purposes,"  as  directs  the  Secretary 
of  the  Treasurv  to  purchase   from   time  to  time  silver 
bullion  to  the  aggregate  amount  of  four  million  five  hun- 
dred thousand  ounces,  or  so  much   thereof  as  may  be 


600  NATIONAL   MONETARY  COMMISSION. 

offered  in  each  month  at  the  market  price  thereof,  not 
exceeding  one  dollar  for  three  hundred  and  seventy-one 
and  twenty-five  one  hundredths  grains  of  pure  silver,  and 
to  issue  in  payment  for  such  purchases  Treasury  notes  of 
the  United  States,  be,  and  the  same  is  hereby,  repealed. 
oiic  eof\?nued  And  it  is  hereby  declared  to  be  the  policy  of  the  United 


for  tesoid°and  States  *°  contmue  the  use  °f  Dotn  g°ld  and  silver  as 
stiver.  standard  money,  and  to  coin  both  gold  and  silver  into 

money  of  equal  intrinsic  and  exchangeable  value,  such 
Parities  be-equalitv  to  be  secured  through  international  agreement, 

tween  the  two    n  "  „       e.          .  -n    •  -r 

metals  to  be  or  by  such  safeguards  or  legislation  as  will  insure  the 

maintained.  .*  °  .  s  ,  . 

maintenance  or  the  parity  in  value  01  the  coins  or  the  two 
metals,  and  the  equal  power  of  every  dollar  at  all  times 
in  the  markets  and  in  the  payment  of  debts.  And  it  is 
hereby  further  declared  that  the  efforts  of  the  Government 
should  be  steadily  directed  to  the  establishment  of  such  a 
safe  system  of  bimetallism  as  will  maintain  at  all  times 
the  equal  power  of  every  dollar  coined  or  issued  by  the 
United  States,  in  the  markets  and  in  the  payment  of  debts. 
Approved,  November  1,  1893. 

ACT  OF  AUGUST  13,  1894. 
28  stat.  L.,  CHAP.  281.  —  An  act  to  subject  to  State  taxation  national 

278 

bank  notes  and  United  States  Treasury  notes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 

state  taxa-ftfec?,  That  circulating  notes  of  national  banking  associa- 
tion of  nation-    . 

ai  currency  and  t1Ons   and   United    States   legal   tender  notes  and   other 

United  States 

no  tes  author-  notes  and  certificates  of  the    united   States  payable  on 

izcd 

demand  and  circulating  or  intended  to  circulate  as  cur- 
rency and  gold,  silver  or  other  coin  shall  be  subject  to 
taxation  as  money  on  hand  or  on  deposit  under  the  laws 
Proviso.        of  any  State  or  Territory  :  Provided,  That  any  such  taxa- 
as  other  money,  tion  shall  be  exercised  in  the  same  manner  and  at  the 
same  rate  that  any  such  State  or  Territory  shall  tax  money 
or  currency  circulating  as  money  within  its  jurisdiction. 
Existing  laws.      SEC.  2.  That  the  provisions  of  this  Act   shall  not  be 
deemed  or  held  to  change  existing  laws  in  respect  of  the 
taxation  of  national  banking  associations. 
Approved,  August  13.  1894. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  601 

ACT  OF  FEBRUARY  20,  1895. 

CHAP.  105. — An  act  to  provide  for  coinage  at  the  'branch    28  stat.  L., 
mint  at  Denver,  Colorado. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  hereafter  there  shall  be  carried  on  at  the 
branch  mint  of  the  United  States  at  Denver,  in  the  State  mhft^t'o  °co^n 
of  Colorado,  the  coinage  of  gold  and  silver.  gold  and  silver- 

SEC.  2.  That    the    provisions    of    sections    thirty-four    officers. 
hundred    and   ninety-six   and   thirty-four  hundred    and  utes,  sees.  349^ 
ninety-seven  of  the  Revised  Statutes  of  the  United  States  amended. 
are  hereby  made  applicable  to  the  mint  of  the  United 
States  at  Denver,  Colorado,  and  that  so  much  of  sections     Revised  stat- 
thirty-five  hundred  and  fifty-eight,  thirty-five  hundred  3501,  PP'.  702, 
and  fifty-nine,  thirty-five  hundred  and  sixty,  and  thirty-  ' 
five  hundred  and  sixty-one  of  the  Revised  Statutes  of  the 
United  States  as  relates  to  the  mint  at  Denver,  Colorado, 
are  hereby  repealed;  and  that  the  compensation  of  the    salaries, 
officers  of  said  mint  shall  be  the  same  as  those  of  the  mint  utes,  sec.  3498, 
at  Carson  City,  Nevada. 

SEC.  3.  That  all  laws  and  parts  of  laws  in  force  in     Laws  appii- 
relation  to  the  mints  of  the  United  States,  and  for  the 
government  of  the  officers  and  persons  employed  therein, 
shall  be  applicable  to  the  mint  at  Denver. 

Approved,  February  20,  1895. 

ACT    OF   MARCH   2,  1895. 

CHAP.  177. — An  act  making  appropriations  for  the  legis-     28  stat.  L., 
latioe,  executive,  and  judicial  expenses  of  the  Govern- 
ment for  the  fiscal  year'  ending  June  thirtieth,  eighteen 
hundred  and  ninety-six,  and  for  other  purposes. 

Until  the  mint  and  assay-office  at  Denver  shall  become     Assay    office 

to  continue  nn- 

a  coinage  mint  in  accordance  with  law,  the  present  mint  til  coinage  mint 

.  established. 

shall  be  continued  as  an  assay-office,  and  the  business 
now  transacted  at  said  mint  shall  bo  continued  therein, 
and  the  appropriations  heretofore  and  herein  made  shall 
be  applicable  to  such  mint. 

***** 
That  the  Secretary  of  (ho  Treasury  is  hereby  author-     Refinery   of 
ized  and  required  to  establish  at  tho  United  States  assay 
office   at   Helena,  Montana,   a   refinery   for   refining  and 
15712°— 10 39 


602  NATIONAL  MONETARY  COMMISSION. 

parting  gold  and  silver  and  for  casting  the  same  into 
bars,  ingots,  or  discs. 

charges.  That  the  charges  for  these  operations  shall  be  fixed 

by  the  Director  of  the  Mint,  with  the  approval  of  the 
Secretary  of  the  Treasury,  to  equal,  but  not  to  exceed,  the 
expenses  thereof,  and  all  provisions  of  law  relating  to 
the  refineries  of  the  mints  and  assay  offices  shall  apply 
to  the  parting  and  refining  of  bullion  at  the  assay  office 
at  Helena,  Montana. 

*  *  *  *  * 

Approved,  March  2,  1895. 

NOTE. — A  similar  provision  in  relation  to  the  mint  and 
assay  office  at  Denver  is  contained  in  the  following  acts: 
May  26,  1896  (29  Stat.  L.,  159)  ;  February  19,  1897  (29 
Stat.  L.,  558)  ;  March  15,  1898  (30  Stat.  L.,  296)  ;  Feb- 
ruary 24, 1899  (30  Stat.  L.,  868)  ;  April  17, 1900  (31  Stat. 
L.,  110)  ;  March  3,  1901  (31  Stat.  L.,  985)  ;  April  28, 
1902  (32  Stat.  L.,  145,  880)  ;  March  18,  190-1  (33  Stat.  L., 
109). 

ACT  OF  MAECH  2,  1895. 

28  stat.  L.,  CHAP.  189. — An  act  making  appropriations  for  sundry 
cii'il  expenses  of  the  Government  for  the  fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  ninety -six, 
and  for  other  purposes. 

international     That  whenever  the  President  of  the  United  States  shall 

ference.  determine  that  the  United  States  should  be  represented 

at  any  international  conference  called   with   a   view  to 

secure,  internationally,  a  fixity  of  relative  value  between 

gold  and  silver,  as  money,  by  means  of  a  common  ratio 

between  those  metals,  with  free  mintage  at  such  ratio, 

the  United  States  shall  be  represented  at  such  conference 

Nino   dole-  by  nine  delegates,  to  be  selected  as  follows :  The  President 

gates. 

selection.       of  the  United  States  shall  select  three  of  said  delegates; 
the  Senate  shall  select  three  Members  of  the  Senate  as 
delegates;  and  the  Speaker  of  the  present  House  of  Rep- 
resentatives shall  select  three  Members  of  the  House  of 
Representatives  of  the  Fifty-fourth  Congress  as  delegate's. 
Vacancies.     If  at  any  time  there  shall  be  any  vacancy  such  vacancy 
shall   bo   filled   by  the  President  of  the   United   States. 
t|o^omPensa-And  for  the  compensation  of  said  delegates,  together  with 
all  reasonable  expenses  connected  therewith,  to  be  ap- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  603 

proved  by  the  Secretary  of  State,  including  the  propor- 
tion to  be  paid  by  the  United  States  of  the  joint  expenses 
of  such  conference,  the  sum  of  one  hundred  thousand  dol- 
lars, or  so  much  thereof  as  may  be  necessary,  is  hereby  Appropria- 

•    ,     -i  tion     for     ex- 

appropnated.  penses. 

****** 
Approved,  March  2,  1895. 

ACT  OF  JUNE  11,  1896. 

CHAP.  420.  —  An  act  making  appropriations  for  sundry  o29  stat.  L., 
civil  expenses  of  the  Government  for  the  'fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  ninety- 
seven,  and  for  other  purposes, 

*  *  #  *  * 

RECOINAGE,  REISSUE,  AND  TRANSPORTATION  OF  MINOR  Minor  coins, 
COINS:  The  Secretary  of  the  Treasury  is  authorized  to1 
transfer  to  the  United  States  mint  at  Philadelphia,  for 
cleaning  and  reissue,  any  minor  coins  now  in,  or  which 
may  be  hereafter  received  at,  the  subtreasury  offices,  in 
excess  of  the  requirement  for  the  current  business  of  said 
offices;  and  the  sum  of  four  thousand  dollars  is  hereby 
appropriated  for  the  expense  of  transportation  for  such 
reissue.  And  the  Secretary  of  the  Treasury  is  also  au- 
thorized to  recoin  any  and  all  the  uncurrent  minor  coins 
now  in  the  Treasur. 


Approved,  June  11,  1896. 

ACT  OF  FEBRUARY  19,  1897. 

CHAP.  265.  —  An  act  making  appropriations  for  the  legis-  r_?o  stat.  L., 
lative,  executive,  and  judicial  expense*  of  the  Govern- 
ment for  the  fiscal  year  ending  June  thirtieth,  eighteen 
hundred  and  ninety-eight,  and  for  other  purf/oxes. 

ASSAY  OFFICE  AT  DEADWOOD,  SOTTII  DAKOTA:  The  Sec-    PC{l(lw°od- 

Kent  of  build- 

retary  of  the  Treasury  is  hereby  authorized  and  directed  '»#.    espouses, 

•  etc. 

to  use  the  unexpended  balance  of  the  appropriation  of 
fifteen  thousand  dollars  for  establishing  an  assay  office  at 
Deadwood,  South  Dakota,  made  by  the  Sundry  Civil  ap- 
propriation Act  approved  June  eleventh,  eighteen  hun- 
dred and  ninety-six,  for  rent  of  a  suitable  building  for 
such  purpose,  for  providing  the  sumo  witli  necessary  fur- 


604  NATIONAL   MONETAEY  COMMISSION. 

naces,  fixtures,  and  apparatus,  and  for  wages  of  work- 

42y°L    17>   P-men  and  contingent  expenses;  and  said  assay  office  shall 

u  tReeslseT  i^e*36  conducted  under  the  provisions  of  the  Act  entitled  "An 

693-7051'    pp>  ^c^  ^vising  and  amending  the  laws  relative  to  the  mints, 

assay  offices,  and  coinage  of  the  United  States,"  approved 

February  twelfth,  eighteen  hundred  and  seventy-three. 

Approved,  February  19,  1897. 

ACT  OF  MARCH  3,  1897. 

60|9  stat-  L-  CHAP.  376. — An  act  to  provide  for  the  representation  of 
the  United  States  by  commissioners  at  any  interna- 
tional monetary  conference  hereafter  to  be  called,  and 
to  enable  the  President  to  otherwise  promote  an  inter- 
national agreement. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
internntionai  l>lcd    That  whenever  after  March  fourth,  eighteen  hundred 

monetary    con-  ' 

ference.  an(]  ninety-seven,  the  President  of  the  United  States  shall 

determine  that  the  United  States  should  be  represented 
at  any  international  conference  called  by  the  United 
States  or  any  other  country  with  a  view  to  securing  by 
international  agreement  a  fixity  of  relative  value  between 
gold  and  silver  as  money  by  means  of  a  common  ratio 
Appointment  Between  these  metals,  with  free  mintage  at  such  ratio,  he 

of  commission- 
ers authorized.  Js  hereby  authorized  to  appoint  five  or  more  commis- 

Compensa-sioners  to  such  international  conference;  and  for  com- 
pensation of  said  commissioners,  and  for  all  reasonable 
expenses  connected  therewith,  to  be  approved  by  the  Sec- 

Appropria-retary  of  State,  including  the  proportion  to  be  paid  by 
the  United  States  of  the  joint  expenses  of  any  such  con- 
ference, the  sum  of  one  hundred  thousand  dollars,  or  so 
much  thereof  as  may  be  necessary,  is  hereby  appropriated. 

ran  for  con-      SEC.   o.  That   the   President    of   the    United    States   is 
ference. 

hereby  authorized,  in  the  name  of  the  Government  of  the 

United  States,  to  call,  in  his  discretion,  such  international 

conference,  to  assemble  at  such  point  as  may  be  agreed 

spofiai  rom-upon.     And  he  is  further  authorized,  it'  in  his  judgment 

missionor    for    .  .  ,.     ,    .         ,        ,.  .          ,  ,,'  , 

diplomatic   ne-tne  purpose  specified  in  the  lirst  section  hereoi  can  thus 

Kotiations.  ,        i  .     •        i  •     ,  -, 

be  better  attained,  to  appoint  one  or  more  special  com- 
missioners or  envoys  to  such  of  the  nations  of  Europe  as 
he  may  designate  to  seek  by  diplomatic  negotiations  an 
international  agreement  for  the  purpose  specified  in  the 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  605 

first  section  hereof.  And  in  case  of  such  appointment  so 
much  of  the  appropriation  herein  made  as  shall  be  neces- 
sary shall  be  available  for  the  proper  expenses  and  com- 
pensation of  such  commissioners  or  envoys. 

SEC.  3.  That  so  much  of  an  act  approved  March  second,    Repeal  of  for- 
eighteen  hundred  and  ninety-five,  entitled  "An  Act  mak-  fT  iKi n°aa- 
ing  appropriations  for  sundry  civil  expenses  of  the  Gov-  encefVoi? °2s?p. 
eminent  for  the  fiscal  year  ending  June  thirtieth,  eighteen962' 
hundred  and  ninety-six,  and  for  other  purposes,"  as  pro- 
vided for  the  appointment  of  delegates  to  an  international 
conference  and  makes  an  appropriation  for  their  compen- 
sation and  expenses,  be,  and  the  same  is  hereby,  repealed. 

Approved,  March  3,  1897. 

ACT  OF  MARCH  3,  1897. 

CHAP.  377. — An-  act  to  amend  section  fifty- four  hundred 60?9  stat-  L-« 
and  fifty-nine  of  the  Revised  Statutes,  prescribing  the 
punishment  for  mutilating  United  States  coins  and  for 
uttering  or  passing  or  attempting  to  utter  or  pass  such 
mutilated  coins. 

Be  it  enacted  Ijy  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  section  fifty-four  hundred  and  fifty-nine  of  the  Mutilated 

;  -  *  coins. 

Revised  Statutes  of  the  United  States  be  amended  so  as  to.  Punishment 

for     uttering, 

read  as  follows:  etc- 

"SEC.   5459.  Every   person   who   fraudulently,  by  any.  Punishment 

'for     f  r  a  u  d  u  - 

art,  way,  or  means,  defaces,  mutilates,  impairs,  dimin-  lentiy  defacing, 

.  '  •     l      •  n  •  6tC-'  C°lnS- 

ishes,  falsifies,  scales,  or  lightens,  or  causes  or  procures 

to  be  fraudulently  defaced,  mutilated,  impaired,  dimin-    Revised  stat- 

1  '  utes,  sec.  i>4;>9, 

ished,  falsified,  scaled,  or  lightened,  or  willingly  aids  orP^105s>  amend- 

assists  in  fraudulently  defacing,  mutilating,  impairing, 

diminishing,  falsifying,  scaling,  or  lightening  the  gold  or 

silver  coins  which  have  been,  or  which  may  hereafter  be, 

coined  at  the  mints  of  the  United  States,  or  any  foreign 

gold  or  silver  coins  which  are  by  law  made  current  or  are 

in  actual  use  or  circulation  as  money  within  the  United 

States,  or  who  passes,  utters,  publishes,  or  sells,  or  at-     Passing,  etc. 

tempts  to  pass,  utter,  publish,  or  sell,  or  bring  into  the 

United  States  from  any  foreign  place,  knowing  the  same 

to  be  defaced,  mutilated,  impaired,  diminished,  falsified, 

scaled,  or  lightened,  with   intent   to  defraud  any  person 

whatsoever,  or  has   in   his  possession  any  such   defaced, 

mutilated,    impaired,    diminished,     falsified,    scaled,    or 

lightened   coin,   knowing  the   same   to   be   defaced,   mu- 


606  NATIONAL   MONETARY   COMMISSION. 

tilated,  impaired,  diminished,  falsified,  scaled,  or  light- 
ened, with  intent  to  defraud  any  person  whatsoever,  shall 
be  imprisoned  not  more  than  five  years  and  fined  not  more 
than  two  thousand  dollars." 

Approved,  March  3,  1897. 

This  act  was  amended  by  the  act  of  March  4,  1909 
(chap.  321,  35  Stat.  L.,  p.,  1119,  section  165.) 

ACT  OF  MAY  21,  1898. 

so  stat.  L.,  CHAP.  348. — An  act  to  establish  an  assay  office  at  Seattle, 

Washington. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 

Seattle,  bled.    That    the    Secretarv    of   the    Treasury    is   herebv 
Wash.,    assay  '.  "  ,,1-1  «>          % 

office   es  tab- authorized  and  required  to  establish  an  assay  onice  01 

the  United  States  at  Seattle,  in  the  State  of  Washington; 
said  assay  office  to  be  conducted  under  the  provisions  of 
^voi.  IT,  p.  the  Act  entitled  "An  Act  revising  and  amending  the  laws 
relating  to  the  mints  and  assay  offices  and  the  coinage  of 
the  United  States,"  approved  February  twelfth,  eighteen 
—officers,  etc.  hundred  and  seventy-three ;  that  the  officers  of  the  assay 
office  shall  be  an  assayer  in  charge,  at  a  salary  of  two 
thousand  five  hundred  dollars  per  annum,  who  shall  also 
perform  the  duties  of  melter;  chief  clerk,  at  a  salary  of 
one  thousand  five  hundred  dollars  per  annum.  And  the 
Secretary  of  the  Treasury  is  hereby  authorized  to  rent  a 
suitable  building  for  the  use  of  such  assay  office:  and 
there  is  hereby  appropriated,  out  of  any  money  in  the 
Treasury  not  otherwise  appropriated,  the  sum  of  twenty 
thousand  dollars  for  salary  of  assayer  in  charge,  chief 
clerk,  and  wages  of  workmen,  rent,  and  contingent 
expenses. 

Approved,  May  21,  1898. 

ACT  OF  JUNE  13,  1898. 

:'.o  stat.  L.,  Oii.M'.  448.— An  act  to  provide  ira>/n  and  means  to  meet 

44H.  ,.  .    ,          '' ,, 

2  supp.  it.  s.,  irar  expenditures,  and  for  oilier  purposes. 

***** 

f'OIXAC.E   OF   SILVER    Bl'LUON. 

roinnjrp    of      SEC.  34.  That  the  Secretarv  of  the.  Treasurv  is  hereby 

silver    dollars  .  .  .  i        i*     •  i  i    i 

authorized.  authorized  and  directed  to  coin  into  standard  silver  dol- 
lars as  rapidly  as  the  public  interests  may  require,  to  an 
amount,  however,  of  not  less  than  one  and  one  half  mil- 


LAWS   CONCEKNING   MONEY,   BANKING,   AND  LOANS.  607 

lions  of  dollars  in  each  month,  all  of  the  silver  bullion 
now  in  the  Treasury  purchased  in  accordance  with  the 
provisions  of  the  act  approved  July  fourteenth,  eighteen 
hundred  and  ninety,  entitled  "An  act  directing  the  pur- Chju71^8141- ISQO, 
chase  of  silver  bullion  and  the  issue  of  Treasury  notes  R-  s-.  774. 
thereon,  and  for  other  purposes,"  and  said  dollars,  when 
so  coined,  shall  be  used  and  applied  in  the  manner  and 
for  the  purposes  named  in  said  act. 

Approved,  June  13,  1898. 

ACT  OF  JULY  7,  1898. 

CHAP.   571. — An  act  making   appropriations   to   supply  66S°  stat.  L., 
deficiencies  in  the  appropriations  for  the  fiscal  year  end-    2Supp.  B.  s.f 
ing  June  thirtieth,  eighteen  hundred  and  ninety-eight, 
and  for  prior  years,  and  for  other  purposes. 
***** 

And  refining  and  parting  of  bullion  shall  be  carried  on  buffion,netcf,  at 
at  the  coinage  mints  of  the  United  States  and  at  the  assay  ^"age  mmts> 
office  at  Xew  York,  and  it  shall  be  lawful  to  apply  the 
moneys  arising  from  charges  collected  from  depositors  c h^°°e/s  f^°^ 
for  these  operations,  and  also  the  proceeds  of  sale  of  by-  by-products, 
products   (spent  acids  arising  from  any  surplus  bullion 
recovered  in  parting  and  refining  processes),  pursuant  to 
law,  so  far  as  may  be  necessary,  to  defraying  in  full  the    For  expenses. 
expenses  thereof,  including  labor,  material,  wastage,  and 
loss  on   sale   of  sweeps. 

But  no  part  of  the  moneys  appropriated  for  the  sup-  x^pY"rks    at 
port  of  the  coinage  mints  and  assay  office  at  Xew  York 
shall  be  used  to  defray  the  expenses  of  parting  and  refin- 
ing bullion. 

Approved,  July  7,  1898. 

ACT  OF  FEBRUARY  24,  1899. 

CHAP.  187. — An  act  making  appropriations  for  the  leg  is-  SG2°  8tat-  L- 
latit'e,  executive,  and  judicial  c.rjx'nxcx  of  the  Govern- 
ment for  the  fiscal  y<><ir  ending  June  thirtieth,  'nineteen 
hundred,  and  for  other  j>ur/>os<:*. 

***** 

If  in  the  discretion  of  the  Secretary  of  the  Treasury ofVp^l/op'rhf- 
the  mint  at  Car.-on.  Nevada,  be  not  operated  as  a  coinage  tlon' 
mint   during  the   whole   or   any    part    of   the   fiscal    year 


608  NATIONAL  MONETARY  COMMISSION. 

nineteen  hundred,  the  foregoing  appropriations  for  said 
mint  shall  only  be  available  during  the  fiscal  year  nine- 
teen hundred,  or  such  part  of  said  year  as  the  said  mint 
is  not  operated  for  coinage  purposes,  for  maintaining  the 
same  as  an  assay  office,  *  *  * 

***** 
Approved,  February  24,  1899. 

ACT    OF    MAECH    3,  1899. 

1117  Stat  L"  CHAP.  424. — An  act  making  appropriations  for  sundry 
civil  expenses  of  the  Government  for  the  fiscal  year 
ending  June  thirtieth.,  nineteen  hundred,  and  for  other 

purposes. 

***** 

monument.6"6  LAFAYETTE  MONUMENT:  For  the  purpose  of  aiding  in 
tionPPforPped- ;  defraying  the  cost  of  a  pedestal,  and  completing  in  a 
essouvenir  doi-  suitable  manner  the  work  of  erecting  a  monument  in  the 
lars-  city  of  Paris  to  General  Lafayette,  designed  by  the  La- 

fayette Memorial  Commission,  as  a  feature  of  the  par- 
ticipation of  the  United  States  in  the  Paris  Exposition  of 
nineteen  hundred  the  Secretary  of  the  Treasury  shall  be, 
and  is  hereby  authorized  to  purchase  in  the  market 
twenty-five  thousand  dollars  worth  of  silver  bullion,  or 
so  much  thereof  as  may  be  necessary  for  the  purpose 
herein  provided  for,  from  which  there  shall  be  coined  at 
the  mints  of  the  United  States  silver  dollars  of  the  legal 
weight  and  fineness  to  the  number  of  fifty  thousand 
pieces,  to  be  known  as  the  Lafayette  dollar,  struck  in 
commemoration  of  the  erection  of  a  monument  to  General 
Lafayette,  in  the  city  of  Paris,  France,  by  the  youth  of 
the  United  States,  the  devices  and  designs  upon  which 
coins  shall  be  prescribed  by  the  Director  of  the  Mint,  with 
the  approval  of  the  Secretary  of  the  Treasury,  and  all 
provisions  of  law,  relative  to  the  coinage,  and  legal  tender 
quality,  of  the  present  silver  dollars  shall  he  applicable 
to  the  coins  issued  under  this  Act,  and  when  so  coined, 
there  is  hereby  appropriated  from  the  Treasury  the  said 
fifty  thousand  of  souvenir  dollars,  and  the  Secretary  of 
the  Treasury  is  authorized  to  place  the  same  at  the  dis- 
posal of  the  Lafayette  Memorial  Commission.  ;i  commis- 
sion organized  under  the  direction  and  authority  of  the 
Commissioner-General  for  the  United  States  to  the  Paris 
Exposition  of  nineteen  hundred. 

***** 

Approved.  March  l'>.  IS!)!). 


LAWS   CONCEKNING   MONEY,   BANKING,   AND  LOANS.  609 

ACT    OF    MAECH    3,  1899. 
CHAP.  429. — An  act  to  define  and  punish  crimes  in  the     so  stat.  L., 

.  .  1264. 

District  of  Alaska  and  to  provide  a  code  of  criminal 
procedure  for  said  district. 

***** 
SEC.  78.  That  if  any  person  shall  engrave,  make,  or     Making  or 

,        •  *     '  -.  liiii  having  in  pos- 

begm  to  engrave,  make,  or  mend  anv  plate,  block,  press,  or  session  tool  de- 

,     .  ,  '        ,  signed    for 

other  tool,  instrument,  or  implement,  or  shall  make,  pre-  counterfeiting, 
pare,  or  provide  any  paper  or  other  materials  adapted 
and  designed  for  the  forging  or  making  any  false  or 
counterfeit  bill,  note,  draft,  check,  or  other  evidence  of 
debt,  as  specified  in  section  seventy-seven,  or  shall  have 
in  his  possession  or  control  any  such  plate,  block,  press, 
or  other  tool,  instrument,  or  implement,  or  paper  or  other 
material  adapted  and  designed  as  aforesaid,  with  intent 
to  use  the  same,  or  to  cause  or  permit  the  same  to  be  used, 
in  forging  or  making  any  such  false  or  counterfeit  bill, 
note,  draft,  check,  or  other  evidence  of  debt,  such  per- 
son, upon  conviction  thereof,  shall  be  punished  by  im- 
prisonment in  the  penitentiary  not  less  than  one  nor  more 
than  five  years. 

SEC.  79.     That   if   anv   person   shall   counterfeit    anv ,  counterfeit- 

.  J  .  ing    gold     and 

gold,  silver,  or  other  com  current  by  law  or  usage  within silver  coin>  etc- 

said  District,  or  shall  have  in  his  possession  or  control 

any   false  coin   counterfeited  in   the   similitude  of  any 

gold,  silver,  or  other  coin  current  as  aforesaid,  knowing 

the  same  to  be  false  and  counterfeit,  and  with  intent  to 

utter  and  pass  the  same  as  true  and  genuine,  or  shall, 

with  intent  to  injure  or  defraud  anyone,  knoAvingly  utter, 

pass,  or  tender  in  payment  as  true  and  genuine  any  such 

false  and  counterfeit  coin,  he  shall  be  imprisoned  in  the 

penitentiary  not  less  than  one  year  nor  more  than  ten 

years. 

SEC.  80.  That  if  anv  person  shall  stamp,  engrave,  make.     Making  or 

.  •  having  in   pos- 

or  mend  or  begin  to  stamp,  engrave,  make,  or  mend,  or  session  tool  for 
.      ...  •          counterfeiting 

have  m  his  possession  or  control,  any  mold,  pattern,  die.  coin, 
puncheon,  engine,  press,  or  other  tool,  implement,  or  in- 
strument adapted  and  designed  for  coining  or  making 
any  counterfeit  coin  in  the  similitude  of  any  gold,  silver, 
or  other  coin  current  by  la\v  or  usage  in  said  District, 
with  intent  to  use  the  same  or  cause  or  permit  the  same 
to  be  used  or  employed  in  coining  or  making  any  such 
false  and  counterfeit  coin  as  aforesaid,  such  person,  upon 


610  NATIONAL   MONETAEY  COMMISSION. 

k 

conviction  thereof,  shall  be  punished  in  the  manner  pro- 
vided in  section  seventy-nine. 

*  *  *  *  * 

Adulterating  SEC.  88.  That  if  any  person  shall  mix  or  adulterate  any 
terated  gold  gold  dust  with  any  metal  or  coin  found  of  less  value  than 
such  gold  dust,  with  intent  to  pass  or  sell  or  in  any  way 
dispose  of  such  gold  dust,  so  mixed  or  adulterated,  as 
genuine,  or  shall  pass,  sell,  or  otherwise  dispose  of  or 
cause  to  be  sold,  passed,  or  otherwise  disposed  of,  or  shall 
attempt  to  pass,  sell,  or  in  any  way  dispose  of,  as  genuine 
and  pure,  any  gold  dust  so  mixed  or  adulterated,  know- 
ing the  same  to  be  so  mixed  or  adulterated,  he  shall  be 
imprisoned  in  the  penitentiary  not  less  than  one  year  nor 
more  than  five  years. 
Possession  of  SEC.  89.  That  if  anv  person  shall  have  any  gold  dust 

adulterated.  .  .        -,  •, 

gold  dust.  m  his  possession  mixed  or  adulterated  as  described  in 
section  eighty-eight,  knowing  the  same  to  be  mixed  or 
adulterated,  with  intent  to  pass  or  sell  or  in  any  wise  dis- 
pose of  the  same  as  pure  and  genuine,  or  to  cause  the  same 
to  be  sold,  passed,  or  in  any  way  disposed  of  as  pure  and 
genuine  gold  dust,  such  person,  upon  conviction  of  such 
offense,  shall  be  punished  by  imprisonment  in  the  peni- 
tentiary not  less  than  one  year  nor  more  than  five  years. 

Approved.  March  3.  1899. 

ACT  OF  MAKCII  14.  1900. 
si  stat.   L., CHAP.  41. — An    aft   to   define   and   fi.r   f/tc   standard  of 

45.  _  .  , 

value,  to  maintain  the  parity  of  all  forms  of  money 
issued  or  coined  b>/  the  United  States,  to  refund  the 
public  debt,  and  for  other  purposes. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
stamiard  otlJed,    That    the    dollar    consisting    of    twentv-five    and 

value    fixed.. 

itevised     stat- eight-tenths  grains  of  gold  nine-tenths  fine,  as  established 

utes.  sec.  :;r>ii,  .  . 

p.  we.  by  section  thirty-five  hundred  and  eleven  of  the  Revised 

Statutes  of  the  United  States,  shall  be  the  standard  unit 
of  value,  and  all  forms  of  money  issued  or  coined  by  the 
United  States  shall  be  maintained  at  a  parity  of  value 
with  this  standard,  and  it  shall  be  I  he  duty  of  the  Secre- 
tary of  the  Treasury  to  maintain  such  parity. 

m!t?st0n*iop,ns      ^EC-  2-  T!lilt  ^nitod  States  notes,  and  Treasury  notes 

VoV  lio'p  ^s'J1'  'ssll('d  under  the  act  of  .Inly  fonrt<vnth.  eighteen  hundred 

and  ninety,  when  presented  to  the  Treasury  for  redenip- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  611 

tion,  shall  be  redeemed  in  gold  coin  of  the  standard  fixed 
in  the  first  section  of  this  Act,  and  in  order  to  secure  the 
prompt  and  certain  redemption  of  such  notes  as  herein  Redempti  o  n 
provided  it  shall  be  the  duty  of  the  Secretary  of  the 
Treasury  to  set  apart  in  the  Treasury  a  reserve  fund  of 
one  hundred  and  fifty  million  dollars  in  gold  coin  and 
bullion,  which  fund  shall  be  used  for  such  redemption 
purposes  only,  and  whenever  and  as  often  as  any  of  said  —  how  main- 
notes  shall  be  redeemed  from  said  fund  it  shall  be  the 
duty  of  the  Secretary  of  the  Treasury  to  use  said  notes 
so  redeemed  to  restore  and  maintain  such  reserve  fund 
in  the  manner  following,  to  wit :  First,  by  exchanging 
the  notes  so  redeemed  for  any  gold  coin  in  the  general 
fund  of  the  .Treasury ;  second,  by  accepting  deposits  of 
gold  coin  at  the  Treasury  or  at  any  subtreasury  in  ex- 
change for  the  United  States  notes  so  redeemed;  third, 
by  procuring  gold  coin  by  the  use  of  said  notes,  in  accord- 
ance with  the  provisions  of  section  thirty-seven  hundred 
of  the  Revised  Statutes  of  the  United  States.  If  the  _ i,y  bond  is- 
Secretary  of  the  Treasury  is  unable  to  restore  and  main- sv 
tain  the  gold  coin  in  the  reserve  fund  by  the  foregoing 
methods,  and  the  amount  of  such  gold  coin  and  bullion 
in  said  fund  shall  at  any  time  fall  below  one  hundred 
million  dollars,  then  it  shall  be  his  dut}T  to  restore  the 
same  to  the  maximum  sum  of  one  hundred  and  fifty 
million  dollars  by  borrowing  money  on  the  credit  of  the 
United  States,  and  for  the  debt  thus  incurred  to  issue 
and  sell  coupons  or  registered  bonds  of  the  United  States, 
in  such  form  as  he  may  prescribe,  in  denominations  of 
fifty  dollars  or  any  multiple  thereof,  bearing  interest  at 
the  rate  of  not  exceeding  three  per  centum  per  annum, 
payable  quarterly,  such  bonds  to  be  payable  at  the  pleas- 
ure of  the  United  States  after  one  year  from  the  (Into 
of  their  issue,  and  to  be  payable,  principal  and  interest, 
in  gold  coin  of  the  present  standard  value,  and  to  bo 
exempt  from  the  payment  of  all  taxes  or  duties  of  the 
United  States,  as  well  as  from  taxation  in  any  form  by 
or  under  State,  municipal,  or  local  authority;  and  the-  disposition 
gold  coin  received  from  the  sale  of  said  bonds  shall  first  snio  of  bonds. 
be  covered  into  the  general  fund  of  the  Treasury  and  then 
exchanged,  in  the  manner  hereinbefore  provided,  for  an 
equal  amount  of  the  notes  redeemed  and  held  for  ex- 
change, and  the  Secretary  of  the  Treasury  may.  in  his 
discretion,  use  said  notes  in  exchange  for  gold,  or  to  pur- 
chase or  redeem  any  bonds  of  the  United  States,  or  for 


612  NATIONAL   MONETARY   COMMISSION. 

any  other  lawful  purpose  the  public  interests  may  re- 
quire, except  that  they  shall  not  be  used  to  meet  defi- 
ned e  e  m  e  d  cieiicies  in  the   current  revenues.     That   United   States 

notes  to  be  re-  .  . 

issued.  notes  when  redeemed  in  accordance  with  the  provisions 

fund.  of  this  section  shall  be  reissued,  but  shall  be  held  in  the 

reserve  fund  until  exchanged  for  gold,  as  herein  pro- 
vided ;  and  the  gold  coin  and  bullion  in  the  reserve  fund, 
together  with  the  redeemed  notes  held  for  use  as  provided 
in  this  section,  shall  at  no  time  exceed  the  maximum  sum 
of  one  hundred  and  fifty  million  dollars. 

qu Infy l  «f nsn-      ^EC-  3'  That  nothing  contained  in  this  Act  shall  be  con- 
affeetedlar  """ strue(^  to  {lffect  the  legal-tender  quality  as  now  provided 
by  law  of  the  silver  dollar,  or  of  any  other  money  coined 
or  issued  by  the  United  States. 

iss™viands  re-  SEC.  4'  That  tliere  be  established  in  the  Treasury  De- 
(/fsheiiionestab ~Partment,  as  a  part  of  the  office  of  the  Treasurer  of  the 
United  States,  divisions  to  be  designated  and  known  as 
—duties,  etc.  the  division  of  issue  and  the  division  of  redemption,  to 
which  shall  be  assigned,  respectively,  under  such  regula- 
tions as  the  Secretary  of  the  Treasury  may  approve,  all 
records  and  accounts  relating  to  the  issue  and  redemption 
of  United  States  notes,  gold  certificates,  silver  certificates, 
and  currency  certificates.  There  shall  be  transferred 
from  the  accounts  of  the  general  fund  of  the  Treasury  of 
the  United  States,  and  taken  up  on  the  books  of  said  divi- 
sions, respectively,  accounts  relating  to  the  reserve  fund 
for  the  redemption  of  United  States  notes  and  Treasury 
notes,  the  gold  coin  held  against  outstanding  gold  certifi- 
cates, the  United  States  notes  held  against  outstanding 
currency  certificates,  and  the  silver  dollars  held  against 
outstanding  silver  certificates,  and  each  of  the  funds  rep- 
resented by  these  accounts  shall  be  used  for  the  redemp- 
tion of  the  notes  and  certificates  for  which  they  are  re- 
spectively pledged,  and  shall  be  used  for  no  other  purpose, 
the  same  being  held  as  trust  funds, 
ranc-fiiiation  SKC.  5.  That  it  shall  be  the  duty  of  the  Socrctarv  of  the 

of  equal  amount  V  " 

of   Treasur y  Treasury,  as  fast  as  standard   silver  dollars  are  coined 

notes  for  silver  •   ' 

e£!'"rs  ('oi"''(l'  under  the  provisions  of  the  acts  of  July  fourteenth,  eight- 
Voi._'U,iJ.28!t.  eell  hundred  and  ninety,  and  June  thirteenth,  eighteen 
hundred  and  ninety-eight,  from  bullion  purchased  under 
the  act  of  July  fourteenth,  eighteen  hundred  and  ninety, 
to  retire  and  cancel  an  equal  amount  of  Treasury  notes 
whenever  received  into  the  Treasury,  either  by  exchange 
in  accordance  with  the  provisions  of  this  Act  or  in  the 

-sliver  cr-rtin -or(linarv  course  of  business,  and  upon  the  cancellation  of 

<'<il**SlOlSSU<*.  •- 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  613 

Treasury  notes  silver  certificates  shall  be  issued  against 
the  silver  dollars  so  coined. 

SEC.  6.  That  the  Secretary  of  the  Treasury  is  hereby     Gold  certm- 
authorized  and  directed  to  receive  deposits  of  gold  coin  ^deposits''"! 
with   the   Treasurer   or   any   assistant  treasurer  of  the gc 
United  States  in  sums  of  not  less  than  twenty  dollars,  and 
to  issue  gold  certificates  therefor  in  denominations  of  not 
less  than  twenty  dollars,  and  the  coin  so  deposited  shall 
be  retained  in  the  Treasury  and  held  for  the  payment  of 
such  certificates  on  demand,  and  used  for  no  other  pur- 
pose.    Such  certificates  shall  be  receivable  for  customs, 
taxes,  and  all  public  dues,  and  when  so  received  may  be 
reissued,  and  when  held  by  any  national  banking  associa- 
tion may  be  counted  as  a  part  of  its  lawful  reserve:  Pro-     Provisos. 
ruled  ^  That  whenever  and  so  long  as  the  gold  coin  held—  suspension  of 

'  authority    to 

in  the  reserve  fund  in  the  Treasury  for  the  redemption  of  isriue- 
United  States  notes  and  Treasury  notes  shall  fall  and 
remain  below  one  hundred  million  dollars  the  authority 
to  issue  certificates  as  herein  provided  shall  be  suspended : 
And  provided  further.  That  whenever  and  so  long  as  the 
aggregate  amount  of  United  States  notes  and  silver  cer- 
tificates in  the  general  fund  of  the  Treasury  shall  exceed 
sixty  million  dollars  the  Secretary  of  the  Treasury  may, 
in  his  discretion,   suspend  the  issue   of  the  certificates 
herein  provided  for:  And  provided  further,  That  of  the  — denomina- 
amount   of   such   outstanding  certificates   one-fourth   at 
least  shall  be  in  denominations  of  fifty  dollars  or  less: 
And  provided  further.  That  the  Secretary  of  the  Treasury 
may,  in  his  discretion,  issue  such  certificates  in  denomina- 
tions of  ten  thousand  dollars,  payable  to  order.     And  sec-  _  i\.  s.,  sec. 
tion  fifty-one  hundred  and  ninety-three  of  the  Revised  repealed". 
Statutes  of  the  United  States  is  hereby  repealed. 

SEC.  7.  That  hereafter  silver  certificates  shall  be  issued     nonominn- 

1  t  i  n  n  s  .   silver 

only  of  denominations  of  ten  dollars  and  under,  except  certmcates. 
that  not  exceeding  in  the  aggregate  ten  per  centum  of  the 
total  volume  of  said  certificates,  in  the  discretion  of  the 
Secretary  of  the  Treasury,  may  be  issued  in  denomina- 
tions of  twenty  dollars,  fifty  dollars,  and  one  hundred  dol- 
lars; and  silver  certificates  of  higher  denomination  than 
ten  dollars,  except  as  herein  provided,  shall,  whenever 
received  at  the  Treasury  or  redeemed,  be  retired  and  can- 
celed, and  certificates  of  denominations  of  ten  dollars  or 
less  shall  be  substituted  therefor,  and-  after  such  substitu- 
tion, in  whole  or  in  part,  a  like  volume  of  United  States 
notes  of  less  denomination  than  ten  dollars  shall  from 


(614  NATIONAL   MONETARY   COMMISSION. 

time  to  time  be  retired  and  canceled,  and  notes  of  denomi- 
nations of  ten  dollars  and  upward  shall  be  reissued  in 
substitution  therefor,  with  like  qualities  and  restrictions 
as  those  retired  and  canceled. 

SlBed"1"0!?-     SEC.  8.  That  the  Secretary  of  the  Treasury  is  hereby 
jui  thi4  aci890  Authorized  to  use.  at  his  discretion,  any  silver  bullion  in 
''so? l  'tuav'  be  ^e  Treasury  of  the  United  States  purchased  under  the 
used   for   sub-  ac£  of  July  fourteenth,  eighteen  hundred  and  ninety,  for 
coinage  into  such  denominations  of  subsidiary  silver  coin 
as  may  be  necessary  to  meet  the  public  requirements  for 
Proviso.        such  coin :  Provided,  That  the  amount  of  subsidiary  sil- 
standmg"  etc.     ver  coin  outstanding  shall  not  at  any  time  exceed  in  the 
aggregate  one  hundred  millions  of  dollars.     Whenever  any 
silver  bullion  purchased  under  the  act  of  July  fourteenth, 
eighteen  hundred  and  ninety,  shall  be  used  in  the  coinage 
of  subsidiary  silver  coin,  an  amount  of  Treasury  notes 
issued  under  said  Act  equal  to  the  cost  of  the  bullion  con- 
tained in  such  coin  shall  be  canceled  and  not  reissued. 
RecoinaRe  of      SEC.  9.  That  the  Secretary  of  the  Treasury  is  hereby 
sidiary  silver  authorized  and  directed  to  cause  all  worn  and  uncurrent 
subsidiary  silver  coin  of  the  United  States  now  in  the 
Treasury,  arid  hereafter  received,  to  be  recoined,  and  to 
reimburse  the  Treasurer  of  the  United  States  for  the  dif- 
ference between  the  nominal  or  face  value  of  such  coin 
and  the  amount  the  same  will  produce  in  new  coin  from 
any  moneys  in  the  Treasury  not  otherwise  appropriated. 

international      SEC.  14.  That  the  provisions  of  this  Act  are  not  in- 

bimetalllsm  un- 
hindered,         tended  to  preclude  the  accomplishment  of  international 

bimetallism  whenever  conditions  shall  make  it  expedient 
and  practicable  to  secure  the  same  by  concurrent  action  of 
the  leading  commercial  nations  of  the  world  and  at  a 
ratio  which  shall  insure  permanence  of  relative  value  be- 
tween gold  and  silver. 

Approved,  March  14,  1900. 

XOTK.— Tlie  act  of  May  2C>,  1000  (P,t  Slat.  L.,  202),  amends  sec- 

I'roviso.          tion  0  of  the  above  act  to  read  as  follows:    "  I'raridi d.  That  when- 

cease   if  coin  ever  and  so  long  as  the  gold  coin  held  in  the  reserve  fund  in  the 

bHo'v'^r.o'ooo*  Treasury  for  the  redemption  of  United  States  notes  and  Treasury 

"oo-  notes  shall  fall  and  remain  below  fifty  million  dollars  the  author- 

RullioD  to  bo 
coined.  ily  to  issue  certificates  as  herein  provided  shall  be  suspended,  but 

Hie  Secretary  of  the  Treasury  is  directed  to  coin,  within  reason- 
able time,  any  and  all  gold  bullion  held  in  said  reserve  fund  in 
excess  of  fifty  million  dwllars." 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  615 

ACT  OF  APRIL  12,  1000. 

CHAP.  191.  —  An  act  temporarily  to  provide  revenues  and  ^S1  stat-  L- 
a  civil  government  for  Porto  Rico,  and  for  other  117,|upp-  ll-  s" 
purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That,  the  provisions  of  this  act  shall  apply  to  the  a  nrar^djlcecnt 
island  of  Porto  Rico  and  to  the  adjacent  islands  and  islcMi'  govern- 
waters  of  the  islands  lying  east  of  the  seventy-fourth  ment- 
meridian  of  longitude  west  of  Greenwich,  which  were 
ceded  to  the  United  States  by  the  Government  of  Spain 
by  treaty  entered  into  on  the  tenth  day  of  December, 
eighteen  hundred  and  ninety-eight;  and  the  name  Porto 
Rico,  as  used  in  this  act,  shall  be  held  to  include  not  only 
the  island  of  that  name,  but  all  the  adjacent  islands  as 
aforesaid. 


SEC.  11.  That  for  the  purpose  of  retiring  the  Porto 
Rican  coins  now  in  circulation  in  Porto  Rico  and  substi-  coin- 
tuting  therefor  the  coins  of  the  United  States,  the  Secre- 
tary of  the  Treasury  is  hereby  authorized  to  redeem,  on 
presentation  in  Porto  Rico,  all  the  silver  coins  of  Porto 
Rico  known  as  the  peso  and  all  other  silver  and  copper 
Porto  Rican  coins  now  in  circulation  in  Porto  Rico,  not 
including  any  such  coins  that  may  be  imported  into  Porto 
Rico  after  the  first  day  of  February,  nineteen  hundred, 
at  the  present  established  rate  of  sixty  cents  in  the  coins 
of  the  United  States  for  one  peso  of  Porto  Rican  coin, 
and  for  ail  minor  or  subsidiary  coins  the  same  rate  of 
exchange  shall  be  applied.  The  Porto  Rican  coins  so  ^f/.J™^  1)y 
purchased  or  redeemed  shall  be  recoined  at  the  expense  of 
the  United  States,  under  the  direction  of  the  Secretary  of 
the  Treasury,  into  such  coins  of  the  United  States  now 
authorized  by  law  as  lie  may  direct,  and  from  and  after—  i(wi  tomior. 
three  months  after  the  date  when  this  act  shall  take  effect 
no  coins  shall  be  a  legal  tender,  in  payment  of  debts 
thereafter  contracted,  for  any  amount  in  Porto  Rico,  ex- 
cept those  of  the  United  States;  and  whatever  sum  may 
be  required  to  carry  out  the  provisions  hereof,  and  to 
pay  all  expenses  that  may  be  incurred  in  connection  there- 
with, is  hereby  appropriated,  and  the  Secretary  of  th<v 
Treasury  is  hereby  authorized  to  establish  such  regula- 
tions and  employ  such  agencies  as  may  be  necessary  to 


616  NATIONAL   MONETARY   COMMISSION. 

debtsyment  °  f  accomplish  the  purposes  hereof  :  Provided,  however,  That 
all  debts  owing  on  the  date  when  this  act  shall  take  effect 
shall  be  payable  in  the  coins  of  Porto  Rico  now  in  circu- 
lation, or  in  the  coins  of  the  United  States  at  the  rate  of 
exchane  above  named. 


Effect.  gEC  ^L  That  this  act  shall  take  effect  and  be  in  force 

from  and  after  the  first  day  of  May,  nineteen  hundred. 
Approved,  April  12,  1900. 

ACT  OF  MARCH  3,  1901. 

1446  Stat  L"  CHAP.  807.  —  An  act  to  amend  an  act  amending  the  act 
entitled  '''An  act  to  authorize  the  receipt  of  United 
States  gold  coin  in  exchange  for  gold  bars" 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  assem- 

bled,   That    the    Act    approved    March    third,    eighteen 

i82io  UPP'  R'  S"  hundred   and   ninety-one,   amending  the   Act   approved 

gokixcim°s  e  for  ^av  twenty-sixth,  eighteen  hundred  and  eighty-two,  be 

thoHzedin  a  u  "  amended  so  as  to  read  as  follows  : 

"  That  the  superintendent  of  the  coinage  mints  and  of 
evised  stat-  the 

ute 


Revised  stat-  the  United  States  assay  office  at  Xew  York  may,  with  the 

...es.secs.3518- 

3520;   i  874  .Approval  of  the  Secretary  01  the  Treasury,  but  not  other- 

J  u  n  6   li — .   cli. 

419  (i  Supp.  wise,  receive  United  States  gold  coin  from  any  holder 

1882,  May  2f>!  thereof  in  sums  of  not  less  than  five  thousand  dollars,  and 

ch.    190    (22  .      . 


— charge  dis-  .  .  „       ., 

cretionary-        change  without  charge,  or  may  impose  a  charge  therefor. 
Approved,  March  3,  1901. 

ACT  OF  JUNK  JS,  190:2. 

32  stat.  L.,  CHAP.  1301. — An  act  making  appropriation*  for  sundry 
cicil  expenses  of  the  Government  for  the  fiscal  year 
ending  June  thirtieth,  nineteen  hundred  and  three,  and 
for  other  purposes. 


cartiaon72tfcdedl"  All<]  prodded  further,  That  sections  eight  and  twelve 
of  an  Act  entitled  "An  Act  to  provide  for  celebrating  the 
one  hundredth  anniversary  of  the  purchase  of  the  Loui- 
siana Territory  by  the  United  States  by  holding  an  inter- 


LAWS   CONCEKNING   MONEY,   BANKING,   AND   LOANS.  617 

national  exhibition  of  arts,  industries,  manufactures,  and 
the  products  of  the  soil,  mine,  forest,  and  sea  in  the  city 
of  Saint  Louis,  in  the  State  of  Missouri,"  approved  March 
third,  nineteen  hundred  and  one,  be,  and  the  same  are 
hereby,  amended  so  as  to  read  as  follows  : 

***** 
"  SEC.  12.  That  the  national  commission  hereby  author-    Termination 

17  of  commission. 

ized  shall  cease  to  exist  on  the  first  day  of  July,  nineteen 
hundred  and  five:  Provided.  That  upon  the  approval  of  Provisos. 

'  Issue  of  gold 

this  Act  the  Secretary  of  the  Treasury  shall  cause  to  be  dollars  author- 

coined  at  the  mints  of  the  United  States  two  hundred 

and  fifty  thousand  gold  dollars  of  legal  weight  an'd  fine- 

ness, to  be  known  as  the  Louisiana  Exposition  gold  dollar, 

struck  in  commemoration  of  said  exposition.     The  exact 

words,  devices,  and  designs  upon  said  gold  dollars  shall 

be  determined  and  prescribed  by  the  Secretary  of  the 

Treasury,  and  all  provisions  of  law  relative  to  the  coin- 

age and  legal-tender  quality  of  all  other  gold  coin  shall 

be  applicable  to  the  coin  issued  under  and  in  accordance 

with  the  provisions  of  this  Act.     *     *     * 

***** 

Approved,  June  28,  1902. 

ACT  OF  JANUARY   14,   1903. 

CHAP.  18G.  —  An  act  relating  to  Hawaiian  silver  coinage   J^~  stat.  L., 
and  silver  certificates, 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  silver  coins  that  were  coined  under  the  Hawaiian  sil- 

ver coins. 
laws   of  Hawaii,   when   the   same   are   not   mutilated   or    Receivable  for 

govern  meat 

abraded  below  the  standard  of  circulation,  shall  be  re-  dues- 
ceived  at  the  par  of  their  face  value  in  payment  of  all 
dues  to  the  government  of  the  Territory  of  Hawaii  and 
of  the  United  States,  and  the  same  shall  not  again  bo 
put  into  circulation,  but  they  shall  be  recoined  in  the 
mints  as  United  States  coins. 

SEC.  2.  That  when  such  coins  have  been  received  by   To 

• 


.  United 

either  Government  thev  shall  be  transmitted  to  the  mint  states  subsid- 

iary coins. 
at  San  Francisco,  in  sums  of  not   less  than  five  hundred     lOxpense    of 

transportation. 

dollars,  to  be  recoined   into  subsidiary  silver  coins  of  the 
United  States,  the  expense  of  transportation  to  be  paid 
by  the  United  States. 
ir/niT—  10  -----  lo 


618 


NATIONAL   MONETARY   COMMISSION. 


Un^te?anstates      SEC.  3-  That  anv  collector  of  customs  or  of  internal 
coins.  revenue  of  the  United  States  in  the  Hawaiian  Islands 

shall,  if  he  is  so  directed  by  the  Secretary  of  the  Treasury, 
exchange  standard  silver  coins  of  the  United  States  that 
are  in  his  custody  as  such  collector  with  the  government 
of  Hawaii,  or  with  any  person  desiring  to  make  such 
exchange,  for  coins  of  the  government  of  Hawaii,  at  their 
face  value  when  the  same  are  not  abraded  below  the 
lawful  standard  of  circulation,  and  the  Treasurer  of  the 
United  States,  under  the  direction  of  the  Secretary  of 
the  Treasury,  is  authorized  to  deposit  such  silver  coins 
of  the  'United  States  as  shall  be  necessary  with  the  col- 
lector of  customs  or  of  internal  revenue  at  Honolulu  or 
at  any  Government  depository  for  the  purpose  of  making 
such  exchange  under  such  regulations  as  he  may  prescribe. 
gEC>  ^  That  any  silver  coins  struck  by  the  government 
of  Hawaii  that  are  mutilated  or  abraded  below  such 
standard  may  be  presented  for  recoinage  at  any  mint  in 
the  United  States  by  the  person  owning  the  same,  or  his 
or  her  agents,  in  sums  of  not  less  than  fifty  dollars,  and 
such  owner  shall  be  paid  for  such  coins  by  the  superin- 
tendent of  the  mint  the  bullion  value  per  troy  ounce  of 
the  fine  silver  they  contain  in  standard  silver  coin  of  the 
United  States,  and  such  bullion  shall  be  coined  into  sub- 
sidiary coinage  of  the  United  States. 

SEC.  5.  That  silver  coins  heretofore  struck  by  the  gov- 
ernment  of  Hawaii  shall  continue  to  be  legal  tender  for 
debts  in  the  Territory  of  Hawaii,  in  accordance  with  the 
laws  of  the  Republic  of  Hawaii,  until  the  first  day  of  Jan- 
uary, nineteen  hundred  and  four,  and  not  afterwards. 

SEC.  6.  That  any  silver  certificates  heretofore  issued  by 
the  government  of  the  Hawaiian  Islands,  intended  to  be 
circulated  as  money,  shall  be  redeemed  by  the  Territorial 
government  of  Hawaii  on  or  before  the  first  day  of  Jan- 
uary, nineteen  hundred  and  five,  and  after  said  date  it 
shall  be  unlawful  to  circulate  the  same  as  money. 

>SK(<-  T"  That  nothing  in  this  act  contained  shall  bind 
the  United  States  to  redeem  any  silver  certificates  issued 
by  the  government  of  Hawaii,  or  any  silver  coin  issued 
by  such  government,  except  in  the  manner  and  upon  the 
conditions  stated  in  this  act  for  the  recoinage  of  Hawaiian 
silver. 

t  ion  Pf  or  Tali*-      ^Ec.  8.  That  the  sum  of  ten  thousand   dollars,  or  so 
porting  coins,  much  thereof  as  may  be  necessary,  is  hereby  appropriated, 


tend°erbu  nt 
jan.  i,  1904 


of  RsHv™ptce" 


LAWS   CONCERNING  MONEY,   BANKING,   AND  LOANS.  619 

from  any  moneys  in  the  Treasury  of  the  United  States 
not  otherwise  appropriated,  for  the  payment  of  the  ex- 
penses of  transporting  said  coins  from  the  Hawaiian 
Islands  to  the  mint  at  San  Francisco,  and  a  return  of  a 
like  amount  in  the  subsidiary  coins  of  the  United  States 
to  the  Hawaiian  Islands. 

Approved,  January  1-4,  1903. 

ACT    OF    MARCH    3,  1903. 

CHAP.  1007. — An  act  making  appropriations  for  sundry     j5-  stat.  L., 
civil  expenses  of  the  Government  for  the  fiscal  year 
ending  June  thirtieth,  nineteen  hundred  and  four,  and 
for  other  purposes. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  asscni- 
lled,  *  *  * 

***** 

TRANSPORTATION  or  SILVER  COIN:     *     *     *     Provided,  cofnabesifnmriy 
*     *     *     That  the  authority  given  to  the  Secretary  of  the  tatjon  removed. 

"  "  Vol.  31,  p.  47, 

Treasury  to  coin  subsidiary  silver  coin  by  the  eighth  sec-  amended. 
tion  of  an  act  entitled  "An  act  to  define  and  fix  the  stand- 
ard of  value,  to  maintain  the  parity  of  all  forms  of  money 
issued  or  coined  by  the  United  States,  to  refund  the  public 
debt,  and  for  other  purposes,"  approved  March  fourteenth, 
nineteen  hundred,  may  hereafter  be  exercised  without 
limitation  as  to  the  amount  of  such  subsidiary  coin  out- 
standing. And  the  Secretary  of  the  Treasury  shall  re- 
port to  Congress  the  cost  arising  under  this  appropriation. 

***** 
Approved,  March  3,  190:5. 

ACT  OF  MARCH  3,  1903. 
CHAP.  1015. — An  art  to  amend  Action  three  of  the  "Act     ??•  st!lt-  L- 

1<__O. 

further  to  prevent  counterfeiting  or  manufacturing  of 
dies,  tools,  or  other  implements  itxcd  in  manufactur- 
ing," and  so  forth,  a/) proved  February  tenth,  eighteen 
hundred  and  ninety-one. 

Be  it  enacted  l;y  the  Senate  and  House  of  Representa- 
tives of  the   United  Statr. ^  of  America   in    ('ongrexx  c/\- 
scmMed,  That  section  three  of  an  act  entitled   "An    act  ,I£°(!1li1.11''rfl'it- 
further  to  prevent  counterfeiting  or  manufacturing   of 


620  NATIONAL   MONETARY  COMMISSION. 

dies,  tools,  or  other  implements  used  in  manufacturing, 
and  providing  penalties  therefor,  and  providing  for  the 
742,°ame~ndedP'  issue  of  such  warrants  in  certain  cases,"  approved  Feb- 
ruary tenth,  eighteen  hundred  and  ninety-one,  be,  and  it 
hereby  is,  amended  so  as  to  read  as  follows : 
using  adver-     "  gEC>  3.  That  every  person  who  makes,  or  who  causes 

tisements    sim-  .     i  ^ 

llar   to».t£?!nS'Or  procures  to  be  made,  or  who  brings  into  the  United 

etc.,  prohibited.  .     • 

States  from  any  foreign  country,  or  who  shall  have  in 
possession  with  intent  to  sell,  give  away,  or  in  any  other 
manner  use  the  same,  any  business  or  professional  card, 
notice,  placard,  token,  device,  print,  or  impression,  or  any 
other  thing  whatsoever,  in  likeness  or  similitude  as  to 
design,  color,  or  the  inscription  thereon,  of  any  of  the 
coins  of  the  United  States  or  of  any  foreign  country  that 
have  been  or  hereafter  may  be  issued  as  money,  either 
under  the  authority  of  the  United  States  or  under  the 
authority  of  any  foreign  government,  shall,  upon  convic- 
renaity.  tion  thereof,  be  punished  by  a  fine  not  to  exceed  one  hun- 
dred dollars.  But  nothing  in  this  act  shall  be  construed 

illustrations  to  forbid  or  prevent  the  printing  and  publishing  of  illus- 
ion numismatic 

boow?,<  -tt(v!  not  trations  of  coins  and  medals,  or  the  making  of  the  neces- 

prohibited. 

sary  plates  for  the  same,  to  be  used  in  illustrating  numis- 
matic and  historical  books  and  journals  and  the  circulars 
of  legitimate  publishers  and  dealers  in  the  same." 
Approved.  March  3,  1903. 

ACT  OF  APRIL  13,  1<>04. 
33  stat.  L.,  CHAP.  12T>3. — An  act  to  authorize  the  Government  of  the 

178.  .  . 

United  State*  to  participate  in  celebrating  the  one. 
hundred tli  anniversary  of  the  exploration  of  f/te  Oregon, 
country  l>y  Captains  Meriwether  Lc/r!x  and  William 
Claris  in  the  years  eighteen  hundred  and  f<>"/\  eighteen 
It  n  nd  red  and,  fire,  and  eighteen  hundred  and  six,  and 
for  either  purposes. 

***** 
He  it  enacted  l>y  the  ftcnate  and  House  of  Representa- 
tives of  the   United  States  of  America  in,  Congress  as- 
xcnibled,     *     *     * 

*  *  *  *  * 

MO  mortal      Si-:c.  0.  That  upon  tho  approval  of  this  Act  the  Secre- 

Limit.  tjii-y  of  the  Treasury  shall,  upon  the  request  of  the  Lewis 

and  Cl.irk  Centennial  and   American  Pacific   Exposition 

and  Oriental    Fair  Company,  cause  to  be  coined  at   the 

mints  of  the  United  States  not  to  exceed  two  hundred 


LAWS   CONCERNING  MONEY,   BANKING,   AND  LOANS.  621 

and  fifty  thousand  gold  dollars,  of  legal  weight  and  fine- 
ness, to  be  known  as  the  Lewis  and  Clark  Exposition  gold 
dollar,  struck  in  commemoration  of  said  exposition.  The  ^  e  signs, 
words,  devices,  and  designs  upon  said  gold  dollars  shall 
be  determined  and  prescribed  by  the  Secretary  of  the 
Treasury,  and  all  provisions  of  law  relative  to  the  coinage 
and  legal-tender  quality  of  all  other  gold  coin  shall  be 
applicable  to  the  coin  issued  under  and  in  accordance  with 
the  provisions  of  this  Act.  That  the  said  coins  shall  be 
disposed  of  by  the  Secretary  of  the  Treasury  to  the  said 
Lewis  and  Clark  Centennial  and  American  Pacific  Expo- 
sition and  Oriental  Fair  Company  at  par,  under  rules 
and  regulations  and  in  amounts  to  be  prescribed  by  him. 
That  medals  with  appropriate  devices,  emblems,  and  in-  Medals. 
scriptions  commemorative  of  said  Lewis  and  Clark  Cen- 
tennial Exposition  and  of  the  awards  to  be  made  to  the 
exhibitors  thereat  shall  be  prepared  by  the  Secretary  of 
the  Treasury  at  some  mint  of  the  United  States  for  the 
board  of  directors  of  said  exposition  company,  subject  to  Revised  stat- 
the  provisions  of  the  fifty-second  section  of  the  coinage  p,  7ol.tc" 
Act  of  eighteen  hundred  and  ninety-three,  and  upon  the 
payment  of  a  sum  not  less  than  the  cost  thereof;  and 
all  provisions,  whether  penal  or  otherwise,  of  said  coin- 
age Act  against  the  counterfeiting  or  imitating  of  coins 
of  the  United  States  shall  apply  to  the  medals  issued 
under  this  Act. 


Approved,  April  13,  1904. 

ACT  OF  FEBRUARY  21,  1905. 

CHAP.  720. — An  act  to  prevent  the  use  of  derices  calcu-     -p  stat.  L., 
luted  to  convey  the  impression  that  the  United  States 
Government  certifies  to  the  quality  of  gold  or  silver 
used  in  the  arts. 

Be  it  enacted  l>y  the  Rciiatc  and  House  of  Representa- 
tives of  the  United  States  of  America  in-  Conf/ress  uwm- 
lled.  That  it  shall  be  unlawful  for  anv  person,  partner-  rnitrd  st-ntos 

.  .       .  .  ,     .  :i  s  s  a  y  ,     etc., 

shin,    association,   or   corporation   engaged    in    commerces  t  a  m  p  i  n  g 

.,,         .t        .  ,V-    ,     •  e   ,^    i  words  of,  on 

among  the  several  States,  lerntories,  District  ot  Colum-goid.  etc.,  un- 
lawful, 
bia,  and  possessions  of  the  United  States,  or  with  any 

foreign  country,  to  stain])  any  gold,  silver,  or  goods  manu- 
factured therefrom  and  which  are  intended  and  used  in 
such  commerce,  with  the  words  "  United  States  assay",  or 


622  NATIONAL  MONETARY  COMMISSION. 

with  any  words,  phrases,  or  devices  calculated  to  convey 
the  impression  that  the  United  States  Government  has 
certified  to  the  fineness  or  quality  of  such  gold  or  silver, 
or  of  the  gold  or  silver  contained  in  any  of  the  goods 
manufactured  therefrom.  Each  and  every  such  stamp 
shall  constitute  a  separate  offense. 
Penalty  for  SEC.  2.  That  every  person,  partnership,  association,  or 

violation.  -  •,  •   •  V     i  • 

corporation  violating  the  provisions  ot  this  Act,  and 
every  officer,  director,  or  managing  agent  of  such  partner- 
ship, association,  or  corporation  having  knowledge  of 
such  violation  and  directly  participating  in  such  violation 
or  consenting  thereto,  shall  be  deemed  guilty  of  a  misde- 
meanor, and,  upon  conviction,  be  punished  with  a  fine  of 
not  more  than  five  thousand  dollars  or  imprisonment  for 
not  more  than  one  year,  or  both,  at  the  discretion  of  the 
court. 

feifureUet'c  for  ^EC-  ^-  That  any  gold,  silver,  or  goods  manufactured 
therefrom  after  the  date  of  the  passage  of  this  Act,  bear- 
ing any  of  the  stamps,  words,  phrases,  or  devices  prohib- 
ited to  be  used  under  section  one  hereof,  and  being  in  the 
course  of  transportation  from  one  State  to  another,  or  to 
or  from  a  Territory,  the  District  of  Columbia,  or  posses- 
sions of  the  United  States,  shall  be  forfeited  to  the  United 
States,  and  may  be  seized  and  condemned  by  like  proceed- 
ings as  those  provided  by  law  for  the  forfeiture,  seizure, 
and  condemnation  of  property,  imported  into  the  United 
States  contrary  to  law. 

Approved  February  21,  1005. 

ACT  OF  APRIL  24,  1000. 

^4  stat.  L.,  CHAP.  1801. — An  aft  providing  for  the  purchase  of  metal 
and  the  coinage  of  minor  coins,  and  the  distribution 
and  redemption  of  said  coins. 

Be  it  enacted  l>y  the  Senate  and,  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  asscm- 
Minor  coins.  7>7<y7,  That  sections  thirty-five  hundred  and  twenty-eight 
metal  for.     °  and  thirty-five  hundred  and  twenty-nine  of  the  Revised 

11 1  Is  ,s°s  (•  c's .  Statutes  be,  and  the  same  are  hereby,  amended  so  as  to 
:',r,28,  :<5i!!>,  p.         ,         „     ' 
cos,  amended,    read  as  tollows: 

Amount  of     "SEC.  8528.  For  the  purchase  of  metal  for  the  minor 

p  11  r  c  h  ;i  s  c   i  n  -       .  . ,        .       ,    ,         . ,  .       4  -,  • 

creased.  coinage  authorized  by  this  Act  a  sum  not  exceeding  two 

utesTsec.  :{r.2H, hundred  thousand  dollars  in  lawful  money  of  the  United 
&.608>  amend"  States  shall,  upon  the  recommendation  of 'the  Director  of 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  623 

the  Mint,  and  in  such  sums  as  he  may  designate,  with  the 
approval  of  the  Secretary  of  the  Treasury,  be  transferred 
to  the  credit  of  the  superintendents  of  the  mints  at  Phila- 
delphia, San  Francisco,  Denver,  and  New  Orleans,  at  coinage  at 

1-1  .    i  T   i  , -i       ,  i  •  -111        i          San   Francisco, 

which  establishments,  until  otherwise  provided  bv  law,  Denver,  and 

New    Orleans 

such  coinage  shall  be  carried  on.     The  superintendents,  mints  added. 

with  the  approval  of  the  Director  of  the  Mint  as  to  price, 

terms,  and  quantity,  shall  purchase  the  metal  required  for 

such  coinage  by  public  advertisement,  and  the  lowest  and 

best  bid  shall  be  accepted,  the  fineness  of  the  metals  to  be 

determined  on  the  mint  assay.     The  gain  arising  from  the    use  of  seign- 

coinage  of  such  metals  into  coin  of  a  nominal  value,  ex- lorage- 

ceeding  the  cost  thereof,  shall  be  credited  to  the  special 

fund   denominated  the  minor-coinage  profit  fund;   and 

this  fund  shall  be  charged  with  the  wastage  incurred  in 

such  coinage,  and  with  the  cost  of  distributing  said  coins, 

as  hereinafter  provided.     The  balance  remaining  to  the 

credit  of  this  fund,  and  any  balance  of  the  profits  accrued 

from  minor  coinage  under  former  Acts,  shall  be,  from 

time  to  time,  and  at  least  twice  a  year,  covered  into  the 

Treasury  of  the  United  States. 

"  SEC.  3529.  The  minor  coins  authorized  bv  this  Act    Delivery  and 

redemption     of 

mav,  at  the  discretion  of  the  Director  of  the  Mint,  be  de-  ml°or  coins. 

•  '  .  .  Revised  Stat- 

livered  in  any  of  the  principal  cities  and  the  towns  of  the  Vltes- sec-  3r)29- 

1  p.  COS,  amend- 

United  States,  at  the  cost  of  the  mints,  for  transporta-  ed. 

Mints  added. 

tion.  and  shall  be  exchangeable  at  par  at  the  mints  named,     Minimum 

IT  •  i  •     '  />  amount. 

at  the  discretion  of  the  superintendents,  for  any  other 
coins  of  copper,  bronze,  or  copper-nickel  heretofore  au- 
thorized, and  it  shall  be  lawful  for  the  Treasurer  and 
the  several  assistant  treasurers  and  depositaries  of  the 
United  States  to  redeem,  in  lawful  money,  under  such 
rules  as  may  be  prescribed  by  the  Secretary  of  the  Treas- 
ury, all  copper,  bronze,  and  copper-nickel  coins  author- 
ized by  law  when  presented  in  sums  of  not  less  than 
twenty  dollars;  and  whenever,  under  this  authority,  these 
coins  are  presented  for  redemption  in  such  quantity  as  to 
show  the  amount  outstanding  to  be  redundant,  the  Sec- 
retary of  the  Treasury  is  authorized  and  required  to 
direct  that  such  coinage  shall  cease  until  otherwise  au- 
thorized by  him." 

Approved,  April  21,  1UOG. 


624  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  MAY  18,  1908. 

let5  Stat'  L''  CHAP.  1T3. — An  act  providing  for  the  restoration  of  the 
motto  "  In  God  we  trust "  on  certain  denominations  of 
the  gold  and  silver  coins  of  the  United  States. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  /States  of  America  in  Congress  assem- 
Re'stVation  Uedi  That  the  motto  "  In  God  we  trust,"  heretofore  in- 
God^rtrust "  scribed  on  certain  denominations  of  the  gold  and  silver 
on-  coins  of  the  United  States  of  America,  shall  hereafter 

be  inscribed  upon  all  such  gold  and  silver  coins  of  said 
denominations  as  heretofore. 

Effect.  SEC.  2.  That  this  Act  shall  take  effect  thirty  days  after 

its  approval  by  the  President. 
Approved,  May  18,  1908. 


PAPER  MONEY. 


PAPER  MONEY. 


CHAP.  X. — An  act  to  incorporate  the  subscribers  to  the     1    stat. 


ACT  OF  FEBRUARY  25,  1791. 

.  act  to  incorporate  the  sub 
Bank  of  the  United  States. 


SEC.  10.  And  be  it  further  enacted,  That  the  bills  or 
notes  of  the  said  corporation,  originally  made  payable,  |^etesy  Unlted 
or  which  shall  have  become  payable  on  demand,  in  gold     181^'  ch-  43- 
and  silver  coin,  shall  be  receivable  in  all  payments  to 
the  United  States. 

***** 

Approved,  February  25,  1791. 

(For  the  full  text  of  this  act  see  p.  209.) 

ACT  OF  MARCH  3,  1797. 

CHAP.  XIV. — -An  act  to  authorise  the  receipt  of  evidences  r  \   stat.    L., 
of  the  Public  Debt,  in  payment  for  the  Lands  of  the     [Obsolete.] 
United  States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  evidences  of  the  public  debt  of  the  United  r^ 
States,  shall  be  receivable  in  payment  for  any  of  the  mentvforil 
lands  which  may  be  hereafter  sold  in  conformity  to  the  crn  lands- 
act,  intituled  "An  act  providing  for  the  sale  of  the  lands 
of  the  United  States,  in  the  territory  northwest  of  the 
river  Ohio,  and  above  the  mouth  of  Kentucky  River,'" 
at  the  following  rates,  viz. :  the  present  foreign  debt  of 
the  United  States,  and  such  debt,  or  stock,  as,  at  the 
time  of  payment,  shall  bear  an  interest  of  six  per  centum 
per  annum,  shall  be  received  at  their  nominal  value;  and 
the  other  species  of  debt,  or  stock,  of  the  United  States, 
shall  be  received  at  a  rate  bearing  the  same  proportion 
to  their  respective  market  price,  at  the  seat  of  Govern- 
ment, at  the  time  of  payment,  as  the  nominal  value  of 

G27 


628  NATIONAL  MONETARY  COMMISSION. 

the  above  mentioned  six  per  centum  stock  shall,  at  the 
same  time,  bear  to  its  market  price  at  the  same  place; 
the  Secretary  of  the  Treasury,  in  all  cases,  determining 
what  such  market  price  is. 

Approved,  March  3,  1797. 

(Section  5  of  the  act  of  May  10,  1800  (chap.  55,  2  Stat. 
L.,  73),  contains  a  similar  provision.) 

(Section  1  of  the  act  of  April  18,  1806  (chap.  50,  2 
Stat.  L.,  405),  repeals  the  acts  authorizing  the  receipt 
of  evidences  of  the  public  debt  in  payment  for  land  after 
the  30th  of  April,  1806.) 

NOTE. — This  provision  is  also  made  applicable  under  the  act 
of  May  10,  1800,  amending  the  acts  providing  for  the  sale  of 
public  lands.  (2  Stat.  L.,  74.) 

ACT  OF  JUNE  27,  1798. 

57^  stat-  L"  CHAP.  LXI. —  (This  act  prescribes  a  penalty  on  forging 
or  uttering  counterfeit  bills,  notes,  orders  or  checks  by 
or  upon  the  Bank  of  the  United  States,  which  was  re- 
pealed by  the  act  of  February  24,  1807  (Chap.  XX,  2 
Statutes  at  Large,  p.  423),  which  see.) 

ACT  OF  FEBRUARY  24,  1807. 

40jj   stat    L-  CHAP.  XX. — An  act  to  punish  frauds  committed  on  the 
ioA°i8i6  A?h'  Bank  of  the  United  States. 

44^  sec.  18. 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
me^tu for1  false-  sembled,  That  if  any  person  shall  falsely  make,  forge,  or 
i  o  r"gt  n  L°  or  counterfeit,  or  cause  or  procure  to  be  falsely  made,  forged, 
fei°tinKnnotesrof  or  counterfeited,  or  willingly  aid  or  assist,  in  falsely  mak- 
tVe  uannikte°d  *n£'  f°rging  or  counterfeiting  any  bill  or  note  in  imita- 
states.  tion  of,  or  purporting  to  be  a  bill  or  note  issued  by  order 

of  the  president,  directors  and  company  of  the  Bank  of 
the  United  States,  or  any  order  or  check  on  the  said  bank 
or  corporation,  or  any  cashier  thereof,  or  shall  falsely 
alter,  or  cause  or  procure  to  be  falsely  altered,  or  willingly 
aid  or  assist  in  falsely  altering  any  bill  or  note  issued  by 
order  of  the  president,  directors  and  company  of  the 
Bank  of  the  United  States,  or  any  order  or  check,  on  the 
said  bank  or  corporation,  or  any  cashier  thereof,  or  shall 
pass,  utter  or  publish,  or  attempt  to  pass,  utter  or  publish 
as  true,  any  false,  forged,  or  counterfeited  bill,  or  note, 
purporting  to  be  a  bill,  or  note,  issued  by  order  of  the 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  629 

president,  directors  and  company  of  the  Bank  of  the 
United  States,  or  any  false,  forged,  or  counterfeited  order 
or  check,  upon  the  said  bank  or  corporation,  or  any 
cashier  thereof,  knowing  the  same  to  be  falsely  forged  or 
counterfeited,  or  shall  pass,  utter,  or  publish,  or  attempt 
to  pass,  utter  or  publish,  as  true,  any  falsely  altered  bill 
or  note,  issued  by  order  of  the  president,  directors  and 
company  of  the  Bank  of  the  United  States,  or  any  falsely 
altered  order  or  check,  on  the  said  bank  or  corporation,  or  checks  or 

,  .         , ,  ,     ,  ,,  ,         .   -.      -.     orders  thereon. 

or  any  cashier  thereof,  knowing  the  same  to  be  falsely 
altered  with  intention  to  defraud  the  said  corporation,  or 
any  other  body  politic,  or  person ;  every  such  person  shall 
be  deemed   and   adjudged  guilty   of  felony,   and  being 
thereof  convicted  by  due  course  of  law,  shall  be  sentenced 
to  be  imprisoned,  and  kept  to  hard  labour,  for  a  period 
not  less  than  three  years,  nor  more  than  ten  years,  or  shall 
be  imprisoned  not  exceeding  ten  years,  and  fined  not  ex- 
ceeding five  thousand   dollars:  Provided,  That  nothing     savin?    of 
herein  contained  shall  be  construed  to  deprive  the  courts  tion    of  Sstate 
of  the  individual  states  of  a  jurisdiction  under  the  laws  to 
of  the  several  states,  over  the  offence,  declared  punishable 
by  this  act. 

SEC.  2.  And  ~be  it  further  enacted,  That  the  act,  in-     Repeal    of 

'.  '    .  '  act  of  June  '27, 

tituled  An  act  to  punish  frauds  committed  on  the  Bank  ITOS,  ch.  01. 
of  the  United  States,"  passed  the  twenty-seventh  day  of 
June,  one  thousand  seven  hundred  and  ninety-eight,  shall 
be  and  the  same  is  hereby  repealed:  Prodded,  neverthe- 
less, That  the  repeal  of  the  said  act  shall  not  be  so  con- 
strued, as  to  prevent  the  trial,  condemnation  or  punish- 
ment of  any  person,  or  persons,  charged  with  or  guilty 
of  a  violation  of  any  of  its  provisions,  previous  to  the 
passing  of  this  act. 

Approved,  February  24.  1807. 

ACT  OF  MAKCII  11,  1812. 

CHAP.  XLT. — An  act  authorizing  «  loan  for  a  Nirtth  not  i(  •-'    st;lt-    L-. 
exceeding  eleven  mil  lion*  of  doll  aw. 


SEC.  4.  And  l>e  it  furtJier  enacted ',  That  it  shall  be  law-     Lnwfni    for 
fill  for  any  of  the  banks  in  the  District  of  Columbia  to  the  District  of 

.  Columbia.        to 

lend  any  part  of  the  sum  authorized  to  be  borrowed  by  nmkc  tii<>  loan 

„  .  .  c     i      •  '  .  <>  r  a  n  y  p  a  r  t 

virtue  of  this  act.  any  thing  in  any  ot  then1  charters  or  thereof, 
incorporation  to  the  contrary  notwithstanding. 
Approved,  March  14,  1812. 


630  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  MARCH  19,  1812. 


695    Stat    ^'CiiAp.  XLIIL  —  An  act  repealing  the  tenth  section  of  the 
[Obsolete.]        act  to  incorporate  the  subscribers  to  the  Bank  of  the 
United  States. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
>  Tliat  the  tenth  section  of  the  act,  eiitituled  "An  act 
incorporate  the  subscribers  to  the  Bank  of  the  United 
repealed.          States,"  shall  be,  and  the  same  is  hereby  repealed. 
Approved,  March  19,  1812. 

ACT  OF  APRIL  10,  181G. 

06|    stat-    L-CiiAp.  XLJV.  —  An  act  to  incorporate  the  subscribers  to 
"  [Expired.]  the  Bank  of  the  United  States. 

#  $  #  $  $ 

(Section  14  provides  "that  the  bills  or  notes  of  the 
said  corporation  originally  made  payable,  or  which  shall 
have  become  payable  on  demand,  shall  be  receivable  in  all 
payments  to  the  United  States,  unless  otherwise  directed 
by  act  of  Congress.") 

ACT  OF  JUNE  27,  1834. 

689  Stat  L"  CIIAP.  XCII.  —  An  act  making  appropriations  for  the 
ciril  and  diplomatic  expenses  of  gorernment  for  the 
year  one  thousand  eight  hundred  and  thirty-four. 


Payments  not     SEC.  3.  And  be  it  further  enacted,  That  no  payment  of 

to   he   made   in  .  • 

bank  notes  be- the  money,  appropriated  by  this  act,  or  any  other  act 
place    of    pay-  passed  at  the  present  session  of  Congress,  shall  be  made 

ment.  . 

in  the  note  or  notes  of  any  bank  which  shall  not  be  at 
par  value  at  the  place  where  such  payment  may  be  made, 
provided  that  nothing  herein  contained  shall  be.  construed 
to  make  any  thing  but  gold  and  silver  a  tender  in  pay- 
incut,  of  any  debt  due  from  the  United  States  to  indi- 
viduals. 

***** 

Approved,  June  27,  1834. 

(Similar  provisions  are  contained  in  the  appropriation 
acts  of  March  3.  1S35  (chap.  30,  sec.  4.  4  Stat.  L.,  771), 
April  14,  1830  (chap.  52  (limiting  amount,  etc.),  5  Stat. 
I,,  9)0  ' 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  631 

ACT  OF  JUNE  30,  1834. 

CHAP.  CLXXIV. — An  act  to  prohibit  the  corporations  of 
Washington,  Georgetown,  and  Alexandria,  in  the  Dis- 
trict of  Columbia,  from  issuing  promissory  notes  or 
bills  of  any  denomination  less  than  ten  dollars  after  the 
period  therein  mentioned,  and  for  the  gradual  with- 
drawal from  circulation  of  all  such  notes  or  bills. 
NOTE.— The  act  of  June  30,  1834  (4  Stat.  L.,  742),  forbids  the 
corporations  of  Washington,  Georgetown,  or  Alexandria  to  issue 
any  promissory  note  or  bill  of  a  less  denomination  than  ten  dol- 
lars, and  that  they  shall  annually  withdraw  from  circulation  and 
destroy  such  notes  or  bills  issued  by  them  to  the  extent  of  one- 
fifth  per  annum,  etc. 

ACT  OF  APRIL  14,  1830. 

CHAP.  LII. — An  act  making  appropriations  for  the  pay-    5  st!lt-  L-  9- 
inent  of  the  revolutionary  and  other  pensioners  of  the 
United  States,  for  the  year  one  thousand  eight  hundred 
and  thirty -six. 

***** 

SEC.  2.  And  be  it  further  enacted,  That  hereafter,  no  NO  bank  note 
bank  note  of  less  denomination  than  ten  dollars,  and  that  nation  than 
from  and  after  the  third  day  of  March,  anno  Domini, after  Mar.'  3, 
eighteen  hundred  and  thirty-seven,  no  bank  note  of  lessnote'of  less  de- 
denomination  than  twenty  dollars  shall  be  offered  in  pay- than  $20  to  be 

,    .  -.  .          ,  .    ,  .  ,  .  ,  offered  in  pay- 

ment in  any  case  whatsoever  in  which  money  is  to  be  paidment   by   the 

by  the  United  States  or  the  Post  Office  Department,  nor  ami  "no  'bank 
shall  any  bank  note,  of  any  denomination,  be  so  offered, equivalent  to 
unless  the  same  shall  be  payable,  and  paid  on  demand,  iiivertibie  into 
gold  or  silver  coin,  at  the  place  where  issued,  and  whichwitbout  loss,  to 

T,    n  4-     1  •       1  •  4-11  ,  be    paid.     This 

shall   not   be   equivalent    to   specie   at   the   place   wrhereact   not   to 
offered,  and  convertible  into  gold  or  silver  upon  the  spot,  a '  legal  tender 
at  the  will  of  the  holder,  and  without  delay  or  loss  to  silver. 
him;    Provided,   That  nothing  herein  contained  shall  be 
construed  to  make  any  thing  but  gold  or  silver  a  legal 
tender  by  any  individual,  or  by  the  United  States. 
Approved,  April  14,  1830. 

ACT  OF  JULY  r>,  1838. 

CHAP.  CLVIIL— An  act  to  modify  the  lixt  clause  of  the  ^  Slat-    T- 
-fifth  section  of  the  deposite  act  of  the  twenty-third  of 
June,  eighteen  hundred  and  thirty -six. 

Be  it  enacted  b//  the  Ken  ate.  and  House  of  Rcprescnt<i-  o.{AHls?m.'1"",'! 
tii'es  of  tJie  United  tStafcs  of  America  in  Congress  assent-  <!,.',,;].;,  motii- 
Wed,  That  the  last  clause  of  the  fifth  section  of  the  act  £','s  :'('*f  '^ 
entitled  "An  act  to  regulate  the  deposites  of  the  public uuder  f5- 


632  NATIONAL   MONETARY   COMMISSION. 

money,"  approved  on  the  twenty-third  day  of  June, 
eighteen  hundred  and  thirty-six,  declaring  that  the  notes 
or  bills  of  no  bank  shall  be  received  in  payment  of  any 
debt  due  to  the  United  States,  which  shall,  after  the 
fourth  day  of  July,  in  the  year  one  thousand  eight  hun- 
dred and  thirty-six,  issue  any  note  or  bill  of  a  less  denomi- 
nation than  five  dollars,  shall  be,  and  the  same  is  hereby, 
so  far  modified  as  that  the  interdiction  as  to  the  reception 
of  the  bills  and  notes  shall  not  continue  against  any  bank 
which  has,  since  the  said  fourth  day  of  July,  in  the  year 
one  thousand  eight  hundred  and  thirty-six,  issued  bills  or 
notes  of  a  less  denomination  than  five  dollars,  or  which 
shall  issue  any  such  bills  or  notes  prior  to  the  first  day  of 
October,  in  the  year  eighteen  hundred  and  thirty-eight, 
but  that  from  and  after  the  said  last  mentioned  day,  the 
bills  or  notes  of  no  bank  shall  be  received  in  payment  of 
any  debt  due  to  the  United  States,  which  bank  shall,  after 
that  date,  issue,  reissue,  or  pay  out  any  bill  or  note  of  a 
denomination  less  than  five  dollars. 
Approved,  July  5,  1838. 

ACT  OF  JULY  7,  1838. 
5   stat.    L.,  CHAP.  CLXXXV. — An  act  to  prevent  the  issuinn  and 

297 

circulation  of  the  bills,  notes  and  other  securities  of 
corporations  created  by  acts  of  Congress  which  have 
expired. 

(Section  1  makes  it  a  high  misdemeanor  for  any  di- 
rector, agent,  or  trustee  of  any  corporation  created  by 
act  of  Congress,  the  charter  whereof  has  expired,  to 
reissue  or  knowingly  put  in  circulation  any  bill,  note, 
check,  draft,  or  other  security  of  such  expired  corpora- 
tion; and  section  2  gives  to  the  circuit  courts  of  the 
United  States  jurisdiction,  on  bill  or  petition,  to  restrain 
the  issue  or  transfer  of  such  bills,  notes,  and  other  securi- 
ties when  in  the  possession  or  control  of  any  director, 
agent,  or  trustee  of  such  expired  corporation,  and  to  cause 
such  of  said  bills,  notes,  and  securities  as  have  been  re- 
deemed to  be  delivered  up  and  canceled.) 

Approved,  July  7, 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  633 

ACT   OF   JULY   7,  1838. 

CHAP.  CCXII. — An  act   to  restrain   the   circulation  of  g  [>    stat    L-> 
small  notes,  as  a  currency,  in  the  District  of  Columbia, 
and  for  other  purposes. 

(This  act  made  it  unlawful  after  the  10th  of  April, 
1839,  to  issue,  etc.,  in  the  District  of  Columbia,  any  note, 
etc.,  less  than  five  dollars,  and  after  the  passage  of  this 
act  to  issue,  de  novo,  or  knowingly  to  pass,  etc.,  within  the 
District,  any  note,  etc.,  of  less  than  five  dollars.  The  act 
of  December  27,  1854  (10  Stat.  L.,  599),  contains  similar 
provisions. ) 

ACT  OF  MARCH  31,  1840. 

CHAP.  V. — An  act  additional  to  the  act  on.  the  subject  of  37%    stat-    L-> 
Treasury  notes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa-  Ocfcti8*71:chb 
tives  of  the  United  States  of  America  in  Congress  assem-  -^  etc->  reuew- 
bled,  That  the  regulations  and  provisions  contained  in 
the  act  passed  the  twelfth  day  of  October,  in  the  year 
one  thousand  eight  hundred  and  thirty-seven,  entitled 
"An  act  to  authorize  the  issuing  of  Treasury  notes,"  and 
in  the  subsequent  acts  in  addition  thereto,  be,  arid  the  same 
are  hereby,  renewed,  and  made  in  full  force,  excepting 
the  limitations  concerning  the  times  within  which  such 
notes  may  be  issued,  and  restricting  the  amount  thereof 
as  hereafter  provided. 

SEC.   2.  And   be  it  further  enacted,   That   under  the  no£sr  ^y  *£ 
regulations  and  provisions  contained  in  said  act,  Treas-  jf/'^liJrs  Hree- 
ury  notes  may  be  issued  in  lieu  of  others  hereafter  or  <^meci. 
heretofore  redeemed,  but  not  to  exceed  in  the  amount  of 
notes  outstanding  at  any  one  time,  the  aggregate  of  five 
millions  of  dollars;  and  to  be  redeemed  sooner  than  one 
year,  if  the  means  of  the  Treasury  will  permit,  by  giving 
notice  sixty  days  of  those  notes  which  the  Department  is 
ready  to  redeem;  no  interest  to  be  allowed  thereon  after 
the  expiration  of  said  sixty  days. 

SEC.  3.  And  be  it  further  enacted.  That  this  act  shall 
continue  in  force  one  year  and  no  longer. 

Approved.  March  31.  1840. 
]rul2°— 10 41 


634  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  AUGUST  13,  1841. 

439  Stat>  L'*CHAP.  VII. — An  act  to  repeal  the  act  entitled  "An  act 
to  provide  for  the  collection,  safe-keeping,  transfer,  and 
disbursement  of  the  public  revenue"  and  to  provide 
for  the  punishment  of  embezzlers  of  public  money,  and 
for  other  purposes. 

***** 
(Section  4  repeals  so  much  of  the  act  of  April  14,  1836, 
as  forbids  the  offer  of  bank  notes  of  less  denomination 
than  ten  dollars,  and  after  March  3,  1837,  of  less  than 
twenty  dollars,  in  payments  by  the  United  States  or  the 
Post-Office  Department.) 
Approved,  August  13,  1841. 

o_i2  stat.  L.,  ACT  OF  JULY  17,  1861. 

CHAP.  V. — An  act  to  authorize  a  national  loan  and  for 
other  purposes. 

certain      *     *     *     And  the  Secretary  of  the  Treasury  may  also 

treasury    notes  .  .  j          j 

may  he  issued  issue  in  exchange  for  coin,  and  as  part  of  the  above  loan, 

in  exchange  for  c  l  ' 

coi°j_e,tc- ,     ,.  or  mav  pay  for  salaries  or  other  dues  from  the  United 

1861,  ch.  46,  J 

sees,  i,  5.         States,  treasury  notes  of  a  less  denomination  than  fifty 

Post,  p.  313.  J  J 

dollars,  not  bearing  interest,  but  payable  on  demand  by 
the  Assistant  Treasurers  of  the  United  States  at  Phila- 
delphia, New  York,  or  Boston,  or  treasury  notes  bearing 
interest  at  the  rate  of  three  and  sixty-five  hundredths 
per  centum,  payable  in  one  year  from  date,  and  exchange- 
able at  any  time  for  treasury  notes  for  fifty  dollars,  and 
upwards,  issuable  under  the  authority  of  this  act,  and 
POS^P"')  345  bearing  interest  as  specified  above:  Pro/'ided,  That  no 
exchange  of  such  notes  in  any  less  amount  than  one 
!  sis. hundred  dollars  shall  be  made  at  any  one  time:  And 
Provided  further,  That  no  treasury  notes  shall  be  issued 
of  a  less  denomination  than  ten  dollars,  and  that  the 
whole  amount  of  treasury  notes,  not  bearing  interest, 
issued  under  the  authority  of  this  act,  shall  not  exceed 

fifty  millions  of  dollars. 

***** 

Approved.  July  17,  1861. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  635 

ACT  OF  FEBRUARY  25,  1862. 
CHAP.  XXXIII. — An  act  to  authorize  the  issue  of  United    * 

O'iO. 

States  notes,  and  for  the  redemption  or  funding  there- 
of, and  for  funding  the  -floating  debt  of  the  United 
States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled, That  the  Secretary  of  the  Treasury  is  hereby  au-  an2 
thorized  to  issue,  on  the  credit  of  the  United  States,  one  ¥?easdu°ryanotes 
hundred  and  fifty  millions  of  dollars  of  United  States  authorized. 
notes,   not   bearing  interest,   payable   to  bearer,    at  the 
Treasury  of  the  United  States,  and  of  such  denomina- 
tions as  he  may  deem  expedient,  not  less  than  five  dol-     Not.  less 
lars  each:  Provided,  however.  That  fifty  millions  of  said     Revisedstat- 

ntcsSoTl 

notes  shall  be  in  lieu  of  the  demand  Treasury  notes  au- 

.  .  J  Fifty  million 

thorized  to  be  issued  by  the  act  of  July  seventeen,  eiffh- dollars  to  be  in 

.      J  .-in  lieu  of  demand 

teen  hundred  and  sixty-one:  which  said  demand  notes  notes,     which 

firo    to    IDC    re- 

shall  be  taken  up  as  rapidly  as  practicable,  and  the  notes  deemed. 
herein  provided  for  substituted  for  them:  And  provided     Revised  stat- 
further,  That  the  amount  of  the  two  kinds  of  notes  to- 
gether shall  at  no  time  exceed  the  sum  of  one  hundred     R  e  c  e  i  v  - 

&  bi  6     in     p^y~ 
and  fifty  millions  of  dollars,  and  such  notes  herein  au-ment  of  a'n 

-i  •       i  i      •  en  •       dues  to  United 

thorized  shall  be  receivable  in  payment  01  all  taxes,  in-  states    except 

,  .  ,  .        duties    on    im- 

ternal  duties,  excises,  debts,  and  demands  or  every  kind  ports,   and  of 

.  '    .       ..        '  ...  .  ..  claims   against 

due  to  the  United  States,  except  duties  on  imports,  and  the  United 

States     except 

of  all  claims  and  demands  against  the  United  States  of  interest,  and  a 

.  p         •  IT    legal  tender  in 

every  kind  whatsoever,  except  tor  interest  upon   bonds  a  1 1   cases   o  f 

and  notes,  which  shall  be  paid  in  coin,  and  shall  also  be     Revised  stat- 

lawful  money  and  a  legal  tender  in  payment  of  all  debts 

public   and   private,   within    the    United    States,   except 

duties  on  imports  and  interest  as  aforesaid.     And  any  HlIeIreofd  emay 

holders  of  said  United  States  notes  depositing  any  sum 

not  less  than  fifty  dollars,  or  some  multiple  of  fifty  dol-  ^ 

lars,  with  the  Treasurer  of  the  United  States,  or  either  »|™ 

of  the  assistant  treasurers,  shall  receive  in  exchange  there- •!(>Ii1,di( 

for  duplicate  certificates  of  deposit,  one  of  which  may  be  ^- 

transmitted  to  the  Secretary  of  the  Treasury,  who  shall  '>°nds. 

thereupon  issue  to  the  holder  an  equal  amount  of  bonds 

of  the  United  States,  coupon  or  registered,  as  may  by  said 


636  NATIONAL  MONETARY   COMMISSION. 

holder  be  desired,  bearing  interest  at  the  rate  of  six  per 
centum  per  annum,  payable  semiannually,  and  redeem- 
able at  the  pleasure  of  the  United  States  after  five  years, 
said     notes  and  payable  twenty  years  from  the  date  thereof.     And 
payment   o f such  United  States  notes  shall  be  received  the  same  as 

loans     to     the       .  ,  i     •  i  L    _£  i  ,  i 

united  states,  coin,  at  their  par  value,  in  payment  for  any  loans  that 

utes,  3579.       may  be  hereafter  sold  or  negotiated  by  the  Secretary  of 

the  Treasury,  and  may  be  reissued  from  time  to  time  as 

the  exigencies  of  the  public  interest  shall  require. 

rive  hundred     SEC.  2.  And  l)e  it  further  enacted.  That,  to  enable  the 

million    dollars  m  i 

of  6  per  cent  Secretary  or  the  Treasurv  to  fund  the  Treasury  notes  and 

bonds     author-  .  . 

ized    to    fund  floating  debt  of  the  United  States,  he  is  hereby  authorized 

floating  debt.  .  .  '  J 

to  issue,  on  the  credit  of  the  United  States,  coupon  bonds, 
or  registered  bonds,  to  an  amount  not  exceeding  five  hun- 
dred millions  of  dollars,  redeemable  at  the  pleasure  of 

when  pay-  Hie  United  States  after  five  years,  and  payable  twenty 
years  from  date,  and  bearing  interest  at  the  rate  of  six 
per  centum  per  annum,  payable  semi-annually.  And  the 
bonds  herein  authorized  shall  be  of  such  denominations, 

Denomina-not  less  than  fifty  dollars,  as  may  be  determined  upon  by 
than  $50.  the  Secretary  of  the  Treasury.  And  the  Secretary  of  the 

May  be  dis-  Treasury  may  dispose  of  such  bonds  at  any  time,  at  the 
coin  or  at  mar-  market  value  thereof,  for  the  coin  of  the  United  States, 

ket  value. 

or  for  any  or  trie  Treasury  notes  that  have  been  or  may 
hereafter  be  issued  under  any  former  act  of  Congress,  or 
for  United  States  notes  that  may  be  issued  under  the 
provisions  of  this  act ;  and  all  stocks,  bonds,  and  other 
Exempt  from  securities  of  the  United  States  held  bv  individuals,  cor- 

taxation.  .  ..  .,..          ^.no  ' 

Revised  stat- porations,  or  associations,  within  the  United  States,  shall 

utes,  3701.  .' 

be  exempt  from  taxation  by  or  under  State  authority. 
Form     of      SEC.  3.  And  be  it  further  enacted.  That  the  United 

notesand 

bonds.  States  notes  and  the  coupon  or  registered  bonds  author- 

ized by  this  act  shall  be  in  such  form  as  the  Secretary  of 
iiow  signed,  the  Treasury  may  direct,  and  shall  bear  the  written  or 

etc. 

engraved  signatures  of  the  Treasurer  of  the  United 
States  and  the  Register  of  the  Treasury,  and  also,  as  evi- 
dence of  lawful  issue,  the  imprint  of  a  copy  of  the  seal 
of  the  Treasury  Department,  which  imprint  shall  be 
made  under  the  direction  of  the  Secretary,  after  the  said 
notes  or  bonds  shall  be  received  from  the  engravers  and 
before  they  are  issued;  or  the  said  notes  and  bonds  shall 
be  signed  by  the  Treasurer  of  the  United  States,  or  for 
the  Treasurer  by  such  persons  as  may  be  specially  ap- 
pointed by  the  Secretary  of  the  Treasury  for  that  pur- 
pose, and  shall  be  countersigned  by  the  Register  of  the 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  637 

Treasury,  or  for  the  Register  by  such  persons  as  the 
Secretary  of  the  Treasury  may  specially  appoint  for  that 
purpose:  and  all  the  provisions  of  the  act  entitled  "An  Provisions  of 

.F  act  of  1857,  ch. 

act  to  authorize  the  issue  or  Ireasury  notes,     approved*,  vol.  n,  re- 
the   twenty-third   day   of   December,   eighteen   hundred 
and  fifty-seven,  so  far  as  they  can  be  applied  to  this  act, 
and  not  inconsistent  therewith,  are  hereby  revived  and 
re-enacted;  and  the  sum  of  three  hundred  thousand  dol-tl^PP™pHa- 
lars  is  herebv  appropriated,  out  of  any  money  in  the000  for  ex'- 

»  x  _  J  J  penses    of    en- 

Treasury    not    otherwise    appropriated,    to    enable    the  graving,  etc. 
Secretary  of  the  Treasury  to  carry  this  act  into  effect. 
SEC.  4.  And  be  it  further  enacted.  That  the  Secretary     May  '^  de- 

.  "    posited    \v  i  t  h 

or  the  1  reasury  mav  receive  trom  anv  person  or  persons,  the    united 

States      Treas- 

or  any  corporation,  United  States  notes  on  deposit  for  m-y,    in    sums 
not  less  than  thirty  clays,  in  sums  of  not  less  than  one  than  $100,  and 
hundred  dollars,  with  any  of  the  assistant  treasurers  or  bearing  5'  per 
designated  depositaries  of  the  United  States  authorized  issued  therefor. 
by  the  Secretary  of  the  Treasury  to  receive  them,  who  Mar.  2,  iser. 
shall  issue  therefor  certificates  of  deposit  made  in  such 
form  as  the  Secretary  of  the  Treasury  shall  prescribe,  and 
said  certificates  of  deposit  shall  bear  interest  at  the  rate 
of  five  per  centum  per  annum  ;  and  any  amount  of  United  beDw?thdrawn.y 
States  notes  so  deposited  may  be  withdrawn  from  deposit 
at  any  time  after  ten  days'  notice  on  the  return  of  said 
certificates:  Provided,  That  the  interest  on  all  such  de- 
posits shall  cease  and  determine  at  the  pleasure  of  the 
Secretary  of  the  Treasury:  And  provided  further,  That  ^sjregate  of 
the  aggregate  of  such  deposit  shall  at  no  time  exceed  QQ0c0e0y  d  :?-5'~ 
the  amount  of  twenty-five  millions  of  dollars. 

SEC.  5.  And  l>e  it  farther  enacted,  That  all  duties  on  rj^sintoc0h! 
imported  goods  shall  be  paid  in  coin,  or  in  notes  payable  a^    demand 
on  demand  heretofore  authorized  to  be  issued  and  b}^ 
law  receivable  in  payment  of  public  dues,  *. 

#  :•:  *  #  •'.• 

Approved,  February  25.  1802. 

ACT  OF  MA  ECU  17,  1802. 

CHAP.  XLV.  —  An  act  to  authorize  the  i)irr<-It«*e  of  coin.^-  stal-  T'- 
and  for  other 


SEC.  2.  And  l>e  it  further  cnarfe-d,  That  the  demand  J1(1J,),s0,;;!u:l1,n1,:1 
notes  authorized  by  the  act  of  July  seventeenth,  eighteen  [^;!,lllt1(Vn("",f1as 
hundred  and  sixty-one,  and  by  the  act  of  Fel  >ni  :i  ry  "^  snSs"$ 
twelfth,  eighteen  hundred  and  sixty-two,  shall,  in  addi-  1]'^1.'.7iai'y  -  r>  • 
tion  to  being  receivable  in  payment  of  duties  on  imports,  ut',y>v;{5S!>Slal" 


638  NATIONAL   MONETAKY   COMMISSION. 

be  receivable,  and  shall  be  lawful  money  and  a  legal 
tender,  in  like  manner,  and  for  the  same  purposes,  and  to 
the  same  extent,  as  the  notes  authorized  by  an  act  en- 
titled "An  act  to  authorize  the  issue  of  United  States 
notes,  and  for  the  redemption  or  funding  thereof,  and  for 
funding  the  floating  debt  of  the  United  States,"  approved 
February  twenty-fifth,  eighteen  hundred  and  sixty-two. 

***** 

new  anyotesSS"n     SEC.  4.  And  be  it  further  enacted,  That,  in  all  cases 

worn  ou't.  th°se  where  the  Secretary  of  the  Treasury  is  authorized  by  law 

ut?sT3580.Stat  "to  reissue  notes,  he  may  replace  such  as  are  so  mutilated 

or  otherwise  injured  as  to  be  unfit  for  use  with  others 

of  the  same  character  and  amount;  and  such  mutilated 

notes,  and  all  others  which  by  law  are  required  to  be 

taken  up  and  not  reissued,  shall,  when  so  replaced,  or 

taken  up,  be  destroyed  in  such  manner  and  under  such 

regulations    as    the    Secretary    of    the    Treasury    may 

prescribe. 

Approved,  March  17,  1862. 

ACT  OF  JULY  11,  1862. 

5322  Stat  L''CiiAp.  CXLII. — An  act  to  authorize  an  additional  issue 
of  United  States  notes,  and  for  other  purposes. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  Am-erica  in  Congress  assem- 
issue^r/o.ooo,0  t>led,  That  the  Secretary  of  the  Treasury  is  hereby  au- 
notes  Treasury  thorized  to  issue,  in  addition  to  the  amounts  heretofore 
utes?:-!57iStat"  authorized,  on  the  credit  of  the  United  States,  one  hun- 
dred and  fifty  millions  of  dollars  of  United  States  notes, 
not  bearing  interest,  payable  to  bearer  at  the  Treasury  of 
the  United  States,  and  of  such  denominations  as  he  may 
mimVnr  dollars  deem  expedient:  Provided,  That  no  note  shall  be  issued 
n'om/naUo'n'sf01'  tne  fractional  part  of  a  dollar,  and  not  more  than 
^R^t^iva  Me  thirty-five  millions  shall  be  of  lower  denominations  than 
ceptadifties  (onn've  Collars;  and  such  notes  shall  be  receivable  in  payment 
tTr'eVr'oV'f  :l11  l°ans  made  to  the  United  States,  and  of  all  taxes, 
^nvertfwe  aind- "lterna^  Cities,  excises,  debts,  and  demands  of  every  kind 
bonds per  t('nt(l"e  to  the  United  States,  except  duties  on  imports  and 
u  tR|Ilse3  4  73"  interest?  and  of  all  claims  and  demands  against  the  United 
jinK.s,  pp.  ion!  States,  except  for  interest  upon  bonds,  notes,  and  certifi- 
cates of  debt  or  deposit;  and  shall  also  be  lawful  money 
arid  a  legal  tender  in  payment  of  all  debts,  public  and, 
private,  within  the  United  States,  except  duties  on  im- 


LAWS   CONCERNING  MONEY,   BANKING,   AND   LOANS.  639 

ports  and  interest,  as  aforesaid.  And  any  holder  of  said 
United  States  notes  depositing  any  sum  not  less  than 
fifty  dollars,  or  some  multiple  of  fifty  dollars,  with  the 
Treasurer  of  the  United  States,  or  either  of  the  assistant 
treasurers,  shall  receive  in  exchange  therefor  duplicate 
certificates  of  deposit,  one  of  which  may  be  transmitted  to 
the  Secretary  of  the  Treasury,  who  shall  thereupon  issue 
to  the  holder  an  equal  amount  of  bonds  of  the  United 
States,  coupon  or  registered,  as  may  by  said  holder  be 
desired,  bearing  interest  at  the  rate  of  six  per  centum  per 
annum,  payable  semi-annually,  and  redeemable  at  the 
pleasure  of  the  United  States  after  five  years,  and  payable 
twenty  years  from  the  date  thereof:  Provided,  however, 

That  anv  notes  issued  under  this  act  mav  be  paid  in  coin,     May  be  paid 

i     f  i  •      -i  •  •  r>  n'n  coin- 

instead  or  being  received  in  exchange  for  certificates  of    Revised  stat- 

T  •  i  -r-n  IT-  n  utes,  ;5579. 

deposit  as  above  specified,  at  the  direction  of  the  Secretary 

of  the  Treasury.     And  the  Secretary  of  the  Treasury  may     May    e  x  - 

exchange  for  such  notes,  on  such  terms  as  he  shall  think  cent  bonds  for 

,  ,,    .    ,  ,  IT-,  i          i         £    ,i      an>*  notes  now 

most  beneficial  to  the  public  interest,  any  bonds  of  theoutstanding 
United  States  bearing  six  per  centum  interest,  and  re-  notes,  and  may 
deemable  after  five  and  payable  in  twenty  years,  which  notes  and  issue 

,  ,  i       i         <•    iii      •  11.1  •    •          others  iu  their 

have  been  or  may  be  lawfully  issued  under  the  provisions  place. 
of  any  existing  act ;  may  reissue  the  notes  so  received  in 
exchange;  may  receive  and  cancel  any  notes  heretofore 
lawfully  issued  under  any  act  of  Congress,  and  in  lieu 
thereof  issue  an  equal  amount  in  notes  such  as  are  author- 
ized by  this  act ;  and  may  purchase,  at  rates  not  exceeding   May  purchase 
that  of  the  current  market,  and  cost  of  purchase  not  ex- Ins  evidences 
ceeding  one-eighth  of  one  per  centum,  any  bonds  or  cer- 
tificates of  debt  of  the  United  States  as  he  may  deem 
advisable. 

SEC.  2.  And  Ic  it  further  enacted.  That  the  Secretary     Notes    may 

.  ,        .  b  e      engraved, 

of  the  Treasury  be,  and  is  hereby,  authorized,  in  case  panted,  etc.,  in 

17  .  Treasury     1)  o  - 

he  shall  think  it  inexpedient  to  procure  said  notes,  or  anv  partment. 

Revised  Stat- 

part  thereof,  to  be  engraved  and  printed  by  contract,  to  utes,  3577. 
cause  the  said  notes,  or  any  part  thereof,  to  be  engraved, 
printed,  and  executed,  in  such  form  as  he  shall  prescribe, 
at  the  Treasury  Department  in  Washington,  and  under 
his  direction;  and  he  is  hereby  empowered  to  purchase 
and  provide  all  the  machinery  and  materials,  and  to 
employ  such  persons  and  appoint  such  oilicers  as  may  be 
necessary  for  this  purpose. 

SEC.  3.  And  Ite  -it  fui-tlici'  cucftrd.  That  the.  limitation     i.imit  t«.  de- 

'  .  .  pusits   of  notes 

upon  temporary  deposits  of  United  States  notes  will)  any  ^-[^'i;!;','!,,,,1/'"'" 
assistant  treasurer,  or  designated  depositary  authorized  *  100,000,000. 


640  NATIONAL   MONETARY   COMMISSION. 

by  the  Secretary  of  the  Treasury  to  receive  such  deposits, 
to  fifty  millions  of  dollars  be,  and  is  hereby,  repealed: 
and  the  Secretary  of  the  Treasury  is  authorized  to  re- 
ceive such  deposits,  under  such  regulations  as  he  may 
prescribe,  to  such  amount  as  he  may  deem  expedient,  not 
exceeding  one  hundred  millions  of  dollars,  for  not  less 
than  thirty  days,  in  sums  not  less  than  one  hundred  dol- 
lars, at  a  rate  of  interest  not  exceeding  five  per  centum 
per  annum;  and  any  amount  so  deposited  may  be  with- 
drawn from  deposit,  at  any  time  after  ten  days'  notice,  on 

Fifty  minion  the  return  of  the  certificate  of  deposit.  And  of  the 
reserved  to  pay  amount  of  United  States  notes  authorized  by  this  act, 
not  less  than  fifty  millions  of  dollars  shall  be  reserved  for 
the  purpose  of  securing  prompt  payment  of  such  deposits 
when  demanded,  and  shall  be  issued  and  used  only  when, 
in  the  judgment  of  the  Secretary  of  the  Treasury,  the 
same,  or  any  part  thereof  may  be  needed  for  that  purpose. 

AH    certifi-And  certificates  of  deposit  and  of  indebtedness  issued 

cates  of  deposit 

and  of  indebt-  under  this  or  former  acts  may  be  received  on  the  same 

edness  convert-  _  *7- 

ibie  into  bonds,  terms  as  United  States  notes  in  payment  for  bonds  re- 
deemable after  five  and  payable  in  twenty  years. 

tailing6  f0°bn      SEC.  4.  And  be  it  further  enacted.  That  the  Secretary 
actho0frjuty  17,  °f  the  Treasury  may,  at  any  time  until  otherwise  ordered 
1861,  extended,  j3y  Congress,  and  under  the  restrictions  imposed  by  the 
"Act  to  authorize  a  national  loan,  and  for  other  pur- 
poses," borrow,  on  the  credit  of  the  United  States,  such 
part  of  the  sum  of  two  hundred  and  fifty  millions  men- 
tioned in  said  act  as  may  not  have  been  borrowed,  under 
the  provisions  of  the  same,  within  twelve  months  from 
the  passage  thereof. 

(Section  5  makes  appropriation  to  detect  counterfeiting 
of  coin  available  for  detecting  counterfeiting,  etc.,  of 
bonds  and  notes,  and  also  appropriates  for  carrying  this 
act  into  effect.) 

nc?rofISFebrn-      ^ECl  6>  ^n^  ^e  ^  ftn'^ter  enacted,  That  all  the  pro- 
'"'>',. -~\-.  18(}-' visions  of  the  act  entitled  "An  act  to  authorize  the  issue 

applicable      t  o 

this  act.  Of  United  States  notes,  and  for  the  redemption  or  fund- 

ing thereof,  and  for  funding  the  floating  debt  of  the 
United  States."  approved  February  twenty-five,  eighteen 
hundred  and  sixty-two,  so  far  as  the  same  can  or  may  be 
applied  to  the,  provisions  of  this  act.  and  not  inconsistent 
therewith,  shall  apply  to  the  notes  hereby  authorized  to 
be  issue*!. 

Approved.  July  11,  18(52. 


LAWS   CONCEBNING   MONEY,   BANKING,   AND  LOANS.  641 

ACT  OF  JULY  17,  1862. 

CHAP.  CXCVL — An  act  to  authorize  payments  in  stamps,  r  12  stat.  L., 
and  to  prohibit  circulation  of  notes  of  less  denomi- 
nation than  one  dollar. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  the  Secretary  of  the  Treasury  be,  and  he  is     Postage  and 
hereby  directed  to  furnish  to  the  assistant  treasurers,  and  to  be  furnfsSed 
such  designated  depositaries  of  the  United  States  as  may  united  states 
be  by  him  selected,  in  such  sums  as  he  may  deem  expedi- 
ent, the  postage  and  other  stamps  of  the  United  States, 
to  be  exchanged  by  them,  on   application,   for  United 
States  notes ;  and  from  and  after  the  first  day  of  August  ^ediaforbdues 
next  such  stamps  shall  be  receivable  in  payment  of  all  t°.  th.e  united 

1  L     "  States      less 

dues  to  the  United  States  less  than  five  dollars,  and  shall  tnan  $5. 
be  received  in  exchange  for  United  States  notes  when  pre- 
sented to  any  assistant  treasurer  or  any  designated  de- 
positary selected  as  aforesaid  in  sums  not  less  than  five 
dollars. 

SEC.  2.  And  be  it  further  enacted,  That  from  and  after     circulation, 
the  first  day  of  August,  eighteen  hundred  and  sixty-two,  less    than   ?i, 

i        ,  •  ...  r-  ' '  •      T    as  money,  pro- 

no  private  corporation,  banking  association,  firm,  or  indi-  hibited. 
vidual  shall  make,  issue,  circulate,  or  pay  any  note,  check,  utesTssss. 
memorandum,  token,  or  other  obligation,  for  a  less  sum 
than  one  dollar,  intended  to  circulate  as  money  or  to  be 
received  or  used  in  lieu  of  lawful  money  of  the  United 
States;    and   every   person   so   offending   shall,    on   con-     Penalty, 
viction  thereof  in  any   district  or  circuit  court  of  the 
United  States,  be  punished  by  fine  not  exceeding  five  hun- 
dred   dollars,    or    by    imprisonment    not    exceeding    six 
months,  or  by  both,  at  the  option  of  the  court. 
Approved.  July  IT,  1802. 

ACT  OF  JANUARY   IT.  ISM. 

[  Xo.    !).  ]    Joint   resolution    1<>   proride   for   flic   immediate      rJ   Stat.    I.., 
•payment  of  the  Ariity  ami  Yc//7/  of  f/ie  f'nited  States. 

iso:!,  oh.  ?::, 

Whereas  it  is  deemed  expedient  to  make  immediate  pro- s 
vision  for  the  payment  of  the  Army  and  Navy:    There- 
fore, 

I»e  it  resolved  hi/  the,  Senate  and  II  oil  fie  of  KepreKentd- 
ticea  of  the  United  States  of  America  in  Cony  rev*  n.wni- 


642  NATIONAL,  MONETARY   COMMISSION. 


$100  Voo  ooo^e^>  That  the  Secretary  of  the  Treasury  be,  and  he  is 

notes'1  author-  hereby,  authorized,  if  required  by  the  exigencies  of  the 

lz<Revised  stat-  Public  service,  to  issue  on  the  credit  of  the  United  States 

utes,  3571.       the  sum  of  one  hundred  millions  of  dollars  of  United 

States  notes,  in  such  form  as  he  may  deem  expedient,  not 

interest*0  b€ar  bearing  interest,  payable  to  bearer  on  demand,  and  of 

Deno  mine-  <such  denominations  not  less  than  one  dollar,  as  he  may 

tlons    not    less  .  .-1,1  IP 

than  $1.          prescribe,  which  notes  so  issued  shall  be  lawful  money 

Legal  tender,  x 

except  for  du-  and   a   legal   tender,   like   the   similar   notes  heretofore 

ties  on  Imports          ,        •       T    •  j!iiii  IT 

and  interest  on  authorized  m  payment  ot  all  debts,  public  and  private, 
the  public  debt.  TT   •*  j    a*  .c 

within  the  United  States,  except  lor  duties  on  imports 

and  interest  on  the  public  debt;  and  the  notes  so  issued 
shall  be  part  of  the  amount  provided  for  in  any  bill  now 
pending  for  the  issue  of  Treasury  notes,  or  that  may  be 
passed  hereafter  by  this  Congress. 
Approved,  January  17,  1863. 

ACT  OF  MARCH  3,  1863. 

7092  Stat'  L''CHAP.  LXXIII.  —  An  act  to  provide  ways  and  means  for 

the  support  of  the  Government. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
t  hSeecrTreasu?y  ^e^  Tnat  the  Secretary  of  the  Treasury  be,  and  he  is 
>  authorized  to  borrow,  from  time  to  time,  on  the 


year  and  $600  !  credit  of  the  United  States,  a  sum  not  exceeding  three 

next°00  f°r  the  hundred  millions  of  dollars  for  the  current  fiscal  year, 

and  six  hundred  millions  for  the  next  fiscal  year,  and  to 

Bonds.          issue  therefor  coupon  or  registered  bonds,  payable  at  the 

pleasure  of  the  Government  after  such  periods  as  may 

be  fixed  by  the  Secretary,  not  less  than  ten  nor  more  than 

Denomina-  fortv  years  from  date,  in  coin,  and  of  such  denomina- 

tions. . 

tions  not  less  than  fifty  dollars  as  he  may  deem  expedient. 

ratenteof,st  pay-  bearing  interest  at  a  rate  not  exceeding  six  per  centum 

in  com.     per  annum,  payable  on  bonds  not  exceeding  one  hundred 

dollars,  annually,  and  on  all  other  bonds  semi-annually, 

Bonds  may  in  coin  ;  and  he  mav,  in  his  discretion,  dispose  of  such 

be  disposed  of.  "  ' 

bonds  at  any  time,  upon  such  terms  as  he  may  deem  most 
advisable,  for  lawful  money  of  the  United  States,  or  for 
any  of  the  certificates  of  indebtedness  or  deposit  that  may 
at  any  time  be  unpaid,  or  for  any  of  the  Treasury  notes 
heretofore  issued  or  which  may  be  issued  under  the  pro- 


em[)t  froln  taXx-  v's^ons   °^  *n's  ac^     ^n(^   !l^   the  bonds  and   Treasur 


atitevised  stat-  no*es  or  ^n^('d  States  notes  issued  under  the  provisions 
utes,  :i?oi.       Of  this  act  shall  be  exempt  from  taxation  by  or  under 


LAWS  CONCEBNING  MONEY,   BANKING,   AND  LOANS.  643 

State  or  municipal  authority :  Provided,  That  there  shall 

be  outstanding  of  bonds,  Treasury  notes,   and  United 

States  notes,  at  any  time,  issued  under  the  provisions  of  stat^fn^mrtto 

this  act,  no  greater  amount  altogether  than  the  sum  of  oocfooo  ?900'~ 

nine  hundred  millions  of  dollars. 

SEC.  2.  And  be  it  further  enacted,  That  the  Secretary     secretary 
of  the  Treasury  be,  and  he  is  hereby,  authorized  to  issue.  $460,000,000  in 

, .        */•     i  <-  -,          -11        -IT          Treasury  notes. 

on  the  credit  of  the  United  States,  four  hundred  millions 
of  dollars  in  Treasury  notes,  payable  at  the  pleasure  of 
the  United  States,  or  at  such  time  or  times  not  exceeding 
three  years  from  date  as  may  be  found  most  "beneficial 
to  the  public  interests,  and  bearing  interest  at  a  rate  not  when  pay- 

-, .  .     ^     able    and    rate 

exceeding  six  per  centum  per  annum,  payable  at  periods  of  interest. 
expressed  on  the  face  of  said  Treasury  notes:  and  the     interest  pay- 

.    ;  ,  .  able   in   lawful 

interest  on  the  said  1  reasury  notes  and  on  certificates  ot  money, 
indebtedness  and  deposit  hereafter  issued,  shall  be  paid 
in  lawful  money.    The  Treasury  notes  thus  issued  shall 

be  of  such  denomination  as  the  Secretary  may  direct,  not  .  Denomina- 
tions and  how 
less  than  ten  dollars,  and  may  be  disposed  of  on  the  best  disposed  of. 

Revised  Stat- 

terms  that  can  be  obtained,  or  may  be  paid  to  any  cred-  utes,  3476. 

itor  of  the  United  States  willing  to  receive  the  same  at 

par.    And  said  Treasury  notes  may  be  made  a  legal  ten-     now  a  legal 

*  .  c  tender,  etc. 

der  to  the  same  extent  as  United  States  notes,  for  their    Revised  stat- 

,.  utes,  3590. 

zace   value,   excluding   interest :   or   they   may  be   made 

.  Mill  For  what  ex~ 

exchangeable  under  regulations  prescribed  by  the  Secre-  changeable. 

tary  of  the  Treasury,  by  the  holder  thereof  at  the  Treas- 
ury in  the  City  of  Washington,  or  at  the  office  of  any 
assistant  treasurer  or  depositary  designated  for  that  pur- 
pose, for  United  States  notes  equal  in  amount  to  the 
Treasury  notes  offered  for  exchange,  together  with  the 
interest  accrued  and  due  thereon  at  the  date  of  interest 
payment  next  preceding  such  exchange.  And  in  lieu  of  other  notes 

1         .  °  ..  may    be    issued 

any  amount  of  said  Treasury  notes  thus  exchanged,  or  for    those    ex- 

-     . '          changed. 

redeemed  or  paid  at  maturity,  the  Secretary  may  issue 
an  equal  amount  of  other  Treasury  notes;  and  the  Treas- 
ury notes  so  exchanged,  redeemed,  or  paid,  shall  be  can- 
celled  and  destroyed   as  the  Secretary   may   direct.     In     One  hundred 
.  i  .,  T^  .       •'!"<'  t'tty   mil- 

order  to  secure  certain  and  prompt  exchanges  or  United  'i"»  dollars  of 

.  notes     may    he 

States  notes  for  Treasury  note-,  when  required  as  above  issued  for  ex- 
provided,  the  Secretary  shall  have  power  to  issue  United 
States  notes  to  the  amount  of  one  hundred  and  fifty 
millions  of  dollars,  which  may  be  used  if  necessary  for 
such  exchanges:  but  no  part  of  the  United  States  notes 
authorized  by  this  section  shall  be  issued  for  or  applied 


644  NATIONAL  MONETARY    COMMISSION. 


^  issued  to  any  other  purposes  than  said  exchanges  ;  and  whenever 
how  replaced.  '  anv  amount  shall  have  been  so  issued  and  applied,  the 
same  shall  be  replaced  as  soon  as  practicable  from  the 
sales  of  Treasury  notes  for  United  States  notes. 
The  sec  re-     SEC.  3.  And  be  it  further  enacted.  That  the  Secretary 

tary,    if   neces-  .  7  .  .„ 

sary  to  pay  the  of  the  Treasury  be,  and  he  is  hereby,  authorized,  it  re- 

Army,  etc.,  may        .-,,,!  •  •  f  ,1  IT  •         X       il 

issue  $150,000,-  quired  bv  the  exigencies  or  the  public  service,  tor  the  pay- 

000  in  n  o  t  e  s  H  ,J  .  '     , 

without  inter-  ment  of  the  Army  and  JSavy,  and  other  creditors  of  the 

cst 

Revis_ed  stat-  Government,  to  issue  on  the  credit  of  the  United  States 
the  sum  of  one  hundred  and  fifty  millions  of  dollars  of 
United  States  notes,  including  the  amount  of  such  notes 
heretofore  authorized  by  the  joint  resolution  approved 
January  seventeen,  eighteen  hundred  and  sixty-three,  in 
such  form  as  he  may  deem  expedient,  not  bearing  interest, 

Denomina-  payable  to  bearer,  and  of  such  denominations,  not  less 
than  one  dollar,  as  he  may  prescribe,  which  notes  so 

Legal  tender  issued  shall  be  lawful  money  and  a  legal  tender  in  pay- 
ties  and  inter-  ment  of  all  debts,  public  and  private,  within  the  United 

Revised  stat-  States,  except  for  duties  on  imports  and  interest  on  the 
public  debt;  and  any  of  the  said  notes,  when  returned  to 

Reissue.        the  Treasury,  may  be  reissued  from  time  to  time  as  the 

Revised  Stat-        ..„,,,.  •  •  • 

utes,  3579.       exigencies  of  the  public  service  may  require.     And  in 
issues  in  lieu  lieu  of  anv  of  said  notes,  or  anv  other  United  States  notes, 

of  n  o  t  e  s  can-  ' 

ceied.  returned  to  the    Ireasury,   and  cancelled  or  destroyed, 

there  may  be  issued  equal  amounts  of  United  States  notes, 

Repeal  of  such  as  are  authorized  by  this  act.     And  so  much  of  the 

ch.    33,    186-5!  act  to  authorize  the  issue  of  United  States  notes,  and  for 

ch.     142       re- 

stricting nego-  other  purposes,  approved  February  twenty-five,  eighteen 

ket  value.         hundred  and  sixty-two,  and  of  the  act  to  authorize  an  addi- 

tional issue  of  United  States  notes,  and  for  other  pur- 

poses, approved  July  eleven,  eighteen  hundred  and  sixty- 

two,  as  restricts  the  negotiation  of  bonds  to  market  value, 

when  former  is  hereby  repealed.     And  the  holders  of  United  States 

notes    must   be  .  . 

presented  for  notes,  issued  under  and  by  virtue  or  said  acts,  shall  pre- 
sent the  same  for  the  purpose  of  exchanging  the  same  for 
bonds,  as  therein  provided,  on  or  before  the  first  day  of 
July,  eighteen  hundred  and  sixty-three,  and  thereafter 
the  right  so  to  exchange  the  same  shall  cease  and 
determine. 

in  lieu  of  SEC.  4.  And  be  it  further  enacted.  That  in  lieu  of  post- 
postage  cur-  l 

rency,  fraction-  age  and  revenue  stamps  tor  fractional  currency,  and  or 

al  notes  may  .        ,.          ,  i  n     i 

be  issued.          fractional  notes,  commonly  called  postage  currency,  is- 

Kevised  Stat-  .  /.     i        m 

3575.  sued  or  to  be  issued,  the  Secretary  ot  the   1  reasury  may 

utes,     3574.  issue  fractional  notes  of  like  amounts  in  such  form  as  he 

may  deem  expedient,  and  may  provide  for  the  engraving, 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  645 

preparation,  and  issue  thereof  in  the  Treasury  Depart- 
ment building.     And  all  such  notes  issued  shall  be  ex-   vFor  yh,at  e*- 

changeable  and 

changeable  by  the  assistant  treasurers  and  designated  payable. 
depositaries  for  United  States  notes,  in  sums  not  less 
than  three  dollars,  and  shall  be  receivable  for  postage  and 
revenue  stamps,  and  also  in  payment  of  any  dues  to  the 
United  States  less  than  five  dollars,  except  duties  on  im- 
ports, and  shall  be  redeemed  on  presentation  at  the  Treas- 
ury of  the  United  States  in  such  sums  and  under  such 
regulations  as  the  Secretary  of  the  Treasury  shall  pre- 
scribe: Provided.  That  the  whole  amount  of  fractional  issue  not  to 

,.,-..  exceed  $50,- 

currency  issued,  including  postage  and  revenue  stamps  000,000. 
issued   as   currency,   shall   not   exceed   fifty   millions   of 
dollars. 

***** 
Approved,  March  3,  1863. 

ACT  OF  JUNE  3,  1864. 

CHAP.  CVI. — An  act  to  provide  a  national  currency  se-  _913  stat-  L-» 
cured  by  a  pledge  of  United  States  bonds,  and  to  pro- 
vide for  the  circulation  and  redemption  thereof. 


(Sections  21,  22,  23,  24,  27,  31,  32,  42,  43,  46,  47,  48,  49, 
58,  and  62  of  this  act  prescribe  the  conditions  under  which 
national  bank  notes  may  be  delivered  by  the  Comptroller 
of  the  Currency  to  the  national  banks  and  be  issued  by 
the  banks  as  circulating  notes.) 

ACT  OF  JUXK  30,  1864. 

CHAP.  CLXXII. — An  act  to  provide  irai/s  find  means  for  _    is  stat.  L., 
the  an p port  of  the   Government,   and  for  other  pur- 
pose*. 

(Section  2  provides  for  llio  issue  of  certain  treasury     n<>w  fm- toim 

•     li'-nl  louder. 

notes  bearing  interest,  "  and  such  of  them  as  shall  be  made 
payable,  principal,  and  interest,  at  maturity,  shall  be  a, 
legal  tender  to  the  same  extent  as  United  States  notes 
for  their  face  value,  excluding  interest,  and  may  be  paid 
to  any  creditor  of  the  United  States  at  their  face  value, 
excluding  interest,  or  to  any  creditor  willing  to  receive 


646  NATIONAL  MONETARY   COMMISSION. 

notes  toabeUcony  ^iem  a*i  Par>  including  interest ;  and  any  Treasury  notes 

vertjbie   into  issued  under  the  authority  of  this  act  may  be  made  con- 
bonus. 

vertible,  at  the  discretion  of  the  Secretary  of  the  Treas- 
ury, into  any  bonds  issued  under  the  authority  of  this  act. 
And  the  Secretary  of  the  Treasury  may  redeem  and  cause 
to  be  cancelled  and  destroyed  any  treasury  notes  or 
United  States  notes  heretofore  issued  under  authority  of 
May  be  sub-  previous  acts  of  Congress,  and  substitute,  in  lieu  thereof, 

sti  tu  ted  for1  ,  f  ,,        .       , 

n  o  t  e  s  of  pre-  an  equal  amount  of  treasury  notes  such  as  are  authorized 
by  this  act,  or  of  other  United  States  notes:  Provided, 
boAnnd0sJnan°dThat  the  total  amount  of  bonds  and  Treasury  notes  au- 
exceed  ^00°  thorized  by  the  first  and  second  sections  of  this  act  shall 
no°tes00noi;   ex> no^  exceed   f°ur  hundred  millions  of  dollars,  in   addi- 
ceed,  etc.          tion  to  the  amounts  heretofore  issued ;  nor  shall  the  total 
amount  of  United  States  notes,  issued  or  to  be  issued, 
ever  exceed  four  hundred  millions  of  dollars,  and  such  ad- 
ditional sum,  not  exceding  fifty  millions  of  dollars,  as 
may  be  temporarily  required  for  the  redemption  of  tem- 
interest bear- porary  loan;  nor  shall  anv  Treasury  note  bearing  interest 

ing    notes    not L.  " 

to  be  tender  issued  under  this  act,  be  a  legal  tender  in  payment  or  re- 

for  redemption  .  ii,,- 

of  circulation  of  demption  of  any  notes  issued  by  any  bank,  banking  asso- 
ciation, or  banker,  calculated  or  intended  to  circulate  as 
money.") 

Reserve  for  (Section  4  provides  for  temporary  loans  not  to  exceed 
one  hundred  and  fifty  millions  of  dollars ;  "  and  the  Sec- 
retary of  the  Treasury  may  issue,  and  shall  hold  in  re- 
serve for  payment  of  such  deposits.  United  States  notes 
not  exceeding  fifty  millions  of  dollars,  including  the 
amount  already  applied  in  such  payment ;  and  the  United 
States  notes,  so  held  in  reserve,  shall  be  used  only  when 
needed,  in  his  judgment,  for  the  prompt  payment  of  such 
deposits  on  demand,  and  shall  be  withdrawn  and  placed 
again  in  reserve  as  the  amount  of  deposits  shall  again 
increase.") 

SEC.  5.  And  be -it  further  enacted,  That  the  Secretary 
of  the  Treasury  may  issue  notes  of  the  fractions  of  a 
dollar  as  now  used  for  currency,  in  such  form,  with 
such  inscriptions,  and  with  such  safeguards  against 
counterfeiting,  as  he  may  judge  best,  and  provide  for 
the  engraving  and  preparation,  and  for  the  issue  of  the 
same,  as  well  as  of  all  other  notes  and  bonds,  and  other 
obligations,  and  shall  make  such  regulations  for  the  re- 
demption of  said  fractional  notes  and  other  notes  when 
mutilated  or  defaced,  and  for  the  receipt  of  said  frac- 


LAWS   CONCEKNING   MONEY,   BANKING,   AND   LOANS.  647 

tional  notes  in  payment  of  debts  to  the  United  States, 

except  for  customs,  in  such  sums,  not  over  five  dollars, 

as  may  appear  to  him  expedient ;  and  it  is  hereby  declared     Fractional 

that  all  laws  and  parts  of  laws  applicable  to  the  fractional  be  issued  to  an 

i       '    -i    •  i  .  ,,  -,  ..amount   not 

notes  engraved  and  issued  as  herein  authorized,  apply  over  $50,000,- 
equally  and  with  like  force  to  all  the  fractional  notes 
heretofore  authorized,  whether  known  as  postage  cur- 
rency, or  otherwise,  and  to  postage-stamps  issued  as  cur- 
rency; but  the  whole  amount  of  all  descriptions  of  notes 
or  stamps  less  than  one  dollar  issued  as  currency,  shall 
not  exceed  fiftv  millions  of  dollars. 


Approved,  June  30,  186-1. 

ACT  OF  MARCH  3,  1865. 
CHAP.  LXXXIL — An  act  to  amend  an  act  entitled  '•'•An     is  stat.  L., 

498 

act  to  provide  a  national  currency*  secured  by  a  pledge 
of  United  States  bonds,  and  to  provide  for  the  circula- 
tion and  redemption  thereof.'"' 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled, That  section  twenty-one  of  said  act  be  so 
amended  that  said  section  shall  read  as  follows: 

SEC.   21.  And   be  it  further  enacted,   That   upon   tho     Banking  as- 
transfer  and  delivery  of  bonds  to  the  Treasurer,  as  pro-ter    transfer, 

•  j     I     •       ji         /•  "•  ,  •  ,1  •    ,•  i  •        etc.,    of   bonds, 

vided  in  the  foregoing  section,  the  association  making  may  receive  cir- 
the  same  shall  be  entitled  to  receive  from  the  Comptrol- 
ler of  the  Currency  circulating  notes  of  different  denomi- 
nations, in  blank,  registered  and  countersigned  as  here- 
inafter provided,  equal  in  amount  to  ninetv  per  centum     Limit    of 
.    ,  .      -,"-,  ,    amount     of 

ot  the  current  market  value  or  the   United  States  bonds  notes  to  be  re- 

so  transferred  and  delivered,  but  not  exceeding  ninety  see  Revised 
per  centum  of  the  amount  of  said  bonds  at  the  par  value  8tatutes'  5171> 
thereof,  if  bearing  interest  at  a  rate  not  less  tluln  five 
per  centum  per  annum:  and  the  amount  of  said  circu- 
lating notes  to  be  furnished  to  each  association  shall  be 
in  proportion  to  its  paid-up  capital  as  follows,  and  no 
more:  To  each  association  whose  capital  shall  not  exceed 
five,  hundred  thousand  dollars,  ninety  per  centum  of  such 
capital;  to  each  association  whose  capital  exceeds  live 
hundred  thousand  dollars,  but  does  not  exceed  one  mil- 
lion dollars,  eighty  per  centum  of  such  capital:  to  each 
association  whose  capital  exceeds  one  million  dollars. 


648  NATIONAL   MONETARY   COMMISSION. 

but  does  not  exceed  three  millions  of  dollars,  seventy- 
five  per  centum  of  such  capital ;  to  each  association  whose 
capital  exceeds  three  millions  of  dollars,  sixty  per  cent. 
mentpof  author-  °^  suc^  capital.  And  that  one  hundred  and  fifty  millions 
tiond  circula"of  dollars  of  the  entire  amount  of  circulating  notes  au- 
thorized to  be  issued  shall  be  apportioned  to  associations 
in  the  States,  in  the  District  of  Columbia,  and  in  the 
Territories,  according  to  representative  population,  and 
the  remainder  shall  be  apportioned  by  the  Secretary  of 
the  Treasury  among  associations  formed  in  the  several 
States,  in  the  District  of  Columbia,  and  in  the  Terri- 
tories, having  due  regard  to  the  existing  banking  capital, 
resources,  and  business  of  such  States,  District,  and  Ter- 
ritories. 

Approved,  March  3,  1865. 

ACT  OF  MARCH  3,  1865. 
is  stat.  L.,  CHAP.  C. — An  act  to  authorize  the  coinage  of  three-cent 


517. 


pieces,  and  for  other  purposes. 


NO  fractional  SEC.  3.  *  *  * :  Provided,  That  from  and  after  the 
sued  under  5  passage  of  this  act,  no  issues  of  fractional  notes  of  the 
United  States  shall  be  of  a  less  denomination  than  five 
cents,  and  all  such  issues  of  a  less  denomination,  at  that- 
time  outstanding,  shall,  when  paid  into  the  Treasury  or 
any  designated  depositary  of  the  United  States,  or  re- 
deemed or  exchanged  as  now  provided  by  law,  be  re- 
tained and  cancelled. 

***** 

Approved.  March  3.  1865. 

ACT  OF  APRIL  12.  1866. 

14  stat.  L.,  CHAP.  XXXIX. — An  ad  to  amend  an  act  entitled  "An 
act*to  provide  ways  and  mean*  to  support  the  Govern- 
ment" approved  March  third,  eighteen  hundred  and 
sixty-five. 

He  it  enacted  by  the  Senate  and  IIouxc  of  Representa- 
tives of  the  United  State*  of  America  in  Coiif/rcxs  axfiem- 
t  hSeCTreasury  ^(>ai  That  the  act  entitled  "An  act  to  provide  ways  and 
empowered  t  o  nieans   to   support    the    Government."    approved    March 

receive     Treas- 
ury notes,  etc.,  third,  eighteen  hundred  and  sixty-five,  shall  be  extended 
in  exchange  for 

bonds.  nno|  construed   to  authorize  the  Secretary  of  the  Treas- 

H  e  v  .   Stat., 

'•>>~^'-'  urv.  at  his  discretion,  to  receive  anv  Treasury  notes  or 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  649 

other    obligations    issued    under    any    act    of    Congress, 
whether  bearing  interest  or  not,  in  exchange  for  any  de- 
scription of  bonds  authorized  by  the  act  to  which  this 
is  an  amendment ;  and  also  to  dispose  of  any  description  be^^ln™  f^e 
of  bonds  authorized  by  said  act,  either  in  the  United  proceeds    used 

"  only   for   retir- 

States  or  elsewhere,  to  such  an  amount,  in  such  manner,  ^t|s  o£easturj[ 
and  at  such  rates  as  he  may  think  advisable,  for  lawful  obllsatio,ns   is; 

•>  sued  under  act 

money  of  the  United  States,  or  for  any  Treasury  notes, of  congress. 

certificates  of  indebtedness,  or    certificates  of  deposit,  or 

other  representatives  of  value,  which  have  been  or  which 

may  be  issued  under  any  act  of  Congress,  the  proceeds 

thereof  to  be  used  only  for  retiring  Treasury  notes  or 

other  obligations  issued  under  any  act  of  Congress:  but     Public    debt 

.  not    to    be    in- 

nothmg  herein  contained  shall  be  construed  to  authorize  ""eased, 
any  increase  of  the  public  debt :  Provided,  That  of  United     Proviso. 
States  notes  not  more  than  ten  millions  of  dollars  may  be 
retired  and  cancelled  within  six  months  from  the  passage 
of  this  act,  and  thereafter  not  more  than  four  millions  of 
dollars  in  any  one  month:  And  provided  further,  That 
the  act  to  which  this  is  an  amendment  shall  continue  in 
full   force  in  all  its  provisions,  except  as  modified  by 
this  act. 

SEC.  2.  And  le  it  further  enacted,  That  the  Secretary  thes Treasury  to 
of  the  Treasury  shall  report  to  Congress  at   the  co 
mencement  of  the  next  session  the  amount  of  exchanges 
made  or  money  borrowed  under  this  act,  and  of  whom, 

»• 

and  on  what  terms;  and  also  the  amount  and  character 
of  indebtedness  retired  under  this  act.  and  the  act  to 
which  this  is  an  amendment,  with  a  detailed  statement 
of  the  expense  of  making  such  loans  and  exchanges. 
Approved,  April  12.  I860. 

ACT  OF  MAY  10,  18(50. 

CHAP.  LXXXI. — AH  act  to  authorize  the  coinage  of  fire-  ^*  stat-  L 
cent  pieces. 

*                     *  *  *  * 

(Section  %  authorizes  the  exchange  of  five-cent  pieces 
for   the   lawful   currency   of   the    United   States:   ''  Pro- 
ridfd,  That  from  and   after  the  passage  of  this  act   im  ,.,^,^1^ 
issues  of  fractional   notes  of  the   United  States  shall   be  ^aV'''issn"!i 
of  a  less  denomination  than  ten  cents;  and  all  such  is>ues  '™(}»"l^H[*^l 
at    that    time    outstanding    shall,    when    paid     into    the  .,.1^' v  •  Slat 
15732°— 10 J2 


650  NATIONAL   MONETARY    COMMISSION. 

Treasury  or  any  designated  depository  of  the  United 
States,  or  redeemed  or  exchanged  as  now  provided  by 
law,  be  retained  and  cancelled.") 

***** 

Approved,  May  16,  1866. 

ACT  OF  FEBRUARY  5,  1867. 

14  stat.  L.,  CHAP.  XXVI. — An  act  to  punish  certain  crimes  in  rela- 
tion to  the  public  securities  and  currency,  and  for  other 
purposes. 

(This  act  makes  it  unlawful  to  buy,  sell,  etc.,  forged, 
counterfeit,  etc.,  bonds,  etc. ;  make  or  use  cards,  circulars, 
etc.,  in  similitude  of  United  States  securities;  to  print, 
etc.,  any  business  card,  notice,  etc.,  upon  any  United 
States  security;  to  make  false  impressions  upon  any 
material  by  any  tool,  etc.,  used  in  printing,  etc.,  any  such 
security;  to  have  in  possession  with  intent  to  defraud, 
any  impression,  etc. ;  to  secrete,  carry  away,  etc.,  any  tool 
used  in  printing  such  securities,  etc. ;  to  take  any  material, 
without  authority,  intended  to  be  used  in  making  cur- 
rency, etc.,  or  to  take  any  paper  document,  etc.,  intended 
to  be  used  in  procuring  the  payment  of  money  from  the 
United  States,  etc.) 

Approved,  February  5.  1867. 

ACT  OF  MARCH  20,  1867. 

is  stat.  L.,  6.  CHAP.  VIII. — An  act  to  exempt  Wrapping-Paper,  made 
from  Wood  or  Cornstalks,  from  Internal  Tax,  and  for 
other  Purposes. 


Ten  por  rent      c;Kf.   o.  And  l>c  it  further  enacted.  That  everv  national 

tax   to  be  paid 

by     bank  shanking  association,  state  bank,  or  banker,  or  association. 

bankers,  etc., 

upon  notes  of  shall  pay  a  tax  of  ten  per  centum  on  the  amount  of  notes 

cities,  etc.,  paid  . 

out    by    them  of  any  town,  citv,  or  municipal  corporation  paid  out  bv 

after     May     1,  •  •  '  .     .      .  ' 

1S°7-  them  after  the  first  day  of  May.  anno  Domini  eighteen 

hundred  and  sixty-seven,  to  be  collected  in  the  mode  and 
manner  in  which  the  tax  on  the  notes  of  state  banks  is 
collected. 


Approved.  March  26,  1867. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  651 

ACT  OF  FEBRUARY  4,  1868. 

CHAP.  VI.  —  An  act  to  suspend  further  reduction  of  theS415  stat-  L- 

currency. 

Be  it  enacted  by  the  Senate  and  House  of  Representa-s*c°*t%ly  °* 
tives  of  the  United  States  of  America  in  Congress  assem-  d  ueceUcurrence 
bled,  That  from  and  after  the  passage  of  this  act,  the  j^deedtc-  sus' 
authority  of  the  Secretary  of  the  Treasury  to  make  any 
reduction  of  the  currency,  by  retiring  or  cancelling  United 


States  notes,  shall  be,  and  is  hereby,  suspended;  but  noth-  united*  state 
ing  herein  contained  shall  prevent  the  cancellation  and  ?epfaced!ay 
destruction  of  mutilated  United   States  notes,  and  the 
replacing  of  the  same  with  notes  of  the  same  character 
and  amount. 

SCHUYLER    COLFAX, 

Speaker  of  the  House  of  Representatives. 

B.  F.  WADE, 

President  of  the  Senate  pro  tempore. 
Indorsed   by   the   President:  "Received,   January    23, 

1868." 

(NOTE  BY  THE  DEPARTMENT  OF  STATE.  —  The  foregoing  act  having 
been  presented  to  the  President  of  the  United  States  for  his 
approval,  and  not  having  been  returned  by  him  to  the  house  of 
Congress  in  which  it  originated  within  the  time  prescribed  by  the 
Constitution  of  the  United  States,  has  become  a  law  without  his 
approval.) 

ACT  OF  FEBRUARY  19,  1869. 

CHAP.  XXXII.  —  An  act  to  precent  loaning  money  upon  t^  stat.  L., 
United  States  notes. 

Be  it  enacted  by  tJie  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  no  national  banking  association  shall  hereaftei'so^atio'nnot^o 
offer  or  receive  United  States  notes  or  national  bank  notes  I,0pnonmu™itee^ 
as  security  or  as  collateral  security  for  any  loan  of  money,  n^^withhofd 
or  for  a  consideration  shall  agree  to  withhold  the  same  etc.'"  from  "se> 
from  use,  or  shall  offer  or  receive  the  custody  or  promise  statutes!6^*?! 
of  custody  of  such  notes  as  security,  or  as  collateral  se- 
curity, or  consideration  for  any  loan  of  money;  and  any 
national  banking  association  offending  against  the  pro- 
visions of  this  act  shall  be  deemed  guilty  of  a  misdemeanor, 

I'enfilty. 

and  upon  conviction  thereof  in  any  United  States  court 
having  jurisdiction  shall  be  punished  by  a  line  not  exceed- 
ing one  thousand  dollars,  and  by  a  further  sum  equal  to 


652  NATIONAL  MONETARY   COMMISSION. 

one-third  of  the  money  so  loaned;  and  the  officer  or 
officers  of  said  bank  who  shall  make  such  loan  or  loans 
shall  be  liable  for  a  further  sum  equal  to  one  quarter  of 
the  money  so  loaned ;  and  the  prosecution  of  such  offenders 
shall  be  commenced  and  conducted  as  provided  for  the 
punishment  of  offenses  in  an  act  to  provide  a  national 
currency,  approved  June  third,  eighteen  hundred  and 
sixty-four,  and  the  fine  or  penalty  so  recovered  shall  be 
for  the  benefit  of  the  party  bringing  such  suit. 
Approved,  February  19,  1869. 

ACT  (5F  MARCH  18,  1869. 
iestat.L.,1.     CHAP.  I. — An  act  to  strengthen  the  public  credit. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  /States  of  America  in  Congress  assem- 
the^un^ted  ~bled,  That  in  order  to  remove  any  doubt  as  to  the  pur- 
to'lhe5  payment  Pose  °^  the  Government  to  discharge  all  just  obligations 
equivalent1"  'of  ^°  ^ne  public  creditors,  and  to  settle  conflicting  questions 
of1  thellgun'ited  anc^  interpretations  of  the  laws  by  virtue  of  which  such 
cepteetctc'' ex  obligations  have  been  contracted,  it  is  hereby  provided 
ute\r3693Stat~  and  declared  that  the  faith  of  the  United  States  is  sol- 
emnly pledged  to  the  payment  in  coin  or  its  equivalent 
of  all  the  obligations  of  the  United  States  not  bearing 
interest,  known  as  United  States  notes,  and  of  all  the 
interest-bearing  obligations  of  the  United  States,  except 
in  cases  where  the  law  authorizing  the  issue  of  any  such 
obligation  has  expressly  provided  that  the  same  may  be 
paid  in  lawful  money  or  other  currency  than  gold  and 
interest-bear- silver.     But  none  of  said  interest-bearing  obligations  not 

Ing  obligations  '  ' 

not  already  due  already  due  shall  be  redeemed  or  paid  before  maturity 

not  to  be  paid  J 

before  m  a  t  u  •  unless  at  such  time  United   States  notes  shall  be  cou- 
nty, unless,  etc. 

vertible  into  coin  at  the  option  of  the  holder,  or  unless 
at  such  time  bonds  of  the  United  States  bearing  a  lower 
rate  of  interest  than  the  bonds  to  be  redeemed  can  be  sold 

ofRufeemrnited  at  Par  *n  CO"K     ^^  tne  ^^n^te(^   States  also  solemnly 
states  notes  in  plages  its  faith  to  make  provision  at  the  earliest  prac- 
ticable period  for  the  redemption  of  the  United  States 
notes  in  coin. 

Approved,  March  18,  18C9, 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  653 

ACT  OF  JULY  12,  1870. 

CCLII. — An  act  to  provide  for  the  redemption  05i6  stat  L" 
of  the  three  per  cent,  temporary  loan  certificates,  and 
for  an  increase  of  national  bank  notes. 

Be  it  enacted  by  the  Senate  and  Hmise  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, That  fifty-four  millions  of  dollars  in  notes  for  cir-  Additional 

.  ^  .  notes  for  circu- 

cnlation  mav  be  issued  to  national  banking;  associations,  ml?ttoij    t°  ,  Pa- 

.  "  tlonal    banking 

addition  to  the  three  hundred  millions  of  dollars  author-  associations. 
ized  by  the  twenty-second  section  of  the  "Act  to  provide 
a  national  currency,  secured  by  a  pledge  of  United  States 
bonds,  and  to  provide  for  the  circulation  and  redemption 
thereof,"  approved  June  three,  eighteen  hundred  and  sixty- 
four  ;  and  the  amount  of  notes  so  provided  shall  be  fur-  gh^°tets0  ^h 
nished  to  banking  associations  organized  or  to  be  organ-  associations. 
ized  in  those  States  and  Territories  having  less  than  their 
proportion  under  the  apportionment  contemplated  by 
the  provisions  of  the  ''Act  to  amend  An  act  to  provide  a 
national  currency,  secured  by  a  pledge  of  United  States 
bonds,  and  to  provide  for  the  circulation  and  redemption 
thereof,"  approved  March  three,  eighteen  hundred  and 
sixtv-five,  and  the  bonds  deposited  with  the  Treasurer  of.  Wh-lt  . 

'  to  be  deposited 

the  United  States,  to  secure  the  additional  circulating  *9  secure  such 

'   .  to  circulation. 

notes  herein  authorized,  shall  be  of  an}r  description  of 

bonds  of  the  United  States  bearing  interest  in  coin,  but  tiJnment!cmPba- 

a  new  apportionment  of  the  increased  circulation  herein  ^-^  census  of 

provided  for  shall  be  made  as  soon  as  practicable,  based 

upon  the  census  of  eighteen  hundred  and  seventy:  Pro- 

rided,  That  if  applications  for  the  circulation  herein  au~  tio^s  afo? 


thorized  shall  not  be  made  within  one  year  after  the  pas-^u|auon^  are 

sage  of  this  act  by  banking  associations  organized  or  to  J^ifcd^to^e^c56 

be  organized  in  States  having  less  than  their  proportion,  utfseV5i76Stat" 

it  shall  be  lawful  for  the  Comptroller  of  the  Currency 

to  issue  such  circulation  to  banking  associations  applying 

for  tiie  same  in  other  States  or  Territories  having  less 

than  their  proportion,  giving  the  preference  to  such  as 

have  the  greatest  deficiency:  And  jtrofided  further,  Thataft^^."!j1^iczre<d' 

no  banking  association  hereafter  organized  shall  have  a|?)00^^c,°^ 

circulation  in  excess  of  five  hundred  thousand  dollars. 

SEC.  2.  And  l»j  it  further  enacted,  That  at  the  end  of 
each  month  after  the  passage,  of  this  act  it  shall  be  the  ln?,uthi'yVoSec- 
duty  of  the  Comptroller  of  the  Currency  to  report  to  the^miry'th1! 
Secretary  of  the  Treasury  the  amount  of  circulating  notes  jl"|aumt  of  rir" 


ifi    notes 

issued,  under  the  provisions  of  the  preceding  section,  to issued- etc- 


654  NATIONAL  MONETARY   COMMISSION. 

national  banking  associations  during  the  previous  month ; 
canc^fcertain^  wnereuP°n  the  Secretary  of  the  Treasury  shall  redeem 
per  cent  tem-  and  cancel  an  amount  of  the  three  per  centum  temporary 

porary      loan  .  r  J 

certificates.       loan  certificates   issued  under  the  acts  of  March  two, 
eighteen  hundred  and  sixty-seven,  and  July  twenty-five, 
eighteen    hundred    and    sixty-eight,    not    less    than    the 
amount  of  circulating  notes  so  reported,  and  may,  if 
necessary,  in  order  to  procure  the  presentation  of  such 
homers  th^a*  t  temporary  loan  certificates  for  redemption,  give  notice 
bheea^  interest  t°  *ne  holders  thereof,  by  publication  or  otherwise,  that 
"art  'of  moner  certain  of  said  certificates  (which  shall  be  designated  by 
banks rve  of number,  date,  and  amount)  shall  cease  to  bear  interest 
from  and  after  a  day  to  be  designated  in  such  notice,  and 
that  the  certificates  so  designated  shall  no  longer  be  avail- 
able as  any  portion  of  the  lawful  money  reserve  in  posses- 
After  thatsion  of  any  national  banking  association,  and  after  the 

time  interest  ,  ,      .  ,    .  . 

not  to  be  paid,  day  designated  in  such  notice  no  interest  shall  be  paid 
on  such  certificates,  and  they  shall  not  thereafter  be 
counted  as  a  part  of  the  reserve  of  any  banking  associa- 
tion. 

circulating     gEC>  3.  And  le  it  further  enacted.  That  upon  the  de- 
notes    payable  '  '  . 
in    gold    coin  posit  of  any  United  States  bonds,  bearing  interest  payable 

may   be   issued1  J  .  . 

to  associations  in  gold,  with  the  Treasurer  of  the  United  States,  in  the 

depositing  .  .' 

united    states  manner  prescribed  in  the  nineteenth  and  t\ventieth  sec- 
bonds     paying    .  * 

interest  in  gold,  tions  of  the  national  currency  act,  it  shall  be  lawful  for 

Denomi  na- 
tions    andthe  Comptroller  of  the  Currency  to  issue  to  the  associa- 

amount  of  such    .  *.  ...  , .  ,„ 

notes.  tion  making  the  same,  circulating  notes  of  different  de- 

nominations, not  less  than  five  dollars,  not  exceeding  in 
amount  eighty  per  centum  of  the  par  value  of  the  bonds 
deposited,  which  notes  shall  bear  upon  their  face  the 
promise  of  the  association  to  which  they  are  issued  to  pay 
them,  upon  presentation  at  the  office  of  the  association, 
in  gold  coin  of  the  United  States,  and  shall  be  redeemable 
Circuiat  i o n  upon  such  presentation  in  such  coin:  Provided.  That  no 

of     any      such     L  .  .  i          ,1  •  /•  i     11 

bank  not  to  ex-  banking  association  organized   under  this  section  shall 

ceed    $1,000,-  te.  .  „  .,,.  „    ,    „ 

ooo.  have  a  circulation  in  excess  of  one  million  ot  dollars. 

Such  associ-      gEC.  4.  And  l>e  it  further  enacted,  That  every  national 

ations   to   keep  '  •    •  *     •, 

on    hand    not  banking;  association  formed  under  the  provisions  or  the 

less     than     25  ~  . 

per  cent  of  cir- preceding  section  of  this  act  shall  at  all  tunes  keep  on 

culatlon  in  gold  L  . 

and  silver;        hand  not  less  than  twenty-five  per  centum  or  its  outstand- 
ing circulation  in  gold  or  silver  coin  of  the  United  States, 
par°groeideinotesan^  sna^  ™<'«ive  at  par  in  the  payment  of  debts  the  gold 
banks er  s "  °  ^  n°tes  °^  everv  other  such  banking  association  which  at 


LAWS   CONCERNING  MONEY,   BANKING,  AND  LOANS.  655 

the  time  of  such  payments  shall  be  redeeming  its  circula- 
ting notes  in  gold  coin  of  the  United  States. 

SEC.  5.  And  be  it  further  enacted.  That  every  associ-     Such  associ- 

,    „          '  ...  ,  -,"  ntions    subject 

ation  organized  for  the  purpose  of  issuing  gold  notes  as  to  national  cur- 
provided  in  this  act  shall  be  subject  to  all  the  require-  cept,  etc. 
ments  and  provisions  of  the  national  currency  act,  except 
the  first  clause  of  section  twenty-two,  which  limits  the  cir- 
culation of  national  banking  associations  to  three  hun- 
dred millions  of  dollars ;  the  first  clause  of  section  thirty- 
two,  which,  taken  in  connection  with  the  preceding  sec- 
tion, would  require  national  banking  associations  organ- 
ized in  the  city  of  San  Francisco  to  redeem  their  circulat- 
ing notes  at  par  in  the  city  of  New  York;  and  the  last 
clause  of  section  thirty-two,  which  requires  every  national 
banking  association  to  receive  in  payment  of  debts  the 
notes  of  every  other  national  banking  association  at  par : 
Provided,  That  in  applying  the  provisions  and  require-  f^mon*  "-}™& 
ments  of  said  act  to  the  banking  associations  herein  pro-  oV'™^'' united 
vided  for,  the  terms  "  lawful  money,"  and  "  lawful  money  f^s 'trued0 in 
of  the  United  States,"  shall  be  held  and  construed  to™.™^"011 
mean  gold  or  silver  coin  of  the  United  States. 

SEC.  6.  And  be  it  further  enacted,  That  to  secure  a  djs^rn,"  [jo^'of 
more  equitable  distribution  of  the  national  banking  cur-  to"eesetn'iredOW 
rency  there  may  be  issued  circulating  notes  to  banking  ci/c\i*.ftfonsn°{: 
associations  organized  in  States  and  Territories  having  oooeooongto2be 
less  than  their  proportion  as  herein  set  forth.     And  the 
amount  of  circulation  in  this  section  authorized  shall, 
under  the  direction  of  the  Secretary  of  the  Treasury,  as  it 
may  be  required  for  this  purpose,  be  withdrawn,  as  herein 
provided,  from  banking  associations  organized  in  States 
having  a  circulation  exceeding  that  provided  for  by  the 
act  entitled  "An  act  to  amend  an  act  entitled  'An  act  to 
provide   for   a   national   banking   currency,   secured   by 
pledge  of  United  States  bonds,  and  to  provide  for  the  cir- 
culation   and    redemption    thereof,' "    approved    March 
three,  eighteen  hundred  and  sixty-five,  but  the  amount  so 
•withdrawn  shall  not  exceed  twenty-five  million  dollars. 
The  comptroller   of  the  currency   shall,   under   the   <!•- HS°t"onnt  £ 
rection  of  the  Secretary  of  the  Treasury,  make  a  state-  q^jfo^tobe 
ment  showing  the  amount  of  circulation   in  each   State  ",;"];',•,, ,''"?,  J^ 
and  Territory,  and  the  amount  to  be  retired  by  each  bank-  ''^i^d.  c'tc- 
ing  association  in  accordance  with  this  section,  and  shall. 
when  such  redistribution  of  circulation  is  required,  make  redistribution. 


656  NATIONAL   MONETARY  COMMISSION. 

a  requisition  for  such  amount  upon  such  banks,  com- 
mencing with  the  banks  having  a  circulation  exceeding 
one  million  of  dollars  in  States  having  an  excess  of  circu- 
lation, and  withdrawing  their  circulation  in  excess  of 
one  million  of  dollars,  and  then  proceeding  pro  rata  with 
other  banks  having  a  circulation  exceeding  three  hun- 
dred thousand  dollars  in  States  having  the  largest  excess 
of  circulation,  and  reducing  the  circulation  of  such  banks 
in  States  having  the  greatest  proportion  in  excess,  leav- 
ing undisturbed  the  banks  in  States  having  a  smaller 
proportion,  until  those  in  greater  excess  have  been  re- 
duced to  the  same  grade,  and  continuing  thus  to  make 
the  .reduction  provided  for  by  this  act  until  the  full 
amount  of  twenty-five  millions,  herein  provided  for,  shall 
be  withdrawn ;  and  the  circulation  so  withdrawn  shall  be 
distributed  among  the  States  and  Territories  having  less 
comptroller  than  their  proportion,  so  as  to  equalize  the  same.  And 

to   make   req- 
uisition  ff01othrit  shall  be  the  duty  of  the  comptroller  of  the  currency, 

amount,  etc.      under  the  direction  of  the  Secretary  of  the  Treasury, 

forthwith  to  make  a  requisition  for  the  amout  thereof 

upon  the  banks  aboA'e   indicated   as   herein   prescribed. 

if     banking  And  upon  failure  of  such  associations,  or  anv  of  them, 

assocla-  .  ..'  -in 

tions  fail,  with-  to  return  the  amount  so  required  within  one  year,  it  shall 

in    a    year,    to 

return  the  be  the  dutv  of  the  comptroller  of  the  currencv  to  sell  at 

amount  of  cir-  '  .          ,         .  .  .          , 

cuintion   re- public  auction,  having  given  twenty  days   notice  thereof 

quired,      comp-  *  .  J          J    . 

troiier  to  sell  m  one  daily  newspaper  printed  in  Washington  and  one 

equal     amount  *          .  . 

of  their  bonds,  m  New  l  ork  city,  an  amount  or  bonds  deposited  by  said 

etc.  .  .  .         .  . 

association,  as  security  for  said  circulation,  equal  to  the 
circulation  to  be  withdrawn  from  said  association  and 
not  returned  in  compliance  with  such  requisition ;  and  the 
comptroller  of  the  currency  shall  with  the  proceeds  re- 
deem so  many  of  the  notes  of  said  banking  association,  as 
they  come  into  the  treasur}7,  as  will  equal  the  amount  re- 
quired and  not  so  returned,  and  shall  pay  the  balance,  if 
NO  circuia-  any,  to  such  banking  association:  Provided.  That  no  cir- 

tion  to  bewith-        ~'  .to,  '.    .  . 

dmwu     until,  dilation  shall  be  withdrawn  under  the  provisions  or  this 
etc. 

section  until  after  the  fifty-four  millions  granted  in  the 

first  section  shall  have  been  taken  up. 

After    six      SEC.  7.  And  l)e  it  farther  enacted.  That  after  the  ex- 
months     from.      ...  „     .  ;i        P  ,1  <•  ,1  • 

etc.,  any  bank  piration  oi  six  months  iron!  the  passage  or  this  act  any 

In  a  State  hav-  ...  .     .  . 

in«  excess   of  banking  association  located   in  anv   State  having  more 

circulation    ,  .  te  .         .      .      " 

may  remove  to  than  its  proportion  or  circulation  may  be  removed  to 
less,  etc.  any  State  having  less  than  its  proportion  of  circulation, 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  657 

tinder  such  rules  and  regulations  as  the  comptroller  of 
the  currency,  with  the  approval  of  the  Secretary  of  the 
Treasury,  may  require:  Provided,  That  the  amount  of     Proviso. 
the  issue  of  said  banks  shall  not  be  deducted  from  the 
amount  of  new  issue  provided  for  in  this  act. 
Approved,  July  12,  1870. 

REVISED  STATUTES  APPLICABLE  TO  THE  SUBJECT  OF 
PAPER  MONEY. 

SEC.  254.  The  Secretary  of  the  Treasury  is  authorized     Deposits    of 

old. 


. 

to  receive  deposits  of  gold   coin  and  bullion  with   the  ,  M2J;-  3>  180?' 

&  ch.   73,   sec.   o, 

Treasurer  or  any  assistant  treasurer  of  the  United  States,  vo1-  1->  P-  711- 

in  sums  not  less  than  twenty  dollars,  and  to  issue  cer- 

tificates   therefor,    in    denominations    of    not    less    than 

twenty  dollars,  each,  corresponding  with  the  denomina- 

tions of  the  United  States  notes.     The  coin  and  bullion 

deposited  for  or  representing  the  certificates  of  deposit 

shall  be  retained  in  the  Treasury  for  the  payment  of  the 

same  on  demand.     And  certificates  representing  coin  in 

the  Treasury  may  be  issued  in  payment  of  interest  on  the 

public  debt,  which  certificates,  together  with  those  issued 

for  coin   and  bullion  deposited,  shall  not  at  any  time 

exceed  twenty  per  centum  beyond  the  amount  of  coin 

and  bullion  in  the  Treasury;  and  the  certificates  for  coin 

and  bullion  in  the  Treasury  shall  be  received  at  par  in 

payment  for  duties  on  imports. 

SEC.  3475.  The  notes  of  national  banks  shall  be  received 
sit  par  for  all  debts  and  demands  owing  by  the  United 
States  to  any  person  within  the   United  States,  except  S1^e>  ^1864, 
interest   on   the   public   debt,   or   in    redemption   of   the  ^  1(^'  p00^' 
national  currency.  soc-  518~- 

SEC.  3476.  Treasury  notes  bearing  interest  may  be  paid  no" 
to  any  creditor  of  the  United  States  at  their  face  value,  gj,tejc^ 
excluding  interest,  or  to  any  creditor  willing  to  receive  ch>Mf  5;  3sec!°il 
them  at  par.  including  interest.  V°junc30,'i864i 

ch.   172.  see.  2,  vol.   Ki,  p.  '218. 

SEC.  3571.  United  States  notes  shall  bo  of  sueh  denomi-  uS.<odRtflte9 
nations,  not  less  than  one  dollar,  as  the  Secretary  of  the  (.  ^  ^  ™r'^; 
Treasury  may  prescribe,  shall  not  boar  interest,  shall  bo  j~^,  ll\f'^2] 
payable  to  bearer,  and  shall  be  in  such  Conn  as  the  Secre-  i^f.2^'  ;  j'an! 
tary  may  deem  best.  ?,f-  J.80:j'2tRe£ 

822;  Mar.  :',,    ISO.1:,  c.  7:'..  s.   :!,   v.    in,   p.  7  Id;   Mar.   :t,   1875,  c.   ISO,  V. 

18,  i>.  o7a.     LS<-L-  wees,  mi;;,  r,-ii4,  r»4:',o-.r>-i:<4.] 


658  NATIONAL  MONETARY   COMMISSION. 

fractional*  cur-  SEC.  3572<  Tne  whole  amount  of  notes  or  stamps  for 
™e£y  author"the  fractions  of  a  dollar,  issued  as  currency,  shall  not, 
is®*1  c  \72°s  a^  any  time,  exceed  fifty  millions  of  dollars. 

5,  v.'l3,  p.  220;  Jan.  14,  1875,  c.  18,  v.  15,  p.  296;  April  17,  1876,  c.  63, 
s.   2,   v.    19,   p.   33. 

i864unch    i7°2'     SEC.  3573.  No  issue  of  fractional  notes  of  the  United 

peooo'  vo1'  13' States  shall  be  of  a  less  denomination  than  ten  cents; 

NO  issue  less  an(j  au  issues  of  a  less  denomination  shall,  when  paid 

than  10  cents. 

1866  a  ych  186i'  *n*°  *ne  Treasury  or  any  designated  depository  of  the 
sec.  3,  v.  14,  p!  United  States,  or  redeemed  or  exchanged  as  now  pro- 
vided by  law,  be  retained  and  canceled. 

dem°rtTonnd  o^f  SEC.  3574.  The  notes  of  the  fractional  currency  shall 
f  r  a  c  1 1  o  n  a  i  be  jn  such  f  orm,  with  such  inscriptions,  and  with  such 

notes. 

chM73'3sec864>sa^e^uarc^s  aSains*  counterfeiting  as  the  Secretary  of  the 
voj-unep' 1"'  Treasury  may  deem  best.  They  shall  be  exchangeable 
g8c645  °voi  "I*  by  *ne  assistant  treasurers  and  designated  depositaries 
P- 220>-  .  _  for  United  States  notes  in  sums  of  not  less  than  three 

Jan.  14,  1875, 

c.  is,  v.  is,  P. dollars;  and  shall  be  receivable  for  postage  and  revenue 
stamps,  and  for  all  dues  to  the  United  States,  except 
customs,  in  sums  not  over  five  dollars,  and  shall  be  re- 
deemed on  presentation  at  the  Treasury  of  the  United 
States  in  such  sums  and  under  such  regulations  as  the 
Secretary  of  the  Treasury  shall  prescribe. 

Preparation     SEC.  3575.  The  Secretary  of  the  Treasury  may  provide 

June    30^,  for  the  engraving  and  preparation,  and  for  the  issue  of 

sec.  h,  vol.  is"!  fractional  and  other  notes,  and  shall  make  such  regula- 

p  220 

'  Mar.  3, 1863,  tions  for  the  redemption  of  such  notes  when  mutilated  or 
vol.  12,  p.  in!  defaced,  and  for  the  receipt  of  fractional  notes  in  pay- 
c.  15%.  is,  p!  ment  of  debts  to  the  United  States,  except  for  customs, 

296.        -   Cook  ,  c          i    11  i  • 

v.    u.    s.,    12  in  such  sums,  not  over  five  dollars,  as  may  appear  to  him 

Blatch.,  43.  ,. 

expedient. 
Portraits  of     SEC.  357G.  Xo  portrait  shall  be  placed  upon  any  of  the 

living    persons  .  l 

not  to  be  placed  bonds,  securities,  notes,  fractional  or  postal  currency  of 

on     bonds     or 

notes.  the  United  States,  while  the  original   of  such  portrait 

eh.  28.  sec.   12J  is  living, 
vol.  14. 

Engraving     SEC.  3577.  The  Secretary  of  the  Treasury  may  cause 
and     printing  .   •  _ 

notes.  notes  to  be  engraved,  printed,  and  executed,  at  the  De- 

J  u  1  y     11 

1862,  ch.  i4L>;  partment  of  the  Treasury  in  Washington,  and  under  his 

S£C.   2,   vol.    12 

P.  532.  '  direction,  if  he  deems  it  inexpedient  to  procure  them  to  be 

[See  Revised  '  .  f 

statutes,   sees,  engraved  and  printed  by  contract;  and  he  may  purchase 

5433,  5453.]  °  .  {  •  .  • 

and  provide  all  the  machinery  and  materials,  and  employ 
such  persons  and  appoint  such  officers  as  arc  necessary 
for  this  purpose. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  659 

SEC.  3578.  The  necessary  expenses  of  engraving,  print-  lsSuiXnp|Dns0etsegof 
ing,  preparing,  and  issuing  the  United  States  notes,  c  ^r-|'  |.8^' 
Treasury  notes,  and  fractional  notes  shall  be  paid  out  of  12'^7cll'^3 
any  money  in  the  Treasury  not  otherwise  appropriated ;  jf57'v  c-111'  s- 
but  no  extra  compensation  for  preparing,  signing,  or  issu-  j|j^  Jcnem' 
ing  such  notes  shall  be  allowed  to  any  officer  whose  sal-  |.n°:  jan13'^- 
ary  is  fixed  by  law.  iI75'pe'  i5oeV; 

Mar.  3,  1875,  c.  130,  v.  18,  p7  373! 

SEC.  3579.  When  any  United  States  notes  are  returned 
to  the  Treasury,  they  may  be  re-issued,  from  time  to  time, 
as  the  exigencies  of  the  public  interest  may  require.  _ 

.Inly  11,  1802.  ch.  142,  sec.  1,  vol.  12,  p.  532  ;  Feb.  25,  1862,'  ch.'  33,'sec.' 
1,  vol.  12.  p.  345. 

SEC.  3580.  When  any  United  States  notes  returned  to  m  ^'^led 
the  Treasury  are  so  mutilated  or  otherwise  injured  as  to  110^s- 

*  •>  M  a  r  .     1  7  t 

be  unfit  for  use,  the  Secretary  of  the  Treasury  is  author-  186->    ch-,  f5, 

sec.   4,  vol.   12, 

ized  to  replace  the  same  with  others  of  the  same  char-  P-  87°- 
acter  and  amounts. 

SEC.  3581.  Mutilated  United  States  notes,  when  re-  of  1I|^lctlon 
placed  according  to  law,  and  all  other  notes  which  by 
law  are  required  to  be  taken  up,  and  not  re-issued,  when 
taken  up,  shall  be  destroyed  in  such  manner  and  under 
such  regulations  as  the  Secretary  of  the  Treasury  may 
prescribe. 

SEC.  3582.  The  authority  given  to  the  Secretary  of  the     Reduction  of 

J    to  "  the     currency 

Treasury  to  make  any  reduction  of  the  currency,  by  re-  suspended. 
tiring  and  cancelling  United  States  notes,  is  suspended.  ISGC,P  c.' so.^s'. 

1,  v.   14,  p.  31  ;   Feb.  4,  1868,  c.  (i,  v.   15,  p.  34  ;  June  20,   1874,  c.  343, 
v.  18,  p.  124. 

Section  3583.  as  codified  in  section  178  of  the  Penal  iJf ffii^nl 
Code  of  the  United  States,  March  4,  11)09   (35  Stat.  L.,  dollar- 
1122)  : 

No  person  shall  make,  issue,  circulate,  or  pay  out  any 
note,  check,  memorandum,  token,  or  other  obligation  for 
a  less  sum  than  one  dollar,  intended  to  circulate  as  money 
or  to  be  received  or  used  in  lieu  of  lawful  money  of  the 
United  States;  and  every  person  so  oU'endintr  shall  be.  I'mHsium-nt 

^      L  lor. 

fined  not  more  than  five  hundred  dollars,  or  imprisoned 
not  more  than  six  months,  or  both. 

SEC.  3588.  United  States  notes  shall  be  lawful  money,  J™'0'1  stalps 
and  a  legal  tender  in  payment   of  all  debts,  public  and  S(,(M:'[-  v',,]stp.' 
private,  within  the  United  States,  except   for  duties  on  ''  ,71111,'V     ,  , 
imports  and  interest  on  the  public  debt.  voi'"!"*  p lr,':r : 

Feb.  25,   )Sf,2,  sec.    I,  vol.    12,  p.   315.      [For  reference  (<>  cases,  see  He- 
vised  Stututua,  sec.  35S8.J 


660  NATIONAL  MONETARY   COMMISSION. 

TrSufur™  noteJ      SEC.  3589-  Demand  Treasury  notes  authorized  by  the 
Mar.    17,  ac*  °^  July  seventeen,  eighteen  hundred  and  sixty-one, 
sec622,  voi.  12',  chapter  five,  and  the  act  of  February  twelve,  eighteen 
P.  370.  hundred  and  sixty-two,  chapter  twenty,  shall  be  lawful 

i86i"  l  ych  1  75'  money  and  a  legal  tender  in  like  manner  as  United  States 

sec.  i,  vol.  12,  |10fPc 
p.  259;  Feb.  12.  I]  eb' 
1862.  ch.  20,  vol.  12,  p.  338  ;  Feb.  25,  1862,  ch.  33,  sec.  1,  vol.  12,  p.  345. 

iutntneotes"bear"      SEC.  3590.  Treasur     notes  issued  under  the  authorit 


3sec862'  °^  the  actg  °f  March  three,  eighteen  hundred  and  sixty- 
T°J  uneP'  30°  '  three,  chapter  seventy-three,  and  June  thirty,  eighteen 
^|C64:,1C^11{^  hundred  and  sixty-four,  chapter  one  hundred  and 
P.  218.  seventy-two,  shall  be  legal  tender  to  the  same  extent  as 

United  States  notes,  for  their  face  value,  excluding  in- 
terest: Provided,  That  Treasury  notes  issued  under  the 
act  last  named  shall  not  be  a  legal  tender  in  payment  or 
redemption  of  any  notes  issued  by  any  bank,  banking 
association,  or  banker,  calculated  and  intended  to  circu- 
late as  money. 

fundxschrensgteric°tf  SEC-  3651-  No  exchange  of  funds  shall  be  made  by  any 
ed'AUg.  6,  !  846,  Disbursing  officer  or  agent  of  the  Government,  of  any 
y'  p°64S'  ~°'  v'  grade  or  denomination  whatsoever,  or  connected  with  any 
i8o->e  V  33  2s'  branch  of  the  public  service,  other  than  an  exchange  for 
*'  j'u12'yP'  i4i5'  to°ld-  silver.  United  States  notes,  and  national-bank  notes; 


Ivi    p4532'  an^  every  such  disbursing  officer,  when  the  means  for  his 
„   T*Q  *\3'  1SG~'  disbursements  are  furnished  to  him  in  gold,  silver.  United 

C.      t  o,     S.     O|     V. 

1"ju'ne°'    s  k^^tes  notes,  or  national-bank  notes,  shall  make  his  pay- 
i|64-vc-  10°'  s.  ments  in  the  moneys  so  furnished  ;  or  when  they  are  fur- 


10r  s  r  nt  n^sne(^  to  him  in  drafts,  shall  cause  those  drafts  to  be 
Lean  130)  M°  Presented  at  their  place  of  payment,  and  properly  paid 
according  to  law.  and  shall  make  his  payments  in  the 
money  so  received  for  the  drafts  furnished,  unless,  in 
either  case,  he  can  exchange  the  means  in  his  hands  for 
gold  and  silver  at  par.  And  it  shall  be  the  duty  of  the 
head  of  the  proper  Department  immediately  to  suspend 
from  duty  any  disbursing  officer  or  agent  who  violates  the 
provisions  of  this  section,  and  forthwith  to  report  the 
name  of  the  officer  or  agent  to  the  President,  with  the 
fact  of  the  violation,  and  all  the  circumstances  accom- 
panying the  same,  and  within  the  knowledge  of  the  Secre- 
tary, to  the  end  that  such  officer  or  agent  may  be 
promptly  removed  from  office,  or  restored  to  his  trust  and 
the  performance  of  his  duties,  as  the  President  may  deem 
just  and  proper. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  661 


SEC.  3652.  No  officer  of  the  United  States  shall,  either 
directly  or  indirectly,  sell  or  dispose  of  to  any  person,  f°r 
a  premium,  any  Treasury  note,  draft,  warrant,  or  other  c 
public  security,  not  his  private  property,  or  sell  or  dispose9'  P-  65 
of  the  avails  or  proceeds  of  such  note,  draft,  warrant,  or 
security,  in  his  hands  for  disbursement,  without  making 
return  of  such  premium,  and  accounting  therefor  by 
charging  the  same  in  his  accounts  to  the  credit  of  the 
United  States;  and  any  officer  violating  this  section  shall 
be  forthwith  dismissed  from  office. 

SEC.  3689.  There  are  appropriated,  out  of  any  moneys 
in  the  Treasury  not  otherwise  appropriated,  for  the  pur- 
poses hereinafter  specified,  such  sums  as  may  be  necessary 
for  the  same  respectively;  arid  such  appropriations  shall 
be  deemed  permanent  annual  appropriations. 


UNDER    THE   TREASURY    DEPARTMENT. 


Expenses  of  national  loan  :  To  pay  the  expenses  of  the     M  a  y  2  3  , 
issue,  re-issue,  transfer,  delivery,  redemption,  and  destruc-  vol.  ii,  p.  150! 
tion  of  securities,  legal-tender  notes,  fractional  currency, 
checks,  certificates,  commissions,  and  for  any  plate  and 
seal  engraving  and  printing  required  by  the  Treasury 
Department,   one  per  centum  of  the  amount  of  legal- 
tender  notes,   fractional  currency,  and  securities  issued 
during  each  fiscal  year. 

***** 

SEC.  3693.  The  faith  of  the  United  States  is  solemnly     Payment   in 
pledged  to  the  payment  in  coin  or  its  equivalent  of  all     M'ar.  is, 

fl  IT          i.'  -fill-        TT      '.L       1     QJ.  J.    U  '  '      I  i.     lS«n,  Ch.  l.VOl. 

the  obligations  of  the  United  States  not  bearing  interest,  16,  p.  i. 
known  as  United  States  notes,  and  of  all  the  interest- 
bearing  obligations  of  the  United  States,  except  in  cases 
where  the  law  authorizing  the  issue  of  any  such  obligation 
has  expressly  provided  that  the  same  may  be  paid  in 
lawful  money  or  other  currency  than  gold  and  silver. 
But  none  of  the  interest-bearing  obligations  not  already 
due  shall  be  redeemed  or  paid  before  maturity,  unless  at 
such  time  United  States  notes  are  convertible  into  coin 
at  the  option  of  the  holder,  or  unless  at  such  time  bonds 
of  the  United  States  bearing  a  lower  rate  of  interest  than 
the  bonds  to  be  redeemed  can  be  sold  at  par  in  coin.  The 
faith  of  the  United  States  is  also  solemnly  pledged  to 
make  provisions  at  the  earliest  practicable  period  for  the 
redemption  of  the  United  States  notes  in  coin. 


662  NATIONAL  MONETARY   COMMISSION. 

Section  3708,  as  codified  in  section  177  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 
1122)  : 
imitating  se-     It  shall  not  be  lawful  to  design,  engrave,  print,  or  in 

curl  ties    or  .  -,•/•, 

printing   ad  -any  manner  make  or  execute,  or  to  utter,  issue,  distribute, 

vertisem  e  n  t  s    .         ,  ,        .  /.       .         -,  ,          . . 

thereon.  circulate,  or  use,  any  business  or  professional  card,  notice, 
placard,  circular,  handbill,  or  advertisement,  in  the  like- 
ness or  similitude  of  any  bond,  certificate  of  indebtedness, 
certificate  of  deposit,  coupon,  United  States  note,  Treas- 
ury note,  gold  certificate,  silver  certificate,  fractional  note, 
or  other  obligation  or  security  of  the  United  States  which 
has  been  or  may  be  issued  under  or  authorized  by  any 
Act  of  Congress  heretofore  passed  or  which  may  hereafter 
be  passed;  or  to  write,  print  or  otherwise  impress  upon 
any  such  instrument,  obligation,  or  security,  any  business 
or  professional  card,  notice,  or  advertisement,  or  any 
notice  or  advertisement  of  any  matter  or  thing  whatever. 
Punishment  "Whoever  shall  violate  any  provision  of  this  section  shall 

be  fined  not  more  than  five  hundred  dollars. 

Delivery    of     SEC.  5171.  Upon  a  deposit  of  bonds  as  prescribed  by 
ing  notes  to  as-  section  fifty-one  hundred   and   fifty-nine  and   fifty-one 
see   act  r  of  hundred  and  sixty,  the  association  making  the  same  shall 
be  entitled  to  receive  from  the  Comptroller  of  the  Cur- 
rency  circulating  notes  of   different   denominations,    in 
blank,  registered  and  countersigned  as  hereinafter  pro- 
vided, equal  in  amount  to  ninety  per  centum  of  the  cur- 
rent market-value  of  the  United  States  bonds  so  trans- 
ferred and  delivered,  but  not  exceeding  ninety  per  centum 
of  the  amount  of  the  bonds  at  the  par  value  thereof,  if 
bearing  interest  at  a  rate  not  less  than  five  per  centum 
unfio    to  per  annum:  Provided,  That  the  amount  of  circulating 
™Fat?ng0no(ters  notes  to  be  furnished  to  each  association  shall  be  in  pro- 
portion to  its  paid-up  capital,  as  follows,  and  no  more: 

First.  To  each  association  whose  capital  does  not  ex- 
ceed five  hundred  thousand  dollars,  ninety  per  centum  of 
such  capital. 

Second.  To  each  association  whose  capital  exceeds  five 
hundred  thousand  dollars,  but  does  not  exceed  one  mil- 
lion of  dollars,  eighty  per  centum  of  such  capital. 

Third.  To  each  association  whose  capital  exceeds  one 
million  of  dollars,  but  does  not  exceed  three  million  (s) 
of  dollars,  seventy-five  per  centum  of  such  capital. 

Fourth.  To  each  association  whose  capital  exceeds 
three  millions  of  dollars,  sixty  per  centum  of  such  capital. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  663 


SEC.  5172.  In  order  to  furnish  suitable  notes  for  circu- 
lation,  the  Comptroller  of  the  Currency  shall,  under  the 
direction  of  the  Secretary  of  the  Treasury,  cause  plates  "'j^ng^ 
and  dies  to  be  engraved,  in  the  best  manner  to  guard  sec-22- 
against  counterfeiting  and  fraudulent  alterations,  and 
shall  have  printed  therefrom,  and  numbered,  such  quan- 
tity of  circulating  notes,  in  blank,  of  the  denominations 
of  one  dollar,  two  dollars,  three  dollars,  five  dollars,  ten 
dollars,  twenty  dollars,  fifty  dollars,  one  hundred  dol- 
lars, five  hundred  dollars,  and  one  thousand  dollars,  as 
may  be  required  to  supply  the  associations  entitled  to 
receive  the  same.  Such  notes  shall  express  upon  their 
face  that  they  are  secured  by  United  States  bonds,  de- 
posited with  the  Treasurer  of  the  United  States,  by  the 
written  or  engraved  signatures  of  the  Treasurer  and 
Register,  and  by  the  imprint  of  the  seal  of  the  Treas- 
ury; and  shall  also  express  upon  their  face  the  promise 
of  the  association  receiving  the  same  to  pay  on  demand, 
attested  by  the  signatures  of  the  president  or  vice-presi- 
dent and  cashier;  and  shall  bear  such  devices  and  such 
other  statements,  and  shall  be  in  such  form,  as  the  Secre- 
tary of  the  Treasury  shall,  by  regulation,  direct. 

(See  Sees.  5415,  5434.) 

SEC.  5173.  The  plates  and  special  dies  to  be  procured  p^es^mi  dies 
by  the  Comptroller  of  the  Currency  for  the  printing  of  j^dBur|*Penses 
such  circulating  notes  shall  remain  under  his  control  and     IMd"  sec-41- 
direction,  and  the  expenses  necessarily  incurred  in  exe- 
cuting the  laws  respecting  the  procuring  of  such  notes, 
and  all  other  expenses  of  the  Bureau  of  the  Currency, 
shall  be  paid  out  of  the  proceeds  of  the  taxes  or  duties 
assessed  and  collected  on  the  circulation  of  national  bank- 
ing associations  under  this  Title. 

SEC.  5175.  Not  more  than  one-sixth  part  of  the  notes    issue  of  notes 

.  „        ,  •          under   $5,    lim- 

furmshed  to  any  association  shall  be  of  a  less  denomma-  ited. 

-.  f  .  Ibid.,  sec.  22. 

tion  than  five  dollars.  Alter  specie  payments  are  re- 
sumed no  association  shall  be  furnished  with  notes  of  a 
less  denomination  than  five  dollars. 

SEC.  5177.   \The  aggregate  amount  of  circulating  notes     LIn?i<:  to  as; 

greffsite  amount 

issued  under  the  act  of  February  twenty  -five,  eighteen0*    circulating 

hundred  and  sixty  -three*  and  under  the,  act  of  June  three.    -T"n,e  •**•  \*M- 
•'  '          <  '  c.  too,  s.  22,  v. 

eighteen  hundred  find  sixty  -four,  and,  under  section  one^,v.iQ5. 
of  the  act  of  July  tuiclne,  eighteen  hundred  and  seventy,  v-^%-' 
and  under  this  Title,  shall  not  exceed  three  hundred  and  ?  •  252'.,£j  *••  v- 
fifty-four  millions  of  dollars.'] 


664  NATIONAL  MONETARY   COMMISSION. 

(The  limitation  upon  the  circulation  of  national  bank 

notes  was  removed  by  the  statute  of  January  14,  1875,  c. 

15,  s.  3,  v.  18,  p.  296. 

(June  20,  1874,  c.  343,  v.  18,  p.  123.    Repealed  ly  Jan. 

14,  1875,  c.  15,  s.  3,  v.  18,  p.  296.) 

metTC'aggrV  SEC.  5178-  One  hundred  and  fifty  millions  of  dollars 
circ  u  f&  uVg  °^  the  entire  amount  of  circulating  notes  authorized  to 
D°Mar  3  1865  ^  issued  shall  be  apportioned  to  associations  in  the 
Sol2'  v'  13>  p'  States,  in  the  Territories,  and  in  the  District  of  Colum- 
c  J25151B'1i87v'  ki&>  according  to  representative  population.  One  hun- 

dred  and  fifty  millions  shall  be  apportioned  by  the  Sec- 


°'  124'  125  18>  retary  of  the  Treasury  among  associations  formed  in  the 
several  States,  in  the  Territories,  and  in  the  District  of 
Columbia,  having  due  regard  to  the  existing  banking 
capital,  resources,  and  business  of  such  States,  Terri- 
tories, and  District.  The  remaining  fifty-four  millions 
shall  be  apportioned  among  associations  in  States  and 
Territories  having,  under  the  apportionments  above  pre- 
scribed, less  than  their  full  proportion  of  the  aggregate 
amount  of  notes  authorized,  which  made  due  application 
for  circulating  notes  prior  to  the  twelfth  day  of  July, 
eighteen  hundred  and  seventy-one.  Any  remainder  of 
such  fifty-four  millions  shall  be  issued  to  banking  asso- 
ciations applying  for  circulating  notes  in  other  States 
or  Territories  having  less  than  their  proportion. 
Equalizing  gEC>  5179.  In  order  to  secure  a  more  equitable  clistri- 

the    apportion- 

ment of  circu-  bution  of  the  national  banking  currencv.  there  may  be 

lating  notes.        ...  .  .      . 

•^-•o12'1^70'  issued  circulating  notes  to  banking  associations  organized 
1  j'un'  io3i874  *n  States  and  Territories  having  less  than  their  propor- 
c-  343,  v.  is,  p.  tion,  and  the  amount  of  circulation  herein  authorized 
shall,  under  the  direction  of  the  Secretary  of  the  Treas- 
ury, as  it  may  be  required  for  this  purpose,  be  withdrawn, 
as  herein  provided,  from  banking  associations  organized 
in  States  having  more  than  their  proportion,  but  the 
amount  so  withdrawn  shall  not  exceed  twenty-five  mil- 
lion dollars:  Provided,  That  no  circulation  shall  be  with- 
drawn under  the  provisions  of  this  section  until  after 
the  fifty-four  millions  granted  in  the  first  section  of  the 
act  of  July  twelfth,  eighteen  hundred  and  seventy,  shall 
have  been  taken  up. 

essa?7  amount      ^Er-    5180'  The   Comptroller    of   the    Currency    shall, 

K  wiYhrtrjwn11  un^er  tnc  direction   of  the  Secretary  of  the  Treasury, 

July  12,  1870,  make  a  statement  showing  the  amount  of  circulation  in 

16,  p.  253.        eacn  State  and  Territory,  and  the  amount  necessary  to  be 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  665 

withdrawn  from  each  association,  and  shall  forthwith 
make  a  requisition  for  such  amount  upon  such  associa- 
tions, commencing  with  those  having  a  circulation  ex- 
ceeding one  million  of  dollars,  in  States  having  an  ex- 
cess of  circulation,  and  withdrawing  their  circulation  in 
excess  of  one  million  of  dollars,  and  then  proceeding  pro- 
portionately with  other  associations  having  a  circulation 
exceeding  three  hundred  thousand  dollars,  in  States  hav- 
ing the  largest  excess  of  circulation,  and  reducing  the 
circulation  of  such  associations  in  States  having  the  great- 
est proportion  in  excess,  leaving  undisturbed  the  associa- 
tions in  States  having  a  smaller  proportion,  until  those 
in  greater  excess  have  been  reduced  to  the  same  grade, 
and  continuing  thus  to  make  such  reductions  until  the 
full  amount  of  twenty-five  millions  has  been  withdrawn ; 
and  the  circulation  so  withdrawn  shall  be  distributed 
among  the  States  and  Territories  having  less  than  their 
proportion,  so  as  to  equalize  the  same.  Upon  failure  of 
any  association  to  return  the  amount  of  circulating 
notes  so  required,  within  one  year,  the  Comptroller  shall 
sell  at  public  auction,  having  given  twenty  days1  notice  • 
thereof  in  one  daily  newspaper  printed  in  Washington 
and  one  in  Xew  York  City,  an  amount  of  the  bonds  de- 
posited by  that  association  as  security  for  its  circulation, 
equal  to  the  circulation  required  to  be  withdrawn  from 
the  association  and  not  returned  in  compliance  with  such 
requisition ;  and  he  shall,  with  the  proceeds,  redeem  so 
many  of  the  notes  of  such  association,  as  they  come  into 
the  Treasury,  as  will  equal  the  amount  required  and  not 
returned ;  and  shall  pay  the  balance,  if  any,  to  the  asso- 
ciation. 

SEC.  5181.  Any  association  located  in  any  State  having     Removal  o  t 

**  °  association     to 

more  than  its  proportion  of  circulation  mav  be  removed  another  state. 
.  .  . "  .  /&«/.,  s.  7,  p. 

to  any  State  having  less  than  its  proportion  of  circula-  -54. 

tion,  under  such  rules  and  regulations  as  the  Comptroller 
of  the  Currency,  with  the  approval  of  the  Secretary  of 
the  Treasury,  shall  prescribe:  Prorided,  That  the  amount 
of  the  issue  of  said  banks  shall  not  be  deducted  from  the 
issue  of  fifty-four  millions  mentioned  in  section  five 
thousand  one  hundred  and  seventy-eight. 

SEC.  5182.  After  any  association  receiving  circulating     For  what  de- 
notes under  this  Title  has  caused  its  promise  to  pay  such  aY- 
notes  on  demand  to  be,  signed  by  the  president  or  vice-  (,.'i\ 
president  and  cashier  thereof,  in  such  manner  as  to  maker. 't 
them  obligatory  promissory  notes,  payable  on  demand,  at 
15712°— 10 4','> 


13,1 


a  nk    notes 
lie       re- 


1S04, 


100. 


666  NATIONAL  MONETARY   COMMISSION. 

its  place  of  business,  such  association  may  issue  and  circu- 
late the  same  as  money.     And  the  same  shall  be  received 
at  par  in  all  parts  of  the  United  States  in  payment  of 
taxes,  excises,  public  lands,  and  all  other  dues  to  the 
United  States,  except  duties  on  imports;  and  also  for  all 
salaries  and  other  debts  and  demands  owing  by  the  United 
States    to    individuals,    corporations,    and    associations 
within  the  United  States,  except  interest  on  the  public 
debt,  and  in  redemption  of  the  national  currency. 
notsesuep°rohibiet-      SEC.  5183.  No  national  banking  association  shall  issue 
ed/ Md., Feb.  is,  (Post  notes  or)  any  other  notes  to  circulate  as  money  than 
]s"'p.  320°'  v'  such  as  are  authorized  by  the  provisions  of  this  Title. 
Bank  rv.h  state      (The  words  in  parentheses  were  added  by  the  act  of 
Bank  (io  wan.,  February  18,  1875.) 

a  flVSSactaf  SEC'  5*184'  Jt  sha11  be  tlie  dllty  of  the  Comptroller  of 
£°unt"  i°"a  ta°I  t*16  Currency  to  receive  worn-out,  or  mutilated  circulating 
n°june  3  1864  no^es  issued  by  any  banking  association,  and  also,  on  due 
is1  p6'io6~3'  v'  Pro°f  °f  the  destruction  of  any  such  circulating  notes,  to 
deliver  in  place  thereof  to  the  association  other  blank 
circulating  notes  to  an  equal  amount.  Such  worn-out  or 
mutilated  notes,  after  a  memorandum  has  been  entered  in 
the  proper  books,  in  accordance  with  such  regulations  as 
may  be  established  by  the  Comptroller,  as  well  as  all  cir- 
culating notes  which  shall  have  been  paid  or  surrendered 
to  be  canceled,  shall  be  burned  to  ashes  in  presence  of  four 
persons,  one  to  be  appointed  by  the  Secretary  of  the  Treas- 
ury, one  by  the  Comptroller  of  the  Currency,  one  by  the 
Treasurer  of  the  United  States,  and  one  by  the  associa- 
tion, under  such  regulations  as  the  Secretary  of  the  Treas- 
ury may  prescribe.  A  certificate  of  such  burning,  signed 
by  the  parties  so  appointed,  shall  be  made  in  the  books  of 
the  Comptroller,  and  a  duplicate  thereof  forwarded  to  the 
association  whose  notes  are  thus  canceled. 

of°ars*oria*k>ns     ^Ec>  5185.  Associations  may  be  organized  in  the  manner 
to  issue  go  i  (i  prescribed  bv  this  Title  for  the  purpose  of  issuing  notes 

notes    author-  '  •  L        l 

lzjuiyi"  is~o  Pa.yaDle  iR  gold:  and  upon  the  deposit  of  any  United 
<•.  2S2,  s.  3,  v.  States  bonds  bearing  interest  payable  in  gold  wTith  the 
Treasurer  of  the  United  States,  in  the  manner  prescribed 
for  other  associations,  it  shall  be  lawful  for  the  Comp- 
troller of  the  Currency,  to  issue  to  (lie  association  making 
the  deposit  circulating  notes  of  different  denominations, 
but  none  of  them  of  less  than  five  dollars,  and  not  exceed- 
ing in  amount  eighty  per  centum  of  the  par  value  of  the 
bonds  deposited,  which  shall  express  the  promise  of  the 
association  to  pay  them,  upon  presentation  at  the  office  at 


July  12.  IS! 
•.    282,   s.   3 
10,   p.   252. 


LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.     667 

which  they  are  issued,  in  gold  coin  of  the  United  States, 
and  shall  be  so  redeemable.  But  no  such  association  shall 
have  a  circulation  of  more  than  one  million  of  dollars. 

(Statute  of  January  19,  1875    (c.  19,  v.  18,  p.  302), 
removed  the  limitation  imposed  by  the  last  sentence  of  i 
this  section  upon  associations  authorized  to  issue  circu- 
lating notes  payable  in  gold  coin.) 

SEC.  5186.  Every  association  organized  under  the  pre-    Their  'awful 

1          money   reserve, 

ceding  section  shall  at  all  times  keep  on  hand  not  less  than  and  duty  of  re^ 

'  .  .  .  .     ceivmg  notes  of 

twenty-five  per  centum  of  its  outstanding  circulation,  in  other    associa- 

•        .  .  '         tions. 


gold  or  silver  coin  of  the  United  States;  and  shall  receive   July  12, 

'  c.  282,  ss.  3,  4, 

at  par  in  the  payment  of  debts  the  gold-notes  of  every|.v.i6,  pp.  252, 
other  such  association  which  at  the  time  of  such  payment 
is  redeeming  its  circulating  notes  in  gold  coin  of  the 
United  States,  and  shall  be  subject  to  all  the  provisions  of 
this  Title :  Provided,  That,  in  applying  the  same  to  asso- 
ciations organized  for  issuing  gold-notes,  the  terms  "  law- 
ful money  "  and  "  lawful  money  of  the  United  States  " 
shall  be  construed  to  mean  gold  or  silver  coin  of  the 
United  States;  and  the  circulation  of  such  associations 
shall  not  be  within  the  limitation  of  circulation  mentioned 
in  this  Title. 

SEC.  5187.  No  officer  acting  under  the  provisions  of,  this     Penalty  for 

.  *?.  issuing     circu- 

Title  shall  countersign  or  deliver  to  any  association,  or  to  lating  notes  to 

^  unauthorized 

any  other  company  or  person,  any  circulating  notes  con- associations. 
templated  by  this  Title,  except  in  accordance  with  the  c.  IOG,  s.' 27,  v! 
true  intent  and  meaning  of  its  provisions.     Every  officer 
who  violates  this  section  shall  be  deemed  guilty  of  a  high 
misdemeanor,  and  shall  be  fined  not  more  than  double  the 
amount  so  countersigned  and  delivered,  and  imprisoned 
not  less  than  one  year  and  not  more  than  fifteen  years. 

SEC.  5191.  Every  national  banking  association  in  either    "  ^  n  w  f  n  i  - 

•_  ~  ,        m  o  n  e  y      re- 

of  the  following  cities:  Albany,  Baltimore,  Boston,  Cm-serve"    pre- 

'  '  scribed. 

cinnati,  Chicago,  Cleveland,  Detroit,  Louisville,  Milwau-    |"^c :{' .}^(U- 
kee.  New  Orleans,  New  York,  Philadelphia,  Pittsburgh. is,  P. 'ips.  ' 

.  .  .  .  e          Mar.  1,  1K72, 

Saint  Louis,  San  Francisco,  and  Washington,  shall  at  allf-,,22'  v.  IT,  p. 

times  have  on  hand,  in  lawful  money  of  the  United  States,    June 20.1*74, 

'c.  :u;;,  v.  is,  p. 
an  amount  equal  to  at  least  twenty-five  per  centum  of  thei23. 

aggregate  amount  of  its  notes  in  circulation  and  its  de- 
posits; and  every  other  association  shall  at  all  times  have 
on  hand,  in  lawful  money  of  the  United  States,  an 
amount  equal  to  at  least  fifteen  per  centum  of  the  aggre- 
gate amount  of  its  notes  in  circulation,  and  of  its  de- 
posits. Whenever  the  lawful  money  of  any  association 
in  any  of  the  cities  named  shall  be  below  the  amount  of 


668  NATIONAL  MONETARY   COMMISSION. 

twenty-five  per  centum  of  its  circulation  and  deposits, 
and  whenever  the  lawful  money  of  any  other  association 
shall  be  below  fifteen  per  centum  of  its  circulation  and 
deposits,  such  association  shall  not  increase  its  liabilities 
by  making  any  new  loans  or  discounts  otherwise  than  by 
discounting  or  purchasing  bills  of  exchange  payable  at 
sight,  nor  make  any  dividend  of  its  profits  until  the  re- 
quired proportion,  between  the  aggregate  amount  of  its 
outstanding  notes  of  circulation  and  deposits  and  its  law- 
ful money  of  the  United  States,  has  been  restored.  And 
the  Comptroller  of  the  Currency  may  notify  any  associa- 
tion, whose  lawful-money  reserve  shall  be  below  the 
amount  above  required  to  be  kept  on  hand,  to  make  good 
such  reserve;  and  if  such  association  shall  fail  for  thirty 
days  thereafter  so  to  make  good  its  reserve  of  lawful 
money,  the  Comptroller  may,  with  the  concurrence  of  the 
Secretary  of  the  Treasury,  appoint  a  receiver  to  wind  up 
the  business  of  the  association,  as  provided  in  section 
fifty-two  hundred  and  thirty-four, 
what  may  be  SEC.  5192.  Three-fifths  of  the  reserve  of  fifteen  per 

counted  toward 

mVn'e  wf  re-  centuni  required  by  the  preceding  section  to  be  kept,  may 
serve."  consist  of  balances  due  to  an  association,  available  for  the 

June  3,  1864, 

13106>186831'  V'  redemption  oi  its  circulating  notes,  from  associations  ap- 
c  J'{43e  v°'il"4'  Proved  by  the  Comptroller  of  the  Currency,  organized 
123-  under  the  act  of  June  three,  eighteen  hundred  and  sixty- 

four,  or  under  this  Title,  and  doing  business  in  the  cities 
of  Albany,  Baltimore,  Boston,  Charleston,  Chicago,  Cin- 
cinnati, Cleveland,  Detroit,  Louisville,  Milwaukee,  New 
Orleans,  New  York,  Philadelphia,  Pittsburgh,  Richmond, 
Saint  Eouis,  San  Francisco,  and  Washington.  Clearing- 
house certificates,  representing  specie  or  lawful  money 
specially  deposited  for  the  purpose,  of  any  clearing-house 
association,  shall  also  be  deemed  to  be  lawful  money  in 
the  possession  of  any  association  belonging  to  such  clear- 
ing-house, holding  and  owning  such  certificate,  within 
the  preceding  section, 
certain  cer-  SEC.  5193.  The  Secretary  of  the  Treasury  may  receive 

tiflcatos  of  de-  J  •'  J 

posit  m  a  y  bo  United  States  notes  on  deposit,  without  interest,  from  any 

counted.  L  '  J 

T!";'  ss  li~"'  national  banking  associations,  in  sums  of  not  less  than 
v.  IT,  p.  330.  ten  thousand  dollars,  and  issue  certificates  therefor  in 
such  form  as  he  may  prescribe,  in  denominations  of  not 
less  than  five  thousand  dollars,  and  payable  on  demand  in 
United  States  notes  at  the  place  where  the  deposits  were 
made.  The  notes  so  deposited  shall  not  bo  counted  as 
part  of  the  lawful-money  reserve  of  the  association;  but 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  669 

the  certificates  issued  therefor  may  be  counted  as  part  of 
its  lawful-money  reserve,  and  may  be  accepted  in  the  set- 
tlement of  clearing-house  balances  at  the  places  where  the 
deposits  therefor  were  made. 

SEC.  5194.  The  power  conferred  on  the  Secretary  of  the    Limitation 

J  on    the    power 

Treasury,  by  the  preceding  section,  shall  not  be  exercised  *°r{ffl"|t|au  c  h 

so  as  to  create  any  expansion  or  contraction  of  the  cur-     lliid-  s-  3- 

rency.     And  United  States  notes  for  which  certificates 

are   issued   under  that   section,  or  other   United   States 

notes  of  like  amount,  shall  be  held  as  special  deposits 

in  the  Treasury,  and  used  only  for  the  redemption  of 

such  certificates. 

SEC.  5195.  Each  association  organized  in  any  of  the  dep,]fceti°fnrof 
cities  named  in  section  fifty-one  hundred  and  ninety-one  ^^  ^'^ung 
shall  select,  subject  to  the  approval  of  the  Comptroller  of  lg jj^fo  1864 
the  Currency,  an  association  in  the  city  of  New  York,  jg10,6'  f^j 2>  v- 
at  which  it  will  redeem  its  circulating  notes  at  par;  andc  "j^6  v°'if74' 
may  keep  one-half  of  its  lawful-money  reserve  in  cash  124- 
deposits  in  the  city  of  New  York.     But  the  foregoing 
provision  shall  not  apply  to  associations  organized  and 
located  in  the  city  of  San  Francisco  for  the  purpose  of 
issuing  notes  payable  in  gold.     Each  association  not  or- 
ganized within  the  cities  named,  shall  select,  subject  to 
the  approval  of  the  Comptroller,  an  association  in  either 
of  the  cities  named,  at  which  it  will  redeem  its  circulating 
notes  at  par.     The  Comptroller  shall  give  public  notice 
of  the  names  of  the  associations  selected,  at  which  re- 
demptions are  to  be  made  by  the  respective  associations, 
and  of  any  change  that  may  be  made  of  the  association 
at   which   the   notes   of   any    association    are   redeemed. 
Whenever  any  association  fails  either  to  make  the  selec- 
tion or  to  redeem  its  notes  as  aforesaid,  the  Comptroller 
of  the  Currency  may,  upon  receiving  satisfactory  evidence 
thereof,  appoint  a  receiver,  in  the  manner  provided  for 
in  section  fifty-two  hundred  and  thirty-four,  to  wind  up 
its  affairs.     But  this  section  shall  not  relieve  any  associa- 
tion from  its  liability  to  redeem  its  circulating  notes  at 
its  own  counter,  at  par,  in  lawful  money  on  demand. 

SEC.  5190.  Every  national  banking  association  formed,   National 

banks  to  re- 

or  existing  under  this  Title,  shall  take  and  receive  at  par,  l>ejve  notes  of 

'  -          other    national 

for  any  debt  or  liability  to  it,  any  and  all  notes  or  bills  ba^-p  o  1804 
issued  by  any  lawfully  organized  national  banking  asso-  ^  ^^  ^0932' 
ciation.  But  this  provision  shall  riot  apply  to  any  asso-  July  I^ISTO, 

1    •'  •*  c.  I'sii.  s.  5,  v. 

ciation  organized  for  the  purpose  of  issuing  notes  payable  1G>  P-  253< 
in  gold. 


670  NATIONAL  MONETARY   COMMISSION. 

tion  euponr  use      SEC.  5206.  No  association  shall  at  any  time  pay  out 
°r  banks0' °th°n  l°ans  or  discounts,  or  in  purchasing  drafts  or  bills 
c  loe^'sf  6v'  °^  excnange5  or  in  payment  of  deposits,  or  in  any  other 
is,  p.  111.        mode  pay  or  put  in  circulation,  the  notes  of  any  bank  or 
banking  association  which  are  not,  at  any  such  time, 
receivable,  at  par,  on  deposit,  and  in  payment  of  debts  by 
the  association  so  paying  out  or  circulating  such  notes; 
nor  shall  any  association  knowingly  pay  out  or  put  in 
circulation  any  notes  issued  by  any  bank  or  banking 
association  which  at  the  time  of  such  paying  out  or  put- 
ting in  circulation  is  not  redeeming  its  circulating  notes 
in  lawful  money  of  the  United  States. 

united      gEC.  5207.  No  association  shall  hereafter  offer  or  re- 
states     notes 

not  to  be  held  Ceive  United  States  notes  or  national-bank  notes  as  se- 
as     collateral, 

et°F;b  uPiHGo  curi*y  or  as  collateral  security  for  any  loan  of  money, 
g-_  32-  v-  15>  P-  or  for  a  consideration  agree  to  withhold  the  same  from 
use,  or  offer  or  receive  the  custody  or  promise  of  custody 
of  such  notes  as  security,  or  as  collateral  security,  or  con- 
sideration for  any  loan  of  money.  Any  association 
offending  against  the  provisions  of  this  section  shall  be 
deemed  guilty  of  a  misdemeanor,  and  shall  be  fined  not 
more  than  one  thousand  dollars  and  a  further  sum  e'qual 
to  one-third  of  the  money  so  loaned.  The  officer  or 
officers  of  any  association  who  shall  make  any  such  loan 
shall  be  liable  for  a  further  sum  equal  to  one-quarter  of 
the  money  loaned;  and  any  fine  or  penalty  incurred  by 
a  violation  of  this  section  shall  be  recoverable  for  the 
benefit  of  the  party  bringing  such  suit. 
M  o  d  e  o  f  gEC.  5220.  Whenever  anv  national  banking  association 

protest! ng  -  e 

notes.  fails  to  redeem  in  the  lawful  rnonev  of  the  United  States 

June  3, 1.SG4, 

!~-010)°'1sj040'  v-  any  of  its  circulating  notes,  upon  demand  of  payment 
duly  made  during  the  usual  hours  of  business,  at  the 
office  of  such  association,  or  at  its  designated  place  of 
redemption,  the  holder  may  cause  the  same  to  be  pro- 
tested, in  one  package,  by  a  notary  public,  unless  the 
president  or  cashier  of  the  association  whose  notes  are 
presented  for  payment,  or  the  president  or  cashier  of  the 
association  at  the  place  at  which  they  are  redeemable 
offers  to  waive  demand  and  notice  of  the  protest,  and.  in 
pursuance  of  such  offer,  makes,  signs,  and  delivers  to  the 
party  making  such  demand  an  admission  in  writing, 
stating  the  time  of  the  demand,  the  amount  demanded, 
and  the  fact  of  the  non-payment  thereof.  The  notary 
public,  on  making  such  protest,  or  upon  receiving  such 


LAWS   CONCEENING   MONEY,   BANKING,   AND  LOANS.  671 

admission,  shall  forthwith  forward  such  admission  or 
notice  of  protest  to  the  Comptroller  of  the  Currency,  re- 
taining a  copy  thereof.  If,  however,  satisfactory  proof 
is  produced  to  the  notary  public  that  the  payment  of  the 
notes  demanded  is  restrained  by  order  of  any  court  of 
competent  jurisdiction,  he  shall  not  protest  the  same. 
When  the  holder  of  any  notes  causes  more  than  one  note 
or  package  to  be  protested  on  the  same  day,  he  shall  not 
receive  pay  for  more  than  one  protest. 

SEC.  5227.  On  receiving  notice  that  any  national  bank-     E  x  a  m  i  - 

J  .        nation  by  spe- 

ing  association  has  failed  to  redeem  any  of  its  circulating  cia/'6fffen*-  47 
notes,  as  specified  in  the  preceding  section,  the  Comp-  P-  n4-' 
troller  of  the  Currency,  with  the  concurrence  of  the  Sec- 
retary of  the  Treasury,  may  appoint  a  special  agent,  of 
whose  appointment  immediate  notice  shall  be  given  to 
such  association,  who  shall  immediately  proceed  to  ascer- 
tain whether  it  has  refused  to  pay  its  circulating  notes  in 
the  lawful  money  of  the  United  States,  when  demanded 
and  shall  report  to  the  Comptroller  the  fact  so  ascer- 
tained. If,  from  such  protest,  and  the  report  so  made, 
the  Comptroller  is  satisfied  that  such  association  has  re- 
fused to  pay  its  circulating  notes  and  is  in  a  default,  he 
shall,  within  thirty  days  after  he  has  received  notice  of 
such  failure,  declare  the  bonds  deposited  by  such  associa- 
tion forfeited  to  the  United  States,  and  they  shall  there- 
upon be  so  forfeited. 

SEC.  5228.  After  a  default  on  the  part  of  an  association  .  c  o  n  t  i  nu- 

1  ing       business 

to  pay  any  of  its  circulating  notes  has  been  ascertained  ""er  default 

r    •>          J  =>  Ibid.,    s.    46, 

by  the   Comptroller,   and   notice    (of  forfeiture   of   ^ep-^\8i875 

bonds)    (thereof)  has  been  given  by  him  to  the  associa-  <j.  so,  v.  is,  p.' 

tion,  it  shall  not  be  lawful  for  the  association  suffering 

the  same  to  pay  out  any  of  its  notes,  discount  any  notes 

or  bills,  or  otherwise  prosecute  the  business  of  banking, 

except  to  receive  and  safely  keep  money  belonging  to  it, 

and  to  deliver  special  deposits. 

(The  words  in  italics  were  struck  out  and  the  word 
"thereof"  substituted  by  act  of  February  18.  1875.) 

SEC.  5220.  Immediately  upon  declaring  the  bonds  of  ho^Vs0-6^ 
an  association  forfeited  for  non-payment  of  its  notes,  the  T^SIuV ^"can- 
Comptroller  shall  give  notice,  in  such  manner  as  the{r®M,£tlon  of 
Secretary  of  the  Treasury  shall,  by  general  rules  or  other-  c  io6e 
wise,  direct,  to  the  holders  of  the  circulating  notes  of13'  P-  114> 
such  association,  to  present  them  for  payment  at  the 
Treasury  of  the  United  States;  and  the  same  shall  be 


672  NATIONAL  MONETARY   COMMISSION. 

paid  as  presented  in  lawful  money  of  the  United  States; 
whereupon  the  Comptroller  may,  in  his  discretion,  cancel 
an  amount  of  bonds  pledged  by  such  association  equal  at 
current  market  rates,  not  exceeding  par,  to  the  notes 
paid. 
Sale  of  gEC<  5230.  Whenever  the  Comptroller  has  become  sat- 

bpnds    at   auc-  .   * 

tion.  isfied  by  the  protest  or  the  waiver  and  admission  speci- 

J une  3, 1864,  . 

c.  106,  ss.  47,  fied  m  section  fifty-two  hundred  and  twenty-six,  or  by 
114.  the  report  provided  for  in  section  fifty-two  hundred  and 

twenty-seven,  that  any  association  has  refused  to  pay  its 
circulating  notes,  he  may,  instead  of  cancelling  its  bonds, 
cause  so  much  of  them  as  may  be  necessary  to  redeem  its 
outstanding  notes  to  be  sold  at  public  auction  in  the  city 
of  Xewr  York,  after  giving  thirty  days'  notice  of  such 
sale  to  the  association.  For  any  deficiency  in  the  pro- 
ceeds of  all  the  bonds  of  an  association,  when  thus  sold, 
to  reimburse  to  the  United  States  the  amount  expended 
in  paying  the  circulating  notes  of  the  association,  the 
United  States  shall  have  a  paramount  lien  upon  all  its 
assets;  and  such  deficiency  shall  be  made  good  out  of 
such  assets  in  preference  to  any  and  all  other  claims 
whatsoever,  except  the  necessary  costs  and  expenses  of 
administering  the  same. 

sale    of      SEC.  5231.  The  Comptroller  may,  if  he  deems  it  for  the 
va°eSsafe.         interest  of  the  United  States,  sell  at  private  sale  any  of 

Ibid     s    49 

the  bonds  of  an  association  shown  to  have  made  default 
in  paying  its  notes,  and  receive  therefor  either  money  or 
the  circulating  notes  of  the  association.  But  no  such 
bond  shall  be  sold  by  private  sale  for  less  than  par,  nor 
for  less  than  the  market-value  thereof  at  the  time  of  sale; 
and  no  sales  of  any  such  bonds,  either  public  or  private, 
shall  be  complete  until  the  transfer  of  the  bonds  shall 
have  been  made  with  the  formalities  prescribed  by  sec- 
tions fifty-one  hundred  and  sixty-two,  fifty-one  hundred 
and  sixty-three,  and  fifty-one  hundred  and  sixty-four. 
Disposal  of  SEC.  5232.  The  Secretarv  of  the  Treasurv  mav.  from 

protested  notes. 

ibid.,  s.  47.  time  to  time,  make  such  regulations  respecting  the  dis- 
position to  be  made  of  circulating  notes  after  presenta- 
tion at  the  Treasury  of  the  United  States  for  payment, 
and  respecting  the  perpetuation  of  the  evidence  of  the 
payment  thereof,  as  may  seem  to  him  proper. 

cancel-      SFC  5233.  All  notes  of  national  banking  associations 

Intion     of    na-  ^ 

notes1' ~'>auk  Presented  at  the  Treasury  of  the  United  States  for  pay- 
ibid.  ment  shall,  on  being  paid,  be  canceled. 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  673 


SEC.  5234.  On  becoming  satisfied,  as  specified  in  sec- 
tions  fifty-two  hundred  and  twenty-six  and  fifty-two  him-  ers/&(V7   s  50 
dred  and  twenty-seven,  that  any  association  has  refused  cju°56    as87?' 
to  pay  its  circulating  notes  as  therein  mentioned,  an^3>Ken9n^dy8u 
is  in  default,  the  Comptroller  of  the  Currency  may  forth-  W!1{)1S0498)(^ 
with  appoint  a  receiver,  and  require  of  him  such  bond 
and  security  as  he  deems  proper.     Such  receiver,  under 
the  direction  of  the  Comptroller,  shall  take  possession  ^a 
of  the  books,  records,  and  assets  of  every  description  of  1,^ 
such  association,  collect  all  debts,  dues,  and  claims  be-e_r,^4et<;- 
longing  to  it.  and,  upon  the  order  of  a  court  of  record  &al.   N^ionai 

Bank  i~.  Bailey 

of  competent  jurisdiction,  may  sell  or  compound  all  bad||2      Biatch., 

or  doubtful  debts,  and,  on  a  like  order,  may  sell  all  the  B^k  e^  (  2  6 

real  and  personal  property  of  such  association,  on  such 

terms  as  the  court  shall  direct  ;  and  may,  if  necessary  to 

pay  the  debts  of  such  association,  enforce  the  individual 

liability  of  the  stockholders.     Such  receiver,  shall  pay 

over  all  money  so  made  to  the  Treasurer  of  the  United 

States,  subject  to  the  order  of  the  Comptroller,  and  also 

make  report  to  the  Comptroller  of  all  his  acts  and  pro- 

ceedings. 

SEC.  5236.  From  time  to  time,  after  full  provision  has    Dividends. 

1  Ibul..       June 

been  first  made  for  refunding  to  the  United  States  any  ?o,     1876,    c. 

"  i°c>   s-    a>   v. 
deficiency  in  redeeming  the  notes  of  such  association,  the  19-  P-  G3- 

Comptroller  shall  make  a  ratable  dividend  of  the  monev  Bethel  v.  rah- 

.,,..,.  ""    quioque      Bank 

so  paid  over  to  him  by  such  receiver  on  all  such  claims  as  (  1  •*  w  a  1  1  .  , 

may  have  been  proved  to  his  satisfaction  or  adjudicated 

in  a  court  of  competent  jurisdiction,  and,  as  the  proceeds 

of  the  assets  of  such  association  are  paid  over  to  him, 

shall  make  further  dividends  on  all  claims  previously 

proved  or  adjudicated;  and  the  remainder  of  the  proceeds. 

if  any,  shall  be  paid  over  to  the  shareholders  of  such 

association,  or  their  legal  representatives,  in  proportion 

to  the  stock  by  them  respectively  held. 

SEC.  5237.  Whenever  an  association  against  which  pro-      injunction 

T  i  •  p.  TIT  llP°n     receiver- 

ceedings  have  been  instituted,  on  account  or  anv  alleged  ship. 

£        f,  i  i     '•  £  -j     j  Jmie3.  1SG4, 

refusal  to  redeem  its  circulating  notes  as  aforesaid,  de-  c.  IOG,  s.  50,  v. 
nies  having  failed  to  do  so,  it  may,  at  any  time  within 
ten  days  after  it  has  been  notified  of  the  appointment  of 
an  agent  as  provided  in  section  fifty-two  hundred  and 
twenty-seven,  apply  to  the  nearest  circuit,  or  district, 
or  territorial  court  of  the  United  States  to  enjoin  further 
proceedings  in  the  premises;  and  such  court,  after  citing 
the  Comptroller  of  the  Currency  to  show  cause  why  fur- 


674  NATIONAL  MONETARY   COMMISSION. 

ther  proceedings  should  not  be  enjoined,  and  after  the  de- 
cision of  the  court  or  finding  of  a  jury  that  such  asso- 
ciation has  not  refused  to  redeem  its  circulating  notes, 
when  legally  presented,  in  the  lawful  money  of  the  United 
States,  shall  make  an  order  enjoining  the  Comptroller, 
and  any  receiver  acting  under  his  direction,  from  all  fur- 
ther proceedings  on  account  of  such  alleged  refusal. 
Fees  and  ex-  gEC<  5938.  All  fees  for  protesting  the  notes  issued  by  any 
ma.,  s.  si,  nationai  banking  association  shall  be  paid  by  the  person 
procuring  the  protest  to  be  made,  and  such  association 
shall  be  liable  therefor;  but  no  part  of  the  bonds  depos- 
ited by  such  association  shall  be  applied  to  the  payment 
of  such  fees.  All  expenses  of  any  preliminary  or  other 
examinations  into  the  condition  of  any  association  shall 
be  paid  by  such  association.  All  expenses  of  any  receiver- 
ship shall  be  paid  out  of  the  assets  of  such  association 
before  distribution  of  the  proceeds  thereof. 

whern  void6  r  s  '      SEC-  5242-  A11  transfers  of  the  notes,  bonds,  bills  of 

7b(>?.,  s.  52,  exchange,  or  other  evidences  of  debt  owing  to  any  na- 

Banka  r'^oib1  ti°nal  banking  association,  or  of  deposits  to  its  credit; 


eon!  -T'ase1  V  a^  assignmcnts  of  mortgages,  sureties  on  real  estate,  or 
k    (2  of  judgments   or  decrees  in  its  favor;   all   deposits  of 
e'iM^  money?  bullion,  or  other  valuable  thing  for  its  use,  or  for 
iV°ndsY  7M)n'  tne  use  °^  anv  °f  its  shareholders  or  creditors;  and  all 
Nat.  Bank   (6  payments  of  money  to  either,  made  after  the  commission 
of  an  act  of  insolvency,   or   in   contemplation   thereof, 
made  with  a  view  to  prevent  the  application  of  its  assets 
in  the  manner  prescribed  by  this  chapter,  or  with  a  view 
to  the  preference  of  one  creditor  to  another,  except  in 
payment  of  its  circulating  notes,  shall  be  utterly  null  and 
void;  and  no  attachment,  injunction  or  execution,  shall  be 
issued  against  such  association  or  its  property  before  final 
judgment  in  any  suit,  action,  or  proceeding,  in  any  State, 
county,  or  municipal  court. 
rse  of  the  ti-      SEC.   5243.  All  banks  not  organized   and  transacting 

tie  "  national."  .  .  . 

Mar.  3,  1873,  business  under  the  national-currency  laws,  or  under  this 

c.   269.  s.  3,  v.  .    J        -    .  . 

17,  p.  003.  Title,  and  all  persons  or  corporations  doing  the  business 
of  bankers,  brokers,  or  savings  institutions,  except  sav- 
ings-banks authorized  by  Congress  to  use  the  word  u  na- 
tional "  as  a  part  of  their  corporate  name,  are  prohibited 
from  using  the  word  "  national  "  as  a  portion  of  the  name 
or  title  of  such  bank,  corporation,  firm,  or  partnership; 
and  any  violation  of  this  prohibition  committed  after  the 
third  day  of  September,  eighteen  hundred  and  seventy- 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  675 

three,  shall  subject  the  party  chargeable  therewith  to  a 
penalty  of  fifty  dollars  for  each  day  during  which  it  is 
committed  or  repeated. 

Section  5413,  as  codified  in  section  147  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 
1115)  : 

The  words  "  obligation  or  other  security  of  the  United  or"  ^"f^u" 
States"  shall  be  held  to  mean  all  bonds,  certificates  of  in-  uLi  ted  states" 
debtedness,    national-bank    currency,    coupons,    United  defined. 
States  notes,  Treasury  notes,  gold  certificates,  silver  cer- 
tificates,  fractional   notes,   certificates  of   deposit,   bills, 
checks,  or  drafts  for  money,  drawn  by  or  upon  authorized 
officers  of  the  United  States,  stamps  and  other  representa- 
tives of  value,  of  whatever  denomination,  which  have 
been  or  may  be  issued  under  any  Act  of  Congress. 

Section  5414,  as  codified  in  section  148  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 
1115)  : 

Whoever,     with     intent     to     defraud,     shall     falsely  COuntSfe1t  i  n  g 
make,  forge,  counterfeit,  or  alter  any  obligation  or  other  securities. 

;  '  .  J  °  Punishment 

security  of  the  United  States  shall  be  fined  not  more  than  for. 
five  thousand  dollars  and  imprisoned  not  more  than  fif- 
teen years. 

Section  5415,  as  codified  in  section  149  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 
1115)  : 

Whoever  shall  falsely  make,  forge,  or  counterfeit,  or  { nCg 
cause  or  procure  to  be  made,  forged,  or  counterfeited,  or  bank  notes- 
shall  willingly  aid  or  assist  in  falsely  making,  forging, 
or  counterfeiting,  any  note  in  imitation  of,  or  purporting 
to  be  in  imitation  of.  the  circulating  notes  issued  by  any 
banking  association  now  or  hereafter  authorized  and  act- 
ing under  the  laws  of  the  United  States ;  or  whoever  shall 
pass,  utter,  or  publish,  or  attempt  to  pass,  utter,  or  pub- 
lish, any  false,  forged,  or  counterfeited  note,  purporting 
to  be  issued  by  any  such  association  doing  a  banking  busi- 
ness, knowing  the  same  to  be  falsely  made,  forged,  or 
counterfeited;  or  whoever  shall  falsely  alter,  or  cause  or 
procure  to  be  falsely  altered,  or  shall  willingly  aid  or 
assist  in  falsely  altering,  any  such  circulating  notes,  or 
shall  pass,  utter  or  publish,  or  attempt  to  pass,  utter,  or 
publish  as  true,  any  falsely  altered  or  spurious  circulating 
note  issued,  or  purporting  to  have  been  issued,  by  any 
such  banking  association,  knowing  the  same  to  be  falsely 


676  NATIONAL,  MONETARY   COMMISSION. 

fo^unishment  altered  or  spurious,  shall  be  fined  not  more  than  one 
thousand  dollars  and  imprisoned  not  more  than  fifteen 
years. 

Section  5430,  as  codified  in  section  150  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat,  L., 
1116)  : 

toUsr?ift  Pnotes  "Whoever,  having  control,  custody,  or  possession  of  any 
thorit*  °  etc  au  P^a*e5  stone,  or  other  thing,  or  any  part  thereof,  from 
which  has  been  printed,  or  which  may  be  prepared  by 
direction  of  the  Secretary  of  the  Treasury  for  the  purpose 
of  printing,  any  obligation  or  other  security  of  the 
United  States,  shall  use  such  plate,  stone,  or  other  thing, 
or  any  part  thereof,  or  knowingly  suffer  the  same  to  be 
used  for  the  purpose  of  printing  any  such  or  similar  obli- 
gation or  other  security,  or  any  part  thereof,  except  as 
may  be  printed  for  the  use  of  the  United  States  by  order 
of  the  proper  officer  thereof ;  or  whoever  by  any  way,  art, 
or  means  shall  make  or  execute,  or  cause  or  procure  to  be 
made  or  executed,  or  shall  assist  in  making  or  executing 
any  plate,  stone,  or  other  thing  in  the  likeness  of  any  plate 
designated  for  the  printing  of  such  obligation  or  other 
security;  or  whoever  shall  sell  any  such  plate,  stone,  or 
other  thing,  or  bring  into  the  United  States  or  any  place 
subject  to  the  jurisdiction  thereof,  from  any  foreign  place, 
any  such  plate,  stone,  or  other  thing,  except  under  the 
direction  of  the  Secretary  of  the  Treasury  or  other  proper 
officer,  or  with  any  other  intent,  in  either  case,  than  that 
such  plate,  stone,  or  other  thing  be  used  for  the  printing 
of  the  obligations  or  other  securities  of  the  United  States ; 
or  whoever  shall  have  in  his  control,  custody,  or  posses- 
sion any  plate,  stone,  or  other  thing  in  any  manner  made 
after  or  in  the  similitude  of  any  plate,  stone,  or  other 
thing,  from  which  any  such  obligation  or  other  security 
has  been  printed,  with  intent  to  use  such  plate,  stone,  or 
other  thing,  or  to  suffer  the  same  to  be  used  in  forging  or 
counterfeiting  any  such  obligation  or  other  security,  or 
any  part  thereof;  or  whoever  shall  have  in  his  possession 
or  custody,  except  under  authority  from  the  Secretary  of 
the  Treasury  or  other  proper  officer,  any  obligation  or 
other  security  made  or  executed,  in  whole  or  in  part,  after 
the  similitude  of  any  obligation  or  other  security  issued 
under  the  authority  of  the  United  States,  with  intent  to 
sell  or  otherwise  use  the  same;  or  whoever  shall  print, 
photograph,  or  in  any  other  manner  make  or  execute,  or 


LAWS   CONCERNING    MONEY,   BANKING,   AND   LOANS.  677 

cause  to  be  printed,  photographed,  made,  or  executed,  or 
shall  aid  in  printing,  photographing,  making,  or  execut- 
ing any  engraving,  photograph,  print,  or  impression  in 
the  likeness  of  any  such  obligation  or  other  security,  or 
any  part  thereof,  or  shall  sell  any  such  engraving,  photo- 
graph, print,  or  impression,  except  to  the  United  States, 
or  shall  bring  into  the  United  States,  or  any  place  sub- 
ject to  the  jurisdiction  thereof,  from  any  foreign  place 
any  such  engraving,  photograph,  print,  or  impression,  ex- 
cept by  direction  of  some  proper  officer  of  the  United 
States;  or  whoever  shall  have  or  retain  in  his  control  or 
possession,  after  a  distinctive  paper  has  been  adopted  by  pa™r  "without 
the  Secretary  of  the  Treasury  for  the  obligations  and  authority. 
other  securities  of  the  United  States,  any  similar  paper 
adapted  to  the  making  of  any  such  obligation  or  other 
security,  except  under  the  authority  of  the  Secretary  of 
the  Treasury  or  some  other  proper  officer  of  the  United 
States,  shall  be  fined  not  more  than  five  thousand  dollars, ,  Punishment 

•  tor. 

or  imprisoned  not  more  than  fifteen  years,  or  both. 

Section  5431,  as  codified  in  section  151  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 

1116)  : 

Whoever,  with  intent  to  defraud,  shall  pass,  utter,  pub-  fo^gedrin0Sbn-a- 
lish,  or  sell,  or  attempt  to  pass,  utter,  publish,  or  sell,  or  tions- 
shall  bring  into  the  United  States  or  any  place  subject  to 
the  jurisdiction  thereof,  with  intent  to  pass,  publish,  utter 
or  sell,  or  shall  keep  in  possession  or  conceal  with  like 
intent,  any  falsely  made,  forged,  counterfeited,  or  altered 
obligation  or  other  security  of  the  United  States,  shall  be     Punishment 
fined  not  more  than  five  thousand  dollars  and  imprisoned 
not  more  than  fifteen  years. 

Section  5432,  as  codified  in  section  152  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 

1117)  : 

Whoever,  without  authority  from  the  United  States.  pl^^    \mj 
shall  take,  procure,  or  make,  upon  lead,  foil,  wax,  plaster,  [UentsSctc 
paper,  or  any  other  .substance  or  material,  an  impression, 
stamp,  or  imprint  of,  from,  or  by  the  use  of  any  bedplate, 
bedpiece,  die.  roll,  plate,  seal,  type,  or  other  tool,  imple- 
ment, instrument,  or  thing  used  or  fitted  or  intended  to  be 
used  in  printing,  stamping,  or  impressing,  or  in  making 
other  tools,  implements,  instruments,  or  things  to  be  used 
or  fitted  or  intended  to  be  used  in  printing,  stamping,  or 
impressing  any  kind  or  description  of  obligation  or  other 


678  NATIONAL  MONETARY   COMMISSION. 

security  of  the  United  States  now  authorized  or  hereafter 
to  be  authorized  by  the  United  States,  or  circulating  note 
or  evidence  of  debt  of  any  banking  association  under  the 

Punishment  laws  thereof,  shall  be  fined  not  more  than  five  thousand 
dollars,  or  imprisoned  not  more  than  ten  years,  or  both. 

Section  5433,  as  codified  in  section  153  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 
1117)  : 

Haying   un-     AYhoever,  with  intent  to  defraud,  shall  have  in  his  pos- 

lawful    posses-  ' 

sion  of  impres-  session,  keeping,  custody,  or  control,  without  authority 
from  the  United  States,  any  imprint,  stamp,  or  impres- 
sion, taken  or  made  upon  any  substance  or  material  what- 
soever, of  any  tool,  implement,  instrument,  or  thing,  used, 
or  fitted  or  intended  to  be  used,  for  any  of  the  purposes 
mentioned  in  the  preceding  section;  or  whoever,  with 
intent  to  defraud,  shall  sell,  give,  or  deliver  any  such 

^Punishment  imprint,  stamp,  or  impression  to  any  other  person,  shall 
be  fined  not  more  than  five  thousand  dollars,  or  impris- 
oned not  more  than  ten  years,  or  both. 

Section  5434,  as  codified  in  section  154  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L., 
1117): 
Dealing    in     Whoever  shall  buv.  sell,  exchange,  transfer,  receive,  or 

counterfeit    se-  i  -  to.  '  . 

curities.  deliver  any  false,  forged,  counterfeited,  or  altered  obliga- 

tion or  other  security  of  the  United  States,  or  circulating 
note  of  any  banking  association  organized  or  acting  under 
the  laws  thereof,  which  has  been  or  may  hereafter  be 
issued  by  virtue  of  any  Act  of  Congress,  with  the  intent 
that  the  same  be  passed,  published,  or  used  as  true  and 
Punishment  genuine,  shall  be  fined  not  more  than  five  thousand  clol- 

for.  . 

lars,  or  imprisoned  not  more  than  ten  years,  or  both. 
False  person-      SEC.   5435.  Every  person  who   falselv  personates  anv 

ation    <>f    hold-  11*1111  j>  i  •       j.i  IT' 

er    of    nubile  true  and  lawful  holder  of  any  share  or  sum  in  the  public 
Mai-'. :',,  1*25,  stocks  or  debt  of  the  United  States,  or  anv  person  entitled 

c.  65,  s.   18,   v.  ,.     .  , 

4,  p.  120.  to  any  annuity,  dividend,  pension,  prize-money,  wages,  or 
other  debt  due  from  the  United  States,  and.  under  color 
of  such  false  personation,  transfers  or  endeavors  to  trans- 
fer such  public  stock  or  any  part  thereof,  or  receives  or 
endeavors  to  receive  the  money  of  such  true  and  lawful 
holder  thereof,  or  the  money  of  any  person  really  entitled 
to  receive  such  annuity,  dividend,  pension,  prize-money, 
wages,  or  other  debt,  shall  be  punished  by  a  fine  of  not 
more  than  five  thousand  dollars,  and  by  imprisonment  at 
hard  labor  not  more  than  ten  years.  (Amended,  35  Stat. 
L..  1005.) 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  679 


SEC.  5436.  Every  person  who  knowingly  or  fraudu- 
lently  demands  or  endeavors  to  obtain  any  share  or  sumP^er  of  at- 
in  the  public  stocks  of  the  United  States,  or  to  have  any  Ibi 
part  thereof  transferred,  assigned,  sold,  or  conveyed,  or 
to  have  any  annuity,  dividend,  pension,  prize-money, 
wages,  or  other  debt  due  from  the  United  States,  or  any 
part  thereof,  received  or  paid  by  virtue  of  any  false, 
forged,  or  counterfeited  power  of  attorney,  authority,  or 
instrument,  shall  be  punished  by  a  fine  of  not  more  than 
five  thousand  dollars,  and  by  imprisonment  at  hard  labor 
not  more  than  ten  years.  (Amended,  35  Stat.  L..  1095.) 

Section  5437,  as  codified  in  section  174  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat,  L., 
1122)  : 

In  all  cases  where  the  charter  of  any  corporation  which,  ..f  i 

^  r  .          bills  of  expired 

has  been  or  may  be  created  by  Act  of  Congress  has  expired  tanks. 

or  may  hereafter  expire,  if  any  director,  officer,  or  agent 

of  the  corporation,  or  any  trustee  thereof,  or  any  agent  of 

such  trustee,  or  any  person  having  in  his  possession  or 

under  his  control  the  property  of  the  corporation  for  the 

purpose  of  paying  or  redeeming  its  notes  and  obligations, 

shall  knowingly  issue,  reissue,  or  utter  as  money,  or  in 

any  other  way  knowingly  put  in  circulation  any  bill,  note, 

check,  draft,  or  other  security  purporting  to  have  been 

made  by  any  such  corporation  whose  charter  has  expired, 

or  by  any  officer  thereof,  or  purporting  to  have  been  made 

under  authority  derived  therefrom,  or  if  any  person  shall 

knowingly  aid  in  any  such  act,  he  shall  be  fined  not  more     Punishment 

than  ten  thousand  dollars,  or  imprisoned  not  more  than 

five  years,  or  both.     But  nothing  herein  shall  be  construed 

to  make  it  unlawful  for  any  person,  not  being  such  di- 

rector. officer,  or  agent  of  the  corporation,  or  any  trustee 

thereof,  or  anv  agent  of  such  trustee,  or  anv  person  hav-     circulation 

&  .  permitted. 

mg  in  his  possession  or  under  his  control  the  property 
of  the  corporation  for  the  purpose  hereinbefore  sot  forth, 
who  has  received  or  may  hereafter  receive  such  bill,  note. 
check,  draft,  or  other  security,  bona  fide  and  in  the  ordi- 
nary transactions  of  business,  to  utter  as  money  or  other- 
wise circulate  the  same. 

Section  5453,  as  codified  in  section  155  of  the  Penal 
Code  of  the  United  States,  March  4,  1909  (35  Stat.  L. 
1117)  : 

Whoever,  without  authority  from  the  United  States.  ..-X'zzn  n°s 
shall  secrete  within,  embezzle,  or  take  and  carry  away  *°e°!?  aa,°d  fn(\"r 
from  any  building,  room,  office,  apartment,  vault,  safe,  or})t'j^Uus  S('('1"' 


680  NATIONAL  MONETARY   COMMISSION. 

other  place  where  the  same  is  kept,  used,  employed,  placed, 
lodged,  or  deposited  by  authority  of  the  United  States, 
any  bedpiece,  bedplate,  roll,  plate,  die,  seal,  type,  or  other 
tool,  implement,  or  thing  used  or  fitted  to  be  used  in 
stamping  or  printing,  or  in  making  some  other  tool  or 
implement  used  or  fitted  to  be  used  in  stamping  or  print- 
ing, any  kind  or  description  of  bond,  bill,  note,  certificate, 
coupon,  postage  stamp,  revenue  stamp,  fractional  cur- 
rency note,  or  other  paper,  instrument,  obligation,  device, 
or  document,  now  or  hereafter  authorized  by  law  to  be 
printed,  stamped,  sealed,  prepared,  issued,  uttered,  or  put 
in  circulation  on  behalf  of  the  United  States ;  or  whoever, 
without  such  authority,  shall  so  secrete,  embezzle,  or  take 
and  carry  away  any  paper,  parchment,  or  other  material 
prepared  and  intended  to  be  used  in  the  making  of  any 
such  papers,  instruments,  obligations,  devices,  or  docu- 
ments; or  whoever,  without  such  authority,  shall  so  se- 
crete, embezzle,  or  take  and  carry  away  any  paper,  parch- 
ment, or  other  material  printed  or  stamped,  in  whole  or 
part,  and  intended  to  be  prepared,  issued,  or  put  in  circu- 
lation on  behalf  of  the  United  States  as  one  of  the  papers, 
instruments,  or  obligations  hereinbefore  named,  or  printed 
or  stamped,  in  whole  or  part,  in  the  similitude  of  any  such 
paper,  instrument,  or  obligation,  whether  intended  to  issue 
Punishment  or  put  the  same  in  circulation  or  not,  shall  be  fined  not 
more  than  five  thousand  dollars,  or  imprisoned  not  more 
than  ten  years,  or  both. 


ACTS  SUBSEQUENT   TO   THE  REVISED   STATUTES. 

ACT  OF  JUNE  20,  1874. 
is  stat.  L.,  CHAP.  343. — An  act  fixinq  the  amount  of  United  States 

pt    3    p    123 

notes,  providing  for  a  redistribution  of  the  national- 
~bank  currency,  and  for  other  purposes. 

***** 
s.    :u,    ch.     SEC.  2.  That  section  thirty-one  of  the  "the  national- 

106,    vol.    xiii,  . 

P.  los.  bank  act     be  so  amended  that  the  several  associations 

therein  provided  for  shall  not  hereafter  be  required  to 

keep  on  hand  any  amount  of  money  whatever,  by  reason 

reserwsSon  dr-°^  ^1C  amonnt  of  their  respective  circulations;  but  the 

''"'up'serves  on  moneys  required  by  said  section  to  be  kept  at  all  times 

talncdSlts  re"on  hand  shall  be  determined  by  the  amount  of  deposits 

in  all  respects,  as  provided  for  in  the  said  section. 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  681 

SEC.    3.  That    every   association    organized,   or   to   be     Five    per 

•>  °  '  cent,   on   circu- 

organized,  under  the  provisions  of  the  said  act,  and  of  '^on  tto  be  de- 
the  several  acts  amendatory  thereof,  shall  at  all  times  Treasury  for 

^  redemption    o  f 

keep  and  have  on  deposit  in  the  treasury  of  the  United  circulation. 

States,  in  lawful  money  of  the  United  States,  a  sum 

equal  to  five  per  centum  of  its  circulation,  to  be  held  and 

used  for  the  redemption  of  such  circulation;  which  sum 

shall  be  counted  as  a  part  of  its  lawful  reserve,  as  pro-     TO  be  count- 

o  cl    us    p n.  r t   of 

vided  in  section  two  of  this  act ;  and  when  the  circulating  reserve. 
notes  of  any  such  associations,  assorted  or  unassorted,     Notes  to  be 

.  redeemed    on 

shall  be  presented  lor  redemption,  in  sums  of  one  thou-  presentation  to 

r_T  i*  G  M  s  u  r  G  r . 

sand  dollars,  or  any  multiple  thereof,  to  the  Treasurer 
of  the  United   States,  the  same  shall  be  redeemed  in 

United   States  notes.     All  notes   so  redeemed   shall  be     TO  be  charg- 
ed    to     respec- 

charged  by  the  Treasurer  of  the  United  States  to  the  t.i  v  e  associa- 
respective  associations  issuing  the  same,  and  he  shall  notify  Monthly  no- 

J  '  *'   tice  of  redemp- 

them  severally,  on  the  first  day  or  each  month,  or  oitener,  tions. 
at  his  discretion,  of  the  amount  of  such  redemptions; 
and  whenever  such  redemptions  for  any  association  shall 
amount  to  the  sum  of  five  hundred  dollars,  such  associa-  T  P^^uY" r 
tion  so  notified  shall  forthwith  deposit  with  the  Treas-  £mouI?0tteseq "|! 
urer  of  the  United  States  a  sum  in  United  States  notes  deemed,  when. 
equal  to  the  amount  of  its  circulating-notes  so  redeemed. 
And  all  notes  of  national  banks  worn,  defaced,  mutilated,  tretsSurerSt  ami 
or  otherwise  unfit  for  circulation  shall,  when  received  by  f^v^l  rimut° 
any  assistant  treasurer,  or  at  any  designated  depository  of  Tourer68  for 
the  United  States,  be  forwarded  to  the  Treasurer  of  the  red^^^°gn-  re_ 
United  States  for  redemption  as  provided  herein.     And  Deemed  ^to^  be 
when  such  redemptions  have  been  so  re-imbursed,  the  cir-  associations. 
oulating-notes  so  redeemed  shall  be  forwarded  to  the  re- 
spective associations  by  which  they  \vere  issued ;  but  if 
any  of  such  notes  are  worn,  mutilated,  defaced,  or  ren-  *° 
dered  otherwise  unfit  for  use,  they  shall  be  forwarded  j;™1^1'  £, 
to  the  Comptroller  of  the  Currency  and  destroyed  and       .^  n  (1 
replaced  as  now  provided  by  law :  Provided,  That  each  of 
said   associations  shall  re-imburse  to  the  Treasury  the Jrgnsjpo rating 
charges  for  transportation,  and  the  costs  for  assorting  ^Associations 
such  notes;  and  the  associations  hereafter  organized  shall  ^JJ^J^w? 
also  severally  re-imburse  to  the  Treasury  the  cost  of  on-  '^[f^on^ 
graving  such  plates  as  shall  be  ordered  by  each  associn-  assessment    of 
tion  respectively:   and   the  amount  assessed  upon  each    Kopeaiofpart 

•'  '  l  of   sec.    .52,   ch. 

association  shall  be  in  proportion  to  the  circulation  re-  ^"j-,,,,™1-  xiii- 
deemed,  and  be  charged  to  the  fund  on  deposit  with  the  tj  jyoegf*jjgji£ 
Treasurer:  And  provided  further,  That  so  much  of  sec- than  as  herein 

'  .  provided  for. 

tion  thirty-two  of  said   national-bank  act  requiring  or 
15712°— 10 -44 


682  NATIONAL  MONETARY   COMMISSION. 

permitting  the  redemption  of  its  circulating  notes  else- 
where than  at  its  own  counter  except  as  provided  for  in 
this  section,  is  hereby  repealed. 

of  drcudational     SEC.  ^  That  any  association  organized  under  this  act, 

or  any  of  the  acts  of  which  this  is  an  amendment,  desir- 

ing to  withdraw  its  circulating  notes,  in  whole  or  in 

part,  may,  upon  the  deposit  of  lawful  money  with  the 

Treasurer  of  the  United  States  in  sums  of  not  less  than 

nine  thousand  dollars,  take  up  the  bonds  which  said  asso- 

ciation has  on  deposit  with  the  treasurer  for  the  security 

of  such  circulating-notes  ;  which  bonds  shall  be  assigned  to 

lot  e°voi9'  xm'  *ne  bank  in  the  manner  specified  in  the  nineteenth  sec- 

P-  jk>-em  ti  0  n  tion  of  the  national-bank  act  ;  and  the  outstanding  notes 

and  destruction  Of  said   association,   to  an  amount  equal  to  the  legal- 

of   outstanding  / 

notes.  tender  notes  deposited,  shall  be  redeemed  at  the  Treas- 

ury of  the  United  States,  and  destroyed  as  now  provided 

Limit  to  re-bv  law:  Provided.  That  the  amount  of  the  bonds  on 

ductionof-          .  t  '  . 

bosids   °n   de  dePosit  f°r  circulation  shall  not  be  reduced  below  fifty 

thousand  dollars. 
charter  num-     gEC-  5.  That  the  Comptroller  of  the  Currency  shall. 

bers  of  associa-  «/ 

tions   to   be  under  such  rules  and  regulations  as  the  Secretarv  of  the 

printed  on   na-  .     fc 

t  i  o  nai-bank  Treasurv  mav  prescribe,  cause  the  charter-numbers  of 

notes.  .      .    "  . 

the  association  to  be  printed  upon  all  national-bank  notes 
which  may  be  hereafter  issued  by  him. 
of  out°      SEC-  6-  That  the  amount  of  United  States  notes  out- 


united  dsta°es  standing  and  to  be  used  as  a   part  of  the  circulating- 

n°No'    art   tomedium,  shall  not  exceed  the  sum  of  three  hundred  and 

serveeld  as  re  eighty-two  million  dollars,  which  said  sum  shall  appear 

in  each  monthly  statement  of  the  public  debt,  and  no 

part  thereof  shall  be  held  or  used  as  a  reserve. 


paS  eo?ch.  252$      SEC-  7-  That  so  much  of  tne  act  entitled  "An  act  to 

vol.  xvi,  p.  251.  provide  for  the  redemption  of  the  three  per  centum  tem- 

porary loan  certificates,  and  for  an  increase  of  national 

bank   notes  "   as   provides   that   no   circulation   shall   be 

withdrawn  under  the  provisions  of  section  six  of  said 

act,  until  after  the  fifty-four  millions  granted  in  section 

one  of  said  act  shall  have  been  taken  up,  is  hereby  re- 

pealed; and  it  shall  be  the  duty  of  the  Comptroller  of 

the  Currency,  under  the  direction  of  the  Secretarv  of  the 

Treasury,  to  proceed  forthwith,  and  he  is  hereby  author- 

ized  and   required,   from  time  to  time,  as  applications 

0fTurhrenc7tisna11  be  dul.v  mac]e  therefor,  and  until  the  full  amount  of 

bTere  diltribu-  fifty-fi™  million   dollars  shall  be  withdrawn,   to  make 

tlon-  requisitions  upon  each  of  the  national  banks  described 

in  said  section,  and  in  the  manner  therein  provided,  or- 


LAWS   CONCERNING   MONEY,    BANKING,   AND   LOANS.  683 

ganized  in  States  having  an  excess  of  circulation,  to 
withdraw  and  return  so  much  of  their  circulation  as  by 
said  act  may  be  apportioned  to  be  withdrawn  from  them, 
or,  in  lieu  thereof,  to  deposit  in  the  Treasury  of  the 
United  States  lawful  money  sufficient  to  redeem  such 
circulation,  and  upon  the  return  of  the  circulation  re- 
quired, or  the  deposit  of  lawful  money,  as  herein  pro- 
vided, a  proportionate  amount  of  the  bonds  held  to  secure 
the  circulation  of  such  association  as  shall  make  such  re- 
turn or  deposit  shall  be  surrendered  to  it. 

SEC.  8.  That  upon  the  failure  of  the  national  banks     when  n  a  - 

,.,  ...         ,,         .        ,      .          i     n  i  T  » tlonal  b  a  n  k  s 

upon  which  requisition  for  circulation  shall  be  made,  or  ot  fan  to  comply 

,  .     with       requisi- 

anv  or  them,  to  return  the  amount  required,  or  to  deposit  iions.  duty  of 

*  ,        _,  ici  i  i          •         i      •         Comptroller. 

in  the  .Treasury  lawful  money  to  redeem  the  circulation  sec.  49,  ch. 
required,  within  thirty  days,  the  Comptroller  of  the  Cur- 114! 
rency  shall  at  once  sell,  as  provided  in  section  forty- 
nine  of  the  national-currency  act  approved  June  third, 
eighteen  hundred  and  sixty-four,  bonds  held  to  secure  the 
redemption  of  the  circulation  of  the  association  or  associ- 
ations which  shall  so  fail,  to  an  amount  sufficient  to  re- 
deem the  circulation  required  of  such  association  or  as- 
sociations, and  with  the  proceeds,  which  shall  be  deposited 
in  the  Treasury  of  the  United  States,  so  much  of  the  cir- 
culation of  such  association  or  associations  shall  be  re- 
deemed as  will  equal  the  amount  required  and  not  re- 
turned and  if  there  be  any  excess  of  proceeds  over  the 
amount  required  for  such  redemption,  it  shall  be  returned 
to  the  association  or  associations  whose  bonds  shall  have 

been  sold.     And  it  shall  be  the  duty  of  the  Treasurer,     Duty     of 
.  ,      .          ,-11          'j.      •  i        .•         i  treasurer,   as- 

assistant  treasurers,  designated  depositaries,  and  national  sistants,    and 
bank  depositaries  of  the  United   States,  who   shall  be 
kept  informed  by  the  Comptroller  of  the  Currency  of  such 
associations   as   shall   fail   to   return   circulation   as   re- 
quired, to  assort  and  return  to  the  Treasury  for  redemp- 
tion the  notes  of  such  associations  as  shall  come  into  their 
hands  until  the  amount  required  shall  be  redeemed,  and     uodempti  o  n 
in  like  manner  to  assort  and  return  to  the  Treasury,  for  banks  iu'iiqui- 
redemption,  the  notes  of  such  national  banks  as  have 
failed,  or  gone  into  voluntary  liquidation  for  the  purpose 
of  winding  up  their  affairs,  and  of  such  as  shall  hereafter 
so  fail  or  go  into  liquidation. 

SEC.  0.  That  from  and  after  the  passage  of  this  act  .  Kedisi  r lim- 
it shall  be  lawful  for  the  Comptroller  of  the  Currency,  r e  n  c  y 
and    he    is    hereby    required,    to    issue    circulating-notes 
without  delay,  as  applications  therefor  are  made,  nof  (o 


684  NATIONAL  MONETARY   COMMISSION. 

exceed  the  sum  of  fifty-five  million  dollars,  to  associ- 
ations organized,  or  to  be  organized,  in  those  States  and 
Territories  having  less  than  their  proportion  of  circula- 
tion, under  an  apportionment  made  on  the  basis  of  popu- 
lation and  of  wealth,  as  shown  by  the  returns  of  the  cen- 
sus of  eighteen  hundred  and  seventy;  and  every  associ- 
ation hereafter  organized  shall  be  subject  to,  and  be 
governed  by,  the  rules,  restrictions,  and  limitations,  and 
possess  the  rights,  privileges,  and  franchises,  now  or 
hereafter  to  be  prescribed  by  law  as  to  national  banking 
associations,  with  the  same  power  to  amend,  alter,  and  re- 
peal provided  by  "  the  national  bank  act  :  "  Provided, 

Limit    to  That  the  whole  amount  of  circulation  withdrawn  and  re- 
withdrawal.  ... 

deemed  from  banks  transacting  business  shall  not  exceed 

fifty-five  million  dollars,  and  that  such  circulation  shall 
be  withdrawn  and  redeemed  as  it  shall  be  necessary  to 
supply  the  circulation  previously  issued  to  the  banks  in 
those  States  having  less  than  their  apportionment  :   And 
Proviso.        provided  further,  That  not  more  than  thirty  million  dol- 
lars shall  be  withdrawn  and  redeemed  as  herein  contem- 
plated during  the  fiscal  year  ending  June  thirtieth,  eight- 
een hundred  and  seventy-five. 
Approved,  June  20,  1874. 

ACT  OF  JUNE  23,  1874. 

is  stat.^L.,  CHAP.  455.  —  An  act  making  appropriations  for  sundry 
civil  expenses  of  the  Government  for  the  -fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  seventy  - 
five,  and  for  other  purposes. 


Notes  to  be      *     *     *,     for  the  maceration  of  national-bank  notes. 

maceration  in-  United  States  notes,  and  other  obligations  of  the  United 

burning.  States  authorized  to  be  destroyed,  ten  thousand  dollars; 

5184,5225,  Re-  and  that  all  such  issues  hereafter  destroyed  may  be  de- 

'stroyed  by  maceration  instead  of  burning  to  ashes  as  now 

provided  by  law;  and  that  so  much  of  sections  twenty- 

four  and  forty-three  of  the  national-currency  act  as  re- 

quires national-bank  notes  to  be  burned  to  ashes  is  hereby 

repealed;  that  the  pulp  from  such  macerated  issue  shall 

btf  disposed  of  only  under  the  direction  of  the  Secretary  of 

the  Treasury. 

***** 

Approved,  June  23,  1S74. 


LAWS  CONCERNING  MONEY,  BANKING,   AND  LOANS.  685 

ACT  OF  JANUARY  14,  1875. 
CHAP.  15. — An  act   to   provide   for   the  resumption  of     is  stat.  L., 

\  ^  '  pt.  3,  p.  296. 

specie  payments. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled. That  the  Secretary  of  the  Treasury  is  hereby  au-  issue  of  sti- 

.  ,  .  -ii  ver     coins     for 

thonzed  and  required,  as  rapidly  as  practicable,  to  cause  the  redemption 
to  be  coined,  at  the  mints  of  the  United  States,  silver  coins  currency  a  u  - 
of  the  denominations  of  ten,  twenty-five,  and  fifty  cents,  of 
standard  value,  and  to  issue  them  in  redemption  of  an 
equal  number  and  amount  of  fractional  currency  of  simi- 
lar denominations,  or,  at  his  discretion,  he  may  issue  such 
silver  coins  through  the  mints,  the  sub-treasuries,  public 
depositaries  and  post-offices  of  the  United  States;  and, 
upon  such  issue,  he  is  hereby  authorized  and  required  to 
redeem  an  equal  amount  of  such  fractional  currency,  until 
the  whole  amount  of  such  fractional  currency  outstanding 
shall  be  redeemed. 

SEC.  2.  That  so  much  of  section  three  thousand  five    Repeal  of  au- 

t  h  o  r  i  t  y     to 

hundred  and  twenty-four  of  the  Revised  Statutes  of  the  charge  a  per- 

"    .  centage       for 

United  States  as  provides  for  a  charge  of  one-fifth  of  one  conversion    o  f 

,,,,,,,..  .     bullion      into 

per  centum  for  converting  standard  gold  bullion  into  coin  coin, 
is  hereby  repealed,  and  hereafter  no  charge  shall  be  made 
for  that  service. 

SEC.  3.  That  section  five  thousand  one  hundred  and  sev- ,,  R  «  p.e  a  J  °£ 

limitation      o  f 

enty-seven  of  the  Revised  Statutes  of  the  United  States  aggreg  a  t  e 

J  ...  amount  of  cir- 

limiting  the  aggregate  amount  of  circulating  notes  of  cuiatiug  notes. 
national  banking  associations,  be,  and  is  hereby,  repealed ; 
and  each  existing  banking  association  may  increase  its 
circulating  notes  in  accordance  with  existing  law  without 
respect  to  said  aggregate  limit;  and  new  banking  associ- 
ations may  be  organized  in  accordance  with  existing  law 
without   respect  to  said  aggregate  limit;   and  the  pro-     ruyp^n  i  ^of 
visions  of  law  for  the  withdrawal  and  redistribution  of  withdrawal 

.     ~  ,  and   redistribu- 

national   bank  currency   among  the  several   States  and  (ion. 

Territories  are  hereby  repealed.     And  whenever,  and  so 

often,  as  circulating  notes  shall  be  issued  to  any  such 

banking  association,  so  increasing  its  capital  or  circulating 

notes,  or  so  newly  organized  as  aforesaid,  it  shall  be  the    rnited  states 

J  notes   in   excess 

duty  of  Secretary  of  the  Treasury  to  redeem  the  legal- <>f$™(M>o<u><><i 

J  ,  to  lie   redeemed 

tender  United  States  notes  in  excess  only  of  three  hundred  •'.'  a  cennin  ra 
million  of  dollars,  to  the  amount  of  eighty  per  centum  of  of   national 

bank       circula- 

the  sum  of  national-bank  notes  so  issued  to  any  such  bank-  Uou. 


686  NATIONAL  MONETAKY  COMMISSION. 

ing  association  as  aforesaid,  and  to  continue  such  re- 
demption as  such  circulating  notes  are  issued  until  there 
shall  be  outstanding  the  sum  of  three  hundred  million 
^Redemption  Collars  of  such  legal-tender  United  States  notes,  and  no 
cofnteafte°rtejann  more*    -^-nd  on  an(^  after  the  first  day  of  January  anno 
i,  1879.  Domini  eighteen  hundred  and  seventy-nine,  the  Secretary 

of  the  Treasury  shall  redeem,  in  coin,  the  United  States 
legal-tender  notes  then  outstanding  on  their  presentation 
for  redemption,  at  the  office  of  the  assistant  treasurer  of 
the  United  States  in  the  city  of  New  York,  in  sums  of  not 
tionPPr°pria  ^ess  than  fifty  dollars.    And  to  enable  the  Secretary  of  the 
Treasury  to  prepare  and  provide  for  the  redemption  in 
this  act  authorized  or  required,  he  is  authorized  to  use 
any  surplus  revenues,  from  time  to  time,  in  the  Treasury 
Rale  of  bonds  not  otherwise  appropriated,  and  to  issue,  sell  and  dispose 

to     p  r  o  v  I  d  e  ...  .       . 

means ^  of    re-  of,  at  not  less  than  par,  in  com,  either  of  the  descriptions 
states  "notes,     of  bonds  of  the  United  States  described  in  the  act  of  Con- 
gress aproved  July  fourteenth,  eighteen  hundred  and  sev- 
enty, entitled,  "An 'act  to  authorize  the  refunding  of  the 
national  debt,"  with  like  qualities,  privileges,  and  exemp- 
tions, to  the  extent  necessary  to  carry  this  act  into  full 
effect,  and  to  use  the  proceeds  thereof  for  the  purposes 
aforesaid.     And  all  provisions  of  law  inconsistent  with 
the  provisions  of  this  act  are  hereby  repealed. 
Approved,  January  14,  1875. 

ACT  OF  JANUARY  19,  1875. 

is  stat.  L.,  CHAP.  19. — An  act  to  remove  the  limitation  restricting 
the  circulation  of  banking -associations  issuing  notes 
payable  in  gold. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
ute\evi5i85 tat"  l^di  That  so  much  of  section  five  thousand  one  hundred 
?np!-u-t>rep^leci  an(*  eighty-five  of  the  Revised  Statutes  of  the  United 
cuHtTJnofKo'id [^ates  as  limits  the  circulation  of  banking-associations, 
banks  removed,  organized  for  the  purpose  of  issuing  notes  payable  in  gold, 
.severally  to  one  million  dollars,  be,  and  the  same  is  hereby, 
repealed ;  and  each  of  such  existing  banking-associations 
may  increase  its  circulating-notes,  and  new  banking-asso- 
ciations may  be  organized,  in  accordance  with  existing 
law,  without  respect  to  such  limitation. 
Approved,  January  19,  1875, 


LAWS  CONCERNING  MONEY,   BANKING,   AND  LOANS.  687 

ACT  OF  FEBRUARY  8,  1875. 

CHAP.  36. — An  act  to  amend  existing  customs  and  internal     is  stat.  L., 

7  .?  Pt.  3,  p.  311. 

revenue  laws,  and  for  other  purposes. 


SEC.  19.  That  every  person,  firm,  association  other  than     Tax  on  cir- 
national  bank  associations,  and  every  corporation,  State  other  than  na- 
bank,  or  State  banking  association,  shall  pay  a  tax  of 
ten  per  centum  on  the  amount  of  their  own  notes  used 
for  circulation  and  paid  out  by  them. 

SEC.  20.  That  every  such  person,  firm,  association,  cor-     Tax  on  cir- 
poration,  State  bank,  or  State  banking  association,  and  other  than  na- 
also  every  national  banking  association,  shall  pay  a  like  paid  out,'  etc. 
tax  of  ten  per  centum  on  the  amount  of  notes  of  any 
person,  firm,  association  other  than  a  national  banking 
association,  or  of  any  corporation,  State  bank,  or  State 
banking  association,  or  of  any  town,  city,  or  municipal 
corporation,  used  for  circulation  and  paid  out  by  them. 

SEC.  21.  That  the  amount  of  such  circulating  notes,  and     Returns    o  f 

amount  of  cir- 

of  the  tax  due  thereon,  shall  be  returned,  and  the  tax  paid  cuiation   other 

1  .        tha  n    national 

at  the  same  time,  and  in  the  same  manner,  and  with  like  banks. 
penalties   for  failure   to   return   and   pay   the   same,   as 
provided  by  law  for  the  return  and  payment  of  taxes  on 
deposits,  capital,  and  circulation,  imposed  by  the  exist- 
ing provisions  of  internal  revenue  law. 

Approved,  February  8,  1875. 

ACT  OF  MARCH  3,  1875. 

CHAP.  130.  —  An  act  making  appropriations  for  sundry     i|  stat.  L,., 
civil  expenses  of  the   Government  for  the  fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  serenttj- 
six,  and  for  other  purposes. 


For  paper,  engraving,  printing,  express  charges,  and  iss^rinKc  ul"d 
other  expenses  of  making  and  issuing  the  national  cur-  rcn°y- 
rency,   two   hundred   thousand   dollars,  to  be   disbursed 
under  the  direction  of  the   Secretary  of  the  Treasury  : 
Provided,  That  the  national-bank  notes  shall  be  printed 
under  the  direction  of  the  Secretary  of  the  Treasury,  and 
upon  the  distinctive  or  special  paper  which  has  been,  or 


688  NATIONAL  MONETARY   COMMISSION. 

may  hereafter  be,  adopted  by  him  for  printing  United 
States  notes. 


ne  purchase  of  engravers'  tools,  dies,  rolls,  and 
plates,  and  for  machinery  and  repairs  of  the  same,  fifty 
thouand  dollars:  Provided,  That  the  above-named  notes, 
currency,  and  other  securities  of  the  United  States  be 
Three  plate-  executed  with  not  less  than  three  plate-printings:  And 
provided  further,  That  the  Secretary  of  the  Treasury 
shall  have  executed  one  or  two  of  such  printings  by  such 

rartof  piate-  responsible  and  capable  and  experienced  bank-note  corn- 
printing  by  con- 
tractors.  pames  or  bank-note  engravers  as  may  contract  for  the 

same  at  the  lowest  cost  to  the  Government,  and  at  prices 
not  greater  than  those  heretofore  paid  for  the  same  class 
of  work;  no  company  or  establishment  executing  more 
than  one  printing  upon  the  same  note  or  obligation,  and 
the  final  printing  and  finishing  to  be  executed  in  the 
Treasury  Department. 

***** 

Approved,  March  3,  1875. 

ACT  OF  APRIL  17,  187G. 

3319  stat  L"CiiAP.  03.  —  An  act  to  provide  for  a  deficiency  in  the 
Printing  and  Engraving  Bureau  of  the  Treasury  De- 
partment, and  for  the  issue  of  sil  rcr  coin  of  the  United 
State*  in  place  of  fractional  currency. 

***** 

silver  coins      SEC.  2.  That  the  Secretary  of  the  Treasury  is  hereby 

of    fractional  directed  to  issue  silver  coins  of  the  United  States,  of  the 

Revised  stat-  denomination  of  ten,  twenty,  twenty-five,  and  fifty  cents 

of  standard  value,  in  redemption  of  an  equal  amount  of 

fractional   currency,   whether  the   same   be   now   in   the 

Treasury  awaiting  redemption,  or  whenever  it  may,  be 

presented    for   redemption;    and   the    Secretary    of    the 

Treasury  may,  under  regulations  of  the  Treasury  De- 

partment, provide  for  such  redemption  and  issue  by  sub- 

stitution at  the  regular  subtreasuries  and  public  deposi- 

tories of  the  United  States  until  the  whole  amount  of 

rKedcemedoc«r-  fractional  currency  outstanding  shall  be  redeemed.     And 

fuiici  "^  sinki"K  ^1(>  fractional  currency  redeemed  under  this  act  .shall  be 

held  to  be  a  part  of  the  sinking-fund   provided   for  by 

existing  law,  the  interest  to  be  computed  thereon,  as  in 

the  case  of  bonds  redeemed  under  the  act  relating  to  the 

sinking-fund. 

Approved,  April  17,  1870, 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  689 

ACT  OF  JUNE  30,  1876. 

CHAP.  156. — An  act  authorising  the  appointment  of  re-     19  stat.  L., 
ceivers  of  national  banks,  and  for  other  purposes. 

SEC.  5.  That  all  United  States  officers  charged  with     Fraudulent 

notes    to    be 

the  receipt  or  disbursement  of  public  moneys,  and  all  stamped  as 

L  ±  *    i  counterfeit, 

officers  of  national  banks,  shall  stamp  or  write  in  plain  etc., by ;  disburs- 
ing officers  and 
letters  the  word  "  counterfeit  "  "  altered  "  or  "  worthless,"  bank  officers. 

upon  all  fraudulent  notes  issued  in  the  form  of,  and  in- 
tended to  circulate  as  money,  which  shall  be  presented 
at  their  places  of  business:  and  if  such  officers  shall,  officer  liable 

r  '  for   wrongfully 

wrongfully  stamp  any  genuine  note  of  the  United  States,  stamping. 
or  of  the  national  banks,  they  shall,  upon  presentation, 
redeem  such  notes  at  the  face- value  thereof. 

***** 
Approved,  June  30,  1876. 

JOINT  RESOLUTION  OF  JULY  22,  1876. 

[No.  17.]     Joint  resolution  for  the  issue  of  silver  coin.  _   19  stat.  L., 

—  lo. 

Resolved  by  the  Senate  and  House  of  Representatives 
of  the  United  States  of  America  in  Congress  assembled, 
That  the  Secretary  of  the  Treasury,  under  such  limits  silver  coin  to 

.  -i-ii  .  •         •  '' e    issued     i  n 

and  regulations  as  will  best  secure  a  lust  and  fair  distri- exchange    for 

.          '  .  1  e  a-  a  1  -  tender 

bution  ot  the  same  through  the  country,  may  issue  the  notes. 
silver  coin  at  any  time  in  the  Treasury  to  an  amount  not ,   ^t(>s  *°  '« 

J  .  J  kept  as  a   spe- 

exceeding  ten  million  dollars,  in  exchange  for  an  equal  «ai,  fund. 
amount  of  legal-tender  notes;  and  the  notes  so  received 
in  exchange  shall  be  kept  as  a  special  fund  separate  and 
apart  from  all  other  money  in  the  Treasury,  and  be  re- 
issued only  upon  the  retirement  and  destruction  of  a 
like  sum  of  fractional  currency  received  at  the  Treasury 
in  payment  of  dues  to  the  United  States;  and  said  frac- 
tional currency,  when  so  substituted,  shall  be  destroyed 
arid  held  as  part  of  the  sinking-fund,  as  provided  in  the 
act  approved  April  seventeen,  eighteen  hundred  and 
seventy-six. 

SEC.  2.  That  the  trade  dollar  shall  not  hereafter  be  a     Trade  dollar 

not    lo  be  legal 

legal  tender,  and  the  Secretary  or  the  Ireasury  is  hereby  icmi.T. 
authorized  to  limit  from  time  to  time,  the  coinage  thereof     Coinage  of, 

'  .  may  be  limited. 

to  such  an  amount  as  he  m:iy  deem  sumcient  to  meet  the 
export  demand  for  the  same. 


690  NATIONAL  MONETARY   COMMISSION. 

ute*seV35i3Stat~  SEC.  3.  That  in  addition  to  the  amount  of  subsidiary 
Amount  of  silver  coin  authorized  by  law  to  be  issued  in  redemption 

ver  coin  au-  of  the  fractional  currency  it  shall  be  lawful  to  manufac- 
ture at  the  several  mints,  and  issue  through  the  Treasury 
and  its  several  offices,  such  coin,  to  an  amount,  that,  in- 
cluding the  amount  of  subsidiary  silver  coin  and  of  frac- 
tional currency  outstanding,  shall,  in  the  aggregate,  not 
exceed,  at  any  time,  fifty  million  dollars. 

Purchase  of     gEC>  4.  That  the  silver  bullion  required  for  the  pur- 
bullion. 

poses  of  this  resolution  shall  be  purchased,  from  time  to 
time,  at  market  rate,  by  the  Secretary  of  the  Treasury, 

Price  limited,  with  any  money  in  the  Treasury  not  otherwise  appro- 
priated ;  but  no  purchase  of  bullion  shall  be  made  under 
this  resolution  when  the  market-rate  for  the  same  shall 
be  such  as  will  not  admit  of  the  coinage  and  issue,  as 
herein  provided,  without  loss  to  the  Treasury;  and  any 

seigniorage  gain  or  seigniorage  arising  from  this  coinage  shall  be  ac- 

to  be  accounted  B  .      . 

for-  counted  for  and  paid  into  the  Treasury,  as  provided  under 

Proviso.        existing  laws   relative   to  the  subsidiary   coinage:   Pro- 
vided, That  the  amount  of  money  at  any  one  time  in- 
vested in  such  silver  bullion,  exclusive  of  such  resulting 
coin,  shall  not  exceed  two  hundred  thousand  dollars. 
Approved,  July  22,  18TG. 

ACT  OF  MARCH  3,  1877. 
19  stat.  L.,  CHAP.   105. — An-  a  ft  makinq  appropriations  for  sundry 

oOo. 

civil  expenses  of  the  Government  for  the  fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  sercnty- 
eight,  and  for  other  purposes. 

***** 

BUREAU  OF  ENGRAVING  ANU  PRINTING. 

a  nEd" "printing      ^"or   lflbor   and   expenses   of   engraving   jind    printing, 
luu-eau.  namely:  For  labor    (by  the  day,  piece,  or  contract  in- 

cluding labor  of  workmen  skilled  in  engraving,  trans- 
ferring, plate-printing,  and  other  specialties  necessary 
for  carrying  on  the  work  of  engraving  and  printing 
notes,  bonds,  and  other  securities  of  the  United  States, 
the  pay  for  such  labor  to  be  fixed  by  the  Secretary  of 
the  Treasury  at  rates  not  exceeding  the  rates  usually 
paid  for  such  work;  and  for  other  expenses  of  engraving 
and  printing  notes,  bonds,  and  other  securities  of  the 
United  States;  for  paper  for  notes,  bonds,  and  other  se- 
curities of  the  United  States,  including  mill  expenses, 


LAWS   CONCEBNING  MONEY,  BANKING,  AND  LOANS.  691 

boxing  and  transportation;  for  materials  other  than 
paper  required  in  the  work  of  engraving  and  printing; 
for  purchase  of  engravers'  tools,  dies,  rolls,  and  plates, 
and  for  machinery  and  repairs  of  the  same,  and  for 
expenses  of  operating  macerating  machines  for  the  de- 
struction of  the  United  States  notes,  bonds,  national 
bank  notes,  and  other  obligations  of  the  United  States 
authorized  to  be  destroyed  eight  hundred  thousand  dol- 
lars: Provided,  That  the  work  be  performed  at  the  Treas-  proviso. 
ury  Department:  And  prodded  further,  That  it  can  proviso. 
be  done  as  cheaply,  as  perfectly,  and  as  safely  and  all 
contracts  already  made  shall  be  faithfully  carried  out. 


Approved,  March  3,  1877. 

ACT  OF  FEBRUARY  28,  1878. 

CHAP.  20. — An  act  to  authorize  the  coinage  of  the  stand-  o_2o  stat.  L., 
ard    silver    dollar,    and    to    restore    its    legal-tender  ~" 
character. 


SEC.  3.  That  anv  holder  of  the  com  authorized  bv  this     silver    d  o  i- 

i        -.L  j-u  -^.i    j.1     m  lars  m:>y be  de- 

act  may  deposit  the  same  with  the  1  reasurer  or  any  as-  posited   with 

.  .  *  Treasurer    and 

sistant  treasurer  or  the  United  States,  in  sums  not  less  assistant  treas- 
than  ten  dollars,  and  receive  therefor  certificates  of  not  sums' 
less  than  ten  dollars  each,  corresponding  with  the  de-  tmcates  of  de- 
nominations of  the  United  States  notes.     The  coin  de-     coin    to   be 
posited  for  or  representing  the  certificates  shall  be  re-  demotion     o  f 

.    •       j    •       ,•>       rr  £        ,1  £  ii  certificates. 

tamed  in  the  Ireasury  tor  the  payment  ot  the  same  on 
demand.  Said  certificates  shall  be  receivable  for  cus- 
toms, taxes,  and  all  public  dues,  and,  when  so  received, 
may  be  reissued. 

***** 
(Passed  February  28,  1878,  over  the  President's  veto.) 

ACT  OF  MAY  31,  1878. 

CHAP.  146. — An  act  to  forlid  the  further  retirement  of    ~o  stat.  L., 
United  States  legal-tender  notes. 

Be  it  enacted  l>tj  llie  Senate  and  Ilo>i*e  of  Representa- 
tives of  tJie  United  Stat<-x  <>f  America  in  Congress  assem- 
bled, That  from  and  after  the  passage  of  this  act  it  shall 
not  be  lawful  for  the  Secretary  of  the  Treasury  or  other 


692  NATIONAL  MONETARY  COMMISSION. 

notesgal  further  °fficer  under  him  to  cancel  or  retire  any  more  of  the 
°f'  United  States  legal-tender  notes.     And  when  any  of  said 


FeSb6ruaary   °4  n°tes  may  be  redeemed  or  be  received  into  the  Treasury 

stafutesRe358id  un(^er  anJ  ^aw  from  any  source  whatever  and  shall  be- 

long to  the  United  States,  they  shall  not  be  retired  can- 

celled or  destroyed  but  they  shall  be  reissued  and  paid  out 

Revised'stat-  again  and  kept  in  circulation:  Provided,  That  nothing 

herein  shall  prohibit  the  cancellation  and  destruction  of 

mutilated  notes  and  the  issue  of  other  notes  of  like  de- 

nomination in  their  stead,  as  now  provided  by  law. 

All  acts   and   parts  of  acts  in  conflict  herewith  are 
hereby  repealed. 

Approved,  May  31,  1878. 

ACT  OF  JUNE  8,  1878. 

102°  Stat'  L"  CHAP.  170.  —  An  act  to  authorize  the  Secretary  of  the 
Treasury  to  constitute  superintendents  of  mints  or 
assayers  in  assay  -offices,  assistant  treasurers  of  the 
United  States. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  assem- 

bled, That  the  Secretary  of  the  Treasury  be  and  he  is 

Superintend-  hereby  authorized  to  constitute  any  superintendent  of  a 

ents   of    mints,       . 

etc.,  may  be  as-  mint  or  assaver  or  anv  assay-omce,  an  assistant  treasurer 

sistant  treasur-  .      •  .  . 

era.  or  the  United  States  without  additional  compensation,  to 

receive  gold  coin  and  bullion  on  deposit  for  the  purposes 
provided  for  in  section  two  hundred  and  fifty-four  of  the 
Revised  Statutes. 
Approved,  June  8,  1878. 

ACT  OF  MARCH  3,  1879. 

20  stat.  L.,  CHAP.  182.  —  An  act  making  appropriations  for  sundry 
civil  expenses  of  the  government  for  the  -fiscal  year  end- 
ing June  thirtieth,  eighteen  hundred  and  eighty,  and 
for  other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  axsem- 

tioM.pP°prla"W^»   That   tnc   following  sums  be,   and   the   same   are 

expenses?  civ"  hereby,    appropriated    for    the    objects    hereinafter    ex- 

pressed, for  the  fiscal  year  ending  June  thirtieth,  eight- 

een hundred  and  eighty,  namely: 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  693 

MISCELLANEOUS  OBJECTS  UNDER  THE  TREASURY  DEPARTMENT. 

*  *  * ;  and  so  much  of  the  act  "  making  appropria- 
tions for  the  legislative,  executive,  and  judicial  expenses 
of  the  government  for  the  fiscal  year  ending  June 
thirtieth,  eighteen  hundred  and  seventy-nine,  and  for  ISTO,  ch.  329. 
other  purposes,"  approved  June  nineteenth,  eighteen 
hundred  and  seventy-eight,  as  authorizes  the  Secretary 
of  the  Treasury  to  issue  coin  certificates  in  exchange  for 
bullion  deposited  for  coinage  at  mints  and  assay-offices  ti 
other  than  those  mentioned  in  section  thirty-five  hundred 
and  forty-five  of  the  Revised  Statutes,  be,  and  the  same  Revised  s 

J  utes,  3o45. 

is  hereby,  repealed ;  said  repeal  to  take  effect  at  the  end 
of  the  present  fiscal  year. 

***** 

Approved,  March  3,  1879. 

ACT  OF  JUNE  21,  1879. 

CHAP.  34. — An  act  making  appropriations  for  the  legis-  3021  stat-  L-> 
lative,  executive,  and  judicial  expenses  of  the  govern- 
ment for  the  fiscal  year  ending  June  thirtieth,  eigh- 
teen hundred  and  eighty^  and  for  other  purposes. 
***** 
SEC.  3.     *     *     *         In  order  to  provide  for  the  speedy    Fractional 

4!  „  .  ,        0  L£        '    currency      re- 

payment ot  arrearages  of  pensions,  the  Secretary  of  the  serve. 

Treasury  is  hereby  authorized  and  directed  to  issue  im- 
mediately in  payment  thereof,  as  they  may  be  adjusted, 
the  legal-tender  currency,  now  in  the  United  States 
Treasury,  held  as  a  special  fund  for  the  redemption  of 
fractional  currency  under  section  one  of  joint  resolution 
number  seventeen  of  the  Congress  of  the  United  States, 
approved  July  twenty-second,  eighteen  hundred  and 
seventy-six;  and  fractional  currency  presented  for  re- 
demption shall  bo  redeemed  in  any  moneys  in  the  Treas- 
ury not  otherwise  appropriated. 

***** 
Approved,  June  21,  1879. 

ACT  OF  JULY  12,  1882. 

CHAP.  290. — An  act  to  enable  national-banking  associa-  1G?(2  stnt  L-> 
tions  to  extend  their  corporate  existence,  and  for  other 

purpose*. 

***** 

SEC.  6.  That  the  circulating  notes  of  any  association  so 
extending  the  period  of  its  succession  which  shall  have 


694  NATIONAL,  MONETARY   COMMISSION. 

and  destructfon  ^een  issued  to  it  prior  to  such  extension  shall  be  redeemed 
cuiateintainotesr  a^  *ne  Treasury  of  the  United  States,  as  provided  in 
section  three  of  the  act  of  June  twentieth,  eighteen  hun- 
is  stat.,123.  dred  and  seventy-four,  entitled  "An  act  fixing  the  amount 
of  United  States  notes,  providing  for  redistribution  of 
national-bank   currency,   and   for  other  purposes,"  and 
such   notes   when   redeemed  shall   be   forwarded  to  the 
Comptroller  of  the  Currency,  and  destroyed  as  now  pro- 
vided by  law ;  and  at  the  end  of  three  years  from  the 
date  of  the  extension  of  the  corporate  existence  of  each 
Deposit    of  bank  the  association  so  extended  shall   deposit  lawful 

lawful     money 

with  Treasurer  money  with  the  Treasurer  of  the  United   States  suffi- 

Lmted    States,  J 

for  redemption  cient  to  redeem  the  remainder  of  the  circulation  which 

of     circulating 

notes,  etc.         \vas  outstanding  at  the  date  of  its  extension,  as  provided 

Revised  Stat-  .  .  K 

u  t  e  s ,     5222,  m  sections  fifty-two  hundred  and  twenty-two,  fifty-two 
Revised  stat-  hundred   and   twenty-four,   and   fifty-two  hundred   and 

u  1 6  s         5^24  * 

1010.  '  'twenty-five  of  the  Revised  Statutes;  and  anv  gain  that 

Revised  Stat-  J   .  "... 

utes,     5225,  may  arise  from  the  failure  to  present  such  circulating 

pains    from  notes  for  redemption  shall  inure  to  the  benefit  of  the 

sent  notes  for  United  States :  and  from  time  to  time,  as  such  notes  are 

redemption    to  1         »    ,  ,  .,     n     ,,  ,, 

inure  to  bene- redeemed   or  lawful  money   deposited  therefor  as  pro- 
fit   of    United     .  ,  ;.  .  .  £ 

states.  vided  herein,  new  circulating  notes  shall  be  issued  as 

be"  issued  dis- provided  by  this   act,   bearing  such   devices,  to  be   ap- 

tinguis  h  a  b  1  e  L  ,    .        •?.        „  „     .        ™  T     n  i 

from  the  old.    proved  by  the  Secretary  of  the  Treasury,  as  shall  make 

for    notes    re- them  readily  distinguishable  from  the  circulating  notes 

Treasury     by  heretofore  issued  :  Provided  however,  That  each  banking 

ationsDS        "   association  which  shall  obtain  the  benefit  of  this  act  shall 

reimburse  to  the  Treasury  the  cost  of  preparing  the  plate 

or  plates  for  such  new  circulating  notes  as  shall  be  issued 

to  it. 

***** 
Bonds  forse-     SEC.  8.  That  national  banks  now  organized  or  hereafter 

cunty  of  circu- 
lation   not    toorfranized,   having  a   capital   of  one  hundred   and    fiftv 

exceed       one-0  '  l 

fourth  of  capi- thousand  dollars,  or  less,  shall  not  be  required  to  keep  on 

talstock;  '  '  l 

banks    with  deposit  or  deposit  with  the  Treasurer  of  the  United  States 

bonds    deposit-       L 

ed  in  excess  to  United  States  bonds  in  excess  of  one-fourth  of  their  cap- 
reduce  circula- .  .  . 
tion.                ital  stock  as  security  for  their  circulating  notes;  but  such 

banks  shall  keep  on  deposit  or  deposit  with  the  Treasurer 
of  the  United  States  the  amount  of  bonds  as  herein  re- 
quired. And  such  of  those  banks  having  on  deposit  bonds 
in  excess  of  that  amount  are  authorized  to  reduce  their 
circulation  by  the  deposit  of  lawful  money  as  provided 
Provisos.  by  }aw:  Provided,  That  the  amount  of  such  circulating 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  695 

notes  shall  not  in  any  case  exceed  ninety  per  centum  of.  circulation 

*  J    c  in    no    case    to 

the  par  value  of  the  bonds  deposited  as  herein  provided  :exceedlllnety 

r  e     ,  *  per    centum   of 

Provided  further.  That  the  national  banks  which  shall  Par,  vajue    <* 
'  ~  _      bonas  deposit- 

hereafter  make  deposits  of  lawful  money  for  the  retire- ed- 

ment  in  full  of  their  circulation  shall  at  the  time  of  their 
deposit  be  assessed  for  the  cost  of  transporting  and  re-  forAt^n^orta- 
deeming  their  notes  then  outstanding,  a  sum  equal  to  the  Option     06f 
average  cost  of  the  redemption  of  national-bank  notes  g^^!,00  out" 
during  the  preceding  year,  and  shall  thereupon  pay  such 
assessment.     And  all  national  banks  which  have  hereto- 
fore made  or  shall  hereafter  make  deposits  of  lawful 
money  for  the  reduction  of  their  circulation  shall  be  as- 
sessed and  shall  pay  an  assessment  in  the  manner  specified 
in  section  three  of  the  act  approved  June  twentieth,  eight- 
een hundred  and  seventy-four,  for  the  cost  of  transport- 
ing and  redeeming  their  notes  redeemed  from  such  de- 
posits subsequently  to  June  thirtieth,  eighteen  hundred     isstat,  123. 
and  eighty-one. 

SEC.  9.  That  any  national  banking  association  now  or-ofw|,t.^1a^DI 
ganized,  or  hereafter  organized,  desiring  to  withdraw  its  j"*vfi?iei)0monev 
circulating  notes,  upon  a  deposit  of  lawful  money  with  J)h1e™g0rr  ^  *£? 
the  Treasurer  of  the  United  States,  as  provided  in  section  vosit. 

~         L  Increase     or 

four  of  the  act  of  June  twentieth,  eighteen  hundred  and  circulation, 

7       ~  when. 

seventy-four,   entitled   "An    act   fixing   the   amount    of     Limit  to  de- 

to  posit    of   law- 

United  States  notes,  providing  for  a  redistribution  of  fui    money    in 

&  any  one  month. 

national-bank  currency,  and  for  other  purposes,"  or  as 
provided  in  this  act.  is  authorized  to  deposit  lawful  money 
and  withdraw  a  proportionate  amount  of  the  bonds  held 
as  security  for  its  circulating  notes  in  the  order  of  such 
deposit ;  and  no  national  bank  which  makes  any  deposit 
of  lawful  money  in  order  to  withdraw  its  circulating 
notes  shall  be  entitled  to  receive  any  increase  of  its  circu- 
lation for  the  period  of  six  months  from  the  time  it  made 
such  deposit  of  lawful  money  for  the  purpose  aforesaid : 
Provided.  That  not  more  than  three  millions  of  dollars  of     Bonds^caiied 
lawful   money   shall  be  deposited   during  any  calendar  exempt1''"1  ro°m 
month  for  this  purpose:  And  provided  further.  That  thei'™*'8^118    of 
provisions  of  this  section  shall  not  apply  to  bonds  called 
for  redemption  by  the  Secretary  of  the  Treasury,  nor  to 
the  withdrawal  of  circulating  notes  in  consequence  thereof. 

SEC.  10.  That  upon  a  deposit  of  bonds  as  described  KV  ufKe^C?,/j{$; 
sections  fifty-one  hundred  and  fifty-nine  and  fifty-one ut^sev«|^ S9^' 
hundred  and  sixty,  except  as  modified  by  section  four  of  i^  stat.,  iii3. 
an  act  entitled  "An  act  fixing  the  amount  of  United 


696  NATIONAL,  MONETARY   COMMISSION. 

States  notes,  providing  for  a  redistribution  of  the  na- 
tional-bank currency,  and  for  other  purposes,"  approved 
June  twentieth,  eighteen  hundred  and  seventy-four,  and 
s  m°dified  by  section  eight,  of  this  act,  the  association 
ci°r  r  e  "  making  the  same  shall  be  entitled  to  receive  from  the 
blankg  etc*53  in  Comptroller  of  the  Currency  circulating  notes  of  dif- 
circuiationferent  denominations,  in  blank,  registered  and  counter- 

not    to    exceed    .  .  .    r 

oo  per  centum  signed  as  provided  by  law,  equal  in  amount  to  ninetv  per 

of  paid-in  capi-  J    J 

tai  stock.  centum  of  the  current  market  value,  not  exceeding  par, 
of  the  United  States  bonds  so  transferred  and  delivered, 
and  at  no  time  shall  the  total  amount  of  such  notes  issued 
to  any  such  association  exceed  ninety  per  centum  of  the 
amount  at  such  time  actually  paid  in  of  its  capital  stock  ; 
Revised  stat-  and  the  provisions  of  sections  fifty-one  hundred  and 

utes,  5171,  999,  J 

repealed          seventy-one  and  fifty-one  hundred  and  seventy-six  of  the 

Revised  Stat-  J  J  J 

utes>   sire,  Revised  Statutes  are  hereby  repealed. 

1000,  repealed.  J 


^EC*  ^*  That  the  Secretary  of  the  Treasury  is  author- 
dxecpaonfi  1  1  °of  *zed  anc*  directed  to  receive  deposits  of  gold  coin  with 
g°GoiCd0iIreceiv  *ne  Treasurer  or  assistant  treasurers  of  the  United  States, 
ed  held  for  re-  in  sums  not  less  than  twenty  dollars,  and  to  issue  certifi- 

demptionof  « 

certificates.       cates  therefor  in  denominations  of  not  less  than  twenty 

Certificates 

held  by  bank-  dollars  each,  corresponding  with  the  denominations  of 

i  n  g  assoc  ia-  ~ 

tions  counted  United  States  notes.     The  coin  deposited  for  or  repre- 

as  part  of  law-  .  .  .  . 

fui  reserve.      seiiting  the  certificates  of  deposits  shall  be  retained  in 

Associations  ° 

pr  oh  ibi  ted  the  Treasurv  tor  the  payment  of  the  same  on  demand. 

from     member-  •  i     n    i  • 

ship  in  clear-  Said  certificates  shall  be  receivable  for  customs,  taxes, 

ing  houses  not  .  7 

receiving   gold  and  all  public  dues,  and  when  so  received  mav  be  re- 

and  silver  cer-  .  . 

tificates  in  set-  issued  ;  and  such  certificates,  as  also  silver  certificates, 

tlement  of  bal-  '         .  .      . 

ances.  when  held  by  any  national-banking  association,  shall  be 

counted  as  part  of  its  lawful  reserve;  and  no  national- 

banking  association  shall  be  a  member  of  any  clearing- 

house in  which  such  certificate  shall  not  be  receivable  in 

Proviso.        the  settlement  of  clearing-house  balances  :  Pro  vided,  That 

s  u  sponsion  the  Secretary  of  the  Treasury  shall  suspend  the  issue  of 

of  issue  of  gold  J  J 

certificates,  such  gold  certificates  whenever  the  amount  of  gold  coin 

when. 

and  gold  bullion  in  the  Treasury  reserved  for  the  redemp- 

tion of  United  States  notes  falls  below  one  hundred  mil- 

Revised  stat-  lions  of  dollars:  and  the  provisions  of  section  fiftv-two 

utes,    5207, 

1007.  '  hundred  and  seven  of  the  Revised  Statutes  shall  be  ap- 

plicable to  the  certificates  herein  authorized  and  directed 
to  be  issued. 

*  *  *  *  * 

Approved,  July  12.  1882. 


LAWS   CONCERNING  MONEY,   BANTvING,   AND  LOANS.  697 

ACT   OF   AUGUST  4,  1886. 

CHAP.  902. — An  act  making  appropriations  for  sundry  22|4  stat-  L- 
civil  expenses  of  the  Government,  for  the  fiscal  year 
ending  June  thirtieth,  eighteen  hundred  and  eighty- 
seven,  and  for  other  purposes. 

Be  it  enacted  ~by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
bled, *  *  *  Provided,  That  no  portion  of  this  sum 
shall  be  expended  for  printing  United  States  notes  of 
large  denomination  in  lieu  of  notes  of  small  denomination 
cancelled  or  retired. 

NOTE. — This  proviso  has  been  reenacted  annually  siace  this  time. 

*     *     *     And  the  Secretary  of  the  Treasury  is  hereby    silver  certm- 

^  ,  ".  .      cates     of    one, 

authorized    and   required   to   issue   silver-certificates   in  two,  and   five 

dollars     to     be 

denominations  of  one,  two,  and  five  dollars,  and  the  issued. 
silver-certificates  herein  authorized  shall  be  receivable, 
redeemable,  and  payable  in  like  manner  and  for  like  pur- 
poses as  is  provided  for  silver-certificates  by  the  act  of 
February  twenty-eighth,  eighteen  hundred  and  seventy- 
eight,  entitled  "An  act,  to  authorize  the  coinage  of  the 
standard  silver  dollar,  and  to  restore  its  legal-tender  char- 
acter," and  denominations  of  one,  two,  and  five  dollars 
may  be  issued  in  lieu  of  silver-certificates  of  larger  de- 
nominations in  the  Treasury  or  in  exchange  therefor  upon 
presentation  by  the  holders  and  to  that  extent  said  cer- 
tificates of  larger  denominations  shall  be  cancelled  and 
destroyed. 

Approved,  August  4,  1886. 

ACT    OF    MARCH    3,  1887. 
CHAP.  378. — An  act  to  amend  sections  five  thousand  one     ^4  stat-  L- 

5t>9. 

hundred  and  ninety -one  and  five  thousand  one  hun- 
dred and  ninety-two  of  the  Revised  Statutes  of  the 
United  States,  and  for  other  purposes. 

#  #  *  *  * 

SEC.  3.  That  section  three  of  the  act  of  January  four-    Lcsai- tender 
teenth,  eighteen  hundred  and  seventy-five,  entitled  "An  redeemed  :!t 

•  -,       f         , ,  £  •  i        San  Krrtiicisco. 

act  to  provide  tor  the  resumption  ot  specie  payments,  be,     vol.  is,  p. 
and  the  same  in,  hereby  amended  by  adding  after  the"" 
words  "  New   York  "  the  words  "  and  the  city  of  San 
Francisco,  California." 
Approved,  March  :•},  1887. 
15712°— 10 45 


698  NATIONAL   MONETARY   COMMISSION. 

ACT  OF  JULY  14,  1890. 

|6  stat.  L.,  CHAP.  708.  —  An  act  directing  the  purchase  of  silver  bul- 

1  supp.  R.  s.,     non  and  fae  issue  of  Treasury  notes  thereon,  and  for 

other  purposes. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in  Congress  assem- 

t  o  "bee  bp  uJ?°  bled,  Tliat  tne  Secretary  of  the  Treasury  is  hereby  di- 

chased.  rected  to  purchase,  from  time  to  time,  silver  bullion  to 

the  aggregate  amount  of  four  million  five  hundred  thou- 

Monthiy  ag-  sand  ounces,  or  so  much  thereof  as  may  be  offered  in 

grpgnte. 

Limit    of  each  month,  at  the  market  price  thereof,  not  exceeding 

price,  etc. 

Repeal  of  NO-  one  dollar  for  three  hundred  and  seventy-one  and  twenty- 

vember  1,  1893.  -»,,,,  .  £  •-,         "  -,     ,        •  • 

28  stat.  L.,  4.  five  hundredths  grains  of  pure  silver,  and  to  issue  in 

2  Supp.  R.  S.,  ' 

150.  payment  tor  such  purchases  or  silver  bullion   Ireasury 

Treasury 

notes  to  issue  notes  of  the  United  States  to  be  prepared  by  the  Secretary 
purchases.  of  the  Treasury,  in  such  form  and  of  such  denominations, 
tionsn(etcinof  no^  ^ess  than  one  dollar  nor  more  than  one  thousand 
notes.  dollars,  as  he  may  prescribe,  and  a  sum  sufficient  to  carry 

into  effect  the  provisions  of  this  act  is  hereby  appropri- 
ti(4ppropria"  ated  out  of  any  money  in  the  Treasury  not  otherwise 

appropriated. 


fBnoYe1BtIi0n      ^EC*  ^'  That  the  Treasury  notes  issued  in  accordance 
°°'>nsu      R  g   with  the  provisions  of  this  act  shall  be  redeemable  on 

11R°issue  after  c^emanc^  *n  co'ini  a^  the  Treasury  of  the  Ignited  States,  or 

redemption.      a^  the  office   of  any   assistant  treasurer  of  the   United 
Volume  of 

outstanding  grates,  and  when  so  redeemed  mav  be  reissued:  but  no 

notes,  limited. 

greater  or  less  amount  of  such  notes  shall  be  outstanding 

at  any  time  than  the  cost  of  the  silver  bullion  and  the 

standard  silver  dollars  coined  therefrom,  then  held  in  the 

excfgtaletecnder'Treasurv  purchased  by  such  notes;  and  such  Treasury 

notes  shall  be   a   legal  tender   in   payment   of  all   debts, 

Receivable  public   and    private,   except    where   otherwise   expressly 

for    customs,1.  L  J 

<'«••  .  stipulated   in  the   contract,   and   shall   be   receivable   for 

Reissue  after 

receipt.  customs,  taxes,  and  all  public  dues,  and  when  so  received 

Part    of    na- 

tional-bank i-e-inav    be    reissued;    and    such    notes,    when    held    bv    any 
national  banking  association,  may  be  counted  as  a  part 
of  its  lawful  reserve.     That  upon  demand  of  the  holder 
of  any  of  the.  Treasury   notes  herein   provided   for  the 
R  o  domption  Secretary  of  the  Treasurv  shall,  under  such  regulations 

in   sold   or   sil-  . 

ver  coin,  nt  dis-  as  he  mav  prescribe,  redeem  such  notes  in  <rold  or  silver 

crftion   <jf   Sec-  •  .   *  ' 

rotary   of   the  coin,  at  his  discretion,  it  being  the  established  policy  of 

'1  rcasury.  .  .          . 

parity  a  n  d  the  United  Slates  to  maintain  the  two  metals  on  a  parity 

ratio     of    Kolil 

ana  silver.        with  each  other  upon  the  present  legal  ratio,  or  such  ratio 
as  may  be  provided  by  law. 


serve. 


LAWS   CONCERNING  MONEY,   BANKING,   AND   LOANS.  699 

SEC.  3.  That  the  Secretary  of  the  Treasury  shall  each    Monthly  coin- 

•'  •  a  g  e   of    silver 

month  coin  two  million  ounces  of  the  silver  bullion  pur-f1olla.rs   *,r,om 

purchased    bul- 

chased  under  the  provisions  of  this  act  into  standard  "°£- , 

1  _  Before    and 

silver  dollars  until  the  first  day  of  July  eighteen  hundred  *****    Jlllv    L 

and  ninety-one,  and  after  that  time  he  shall  coin  of  the    ^st-tt8'! 

silver  bullion  purchased  under  the  provisions  of  this  act  44?-gu      R  g ' 

as  much  as  may  be  necessary  to  provide  for  the  redemp-  S01- 

don  of  the  Treasury  notes  herein  provided  for,  and  any 

gain  or  seigniorage  arising  from  such  coinage  shall  be  V0^2Q,  pi025ge' 

accounted  for  and  paid  into  the  Treasury. 

SEC.  4.  That  the  silver  bullion  purchased  under  the     Purchases 

J  subject  to  ex- 

provisions  of  this  act  shall  be  subject  to  the  requirements  J^t  i  n^j  uw. 

of  existing  law  and  the  regulations  of  the  mint  service  -5- 
governing  the  methods  of  determining  the  amount  of    Ascprtain- 

c  meat  of  value. 

pure   silver   contained,   and   the   amount   of  charges   or 
deductions,  if  any,  to  be  made. 

SEC.  5.  That  so  much  of  the  act  of  February  twenty- ,  vol.  20,  sec. 

J     1,  p.   2o,  modi- 
eighth,  eighteen  hundred  and  seventy-eight,  entitled  "An  fled- 

act  to  authorize  the  coinage  of  the  standard  silver  dollar 

and  to  restore  its  legal-tender  character,"  as  requires  the 

monthly  purchase  and  coinage  of  the  same  into  silver  dol-  c ^ se^Vn d 

lars  of  not  less  than  two  million  dollars,  nor  more  than  ^^fld  clause 

four  million  dollars'  worth  of  silver  bullion,  is  hereby 

repealed. 

SEC.  6.  That  upon  the  passage  of  this  act  the  balances     Rainnrps   of 

.  °  .  national -bank 

standing  with  the  Treasurer  of  the  United  States  to  the  deposits  for  the 

•  -, .  f.  •  i  redemption     of 

respective  credits  of  national  banks  for  deposits  made  to  circulation  to 

•  c  TIII       'H>  Covered  into 

redeem  the  circulating  notes  or  such  banks,  and  all  de-  Treasury. 
posits  thereafter  received  for  like  purpose,  shall  be  cov- 
ered into  the  Treasury  as  a  miscellaneous  receipt,  and  the 
Treasury  of  the  United   States  shall   redeem   from   the     Treasurer  to 

i  i      •       ji        m  4-1  i    j  •  4?  redeem   certain 

general   cash   in   the   Treasury   the   circulating  notes  of  notes  from  gen- 

.  ,    ,        .  T  •    i  *•     ,       T  •  •"  i   •      ,  oral  cash. 

said  banks  winch  may  come  into  his  possession  subject 
to  redemption;  and  upon  the  certificate  of  the  Comptrol- 
ler of  the  Currency  that  such  notes  have  been  received 
by  him  and  that  they  have  been  destroyed  and  that  no 
new  notes  will  be  issued  in  their  place,  reimbursement 
of  their  amount  shall  be  made  to  the  Treasurer,  under 
such  regulations  as  the  Secretary  of  the  Treasury  may 
prescribe,  from  an  appropriation  hereby,  created,  to 
be  known  as  National  bank  notes:  Redemption  account,  Reimburse- 
but  the,  provisions  of  this  act  shall  not  npplv  to  the  Treasurer  from 

.  "National- 

deposits  received  under  section  three  ol   the  art  <>1   Junehnnk    notes: 

...  ,.  .     .          Redemption  ac- 

twentieth,  eighteen  hundred  and  seventy-tour,  requiring  <.'ouut." 


700  NATIONAL,  MONETARY   COMMISSION. 

every  National  bank  to  keep  in  lawful  money  with  the 
Treasurer  of  the  United  States  a  sum  equal  to  five  per 
topper* cent  centum  of  its  circulation  to  be  held  and  used  for  the 
dePmSptio°n  o^  redemption  of  its  circulating  notes;  and  the  balance  re- 
voir°i81  pl  i°23' maining  of  the  deposits  so  covered  shall,  at  the  close  of 
port°oftremain- eacn  month,  be  reported  on  the  monthly  public  debt  state- 
fe  osftsance  °* ment  as  debt  of  the  United  States  bearing  no  interest, 
operation.         "SEC.  7.  That  this  act  shall  take  effect  thirty  days 
from  and  after  its  passage." 
Approved,  July  14,  1890. 

ACT  OF  FEBRUARY  10,  1891. 

26  stat.  L.,  CHAP.  127. — An  act  further  to  prevent  counterfeiting  or 
manufacture  of  dies,  tools,  or  other  implements  used 
in  counterfeiting,  and  providing  penalties  therefor, 
and  providing  for  the  issue  of  search  warrants  in  cer- 
tain cases. 


counterfeits      SEC.  4.  That  all  counterfeits  of  any  of  the  obligations 

ofUnited  J 

states    obiiga-  or  other  securities  of  the  United  States  or  of  any  foreign 

tionS.  .  .  J 

Government,  or  counterfeits  of  any  of  the  coins  of  the 
United  States  or  of  any  foreign  Government,  and  all 
material  or  apparatus  fitted  or  intended  to  be  used,  or 
that  shall  have  been  used,  in  the  making  of  any  such 
counterfeit  obligations  or  other  securities  or  coins  here- 
inbefore mentioned,  that  shall  be  found  in  the  possession 
of  any  person  without  authority  from  the  Secretary  of 
the  Treasury  or  other  proper  officer  to  have  the  same, 
shall  be  taken  possession  of  by  any  authorized  agent  of 
the  Treasury  Department  and  forfeited  to  the  United 
States,  and  disposed  of  in  any  manner  the  Secretary  of 
the  Treasury  may  direct. 
issue  of  SEC.  5.  That  the  several  nudges  of  courts  established 

search    war- 
runts   in  such  under  the  laws  of  the  United  States  and   the  commis- 

cases. 

sioners  of  such  courts  may,  upon  proper  oath  or  affirma- 
tion, within  their  respective  jurisdictions,  issue  a  search 
warrant  authorizing  any  marshal  of  the  United  States,  or 
any  other  person  specially  mentioned  in  such  warrant,  to 
enter  any  house,  store,  building,  boat,  or  other  place 
named  in  such  warrant,  in  the  daytime  only,  in  which 
there  shall  appear  probable  cause  for  believing  that  the 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  701 

manufacture  of  counterfeit  money,  or  the  concealment  of 
counterfeit  money,  or  the  manufacture  or  concealment  of 
counterfeit  obligations  or  coins  of  the  United  States  or 
of  any  foreign  government,  or  the  manufacture  or  con- 
cealment of  dies,  hubs,  molds,  plates,  or  other  things 
fitted  or  intended  to  be  used  for  the  manufacture  of  coun- 
terfeit money,  coins,  or  obligations  of  the  United  States 
or  of  any  foreign  government,  or  of  any  bank  doing 
business  under  the  authority  of  the  United  States  or  of 
am*  State  or  Territory  thereof,  or  of  any  bank  doing  • 
business  under  the  authority  of  any  foreign  government 
or  of  any  political  division  of  any  foreign  government,  is 
being  carried  on  or  practiced,  and  there  search  for  any 
such  counterfeit  money,  coins,  dies,  hubs,  molds,  plates, 
and  other  things,  and  for  any  such  obligations,  and  if  any  seizures. 
such  be  found,  to  seize  and  secure  the  same  and  to  make 
return  thereof  to  the  proper  authorit}*;  and  all  such 
counterfeit  money,  coins,  dies,  hubs,  molds,  plates,  and 
other  things  and  all  such  counterfeit  obligations  so  seized 
shall  be  forfeited  to  the  United  States. 

Approved,  February  10,  1891. 

(This  act  was  amended  by  the  Act  of  March  4,  1909 
(chap.  321,  35  Stat.  L.,  pp.  1120,  1121).  See  sections  1G9 
to  173,  inclusive.) 

ACT  OF  JULY  28,  1892. 


CHAP.  317. — An  act  to  amend  the  national  bank  act  in  OQ27  stat.  L., 
providing  for  the  redemption  of  national  bank  notes 
stolen  from  or  lost  by  banks  of  issue. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled.  That   the   provisions   of   the   Revised    Statutes  re*i£lonnl  cur' 
of  the  United  States,  providing  for  the  redemption  oi'0  }tbf*™*tl™ 
national  bank   notes,  shall   apply  to   all   national   bank stoletl  uotos- 
notes  that  have  been  or  may  be  issued  to.  or  received  by, 
any  national  bank,  notwithstanding  such  notes  may  have 
been  lost  by  or  stolen  from  the  bank  and  put  in  circulation 
without  the  signature  or  upon  the  forged  signature  of  the 
president  or  vice-president  and  cashier. 

Approved,  July  1^8.  1892. 


702  NATIONAL,  MONETARY   COMMISSION. 

ACT  OF  NOVEMBER  1,  1893. 

28  stat.  L.,  4.  CHAP.  8. — A ii  act  to  repeal  a  part  of  an  act  approved  July 
fourteenth,  eighteen  hundred  and  ninety,  entitled  "An 
act  directing  the  purchase  of  silver  bullion  and  the 
issue  of  Treasury  notes  thereon,  and  for  other  pur- 
poses." 

Be  it  enacted  l>y  the  Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  assem- 
snver  act.     l>lecL  That  so  much  of  the  act  approved  July  fourteenth, 

Direction    to    .       '  .  rl.  J 

purchase  silver  eighteen  hundred  and  ninety,  entitled     An  act  directing 

repealed.  .  .     ' 

vol.  -26,  p.  the  purchase  of  silver  bullion  and  issue  of  Treasury  notes 
thereon,  and  for  other  purposes,"  as  directs  the  Secretary 
of  the  Treasury  to  purchase  from  time  to  time  silver  bul- 
lion to  the  aggregate  amount  of  four  million  five  hundred 
thousand  ounces,  or  so  much  thereof  as  may  be  offered  in 
each  month  at  the  market  price  thereof,  not  exceeding 
one  dollar  for  three  hundred  and  seventy-one  and  twenty- 
five  one-hundredths  grains  of  pure  silver,  and  to  issue  in 
payment  for  such  purchases  Treasury  notes  of  the  United 
States,  be,  and  the  same  is  hereby,  repealed.  And  it  is 
hereby  declared  to  be  the  policy  of  the  United  States  to 

Gold  and  sii-  continue  the  use  of  both  irold  and  silver  as  standard  money, 

ver   to   be   used  -11  "         -i       -i  •  -c 

as  standard  and  to  com  botli  gold  and  silver  into  money  ot  equal 
intrinsic   and   exchangeable   value,    such   equality   to   be 
secured  through  international  agreement,  or  by  such  safe- 
guards of  legislation  as  will  insure  the  maintenance  of  the 
rarity  to  be  parity  in  value  of  the  coins  of  the  two  metals,  and  the 

maintained.  '  . 

equal  power  01  every  dollar  at  all  times  in  the  markets 
and  in  the  payment  of  debts.  And  it  is  hereby  further 
declared  that  the  efforts  of  the  Government  should  be 
steadily  directed  to  the  establishment  of  such  a  safe  sys- 
s.vstemof  bi-tem  of  bimetallism  as  will  maintain  at  all  times  the  equal 

metallism.  .  . 

power  of  every  dollar  coined  or  issued  by  the   United 
States,  in  the  markets  and  in  the  payment  of  debts. 
Approved.  November  1,  1893. 

ACT  OF  AUGUST  13,  1804. 

|8  stat.   I- CHAP.  281. — An  act  to  subject  to  State  taxation  national 
hunk  notes  and  United  States  Treasury  notes. 

lie  it  en  acted  Itij  the  Senate  and  HOUNC,  of  Representa- 
tives <>f  the  United  States  of  America  ///  Congress  assem- 
l>le<L  Th;it  circulating  notes  of  national  banking  associa- 
tions and  United  States  legal  tender  notes  and  other  notes 


LAWS  CONCERNING   MONEY,   BANKING,   AND  LOANS.  703 


and  certificates  of  the  United  States  payable  on  demand     state 

.  .  .  .  tion  of  national 

and  circulating  or  intended  to  circulate  as  currency  andcurrenc-v  and 

.  .  United    States 

gold,  silver  or  other  coin  shall  be  subject  to  taxation  as  ?ot?s  autnor- 

J  ized. 

money  on  hand  or  on  deposit  under  the  laws  of  any  State 
or  Territory:  Provided,  That  any  such  taxation  shall  be    Proviso. 
exercised  in  the  same  manner  and  at  the  same  rate  thatnsotWimfney. 
an}7  such  State  or  Territory  shall  tax  money  or  currency 
circulating  as  money  within  its  jurisdiction. 

SEC.  2.  That  the  provisions  of  this  Act  shall  not  be   Existing  laws. 
deemed  or  held  to  change  existing  laws  in  respect  of  the 
taxation  of  national  banking  associations. 

Approved,  August  13,  1894. 

ACT  OF  JULY  1,  1898. 

CHAP.  546.  —  An  act  making  appropriations  for  sundry     so  stat.  L., 
civil  expenses  of  the  Government  for  the  fiscal  year 
ending  June  thirtieth,  eighteen   hundred  and  ninety- 
nine,  and  for  other  purposes. 


*     *:  Prodded  further,  That  hereafter  all  bonds,     g|°8d  '  roller 
notes,    and    checks   shall    be    printed    from    hand-roller 
presses. 

***** 
Approved,  July  1,  1898. 

ACT  OF  MARCH  3,  1899. 

CHAP.  429.  —  An  act  to  define  and  punish  crimes  in  the  1.;^  stat  L- 
District  of  Alaska  and  to  procide  a  code  of  criminal 
procedure  for  said  district. 


SEC.  77.  That  whoever  shall,  with  intent  to  injure  or evl 
defraud   anyone,  make,  altar,   forge,  or  counterfeit   any  JtT 
bank  bill,  promissory  note,  draft,  check,  or  other  evidence  etc- 
of  debt  issued  by  any  person  or  by  the   United  States, 
said  District,  or  any   State  or  Territory  of  the  United 
States,  or  any  other  state,  government,  or  country,  or  by 
any  corporation,  company,  or  person  duly  authorized  for 
that  purpose  by  the  laws  of  the  United  States,  said  Dis- 
trict, or  any   State  or  Territory   of  the    United    States, 
or  any  other  state,  government,  or  country,  or  shall,  with 
intent  to  injure  or  defraud  anyone,  knowingly  utter,  or 


704  NATIONAL  MONETARY   COMMISSION. 

publish,  or  pass,  or  tender  in  payment  as  true  and  genuine, 
any  such  false,  altered,  forged,  or  counterfeited  bill,  note, 
draft,  check,  or  other  evidence  of  debt,  or  shall  have  in  his 
possession  any  such  bill,  note,  draft,  check,  or  other  evi- 
dence of  debt,  with  intent  to  utter  or  pass  the  same  as 
true  and  genuine,  knowing  the  same  to  be  false,  altered, 
forged,  or  counterfeited,  shall  be  imprisoned  in  the  peni- 
tentiary not  less  than  one  nor  more  than  twenty  years. 
***** 

joTnfngdulpartsy  SEC.  82.  That  if  any  person  shall  connect  together  dif- 
strunfe'nts0*  in~  ferent  parts  of  several  bank  notes  or  other  genuine  in- 
struments in  such  manner  as  to  produce  an  additional  or 
different  note  or  instrument,  with  intent  to  utter  or  pass 
all  of  them  as  true  and  genuine,  the  same  shall  be  deemed 
a  forgery  in  like  manner  and  with  like  effect  as  if  each 
of  them  had  been  falsely  made  or  forged,  and  shall  be 
punished  by  imprisonment  in  the  penitentiary  not  less 
than  two  years  or  more  than  twenty  years. 

***** 

toTsign™tnre  to  SEC.  8G-  That  in  all  prosecutions  for  forgery  or  counter- 
bank  notes.  feiting  any  bank  bill  or  note,  or  for  uttering,  publishing, 
or  tendering  in  payment  as  true  and  genuine  any  forged 
or  counterfeited  bank  bill  or  note,  or  for  being  in  posses- 
sion thereof  with  the  intent  to  utter  or  pass  them  as  true 
and  genuine,  the  testimony  of  any  person  acquainted  with 
the  signature  of  the  officer  or  agent  authorized  to  sign 
the  bills  or  notes  of  the  bank  of  which  said  bill  or  note  is 
alleged  to  be  a  counterfeit  or  similitude,  or  who  has 
knowledge  of  the  difference  in  appearance  of  the  true  and 
counterfeit  bills  or  notes  thereof,  may  be  admitted  to 
prove  that  any  such  bill  or  note  is  counterfeit. 

Approved,  March  3,  1801). 

ACT  OF  MARCH  14.  11)00. 
?,i  stat.u.4r,.  CHAP.  41. — An  Act  to  define  and  fix  the  standard  of  ralue. 

2  Supp.  K.  8.,  .  .     '  '  .  ' 

1119  to  maintain  the  parity  of  all  forms  of  money  issued  <>r 

coined  by  the  United  States,  to  refund  the  public  debt, 
and  for  other  purpose*. 

Be  it  enacted  by  the  /Senate  and  Honxc  of  Representa- 
tives <>f  the  United  fttatcx  of  America  in  Congress  axxe.m- 
standard    ot^(/   That  the  dollar  consisting  of  twentv-five  and  eight- 

valn«  tixi'd.  .  . 

—gold  dollar,    tenths  grains  of  gold  nine-tenths  fine,  as  established  by 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  705 

section  thirty-five  hundred   and  eleven   of  the  Revised  ute|vs5iiStat" 
Statutes  of  the  United  States,  shall  be  the  standard  unit 


ch.  94o  (  ISupp. 

of  value,  and  all  forms  of  monev  issued  or  coined  bv  theK-  s-.soi). 

—  parity  of  val- 

United  States  shall  be  maintained  at  a  parity  of  value"6,  to,,be  main- 

taiued. 

with  this  standard,  and  it  shall  be  the  duty  of  the  Secre- 
tary of  the  Treasury  to  maintain  such  parity. 

SEC.  2.  That  United  States  notes,  and  Treasury  notes    Treasury 
issued  under  the  Act  of  July  fourteenth,  eighteen  him-  July  14.  'ch.  TOS 
dred  and  ninety,  when  presented  to  the  Treasury  for  re-774)Up 
demption,  shall  be  redeemed  in  gold  coin  of  the  standard  gold.  ee 
fixed  in  the  first  section  of  this  act,  and  in  order  to  secure 
the  prompt  and  certain  redemption  of  such  notes  as  herein 
provided  it  shall  be  the  duty  of  the  Secretary  of  the  Treas- 
ury to  set  apart  in  the  Treasury  a  reserve  fund  of  one     Maintenance 
hundred  and  fifty  million  dollars  in  gold  coin  and  bullion, 
which  fund  shall  be  used  for  such  redemption  purposes 
only,  and  whenever  and  as  often  as  any  of  said  notes  shall 
be  redeemed  from  said  fund  it  shall  be  the  duty  of  the 
Secretary  of  the  Treasury  to  use  said  notes  so  redeemed 
to  restore  and  maintain  such  reserve  fund  in  the  manner 
following,  to  wit:  First,  by  exchanging  the  notes  so  re  —  by  exchange 

deemed  for  anv  gold  coin  in  the  general  fund  of  the  Treas  —  by  accepting 

3     ,  ,•  -i  •,         £        i  T  ,1     deposits  of  gold. 

ury;  second,  by  accepting  deposits  of  gold  coin  at  the—  by  procuring 

Treasury    or   at    any   subtreasury   in   exchange   for   the  B  Revised  stat- 

United  States  notes  so  redeemed  ;  third,  by  procuring  gold  —by  '  bond  is- 

coin  by  the  use  of  said  notes,  in  accordance  with  the  pro-  bu 

visions  of  section  thirty-seven  hundred  of  the  Revised 

Statutes  of  the  United  States.     If  the  Secretary  of  the 

Treasury  is  unable  to  restore  and  maintain  the  gold  coin 

in  the  reserve  fund  by  the  foregoing  methods,  and  the 

amount  of  such  gold  coin  and  bullion  in  said  fund  shall 

at  any  time  fall  below  one  hundred  million  dollars,  then 

it  shall  be  his  duty  to  restore  the  same  to  the  maximum 

sum  of  one  hundred  and  fifty  million  dollars  by  borrow- 

ing money  on  the  credit  of  the  United  States,  and  for 

the  debt  thus  incurred  to  issue  and  sell  coupon  or  reg- 

istered bonds  of  the  United  States,  in  such  form  as  lie 

may  prescribe,  in  denominations  of  fifty  dollars  or  anv 

multiple  thereof,  bearing  interest  at  the  rate  of  not  ex  —  rau>  of  intor- 

ceeding  three  per  centum  per  annum,  payable  quarterly, 

such  bonds  to  be  payable  at  the  pleasure  of  the  United 

States  after  one  year  from  the  date  of  their  issue,  and  to 

be  payable,  principal  and   interest,  in  gold   coin   of  the 


706  NATIONAL  MONETARY   COMMISSION. 

present  standard  value,  and  to  be  exempt  from  the  pay- 
ment of  all  taxes  or  duties  of  the  United  States,  as  well 
as  from  taxation  in  any  form  by  or  under  State,  munici- 
Disposition  of  pal,  or  local  authority;  and  the  gold  coin  received  from 
of  bonds.    '      the  sale  of  said  bonds  shall  first  be  covered  into  the  gen- 
eral fund  of  the  Treasury  and  then  exchanged,  in  the 
manner  hereinbefore  provided,  for  an  equal  amount  of 
the  notes  redeemed  and  held  for  exchange,  and  the  Sec- 
retary of  the  Treasury  may,  in  his  discretion,  use  said 
— redempt  i  o  n  notes  in  exchange  for  gold,  or  to  purchase  or  redeem  any 
bonds  of  the  United  States,  or  for  any  other  lawful  pur- 
pose the  public  interests  may  require,  except  that  they 
shall  not  be  used  to  meet  deficiencies  in  the  current  reve- 
nues.    That  United  States  notes  when  redeemed  in  ac- 
— notes  to  becorclance  with  the  provisions  of  this  section  shall  be  re- 
issued, but  shall  be  held  in  the  reserve  fund  until  ex- 
changed for  gold,  as  herein  provided :  and  the  gold  coin 
and  bullion  in  the  reserve  fund,  together  with  the  re- 
deemed notes  held  for  use  as  provided  in  this  section,  shall 
Limit  to  re-  at  no  time  exceed  the  maximum  sum  of  one  hundred  and 

nd'       fifty  million  dollars. 

Quality  of  sii-      SEC.  3.  That  nothing  contained  in  this  act  shall  be  con- 
unaffected.  et°'' strued  to  affect  the  legal-tender  quality  as  now  provided 
by  law  of  the  silver  dollar,  or  of  any  other  money  coined 
or  issued  by  the  United  States. 

Divisions   of     gEC<  4.  That  there  be  established  in  the  Treasurv  De- 
issue    and    re- 
demption estab-partment,  as  a  part  of  the  office  of  the  Treasurer  of  the 

United  States,  divisions  to  be  designated  and  known  as 
the  division  of  issue  and  the  division  of  redemption,  to 
which  shall  be  assigned,  respectively,  under  such  regula- 
tions as  the  Secretary  of  the  Treasury  may  approve,  all 
records  and  accounts  relating  to  the  issue  and  redemption 
of  United  States  notes,  gold  certificates,  silver  certificates, 
— duties.  and  currency  certificates.  There  shall  be  transferred 
from  the  accounts  of  the  general  fund  of  the  Treasury 
of  the  United  States,  and  taken  up  on  the  books  of  said 
divisions,  respectively,  accounts  relating  to  the  reserve 
fund  for  the  redemption  of  United  States  notes  and 
Treasury  notes,  the  gold  coin  held  against  outstanding 
gold  certificates,  the  United  States  notes  held  against  out- 
standing currency  certificates,  and  the  silver  dollars  held 
against  outstanding  silver  certificates,  and  each  of  the 
funds  represented  by  these  accounts  shall  be  used  for 
the  redemption  of  the  notes  and  certificates  for  which 


LAWS  CONCERNING   MONEY,   BANKING,   AND  LOANS.  707 

they  are  respectively  pledged,  and  shall  be  used  for  no 
other  purpose,  the  same  being  held  as  trust  funds. 

SEC.  5.  That  it  shall  be  the  duty  of  the  Secretary  of  the    cancellation 

J  "of     Treasury 

Treasury,  as  fast  as  standard  silver  dollars  are  coined  un-  no,tes  for  s,llve/ 

dollars    comed, 

der  the  provisions  of  the  acts  of  July  fourteenth,  eight- etc- 

een  hundred  and  ninety,  and  June  thirteenth,  eighteen 

hundred  and  ninety-eight,  from  bullion  purchased  under 

the  act  of  July  fourteenth,  eighteen  hundred  and  ninety, 

to  retire  and  cancel  an  equal  amount  of  Treasury  notes 

whenever  received  into  the  Treasury,  either  by  exchange 

in  accordance  with  the  provisions  of  this  act  or  in  the 

ordinary  course  of  business,  and  upon  the  cancellation  of  cerrstsi^a°tfe|ilver 

Treasury  notes  silver  certificates  shall  be  issued  against 

the  silver  dollars  so  coined. 

SEC.  6.  That  the  Secretarv  of  the  Treasury  is  hereby    Gold    certm- 

"        .  .          *  s  cates   to  be   1s- 

authorized  and  directed  to  receive  deposits  of  gold  coin  sued  on  depos- 
its of  gold. 
with   the   Treasurer   or   any   assistant   treasurer  of  the 

United  States  in  sums  of  not  less  than  twenty  dollars,  and 
to  issue  gold  certificates  therefor  in  denominations  of  not 
less  than  twenty  dollars,  and  the  coin  so  deposited  shall 
be  retained  in  the  Treasury  and  held  for  the  payment  of 
such  certificates  on  demand,  and  used  for  no  other  pur- 
pose. Such  certificates  shall  be  receivable  for  customs,— ^^co^nted 
taxes,  and  all  public  dues,  and  when  so  received  may  beserve>  etc- 
reissued,  and  when  held  by  any  national  banking  associa- 
tion may  be  counted  as  a  part  of  its  lawful  reserve :  Pro- 
vided, That  whenever  and  so  long  as  the  gold  coin  held  in 
the  reserve  fund  in  the  Treasury  for  the  redemption  of 
United  States  notes  and  Treasury  notes  shall  fall  and  re- 
main below  one  hundred  million  dollars  the  authority  to 
issue  certificates  as  herein  provided  shall  be  suspended: 
And  provided  further.  That  whenever  and  so  long  as  the  suspension  of 

&  authority  to  is- 

aggregate  amount  of  United  States  notes  and  silver  cer- sue  certificates, 
tificates  in  the  general  fund  of  the  Treasury  shall  exceed 
sixty  million  dollars  the  Secretary  of  the  Treasury  may, 
in   his  discretion,  suspend   the   issue  of  the  certificates 
herein  provided  for:  And  provided  further,  That  of  the 0 penomina^on 
amount    of   such   outstanding  certificates   one-fourth   at 
least  shall  be  in  denominations  of  fifty  dollars  or  less : 
And  provided  further,  That  the  Secretary  of  the  Treas- 
ury may,  in  his  discretion,  issue  such  certificates  in  de- 
nominations sf  ten  thousand   dollars,  payable  to  order. 

AT  ,  •  />  I-,  i  in  i        •  ji  j1    j  i          Repeal  of  He- 

And  section  nity-one  hundred  and  ninety-three  ol   tncvjae(j  statutes, 
Kevised  Statutes  of  the  United  States  is  hereby  repealed. 01 


708  NATIONAL   MONETARY   COMMISSION. 

Denomination     gEC>  f_  That  hereafter  silver  certificates  shall  be  issued 

or  sliver  ccrt^o- 

cates.  onjy  of  denominations  of  ten  dollars  and  under,  except 

that  not  exceeding  in  the  aggregate  ten  per  centum  of  the 
total  volume  of  said  certificates,  in  the  discretion  of  the 
Secretary  of  the  Treasury,  may  be  issued  in  denomina- 
tions of  twenty  dollars,  fifty  dollars,  and  one  hundred 
dollars;  and  silver  certificates  of  higher  denomination 
than  ten  dollars,  except  as  herein  provided,  shall,  when- 
ever received  at  the  Treasury  or  redeemed,  be  retired  and 
canceled,  and  certificates  of  denominations  of  ten  dollars 
—on  reissue.  or  }ess  shall  be  substituted  therefor,  and  after  such  substi- 
tution, in  whole  or  in  part,  a  like  volume  of  United  States 
notes  of  less  denomination  than  ten  dollars  shall  from 
time  to  time  be  retired  and  canceled,  and  notes  of  denomi- 
nations of  ten  dollars  and  upward  shall  be  reissued  in 
substitution  therefor,  with  like  qualities  and  restrictions 
as  those  retired  and  canceled. 

m!y berusedfo°  S]EC-  8-  That  the  Secretary  of  the  Treasury  is  hereby 
aUeSi89oy  JuF "  authorized  to  use,  at  his  discretion,  any  silver  bullion  in 
s*u  °h'  7R8  s1  ^le  Treasury  of  the  United  States  purchased  under  the 
774 )•  Act  of  July  fourteenth,  eighteen  hundred  and  ninety,  for 

coinage  into  such  denominations  of  subsidiary  silver  coin 
as  may  be  necessary  to  meet  the  public  requirements  for 
—limit.          such  coin  :  Provided,  That  the  amount  of  subsidiary  silver 
coin  outstanding  shall  not  at  any  time  exceed  in  the  aggre- 
tio^  of 'notes a  S'a^  one  hundred  millions  of  dollars.    Whenever  any  sil- 
ver bullion  purchased  under  the  act  of  July  fourteenth, 
eighteen  hundred  and  ninety,  shall  be  used  in  the  coin- 
age of  subsidiary  silver  coin,  an   amount   of  Treasury 
notes  issued  under  said  act  equal  to  the  cost  of  the  bullion 
contained  in  such  coin  shall  be  canceled  and  not  reissued. 
un^urrentgesiif     SEC.  9.  That  the  Secretary  of  the  Treasury  is  hereby 
ver  coins.         authorized  and  directed  to  cause  all  worn  and  uncurrent 
subsidiary  silver  coin  of  the  United  States  now  in  the 
—  reimburse- Treasurv,  and  hereafter  received,  to  be  recoined,  and  to 

ment     of     loss  •   '  '  ' 

from  face  value,  reimburse  the  Treasurer  of  the  United  States  for  the  dif- 
ference between  the  nominal  or  face  value  of  such  coin 
and  the  amount  the  same  will  produce  in  new  coin  from 

any  moneys  in  the  Treasury  not  otherwise  appropriated. 
***** 

e.nTtin/'mft'.-s      SEC.  12.  That  upon  the  deposit  with  the  Treasurer  of 

POSH  "of*  bomis^he  United  States,  by  any  national  banking  association,  of 

any  bonds  of  the  United  States  in  the  manner  provided 

by    existing   law,    such    association    shall    be   entitled    to 

receive  from  the  Comptroller  of  the  Currency  circulating 


LAWS   CONCERNING  MONEY,   BANKING,   AND  LOANS.  709 

notes  in  blank,  registered  and  countersigned  as  provided 
by  law,  equal  in  amount  to  the  par  value  of  the  bonds  so 
deposited;  and  any  national  banking  association  now  hav- 
ing bonds  on  deposit  for  the  security  of  circulating  notes, 
and  upon  which  an  amount  of  circulating  notes  has  been 
issued  less  than  the  par  value  of  the  bonds,  shall  be  en- 
titled, upon  due  application  to  the  Comptroller  of  the 
Currency,  to  receive  additional  circulating  notes  in  blank 
to  an  amount  which  will  increase  the  circulating  notes 
held  by  such  association  to  the  par  value  of  the  bonds 
deposited,  such  additional  notes  to  be  held  and  treated 
in  the  same  way  as  circulating  notes  of  national  banking 
associations  heretofore  issued,  and  subject  to  all  the  pro- 
visions of  law  affecting  such  notes:  Provided,  That  noth-  Provisos. 
ing  herein  contained  shall  be  construed  to  modify  or  re- 
peal the  provisions  of  section  fifty- one  hundred  and 
sixty-seven  of  the  Revised  Statutes  of  the  United  States, 
authorizing  the  Comptroller  of  the  Currency  to  require 
additional  deposits  of  bonds  or  of  lawful  money  in  case  Additional  de- 

x  ,  posit     required 

the  market  value  of  the  bonds  held  to  secure  the  circu- on  depreciation 

of  bonds.    K.  S., 

lating  notes  shall  fall  below  the  par  value  of  the  circu- sec.  5107,  p. 
lating  notes  outstanding  for  which  such  bonds  may  be 
deposited  as  security:  And  provided  further,  That  the tio^f n0£ "{.";}" 
circulating  notes  furnished  to  national  banking  associa-  latins  D0tes- 
tions  under  the  provisions  of  this  act  shall  be  of  the  de- 
nominations prescribed  by  law,  except  that  no  national 
banking  association  shall,  after  the  passage  of  this  act,  be 
entitled  to  receive  from  the  Comptroller  of  the  Currency, 
or  to  issue  or  reissue  or  place  in  circulation,  more  than 
one-third  in  amount  of  its  circulating  notes  of  the  denomi- 
nation of  five  dollars:  And  provided  further,  That  the   Limit  of  issue, 
total  amount  of  such  notes  issued  to  any  such  association 
may  equal  at  any  time  but  shall  not  exceed  the,  amount  at 
such  time  of  its  capital  stock  actually  paid  in:  Ami  pro- 
vided further,  That  under  regulations  to  be  prescribed  by 
the  Secretary  of  the  Treasury  any  national  banking  JlsS()-! 
ciation  may  substitute  the  two  per  centum  bonds  issued 
under  the  provisions  of  this  Act  for  any  of  the  bonds 
deposited  with  the  Treasurer  to  secure  circulation  or  to 
secure  deposits  of  public  money;  and  so  much  of  an  act, 
entitled  "An  act  to  enable  national  banking  associations 
to  extend   their  corporate-  existence,  and   for  other  pur- 
posses,"   approved    July    twelfth,   eighteen   hundred    and 
eighty-two,  as  prohibits  any  national  bank'  which  makes 
any  deposit  of  lawful  money   in   order  to  withdraw   its 


710  NATIONAL  MONETARY   COMMISSION. 

circulating  notes  from  receiving  any  increase  of  its  cir- 
culation for  the  period  of  six  months  from  the  time  it 
made  such  deposit  of  lawful  money  for  the  purpose  afore- 
said, is  hereby  repealed,  and  all  other  Acts  or  parts  of 
Acts  inconsistent  with  the  provisions  of  this  section  are 
hereby  repealed. 

***** 

Approved,  March  14,  1900. 

NOTE.—  The  act  of  May  26,  1906,  34  Stat.  L.  202,  amends  section 

Proviso.          6  of  the  above  act  to  read  as  follows  :  "Provided,  That  whenever 
Issue  to  cease 
if  coin   in   re-  and  so  long  as  the  gold  com  held  in  the  reserve  fund  m  the  Treas- 

ury  ^or  *ne  redemption  of  United  States  notes  and  Treasury  notes 
shall  fall  and  remain  below  fifty  million  dollars  the  authority  to 
issue  certificates  as  herein  provided  shall  be  suspended,  but  the 
Secretary  of  the  Treasury  is  directed  to  coin,  within  reasonable 

Bullion  to  be  time,  any  and  all  gold  bullion  held  iu  said  reserve  fund  in  excess 
coined. 

of-  fifty  million  dollars. 

ACT  OF  APRIL  23,  1900. 

si  stat.  L.,  CHAP.  253.  —  An  act  making  appropriations  to  supply  ad- 
ditional urgent  deficiencies  in  the  appropriations  for  the 
fiscal  year  ending  June  thirtieth,  nineteen  hundred,  and 
for  other  purposes. 


andnSrintTn  n  s     -^or  la^or  anc^  expenses  of  engraving  and  printing:  For 

Salaries.        salaries  of  all  necessary  clerks  and  employees,  other  than 

plate  printers  and  plate  printers'  assistants,  sixty  thou- 

sand nine  hundred  and  forty-two  dollars  and  ninety  cents, 

to  be  expended  under  the  direction  of  the  Secretary  of  the 

Proviso.         Treasury:  Provided.  That  no  portion  of  this  sum  shall  be 

Notesof  J  ..'  . 

larger  denomi-  expended  for  printing  united  States  notes  or   .Treasury 

nation.  *f 

notes  of  larger  denomination  than  those  that  may  be  can- 
celed or  retired,  except  in  so  far  as  such  printing  may  be 
necessary  in  executing  the  requirements  of  the  act  "  To 
define  and  fix  the  standard  of  value,  to  maintain  the 
parity  of  all  forms  of  money  issued  or  coined  by  the 
United  States,  to  refund  the  public  debt,  and  for  other 
purposes,"  approved  March  fourteenth,  nineteen  hundred. 
***** 

Approved,  April  23,  1900. 

XOTK.  —  A   similar  provision  is  contained  in  oarh  appropriation 
act  from  June  <>,  1900,  to  March  4,  1909,  inclusive'. 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  711 

ACT  OF  MARCH  3,  1901. 

CHAP.  871.  —  An  act  to  amend  section,  -fifty  -one  hundred    si   stat.   L., 
and  -fifty-three  of  the  Revised  Statutes  of  the  United 
States. 

Be  it  enacted  by  the  /Senate  and  House  of  Representa- 
tives of  the  United  States  of  America  in  Congress  as- 
sembled, That  section  fifty-one  hundred  and  fifty-three  of 
the  Revised  Statutes  of  the  United  States  be  amended  to 
read  as  follows: 

"SEC.  5153.  All  national  banking  associations,  desig-     National 
nated  for  that  purpose  by  the  Secretary  of  the  Treasury,  rfes  Sofeppui>Hc 
shall  be  depositaries  of  public  money,  except  receipts  from™u°etomsCere- 
customs,  under  such  regulations  as  may  be  prescribed  byce 
the  Secretary,  but  receipts  derived  from  duties  on  imports—  exception  not 

1  a  p  p  licable    to 

in  Alaska,  the  Hawaiian  Islands,  and  other  islands  under  Hawaii,    Aias- 

.  .  KB,  etc. 

the  jurisdiction  of  the  United  States  may  be  deposited  in    Revise^  stat- 

such  depositaries  subject  to  such  regulations;  and  such  ooo!'  amended.  ' 
depositaries  may  also  be  employed  as  financial  agents  of 
the  Government;  and  they  shall  perform  all  such  reason- 
able duties  as  depositaries  of  public  moneys  and  financial 
agents  of  the  Government  as  may  be  required  of  them. 
The  Secretary  of  the  Treasury  shall  require  the  associa- 
tions thus  designated  to  give  satisfactory  security,  by  the 
deposit  of  United  States  bonds  and  otherwise,  for  the 
safe-keeping  and  prompt  payment  of  the  public  money 
deposited  with  them,  and  for  the  faithful  performance  of 
their  duties  as  financial  agents  of  the  Government.  And 
every  association  so  designated  as  receiver  or  depositary 
of  the  public  money  shall  take  and  receive  at  par  all  of  the 
national  currency  bills,  by  whatever  association  issued, 
which  have  been  paid  into  the  Government  for  internal 
revenue  or  for  loans  or  stocks." 
Approved,  March  3.  1001. 

ACT  OF  MARCH  4,  11)07. 
CHAP.  2913.  —  An  act  1<>  amend  f/ic  national,  banking  act,    ^   Stat.   L., 

1  *.o  J. 

ainj  for  oilier  i>iu-poxex. 

Be  it  enacted  by  the  Se.nate  and  Ilouxe  of  Representa- 
tives of  the,  United  States  of  America  in  (JongrcaK 


bled,  That  section   six  of  an    Act   to  define   nnd    fix   (he    rm-roncy  act, 
standard  of  value,  to  maintain  the  parity  of  all  forms  of 


712  NATIONAL  MONETARY    COMMISSION. 

money  issued  or  coined  by  the  United  States,  to  refund 
the  public  debt,  and  for  other  purposes,  approved  March 
fourteenth,  nineteen  hundred,  be,  and  the  same  is  hereby, 
amended  to  read  as  follows: 
Gold    certifl-     "  SEC.  G.  That  the  Secretary  of  the  Treasury  is  hereby 

cates  issued  for        .-,.•,          ,    -,.  i    ,  •          T  •.         j>        T  -i         • 

deposits  of  gold  authorized  and  directed  to  receive  deposits  or  gold  coin 
with  the  Treasurer,   or  any   assistant  treasurer  of  the 
United  States  in  sums  of  not  less  than  twenty  dollars,  and 
Denomination  to  issue  gold  certificates  therefor  in  denominations  of  not 
vol.  :ri,  p.  47,  less  than  ten  dollars,  and  the  coin  so  deposited  shall  be 
retained  in  the  Treasury  and  held  for  the  payment  of 
such  certificates  on  demand,  and  used  for  no  other  pur- 
pose.    Such  certificates  shall  be  receivable  for  customs, 
taxes,  and  all  public  dues,  and  when  so  received  may  be 
reissued,  and  when  held  by  any  national  banking  associa- 
Prorisos.        tion  may  be  counted  as  a  part  of  its  lawful  reserve:  Pro- 
issue,     bn  re-vided,  That  whenever  and  so  leng  as  the  gold  coin  and 
serve  fund.       bullion  held  in  the  reserve  fund  in  the  Treasury  for  the 
redemption  of  United  States  notes  and  Treasury  notes 
shall  fall  and  remain  below  one  hundred  million  dollars 
the  authority  to  issue  certificates  as  herein  provided  shall 
On  increase  of  be  suspended :  And  provided  further.  That  whenever  and 

s  liver    certifl- 

cates,  etc.,  in  so  long  as  the  aggregate  amount  of  United  States  notes 
and  silver  certificates  in  the  general  fund  of  the  Treas- 
ury shall  exceed  sixty  million  dollars  the  Secretary  of 
the  Treasury  may,  in  his  discretion,  suspend  the  issue  of 
the  certificates  herein  provided  for:  And  provided  fnr- 
nenomina-,-'/,g?'?  That  of  the  amount  of  such  outstanding  certificates 

Btaading  certif- one-fourth  at  least  shall  be  in  denominations  of  fifty  dol- 
lars or  less:  And  provided  further,  That  the  Secretary  of 
the  Treasury  may,  in  his  discretion,  issue  such  certificates 
Larj:e  notes,  in  denominations  of  ten  thousand  dollars,  pavablc  to 

Revised   St;it-  .  .     ' 

me*.   oi!>:'.,  p.  order.     And  section  nity-one  hundred  and  ninety-three 
of  the  Revised  Statutes  of  the  United  States  is  hereby 
repealed." 
Treasury      SKC.  '2.  That  whenever  and  so  long  as  4 he  outstanding 

when'dVficiency  silver  certificates  of  the  denominations  of  one  dollar,  two 

i-xists   in   small  ,     . .  I  1          il  •    •  f 

silver  cnrtifi- dollars,  and  five  dollars,  issued  under  the  provisions  of 
Vof.  31,  p.  47.  section  seven  of  an  Act  entitled  'k  An  Act  to  define  and 
lix  the  standard  of  value,  to  maintain  the  parity  of  all 
forms  of  money  issued  or  coined  by  the  United  States,  to 
refund  the  public  debt,  and  for  other  purposes"  approved 
March  fourteenth,  nineteen  hundred,  shall  be,  in  the 
opinion  of  the  Secretary  of  the  Treasury,  insufficient  to 


LAWS  CONCERNING   MONEY,   BANKING,   AND   LOANS.  713 

meet  the  public  demand  therefor,  he  is  hereby  authorized 

to  issue  United  States  notes  of  the  denominations  of  one     Higher  de- 
nominations 
dollar,  two  dollars,  and  five  dollars,  and  upon  the  issue to  be  retired. 

of  United  States  notes  of  such  denominations  an  equal 
amount  of  United  States  notes  of  higher  denominations 

shall  be  retired  and  canceled:  Provided,  however.  That     I'rovisos. 

•**££»  r  c  fir  a  t  G 
the  aggregate  amount  of  United  States  notes  at  any  time  amount  nation- 

te,.to  .  -        ,    i         ,  albank  issue 

outstanding  shall  remain   as   at   present   fixed  by  law : uot  affected. 
And  provided  further,  That  nothing  in  this  Act  shall  be 
construed  as  affecting  the  right  of  any  national  bank  to 
issue  one-third  in  amount  of  its  circulating  notes  of  the 
denomination  of  five  dollars,  as  now  provided  by  law. 

SEC.  3.  That  section  fifty-one  hundred  and  fifty-three  ut^sevl|f||tat- 
of  the  Revised  Statutes  be  amended  to  read  as  follows :     99(5'  amended. 

"  SEC.  5153.  All  national  banking  associations,  desijj- .   National 

^    banks    may    be 

nated  for  that  purpose  by  the  Secretary  of  the  Treasury, 
shall  be  depositaries  of  public  money,  under  such  regula- 
tions  as  may  be  prescribed  by  the  Secretary;  and  they 
may  also  be  employed  as  financial  agents  of  the  Govern- 
ment; and  they  shall  perform  all  such  reasonable  duties, 
as  depositaries  of  public  money  and  financial  agents  of 
the  Government,  as  may  be  required  of  them.  The  Sec- 
retary of  the  Treasury  shall  require  the  associations  thus 
designated  to  give  satisfactory  security,  by  the  deposit  of 
United  States  bonds  and  otherwise,  for  the  safe-keeping 
and  prompt  payment  of  the  public  money  deposited  with 
them,  and  for  the  faithful  performance  of  their  duties  as 
financial  agents  of  the  Government:  Provided,  That  the  statement  of 
Secretary  shall,  on  or  before  the  first  of  January  of  each  f^"^'1'8  re" 
year,  make  a  public  statement  of  the  securities  required 
during  that  year  for  such  deposits.  And  every  associa-  TO  receive  at 

parall  national 

tion  so  designated  as  receiver  or  depositary  of  the  pub-  '•"n-ency,  Mils, 

lie  money  shall  take  and  receive  at  par  all  of  the  national 

currency  bills,  by  whatever  association  issued,  which  havo 

been  paid  into  the  Government  for  internal  revenue,  or 

for  loans  or  stocks:  Prodded,  That  the  Secretary  of  tne  of  Jel80sKtlon 

Treasury   shall    distribute  the   deposits   herein    provided 

for,  as  far  as  practicable,  equitably  between  the  different 

States  and  sections." 

SEC.  4.  That  section  nine,  of  the  Act  of  July  twelfth.  l(.J"\;ut~^ 
eighteen  hundred  and  eighty-two,  as  amended  by  the  Act     Vol.  :u,  p.  45. 
of     March     fourteenth,     nineteen     hundred,     be     further 
amended  to  read  MS  follows: 
157] 2C 


714  NATIONAL,  MONETARY    COMMISSION. 


o  f  circuiatn  "  ^EC<  ^'  That  any  national  banking  association  now 
"osft8  of  lawful  organized,  or  hereafter  organized,  desiring  to  withdraw 
m°voi'  eis  ^s  circulating  notes,  upon  a  deposit  of  lawful  money  with 
12£.  .  the  Treasurer  of  the  United  States,  as  provided  in  sec- 

Restrict  ion  . 

on  reissue  re-  tion  four  of  the  Act  of  June  twentieth,  eighteen  hundred 

moved.  .  .         '  .    * 

and  seventy-four,  or  as  provided  in  this  Act,  is  author- 
ized to  deposit  lawful  money  and,  with  the  consent  of  the 
Comptroller  of  the  Currency  and  the  approval  of  the 
Secretary  of  the  Treasury,  withdraw  a  proportionate 
amount  of  the  bonds  held  as  security  for  its  circulating 
Provisos  notes  in  the  order  of  such  deposits:  Provided.  That  not 

L  i  m  i  t    or  L 

monthiy     d  e  -  more  than  nine  millions  of  dollars  of  lawful  monev  shall 

posit  increased. 

be  deposited  during  any  calendar  month  for  this  purpose  : 
And  provided  further,  That  the  provisions  of  this  section 
forBreddemCuoend  snall  n°t  apply  to  bonds  called  for  redemption  by  the 
etc-  Secretary  of  the  Treasury,  nor  to  withdrawal  of  circulat- 

ing notes  in  consequence  thereof." 
Approved,  March  4,  1907,  10  a.  m. 

ACT  OF  MAY  30,  1908. 
|5  stat-  L->CHAP.  229.  —  An  act  to  amend  the  national  banking  laws. 

Be  it  enacted  by  the  Senate  and  House  of  Representa- 

tives of  the  United  States  of  America  in.  Congress  axscm- 

Nationai-^W  That  national  banking  associations,  each  having  an 

bank   circula-  ' 

tion-  unimpaired  capital  and  a  surplus  of  not  less  than  twenty 

per  centum,  not  less  than  ten  in  number,  having  an  ag- 
National  gregate  capital  and  surplus  of  at  least  five  millions  of  dol- 

-  „  .  .       .  .  1 

lars,  may  form  voluntary  associations  to  be  designated  as 
/  na^ional  currency  associations.  The  banks  uniting  to 
form  such  association  shall,  by  their  presidents  or  vice- 
presidents,  acting  under  authority  from  the  board  of  di- 
s.  rectors,  make  and  file  with  the  Secretary  of  the  Treasury 
a  certificate  setting  forth  the  names  of  the  banks  com- 
posing the  association,  the  principal  place  of  business  of 
the  association,  and  the  name  of  the  association,  which 
name  shall  be  subject  to  the  approval  of  the  Secretary  of 
owors  P  oratcthe  Treasury.  Upon  the  filing  of  such  certificate  the  asso- 
ciated banks  therein  named  shall  become  a  body  corpor- 
ate. and  by  the  name  so  designated  and  approved  may  sue 
and  be  sued  and  exercise  the  powers  of  a  body  corporate 
iTn?itsos>  ^or  ^n('  P"rP°s<'s  hereinafter  mentioned:  /V-^vV/W,  That 
not  more,  than  one  such  national  currency  association  shall 


currency    asso- 


LAWS  CONCERNING   MONEY,   BANKING,   AND  LOANS.  715 

be  formed  in  any  city :  Provided  further,  That  the  several 

members  of  such  national  currency  association  shall  be     Members  to 

.  be   of   contigu- 

taken,  as  nearly  as  conveniently  may  be,  from  a  territory  ous  territory. 
composed  of  a  State  or  part  of  a  State,  or  contiguous 
parts  of  one  or  more  States:  And  provided  further,  That 
any  national  bank  in  such  city  or  territory,  having  the  Subsequ  e  n  t 
qualifications  herein  prescribed  for  membership  in  such 
national  currency  association,  shall,  upon  its  application 
to  and  upon  the  approval  of  the  Secretary  of  the  Treas- 
ury, be  admitted  to  membership  in  a  national  currency 
association  for  that  city  or  territory,  and  upon  such  ad- 
mission shall  be  deemed  and  held  a  part  of  the  body 
corporate,  and  as  such  entitled  to  all  the  rights  and  priv- 
ileges and  subject  to  all  the  liabilities  of  an  original  mem- 
ber: And  provided  further,  That  each  national  currency 
association  shall  be  composed  exclusively  of  banks  not  Banks  re- 

L,  -  stricted  to  one 

members  of  any  other  national  currency  association.  association. 

The  dissolution,  voluntary  or  otherwise,  of  any  bank  in    Existence  not 

'  J  J  affected  by  dia- 

such  association  shall  not  affect  the  corporate  existence  of  solution  of  a 

member. 

the  association  unless  there  shall  then  remain  less  than  the 
minimum  number  of  ten  banks:  Provided,  however.  That  I"ro/is?.- 

'  '  Reduction  be- 

the  reduction   of  the  number  of  said  banks  below  thelow  minimum. 
minimum  of  ten  shall  not  affect  the  existence  of  the  corpo- 
ration with  respect  to  the  assertion  of  all  rights  in  favor 
of  or  against  such  association.     The  affairs  of  the  associa-    Management. 
tion  shall  be  managed  by  a  board  consisting  of  one  repre- 
sentative from  each  bank.     By-laws  for  the  government 
of  the  association  shall  be  made  by  the  board,  subject  to 
the  approval  of  the  Secretary  of  the  Treasury.     A  presi-    officers. 
dent,  vice-president,  secretary,  treasurer,  and  an  executive    NX  ecu  tive 

-   _  committee. 

committee  of  not  less  than  five  members,  shall  be  elected 
by  the  board.  The  powers  of  such  board,  except  in  the 
election  of  officers  and  making  of  by-laws,  may  be  exer- 
cised through  its  executive  committee. 

The  national  currency  association  herein  provided  for     I'owers. 
shall  have  and  exercise  any  and  all  powers  necessary  to 
carry  out  the  purposes  of  this  section,  namely,  to  render 
available,  under  the  direction  and  control  of  the  Secretary 
of  the  Treasury,  as  a  basis  for  additional  circulation  any 
securities,  including  commercial  paper,  held  by  a  national 
banking  association.      For  the  purpose  of  obtaining  such  l,.1AI<11(lI.1(('.i',).,"la,1 
additional  circulation,  any  bank  belonging  to  any  national  []""'for,St()"b(! 
currency  associa  t  inn.  having  circulating  notes  outstanclingll^y^i.^^  " 
secured  by  the  deposit   of  bonds  of  the   Tniled   States  to 
an  amount  not  less  than   forty  per  centum  of  its  capital 


716  NATIONAL,  MONETARY   COMMISSION. 

stock,  and  which  has  its  capital  unimpaired  and  a  surplus 
of  not  less  than  twenty  per  centum,  may  deposit  with  and 
transfer  to  the  association,  in  trust  for  the  United  States, 
for  the  purpose  hereinafter  provided,  such  of  the  securi- 
ties above  mentioned  as  may  be  satisfactory  to  the  board 
of  the  association.     The  officers  of  the  association  may 
toA£ompatroner  thereupon,  in  behalf  of  such  bank,  make  application  to 
renc  * h  e   Cur  *ne  Comptroller  of  the  Currency  for  an  issue  of  additional 
circulating  notes  to  an  amount  not  exceeding  seventy-five 
per  centum  of  the  cash  value  of  the  securities  or  commer- 
cial paper  so  deposited.     The  Comptroller  of  the  Cur- 
rency shall  immediately  transmit  such  application  to  the 
Secretary  of  the  Treasury  with  such  recommendation  as 
secretary  of  he  thinks  proper,  and  if,  in  the  iudgment  of  the  Secretary 

the    Treasury  *  '  ,.    .  .  ,. 

may  direct  is-  of  the  Treasury,  business  conditions  in  the  locality  de- 
mand additional  circulation,  and  if  he  be  satisfied  with 
the  character  and  value  of  the  securities  proposed  and 
that  a  lien  in  favor  of  the  United  States  on  the  securities 
so  deposited  and  on  the  assets  of  the  banks  composing  the 
association  will  be  amply  sufficient  for  the  protection  of 
the  United  States,  he  may  direct  an  issue  of  additional 
circulating  notes  to  the  association,  on  behalf  of  such 
bank,  to  an  amount  in  his  discretion,  not,  however,  ex- 
ceeding seventy-five  per  centum  of  the  cash  value  of  the 
Provisos.  securities  so  deposited :  Provided.  That  upon  the  deposit 

Amount    on  .  . 

state,  e  t  c.,  of  any  of  the  State,  city,  town,  county,  or  other  municipal 

bonds,  of  a  character  described  in  section  three  of  this 

Act,  circulating  notes  may  be  issued  to  the  extent  of  not 

exceeding  ninety  per  centum  of  the  market  value  of  such 

Limit  as  to  bonds  so  deposited:  And  provided  further.  That  no  na- 

oommercial  pa-    .  .  •       •  i      -n     i  i        •       i     • 

per.  tional   banking   association   shall    be   authorized    in    any 

event  to  issue  circulating  notes  based  on  commercial  paper 

in  excess  of  thirty  per  centum  of  its  unimpaired  capital 

"Commercial  and   surplus.     The  term   "  commercial   paper  ?'  shall  be 

nated.  *  held  to  include  only  notes  representing  actual  commercial 

transactions,  which  when  accepted  by  the  association  shall 

bear  the  names  of  at  least  two  responsible  parties  and 

have  not  exceeding  four  months  to  run. 

Liability  of      The  banks  and  the  assets  of  all  banks  belonirinc:  to  the 

association   for  .  .    .  '        ' 

redemption.       association  shall    be  jointly  and  severally   liable  to  the 

United  States  for  the  redemption  of  such  additional  cir- 

Lien  created,  culation ;  and  to  secure  such  liability  the  lien  created  by 

Revised  stat- section  fiftv-two  hundred  and  thirty  of  the  Kevised  Stat- 
utes,   5-30,    p. 

1011.  utes  shall  extend  to  and  cover  the  assets  of  nil  banks  be- 

longing to  the  association,  and  to  the  securities  deposited 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  717 

by  the  banks  with  the  association  pursuant  to  the  pro- 
visions of  this  Act;  but  as  between  the  several  banks  com-     Liability  De- 
posing such  association  each  bank  shall  be  liable  only  in  berse 
the  proportion  that  its  capital  and  surplus  bears  to  the 
capital  and  surplus  of  all  such  banks.     The 


...  •  £  £  -  or  exchange  of, 

association  may,  at  any  time,  require  of  any  of  its  con-  securities. 

stituent  banks  a  deposit  of  additional  securities  or  com- 

mercial paper,  or  an  exchange  of  the  securities  already  on 

deposit,  to  secure  such  additional  circulation  ;  and  in  case 

of  the  failure  of  such  bank  to  make  such  deposit  or  ex-   saieof  securi- 

change  the  association  may,  after  ten  days'  notice  to  the  faifm-e.  el 

bank,  sell  the  securities  and  paper  already  in  its  hands  at 

public  sale,  and  deposit  the  proceeds  with  the  Treasurer     Deposit    of 

of  the  United  States  as  a  fund  for  the  redemption  of  such  pl 

additional  circulation.     If  such  fund  be  insufficient  for 

that  purpose  the  association  may  recover  from  the  bank 

the  amount  of  the  deficiency  by  suit  in  the  circuit  court,  suit,  if  sum 

of  the  United  States,  and  shall  have  the  benefit  of  the  redeem  notes. 

lien  herein-before  provided  for  in  favor  of  the  United 

States  upon  the  assets  of  such  bank.     The  association  or 

the  Secretary  of  the  Treasury  may  permit  or  require  the 

withdrawal  of  any  such  securities  or  commercial  paper    withdrawal 

and  the  substitution  of  other  securities  or  commercial  lion  permuted. 

paper  of  equal  value  therefor. 

SEC.  2.  That  whenever  any  bank  belonging  to  a  na-     Action,  if 

.          ,  .       .  ,    „    .  members   fail 

tional  currency  association  snail  rail  to  preserve  or  make  to  maintain  re- 

,    .  -.  .  „         ,    .         .        rr,  „     ,          T    .          demption  fund. 

good  its  redemption  fund  m  the  Treasury  or  the  United    /oi.  is,  p. 

States,    required   by   section    three    of   the   Act    of   June 

twentieth,   eighteen   hundred   and   seventy-four,   chapter 

three  hundred  and  forty-three,  and  the  provisions  of  this 

Act,  the  Treasurer  of  the  United  States  shall  notify  such 

national  currency  association  to  make  good  such  redemp- 

tion fund,  and  upon  the  failure  of  such  national  currency 

association  to  make  good  such  fund,  the  Treasurer  of  the 

United  States  may,  in  his  discretion,  apply  so  much  of  the     r*e  ,,r  fund 

•'  '  .         of   oilier    mem 

redemption  fund  belonging  to  the  other  banks  composing  bers. 

such  national  currency  association  as  may  be  necessary 

for  that  purpose;  and  such  national  currency  association 

may,  after  five  days'  notice  to  such  bank,  proceed  (o  so^  K  ^S,°^ll?i"i^ 

at  public  sale  the  securities  deposited  bv  such  bank  with' 

'  ,  . 

the  association  pursuant   to  the  provisions  of  section  one, 

of  this  Act,  and  depo-il  the  proceeds  with  the  Treasurer     Deposits   ,,f 

of  the  United  Slates  as  a   fund  for  the  redemption  of  (helil-mpti  o  n°'  of 

additional  circulation  taken  out   by  such  bank  under  this"" 

Act. 


718  NATIONAL   MONETARY   COMMISSION. 

Additi  o  n  a  i      gEC>  3,  That  any  national  banking  association  which 

circulation    by  •* 

tb^nVn  i°t eGd  nas  circuiting  notes  outstanding,  secured  by  the  deposit 
states  bonds,    of  United  States  bonds  to  an  amount  of  not  less  than 
forty  per  centum  of  its  capital  stock,  and  which  has  a 
surplus  of  not  less  than  twenty  per  centum,  may  make  ap- 
plication to  the  Comptroller  of  the  Currency  for  authority 
to  issue  additional  circulating  notes  to  be  secured  by  the 
deposit  of  bonds  other  than  bonds  of  the  United  States. 
The  Comptroller  of  the  Currency  shall  transmit  imme- 
Appiication  to  diately  the  application,  with  his  recommendation,  to  the 

Comptroller.  ( L  L  .... 

Secretary  of  the  Treasunr,  who  shall,  if  in  his  judgment 
business  conditions  in  the  locality  demand  additional  cir- 
culation, approve  the  same,  and  shall  determine  the  time 
Approval  by  of  issue  and  fix  the  amount,  within  the  limitations  herein 

Seer  etary   of  .  ' 

Treasury.         imposed,  of  the  additional  circulating  notes  to  be  issued. 

posfts"of  °bondcis  Whenever  after  receiving  notice  of  such  approval  any 

with  Treasurer.  sucn  association  shall  deposit  with  the  Treasurer  or  any 
assistant  treasurer  of  the  United  States  such  of  the  bonds 
described  in  this  section  as  shall  be  approved  in  character 
and  amount  by  the  Treasurer  of  the  United  States  and 
the  Secretary  of  the  Treasury,  it  shall  be  entitled  to  re- 
ceive, upon  the  order  of  the  Comptroller  of  the  Currency, 
circulating  notes  in  blank,  registered  and  countersigned  as 
provided  by  law,  not  exceeding  in  amount  ninety  per 
Not  to  exceed  centum  of  the  market  value,  but  not  in  excess  of  the  par 

market  vahie°  value  of  any  bonds  so  deposited,  such  market  value  to  be 
ascertained  and   determined  under  the  direction  of  the 
Secretary  of  the  Treasury. 
Bonds  of     The  Treasurer  of  the  United  States,  with  the  approval 

States,   cities,     »  ,1       o  ?  ,1       rp  -,     IT  •, 

etc.,  acceptable,  ot  the  Secretary  or  the  Ireasury,  shall  accept  as  security 
to°city,onetc*for  the  additional. circulating  notes  provided  for  in  this 
section,  bonds  or  other  interest-bearing  obligations  of  any 
State  of  the  United  States,  or  any  legally  authorized 
bonds  issued  by  any  city,  town,  county,  or  other  legally 
constituted  municipality  or  district  in  the  United  States 
which  has  been  in  existence  for  a  period  of  ten  years,  and 
which  for  a  period  of  ten  years  previous  to  such  deposit 
lias  not  defaulted  in  the  payment  of  any  part  of  either 
principal  or  interest  of  any  funded  debt  authorized  to  be 
contracted  by  it,  and  whose  net  funded  indebtedness  does 
not  exceed  ten  per  centum  of  the  valuation  of  its  taxable 
property,  to  be  ascertained  by  the  la>t  preceding  valua- 
_  Discretion  of  t  ion  of  proper!  v  for  the  assessment  of  taxes.  The  Treas- 
urer of  the  Tnilcd  States,  with  the  approval  of  the  Sec- 
retary of  the  Treasury,  shall  accept,  for  the  purposes  of 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  719 

this  section,  securities  herein  enumerated  in  such  pro- 
portions as  he  may  from  time  to  time  determine,  and  he 
may  with  such  approval  at  any  time  require  the  deposit 
of  additional  securities,  or  require  any  association  to 
change  the  character  of  the  securities  already  on  deposit. 

SEC.  4.  That  the  legal  title  of  all  bonds,  whether  cou-    Transfer  of 

.  &  .    '  .  title  in  trust. 

pon  or  registered,  deposited  to  secure  circulating  notes 
issued  in  accordance  with  the  terms  of  section  three  of 
this  Act  shall  be  transferred  to  the  Treasurer  of  the 
United  States  in  trust  for  the  association  depositing  them, 
under  regulations  to  be  prescribed  by  the  Secretary  of 
the  Treasury.  A  receipt  shall  be  given  to  the  association  Receipts  from 

Treasurer. 

by  the  Treasurer  or  any  assistant  treasurer  of  the  United 
States,  stating  that  such  bond  is  held  in  trust  for  the  asso- 
ciation on  whose  behalf  the  transfer  is  made,  and  as  secur- 
ity for  the  redemption  and  payment  of  any  circulating 
notes  that  have  been  or  may  be  delivered  to  such  associa- 
ation.  No  assignment  or  transfer  of  any  such  bond  by  the  Assignments, 

«  J  custody,  etc.,  of 

Treasurer  shall  be  deemed  valid  unless  countersigned  bvbo"ds-. 

te  -       Revised  Stat- 

the  Comptroller  of  the  Currency.    The  provisions  of  sec-g*||'  |of|~ 
tions  fifty-one  hundred  and  sixty-three,  fiftj^-one  hundred  fijfo-ioi'0  "8> 
and  sixty-four,  fifty-one  hundred  and  sixty-five,  fifty-one 
hundred  and  sixty-six,  and  fifty-one  hundred  and  sixty- 
seven  and  sections  fifty-two  hundred  and  twenty-four  to 
fifty-two  hundred  and  thirty-four,  inclusive,  of  the  Re- 
vised Statutes  respecting  United  States  bonds  deposited 
to  secure  circulating  notes  shall,  except  as  herein  modified, 
be  applicable  to  all  bonds  deposited  under  the  terms  of 
section  three  of  this  Act. 

SEC.  5.  That  the  additional  circulating  notes  issued  un-    status  of  ad- 
ditional   clrcu- 
der  this  Act  shall  be  used,  held,  and  treated  in  the  same  lating  notes. 

way  as  circulating  notes  of  national  banking  associations 
heretofore  issued  and  secured  by  a  deposit  of  United 
States  bonds,  and  shall  be  subject  to  all  the  provisions  of 
law  affecting  such  notes  except  as  herein  expressly  modi- 
fied :  Provided,  That  the  total  amount  of  circulating  notes  umit  of  issue 

P  <)  f     notes     by 

outstanding  of  any  national  banking  association,  mclud-  i^nks. 
ing  notes  secured  by  United  States  bonds  as  now   pro- 
vided by  law,  and  notes  secured  otherwise  than  by  de- 
posit of  such   bonds,  shall   not  at  any   time  exceed   the 
amount  of  its  unimpaired  capital  and  surplus:  And  ]>i'<>- 

cidcd  further*  That  there  shall  not  be  outstanding  at  anv     Maximum  of 
'.         ,      .  .  .    .  -..'additional 

time  circulating  notes  issued  under  the  provisions  01  this  notes. 

Act  to  an  amount  of  more  than  five  hundred  millions  of 
dollars. 


720  NATIONAL,  MONETARY   COMMISSION. 

f  ^dempt  *  ° B      SEC.  6.  That  whenever  and  so  long  as  any  national 
special   r  e  -  banking  association  has  outstanding  anv  of  the  additional 

quirement  for  D 

additional  ^cir-  circulating  notes  authorized  to  be  issued  by  the  provisions 
is,  p.  123.  of  this  Act  it  shall  keep  on  deposit  in  the  Treasury  of  the 
United  States,  in  addition  to  the  redemption  fund  re- 
quired by  section  three  of  the  Act  of  June  twentieth, 
eighteen  hundred  and  seventy-four,  an  additional  sum 
equal  to  five  per  centum  of  such  additional  circulation  at 
any  time  outstanding,  such  additional  five  per  centum  to 
be  treated,  held,  and  used  in  all  respects  in  the  same  man- 
ner as  the  original  redemption  fund  provided  for  by  said 
section  three  of  the  Act  of  June  twentieth,  eighteen  hun- 
dred and  seventy-four. 
Proportional  SEC.  7.  In  order  that  the  distribution  of  notes  to  be 

assignment    of.  .    .  . 

additional  cir-  issued  under  the  provisions  or  this  Act  shall  be  made  as 

culationto  f.  .  ,, 

states.  equitable  as  practicable  between  the  various  sections  or 

the  country,  the  Secretary  of  the  Treasury  shall  not 
approve  applications  from  associations  in  any  State  in 
excess  of  the  amount  to  which  such  State  would  be  enti- 
tled of  the  additional  notes  herein  authorized  on  the  basis 
of  the  proportion  which  the  unimpaired  capital  and  sur- 
plus of  the  national  banking  associations  in  such  State 
bears  to  the  total  amount  of  unimpaired  capital  and  sur- 
plus of  the  national  banking  associations  of  the  United 
Proviso.  States:  Provided,  however.  That  in  case  the  applications 

Emerg  e  n  c  y  . 

assignments,  from  associations  in  any  State  shall  not  be  equal  to  the 
amount  which  the  associations  of  such  State  would  be 
entitled  to  under  this  method  of  distribution,  the  Secre- 
tary of  the  Treasury  may,  in  his  discretion,  to  meet  an 
emergency,  assign  the  amount  not  thus  applied  for  to  any 
applying  association  or  associations  in  States  in  the  same 
section  of  the  country, 
information,  SEC.  8.  That  it  shall  be  the  duty  of  the  Secretary  of 

etc.,    as   to    ac-  „  .  .  P 

oeptabie  securi-  the  Treasury  to  obtain  information  with  reference  to  the 

ties. 

value  and  character  of  the  securities  authorized  to  be 
accepted  under  the  provisions  of  this  Act,  and  he  shall 
from  time  to  time  furnish  information  to  national  banking 
associations  as  to  such  securities  as  would  be  acceptable 
under  the  provisions  of  this  Act. 

Tax  on  ch-cu-  SEC.  0.  That  section  fifty-two  hundred  and  fourteen 
of  the  Revised  Statutes,  as  amended,  be  further  amended 
to  read  as  follows : 

uteseviv'l4Stat)       "  SEC.  5214.  National   banking  associations  having  on 

10°S-  deposit  bonds  of  the  United  States,  bearing  interest  at  the 

erTt-nTiJiuis2  r:lte  °^  ^wo  l)cr  centuiu  pur  annum,  including  the  bonds 


LAWS   CONCERNING   MONEY,   BANKING,   AND   LOANS.  721 

issued  for  the  construction  of  the  Panama  Canal,  under 

the  provisions  of  section  eight  of  'An  Act  to  provide  for    v  o  i .  32,  p. 

the  construction  of  a  canal  connecting  the  waters  of  the 

Atlantic  and  Pacific  oceans,' approved  June  twenty-eighth, 

nineteen  hundred  and  two,  to  secure  its  circulating  notes, 

shall  pay  to  the  Treasurer  of  the  United  States,  in  the 

months  of  January  and  July,  a  tax  of  one-fourth  of  one 

per  centum  each  half  year  upon  the  average  amount  of 

such  of  its  notes  in  circulation  as  are  based  upon  the 

deposit  of  such  bonds;  and  such  associations  having  on   .By  bonds  of 

deposit  bonds  of  the  United  States  bearing  interest  at  a 

rate  higher  than  two  per  centum  per  annum  shall  pay  a 

tax  of  one-half  of  one  per  centum  each  half  year  upon  the 

average  amount  of  such  of  its  notes  in  circulation  as  are 

based  upon  the  deposit  of  such  bonds.    National  banking 

associations  having  circulating  notes  secured  otherwise     BJ  other  se- 
curities. 
than  by  bonds  of  the  United  States  shall  pay  forjhe  first  r 

month  a  tax  at  the  rate  of  five  per  centum  per  annum 

upon  the  averagelimount  of  such  of  their  notes  in  circu- 

latioir  as  are  based?  upon  the  deposit  of  such  securities, 

and^ajPterwarcls  an  additional  tax  of  one  per  centum  per  • 

annum  for  each  month  until  a  tax  of  ten  per  centum  per 

annum  is  reached,  and  thereafter  such  tax  of  ten  per  con- 

tjump_er^  annum,  upon~tEe~a~verage  amount  of  such  notes. 

Everv  national  banking  association  having  outstanding     Monthly  rc- 

'      .  ,   .  ,  .         „  ..      turns  of  clrcu- 

circulatmg  notes  secured  by  a  deposit  of  other  securities  lation  on  other 
than  United  States  bonds  shall  make  monthly  ret  urns,  states  bonds. 
under  oath  of  its  president  or  cashier,  to  the  Treasurer  of 
the  United  States,  in  such  form  as  the  Treasurer  may  pre- 
scribe, of  the  average  monthly  amount  of  its  notes  so 
secured  in  circulation;   and  it  shall  be  the  duty  of  the 
Comptroller  of  the  Currency  to  cause  such   reports   of 
notes  in  circulation  to  be  verified  by  examination  of  the 
banks'  records.     The  taxes  received  on  circulating  notes     rse  of  taxes 

on     notes     s  e  - 

secured  otherwise  than  bv   bonds  ot  the  United   States  cured  i>y  other 

•.  i  .  ,  t  ban   T;  n  i  t  e  <1 

shall   be  paid   into  the  Division   of  Redemption   or  the  status  bunds. 
Treasury  and  credited  and  added  to  the  reserve,  fund  held 
for  the  redemption  of  United  States  and  other  note-/' 

SEC.  10.  That  section   nine  of  the  Act  approved   July (.lll1.t17|1i1Inin»  >'lr 
twelfth,  eighteen  hundred  and  eighty-two,  as  amended  by^ 
the  Act  approved  March   fourth,  nineteen   hundred   and 
seven,  be  further  amended  to  read  as  follows: 

"  SEC.  0.  That  anv  national  banking  association  do-ir-(i] 
ing  to  withdraw  ils  circulating  note-,  secured  by  deposit  jj] 
of  United  States  bond-  in  the  manner  provided  in  section 


722  NATIONAL  MONETARY  COMMISSION. 

four  of  the  Act  approved  June  twentieth,  eighteen  hun- 
dred and  seventy-four,  is  hereby  authorized  for  that  pur- 
Deposits  of  pose  to  deposit  lawful  money  with  the  Treasurer  of  the 
United  States  and,  with  the  consent  of  the  Comptroller  of 
the  Currency  and  the  approval  of  the  Secretary  of  the 
Treasury,  to  withdraw  a  proportionate  amount  of  bonds 
held  as  security  for  its  circulating  notes  in  the  order  of 
Proviso.        such  deposits :  Pro  vided,  That  not  more  than  nine  millions 
limit.  of  dollars  of  lawful  money  shall  be  so  deposited  during 

any  calendar  month  for  this  purpose. 
Notes  secured      Any  national  banking  association  desiring  to  withdraw 

by   other   secu-  ...  . 

rities.  any  of  its  circulating  notes,  secured  by  the  deposit  of  se- 

curities other  than  bonds  of  the  United  States,  may  make 
such  withdrawal  at  any  time  in  like  manner  and  effect  by 
Deposits.       the  deposit  of  lawful  money  or  national  bank  notes  with 
the  Treasurer  of  the  United  States,  and  upon  such  deposit 
a  proportionate  share  of  the  securities  so  deposited  may 
Proviso.        he  withdrawn:  Provided.  That  the  deposits  under  this 

Retention  of 

deposits  to  re-  section  to  retire  notes  secured  by  the  deposit  of  securities 

neem  notes.  * 

r>0ao1 '  ~6'  p"  other  than  bonds  of  the  United  States  shall  not  be  covered 

—  o<*. 

into  the  Treasury,  as  required  by  section  six  of  an  Act 
entitled  'An  Act  directing  the  purchase  of  silver  bullion 
and  the  issue  of  Treasury  notes  thereon,  and  for  other 
purposes,'  approved  July  fourteenth,  eighteen  hundred 
and  ninety,  but  shall  be  retained  in  the  Treasury  for  the 
purpose  of  redeeming  the  notes  of  the  bank  making  such 
deposit." 

issue    of      SEC.  11.  That  section  fifty-one  hundred  and   seventy- 
Revised  stat-  two  of  the  Revised  Statutes  be,  and  the  same  is  hereby, 

utes,    5172.     p. 

1000,  amended,  amended  to  read  as  follows : 
Engraving     "  SEC.  5172.  In  order  to  furnish  suitable  notes  for  cir- 

and  printing. 

dilation,  the  Comptroller  of  the  Currency  shall,  under  the 
direction  of  the  Secretary  of  the  Treasury,  cause  plates 
and  dies  to  be  engraved,  in  the  best  manner  to  guard 
against  counterfeiting  and  fraudulent  alterations,  and 
shall  have  printed  therefrom,  and  numbered,  such  quan- 
Denomina- tity  of  circulating  notes,  in  blank,  of  the  denominations 

tions.  J 

of  five  dollars,  ten  dollars,  twenty  dollars,  fifty  dollars, 
one  hundred  dollars,  five  hundred  dollars,  one  thousand 
dollars,  and  ten  thousand  dollars,  as  may  be  required  to 
character  of  supply  the  associations  entitled  to  receive  the  same.  Such 
notes  shall  state  upon  their  face  that  they  are  secured  by 
United  States  bonds  or  other  securities,  certified  by  the 


LAWS   CONCERNING   MONEY,   BANKING,   AND  LOANS.  723 

written  or  engraved  signatures  of  the  Treasurer  and  Reg- 
ister and  by  the  imprint  of  the  seal  of  the  Treasury. 
They  shall  also  express  upon  their  face  the  promise  of 
the  association  receiving  the  same  to  pay  on  demand,  at- 
tested by  the  signature  of  the  president  or  vice-president 
and  cashier.     The  Comptroller  of  the  Currency,  acting     Additional 
under  the  direction  of  the  Secretary  of  the  Treasury,  pared.  ° 
shall  as  soon  as  practicable  cause  to  be  prepared  circu- 
lating notes  in  blank,  registered  and  countersigned,  as 
provided  by  law,  to  an  amount  equal  to  fifty  per  centum     Amount, 
of  the  capital  stock  of  each  national  banking  association ; 
such  notes  to  be  deposited  in  the  Treasury  or  in  the  sub-  deVfve^'y  suV 
treasury  of  the  United  States  nearest  the  place  of  busi-  ject  to  order- 
ness  of  each  association,  and  to  be  held  for  such  associa- 
tion, subject  to  the  order  of  the  Comptroller  of  the  Cur- 
rency, for  their  delivery  as  provided  by  law :  Provided,     rroviso- 
That  the  Comptroller  of  the  Currency  may  issue  national  f0Trm.°fpresent 
bank  notes  of  the  present  form  until  plates  can  be  pre- 
pared and  circulating  notes  issued  as  above  provided : 
Prodded,  hou-ever,  That  in  no  event  shall  bank  notes  of    Present  form 

not  for  addi- 

the  present  form  be  issued  to  anv  bank  as  additional  cir-  t}°nal  c-'rcuia- 

.  .  .  tlon- 

culation  provided  for  by  this  Act." 

SEC.  12.  That    circulating   notes   of   national   banking  .  Keciemption 

te  1  n       lawful 

associations,  when  presented  to  the  Treasury  for  redemp-  mynpi'8     r>3 
tion,  as  provided  in  section  three  of  the  Act  approved 
June  twentieth,  eighteen  hundred  and  seventy-four,  shall 
be  redeemed  in  lawful  money  of  the  United  States. 

SEC.  13.  That  all  acts  and  orders  of  the  Comptroller  Se^reta?yof the 
of  the  Currency  and  the  Treasurer  of  the  United  States  Treasury. 
authorized  by  this  Act  shall  have  the  approval  of  the 
Secretary  of  the  Treasury  who  shall  have  power,  also,  to 
make  any  such  rules  and  regulations  and  exercise  such 
control   over  the   organization   and   management  of  na- 
tional currency  associations  as  may  be  necessary  to  carry 
out  the  purposes  of  this  Act. 

SEC.  14.  That  the  provisions  of  section  fifty-one  him-  d,,^,1;^!],^',0,!1 
dred  and  ninety-one  of  the  Revised  Statutes,  with  refer- S!M'V  11(>,1 ,!"',"" 

•^  CIUUP    pll  Ml  U'   tit1- 

ence  to  the  reserves  of  national  banking  associations,  shall  '"^j^,,,,  st!lt 
not  apply  to  deposits  of  public  moneys  by  the  United  y^*-  51:)1-  ''• 
States  in  designated  depositaries. 

SEC.  15.  That  all  national  banking  associations  desig- 
nated as  regular  depositaries  of  public  money  shall   pay 
upon  all  special  and  additional  deposits  made  by  the  Sec- jll)II('lt^n'0;J[t)ti"j;l[j 
retary  of  the  Treasury  in  such  depositaries,  and  all  such  I'^'IJ^I*,^1'1'1' 


724  NATIONAL  MONETARY   COMMISSION. 

associations  designated  as  temporary  depositaries  of  pub- 
lic money  shall  pay  upon  all  sums  of  public  money  de- 
posited in  such  associations  interest  at  such  rate  as  the 
Secretary  of  the  Treasury  may  prescribe,  not  less,  how- 
ever, than  one  per  centum  per  annum  upon  the  average 
Proviso.        monthly  amount   of  such   deposits:  Provided,  however, 
safe-keeping  That  nothing  contained  in  this  Act  shall  be  construed  to 

not  modified.  e 

change  or  modify  the  obligation  of  any  association  or  any 

of  its  officers  for  the  safe-keeping  of  public  money :  Pro- 
uniform   in-  vided  further,  That  the  rate  of  interest  charged  upon 

such  deposits  shall  be  equal  and  uniform  throughout  the 

United  States. 
Appropria-      gEc.  16.  That  a  sum  sufficient  to  carry  out  the  purposes 

tion. 

of  the  preceding  sections  of  this  Act  is  hereby  appropri- 
ated out  of  any  money  in  the  Treasury  not  otherwise  ap- 
propriated. 
National  Mon-      SEC.  17.  That  a  Commission  is  hereby  created,  to  be 

etary    Commis-  ••  ' 

sion  created,     called  the  "  National  Monetary  Commission,"  to  be  coin- 
Appointment,  posed  of  nine  members  of  the  Senate,  to  be  appointed  by 
the  Presiding  Officer  thereof,  and  nine  members  of  the 
House  of  Representatives,  to  be  appointed  by  the  Speaker 
thereof;  and  any  vacancy  on  the  Commission  shall  be 
filled  in  the  same  manner  as  the  original  appointment, 
inquiry  as  to      gEC.  is.  That  it  shall  be  the  clutv  of  this  Commission  to 

changes    in 

monetary    ays-  inquire  into  and  report  to  Congress  at  the  earliest  date 

tern,  etc. 

practicable,  what  changes  are  necessary  or  desirable  in 
the  monetary  system  of  the  United  States  or  in  the  laws 
relating  to  banking  and  currency,  and  for  this  purpose 

Authority,  they  are  authorized  to  sit  during  the  sessions  or  recess  of 
Congress,  at  such  times  and  places  as  they  may  deem 
desirable,  to  send  for  persons  and  papers,  to  administer 
oaths,  to  summons  and  compel  the  attendance  of  witnesses, 

officials.  an(]  to  employ  a  disbursing  officer  and  such  secretaries, 
experts,  stenographers,  messengers,  and  other  assistants 
as  shall  be  necessary  to  carry  out  the  purposes  for  which 
said  Commission  was  created.  The  Commission  shall 

powers.  have  the  power,  through  subcommittee  or  otherwise,  to 
examine  witnesses  and  to  make  such  investigations  and  ex- 
aminations, in  this  or  other  countries,  of  the  subjects 
committed  to  their  charge  as  they  shall  deem  necessary. 
tionPr'roI'rla  ^I:r-  1!)-  Tnat  a  sum  sufficient  to  carry  out  the  purposes 
of  sections  seventeen  and  eighteen  of  this  Act,  and  to  pay 
the  necessary  expenses  of  the  Commission  and  its  mem- 
bers, is  hereby  appropriated,  out  of  any  money  in  the 


LAWS  CONCERNING   MONEY,   BANKING,   AND   LOANS.  725 

Treasury  not  otherwise  appropriated.     Said  appropria- 
tion shall  be  immediately  available  and  shall  be  paid  out     immediately 
on  the  audit  and  order  of  the  chairman  or  acting  chairman 
of  said  Commission,  which  audit  and  order  shall  be  con-     Accounts, 
elusive  and  binding  upon  all  Departments  as  to  the  cor- 
rectness of  the  accounts  of  such  Commission. 

SEC.  20.  That  this  Act  shall  expire  by  limitation  on  the     Termination 
thirtieth  day  of  June,  nineteen  hundred  and  fourteen. 

Approved,  May  30,  1908. 


INDEX. 

ACCOUNT:  Page. 

Decimal  system  established 567 

Of  money  borrowed  or  emitted  to  be  transmitted  to  States  (Confederation)          1 

Between  United  States  and  the  States,  board  established  to  settle 15, 16 

Time  of  settlement  extended 17 

Money  of,  how  expressed 479 

Public,  prompt  settlement  of '97,  312 

Sinking  fund,  to  be  rendered 26 

ACTS  OF  CONGRESS: 

May  27.  1796,  limitation  of 486 

December  23,  1857,  revived  and  reenacted 178 

March  3,  1865,  to  be  continued,  except  as  to  repeal  (see  Repeal) 192 

ADVERTISE: 

Amount  of  specie  at  depositaries  to  be  published 140 

ADVERTISEMENT: 

Purchase  of  metal  for  minor  coinage  by 538 

ADVERTISING: 

Loans 153,  155,  158,  159 

Sale  of  stock 131,  148 

Statement  of  Treasury  notes  to  be  published 153 

AGENCY  FOR  DEPOSITS  AND  DISBURSEMENTS.     (Sec  Designated  depositaries.) 

AGENTS: 

Secretary  of  the  Treasury  to  prescribe  regulations  governing 71 

To  be  appointed  in  London  or  Amsterdam 69 

To  sell  stock;  commissions 76,  80,  81,  84,  86,  94,  103,  128,  131 

Treasury  notes ;  commissions 82,  85,  90 

ALABAMA  CLAIMS: 

Award  to  be  used  to  pay  public  debt 208 

Issue  and  cancellation  of  bonds  authorized  to  pay  judgments;  balance  . . .       232 
Sale  of  bonds  for  payment 237 

ALASKA: 

Adulterating  gold  dust,  etc 610 

Forgery  and  counterfeiting  in 609,  610,  703 

Joining  parts  of  notes,  etc1 704 

Signature  to  bank  notes,  etc 704 

ALLOY  (see  a/so  COIN)  : 

Charge  for 516,537 

Coin,  regulation  of 473.  502,  534,  535,  555 

Copper,  charged  to  melter  and  refiner 542,  562 

AMERICAN  PRINTING  HOUSE  FOR  THE  BLIND: 

Investment  in  4  per  cent  bonds  for  use  of 241 

Trust  fund  created - 262 

APPROPRIATION: 

Assay  office,  Boise  City,  construction 529 

Blind,  for  American  Printing  House  for  the 241 

Blind,  for  education  of  the. 262 

Bonds,  expense  of  issuing 180,  204,  249 

Expenses  issue  and  exchange  of 257 

Of  1858,  of  coin  to  redeem - 231 

Notes,  etc.,  for  issuing 187 

And  Treasury  notes,  to  issue 164,  167 

Bullion  for  standard  silver  dollars,  purchase  of 579 

Certificates  of  indebtedness,  expenses  issuing 266 

Commissions  on  sale  of  stock <S0,  81 

Copper,  for  purchase  of -  485,487 

Currency,  making,  etc -  687,  688 

727 


728  INDEX. 

APPROPRIATION— Continued.  Page. 

Currency  act,  to  carry  out  additional 468 

Debt  bearing  6  per  cent  interest,  additional  to  the  sinking  fund  to  pay. . .        37 

Debts,  to  pay,  certain  funds  may  be  changed 41 

Debt,  of  duties,  etc.,  to  pav 45, 48 

Of  funds  to  pay 73,  74,  75,  81 ,  82,  85,  86 

For  purchase,  etc.,  of  funded,  repealed 98 

To  pay - 106 

Amount  equal  to  interest  on  certain  bonds,  to  pay 205 

Deficiency  and  expenses,  to  make  up  certain 57 

Duties,  of  surplus 61 

Interest  on  loans,  to  pay 7 

Repayable  from  duties 7 

On  foreign  and  other  loans,  excess  duties  to  pay 7 

On  public  debt,  of  duties  to  pay 36,  37, 47 

Duties  and  interest,  to  pay . .        40 

To  pay  to  Bank  of  United  States 47 

Of  surplus  duties  to  pay 52 

And  principal,  of  surplus  duties  to  pay 56 

And  principal  of  debt,  to  sinking  fund  to  pay 57 

On  stock  issued  to  France 63 

On  loan  (1803),  of  duties  to  pay 64 

And  loan  (1806),  of  surplus  duties  to  pay 66 

And  debt 79 

On  Spanish  awards  loan 109 

On  public  debt 147 

To  pay  on  public  debt  (sec.  3698,  R.  S. ) 220 

Foreign  intercourse,  on  account  of 34 

To  further 36 

For  purposes  of 46 

Of  §2,000,000  for 61 

Isthmian  Canal,  expenses  of  loan 260,  266 

To  be  reimbursed  out  of  sale  of  bonds 262 

Loan  of  1 796,  to  redeem 47 

Of  direct  tax  to  repay 53 

1799,  of  surplus  duties  to  redeem 55 

And  interest,  to  pay 131 

1858,  expense*  of 154 

And  Treasury  notes,  expenses  of 201 

Permanent,  for  national,  repealed 231 

Mint,  establishment  of  branch,  at  Carson  City 522 

Mints,  for  branch _ 498 

Monetary  Commission,  National 264,  265 

Conference,  International 602,  603 

Notes,  engraving,  printing,  etc 659 

Printing  large,  in  lieu  of  small 697,  710 

Permanent  annual,  for  interest,  principal,  sinking  fund,  etc1,  (sec.  3689, 

R.  8. ) 218 

Securities,  defining  and  limiting,  expenses  of  issue,  etc 206 

Notes,  etc.,  issue,  reissue,  etc.,  of 661 

Sinking  fund,  continuance  of,  to 39 

Specific,  to  be  applied  under  direction  of  commissioners  of 59 

Additional,  to 63,  99 

Of  revenues  to 98 

Of  surplus  in  Treasury  to 99 

Stock,  permanent  funds  for  payment  of  certain 87 

To  issue " 158, 160 

Sums  borrowed  ( 1 798) 53 

Transportation  of  silver  coin 585,  587 

Of  silver,  restriction 589 

Of  minor  coin 603 

Of  coins  to  Hawaii 619 

Treasury  notes,  to  reimburse  or  purchase 78,  83,  90 

To  pay  for  certain  purloined 135 

For  issuing  and  reissuing 154 

To  issue _ 157, 1 60 


INDEX.  729 

APPROPRIATION — Continued.  rage. 

Unexpended,  to  be  carried  to  "The  surplus  fund" 42  149 

Balance  to  be  carried  to  surplus  fund '   53 

Of  certain  mints  and  assay  offices  transferred 549 

United  States  notes,  for  redemption  of 234,  423 

Vessels,  to  build '   33 

War,  Congress  may  apply  surplus  to  any  object  in  case  of 100 

ARTICLES  OF  CONFEDERATION: 

Power  to  borrow  and  issue  money 1 

Conditions 1 

Pledge  for  loans,  debts,  and  bills 1 

Highland  power  to  regulate  alloy  and  value  of  coin 473 

Fix  standard  of  weights  and  measures 473 

ARTISTS.     (SeeMint.) 
ASSAY  : 

Assaying  and  stamping  at  New  Orleans 500 

Bullion,  of 537,  557 

Not  for  coinage 495 

And  foreign  coins  at  New  York 515 

Charges 516,  519,  521, 528 

Coins  annually,  by  commission 478,  489,  492, 493, 497, 506,  543 

When  to  commence 482,  506,  543 

Foreign 4'.  0,  51 7 

Test  for  uniformity 499, 543 

Gold  at  expense  of  depositor 511 

In  California 510 

United  States  not  responsible  f<  >r  deposits 510 

At  branch  mint 511 

Ingots 503,  539 

Metal 483 

For  minor  coinage 538 

ASSAY  COMMISSION: 

Members,  change  of 4S9,  492,  493 

Provision  for 478,  506,  543,  563 

Weights,  annual  test  in  presence  of 494,  506,  543,  564 

ASSAYKR: 

Assistants,  and  their  duties 501 

Assistant  treasurer,  may  be  constituted,  to  receive  gold  coin  or  bullion.  238,  582 

Bars,  to  stamp  fineness  on 540,  560 

Bond 475,  552 

Branches,  at 498 

Bullion,  fitness  to  be  determined  by 537,  557 

Certificates,  to  verify  and  countersign 531 

California,  appointment,  duties,  salary 5!0 

Calculations  and  countersign  certificates,  to  verify 537,  554,  557 

Clerks,  workmen,  etc.,  may  employ 5-46 

Disbursing  agent,  to  be <">47 

Duties 474,  501,  532,  554 

Ingots,  to  assay f>03 

Metal,  to  assay  certain 483 

Oath  of  office " •*"> 

Provision  for 474,  500,  531 ,  551 

Salary -I"',  ;">;54,  546 

Subordinates,  liable  for  acts  of _  533 

Superintendent,  to  return  bullion  to 537,557 

To  give  certificates  to &W,  «>}•) 

Report  of  assays  to •r>:>>7,  5.>7 

Trials  of  one  and  two  cent  pieces,  and  report,  thereof 523 

Three-cent  piece,  and  report  thereof T>24 

Five-cent  piece,  and  report  thereof [>2<> 

Workmen,  wages  of,  etc ;)^'! 

ASSAYING  WORKS: 

In  California ;>'() 

ASSAY  OFFICKH: 

Acts  establishing,  IN!  of •'•>' 

Business  limited  to  what -   •>">.  ;'(l(> 

Charges,  etc.,  disposition  of -  545,  565,  583 

15712°— 10        47 


730  INDEX. 

ASSAY  OFFICES— Continued.  Page. 

Expenditures  to  be  paid  from  appropriations 545,  565 

Laws  applicable 547,  567 

Money  and  bullion  to  pay  depositors 582,  583 

Names  of  different 549,  551 

Officers,  clerks,  and  employees — 

Appointment  of  acting 533 

Compensation 566,  601 

Duties  and  powers 546,  566, 566 

Oath  and  bond 546, 566 

Principal  responsible  for  acting 533 

To  continue;  bonds 549 

Payment  of  depositors  in  coin  certificates 583,  583 

Regulations,  returns,  etc 547 

Under  Director  of  the  Mint 547 

Unexpended  appropriations  for  certain,  transferred 549 

Boise  City — 

Appropriation  for  construction 528 

Business  limited  to  what 546,  566 

Certificates  for  gold  dust,  etc 528 

Depository  for  public  moneys 211,  528,  568 

Established '. 516,  527 

Laws  applicable 528,  529 

Officers,  workmen,  etc.,  salaries,  etc 528, 566,  566,  566 

Regulations,  returns,  charges,  etc 528 

Superintendent,  duties  of 211, 528, 569 

Under  control  of  Director  of  Mint 528 

Carson  City — 

Operation  of,  as  an  assay  office 608 

Charlotte,  N.  C.— 

Established 516 

Deadwood,  S.  Dak. — 

Business 603 

Established 516,  603 

Wages  and  expenses 603 

Denver,  Colo.— 

Branch  mint  as  an  assay  office 520,  601,  602 

Business  limited  to  what, 546,  566,  601,  602 

Officers,  clerks,  employees,  duties,  compensation,  etc. .  5(i(i,  566,  566,  601,  602 
Helena,  Mont. — 

Established 516,  573 

Laws  applicable 602 

Refinery  of  gold  and  silver 601 

New  York,  N.  Y.— 

Adjustment  of  accounts 515,  545,  565 

Bullion  for  coinage  to  be  transferred 545,  565 

Business  similar  to  mints,  except 545,  565 

Charges  for  assaying,  etc 516,  585 

Converting  into  coins 515 

Established 515 

Exchange  of  gold  bars  for  coin - 616 

Laws  respecting  mint  and  officers  applicable 516,  546,  565 

Form  in  which  bullion  and  coin  to  be  cast 515 

Money  or  bullion  to  pay  depositors 543,  563,  582 

Officers,  assistants,  clerks,  employees,  duties,  salaries,  etc. .   545,546,565,566 

Quarters  and  machinery 516 

Refining  and  parting  to  be  carried  on  at 577,  578,  607 

Expense;  payment 577,  578,  585,  607 

Charges  and  by-products 607 

Regulations  of  operations 516 

Stamp  of  weight  and  fineness 515 

Treasurer,  assistant,  as  treasurer  of 549 

To  give  certificate  of  net  value 515 

To  give  receipt  to  depositors  of  bullion  and  foreign  coin 515 

St.  Louis,  Mo. — 

Established 516 

Salt  Lake  City,  Utah 

Established.,  516 


INDEX.  731 

ASSAY  OFFICES — Continued.  Page. 

Seattle,  Wash.— 

Established 516,  606 

Business 606 

Officers 606 

ASSISTANT  TREASURERS  OF  THE  UNITED  STATES: 

Acting  assistant  treasurers  and  depositaries,  provision  for 189 

Appointment  of  (sec.  3595,  R.  S.) 212 

Salaries  (sec.  3596,  R.  S.) 212 

Receipt  of  commissions  prohibited  (sec.  3597,  R.  S.) 212 

To  give  bonds,  etc.  (sees.  3600  and  3601) 213 

Rooms  for  use  of  (sec.  3598,  R.  S.) 212 

Business  to  be  therein  performed  (sec.  3599,  R.  S.) 212 

In  case  of  absence  or  sickness  who  to  act,  liability,  etc.  (sec.  3613,  R.  S.). . .       213 
Employment  of  subordinate  officers,  authorized  (sees.  3603  to  3612,  R.  S.). .       213 

Superintendents  of  mint  at  Carson  City  and  assay  office  at  Boise  City 569 

Baltimore — 

Assistant  treasurer  provided 137 

Appointment  of  (sec.  3595,  R.  S.) 212 

Boise  City — 

Assistant  treasurer  provided 137 

Superintendent  of  assay  office  to  be;  duties  (sec.  3594,  R.  S.) 211 

Boston — 

Vaults,  etc.,  for  public  moneys 122 

Safe-keeping,  etc.,  public  moneys 136 

Assistant  treasurer  United  States,  appointment  and  duties 137 

Appointment  of  (sec.  3595,  R.  S.) 212 

Carson  City,  superintendent  of  mint,  to  be  (sec.  3594,  R.  S.) 211 

Charleston,  assistant  treasurer,  appointment  and  duties 137 

Chicago,  assistant  treasurer  provided 137 

Appointment  of  (sec.  3595,  R.  S.) 212 

Cincinnati,  assistant  treasurer  provided 137 

Appointment  of  (sec.  3595,  R.  S.) 212 

Denver,  assistant  treasurer  provided 137 

New  Orleans — 

Assistant  treasurer  United  States,  appointment  and  duties 137 

Appointment  of  (sec.  3595,  R.  S.) 212 

Salary 549 

New  York — 

Vaults,  etc 122 

Safekeeping,  etc.,  public  moneys 136 

Assistant  treasurer  United  States,  appointment  and  duties 137 

Appointment  of  (sec.  3505,  R.  S.) 

May  appoint  deputy;  duties  (sec.  3602,  U.S.) 

Salary  changed 516 

Salary 549 

To  cease  duties  of  treasurer  of  assay  office 549 

Philadelphia — 

Assistant  treasurer,  appointment,  of  (sec.  3595,  R.  S.) 

Salary 549 

Duties 136 

St.  Louis- 
Safekeeping,  etc.,  public  moneys... 
Assistant  treasurer,  appointment  of  (sec.  :5.r>!)5,  R.  S.).  . 

Appointment  and  duties 137 

San  Francisco — 

Assistant  treasurer  provided. . 

Appointment  of  (see.  3595,  R.  S.) 

Salary 

"ASSOCIATIONS"  DEFINED 

AUDITOR  FOR  THE  TREASURY: 

Provision  for 

Duties ,.- 
Not  to  be  concerned  in  what 

BALANCES: 

Due  States,  to  bear  interest.. 
Duties  pledged  to  pay  the  interest.. 


732  INDEX. 

BALTIMORE.    (See  Assistant  Treasurers  of  the  United  States.)  Page. 

BANCO  ESPANOL  DE  PUERTO  Rico: 

May  amend  its  by-laws 258 

Substitute  capital 259 

Powers  not  enlarged 259 

Federal  control  unabridged 259 

"BANK"  DEFINED 378 

"BANKER"  DEFINED 378 

BANKERS: 

Tax  upon  sales  of  bullion  and  coin 188 

BANKING  COMPANIES: 

Comptroller  to  report  condition  to  Congress  annually 374 

BANK  NOTES: 

Payment  by  the  United  States  of 129 

Ten  per  cent  per  annum  tax  on,  for  part  of  a  dollar 179 

BANK  OF  ALEXANDRIA.     (See  Banks.) 
BANK  OF  THE  UNITED  STATES: 

Agent  of  United  States  for  payment  of  Dutch  debt,  employment  of 283 

Bills.     (See  Business,  this  title.) 
Bribery.     (See  Penalty,  this  title.) 
Business  of — 

Banks,  may  employ  other 306 

Bills  obligatory  and  of  credit  assignable 273,  304,  305 

To  be  not  less  than  $5,000 304 

Or  notes  issued  to  be  obligatory 273,  304 

Receivable  by  United  States 275,  307,  627,  630 

Repealed 292,  315,  630 

When  payable 305 

Commence  when 301 ,  309 

Depository  for  public  moneys,  to  be 307 

Designated  depositaries  to  render  duties  and  services  required  of  late 

bank 318 

Duties  of  loan  commissioners 96,  307 

Repealed 115,  314 

Records  to  be  transferred  to  Secretary  of  the  Treasury 314 

All  moneys  to  be  paid  into  Treasury 314 

Interest  chargeable  on  refusal  to  pay 307 

Loans,  excessive,  prohibited 20 

Limitation  of,  to  United  States,  etc 272,  275,  304,  311 

Penalty  for  violation 274 

To  United  States 277,  279,  280,  281,  282,  284,  285,  286,  288,  294 

Authorized  to  lend  to  United  States 21,  24,  29, 

33,  34,  35,  36, 43,  46,  48,  50.  52,  53,  55,  56,  61, 
64,  65,  66,  71,  72,  90,  103,  10!),  110,  112,  127 

How  to  be  paid  off 27,  28,  32,  34 

Payment  of,  by  the  United  States  of  first  and  second  installments.       278 

Of  third  installment 280 

Period  of  payment  by  United  States  of  installments 278 

Reference  to  authority  to  make 281 

Sinking  fund,  commissioners  to  provide  for  payment  of,  made  to 

United  States .' 283 

(See  also  Penalty,  this  title.) 

Note  for  less  than  $5  not  to  be  issued 306 

Payments  in  specie,  or  of  notes,  etc.,  not  to  suspend 307 

To,  of  public  debt 32,  41 

Pensions,  repeal  of  requirement  to  pay 310,  315 

Public  stocks  held  by  bank  may  be  sold 47,  60 

Recovery  on  refusal  to  pay 308 

Sale  of  certificates  of  public  stock  to 10!) 

Transacting  business  and  trade,  in  what 272,  301,  304 

Transfer,  etc.,  public  moneys  without  charge,  to 307 

By-laws ! 270,  299 

Capital  stock — • 

Amount  and  division 2(i!),  295 

Assignable  and  transferable 273,208.304 

Belonging  to  United  States  may  be  sold 47,  60 


INDEX.  733 

BANK  OP  THE  UNITED  STATES— Continued  Page. 

Capital  stock — Continued. 

Bonds  held  by  United  States  under  Pennsylvania  charter,  authority 

to  sell 310 

Public-debt  stocks  held  by  bank  may  be  sold 272,  298 

Secretary  of  the  Treasury  to  act  as  agent  of  United  States 310*  322 

To  receive  and  deposit  dividends,  profits,  and  capital  stock..  322,323 

Subscriptions,  in  what  to  be  paid 20 

Time  and  place  of  making 269,  276,  295,  296 

Under  superintendents 269,  295 

Who  may  make,  and  amount 269,  276,  295,  296,  297 

United  States  may  subscribe 21 

Proportions  of  gold  and  silver  and  the  public  debt 269,  297 

Public  debt  funded  at  3  per  cent,  how  paid 277 

When  to  be  paid 270,  276,  297 

Specie  proportion,  when  to  be  paid 276,  297 

Loss  of  dividend  on  failure  to  pay  any 273 

By  United  States  and  how  to  be  paid 275,  295,  298 

Failure  after  first  payment  forfeits 276 

Where  and  when  to  be  opened,  etc 295 

In  case  of  excess 296 

Reduced 296 

Lists  to  be  made 296 

Payment  for  transferring  funded-debt  certificates 298 

Redemption  of  funded  debt  subscribed 298 

Bank  may  sell  funded  debt  subscribed  for  gold,  etc 298 

May  sell  stock  subscribed  by  United  States 299 

Subscribers  failing  to  pay,  lose  dividends 305 

Cashier,  to  give  bond : 271,  303 

Constitution,  articles  of 270,  301 

Counterfeiting.     (See  Penalty,  this  title.) 
Debts- 
Limitation  of  which  shall  owe 272,  303 

Directors  liable  for  excess,  except 272,  303 

Corporation  not  thereby  exempt 272,  303 

Statement  of,  to  be  made  to  stockholders 273 

Directors — 

Appointment,  election,  and  number 270,  299,  300,  301 

Annual  election  of 270,  299 

One  to  be  president 270,  300 

First  election  of 270,300,301 

To  employ  officers,  etc.,  and  manage  affairs 270,  301 

Number  eligible  for  reelection 271,  302 

None  but  stockholders  eligible 271,  302 

No  emoluments  unless 271,  302 

Board,  how  constituted 271,  302 

Liable  for  excess  debts,  except 272,  303,  304 

To  make  statement  to  stockholders -  273,  305 

To  establish  discount  and  deposit  offices 27-1,  305,  306 

Not  to  be  director  of  any  other  bank 30() 

Time  of  service -   300,  301,  306 

Failure  to  elect,  not  to  dissolve  bank 

To  fill  vacancy  in  office  of  president 

Vacancy,  how  fi lied 300 

President  of  the  United  States  may  remove  his  appointees. . 

Rules  concerning  voting  for -   ;502,  310 

May  employ  other  banks 

Number  of  managers  to  IK;  appointed 

Stockholder  must  be  a  citizen  to  vote  for 306 

Discount  and  deposit,  offices — 

May  be  established -'7-1,  -sr>,  :*":>-  ;!(l(| 

May  employ  other  banks  as,  except 

Dividends— 

Half  yearly,  1<>  bo  made 

Due  United  States  appropriated  to  pay  interest  on  loan..  32,38,47,278 

Appropriated  to  sinking  fund 

Secretary  of  the  Treasury  to  receive  and  deposit  dividends,  profits, 
and  capital  slock 1 


734  INDEX. 

BANK  OP  THE  UNITED  STATES — Continued.  Page. 

Establishment  of 269,  295 

Articles  governing 20 

Title  of  corporation 270,  299 

Powers  and  liabilities 270,  299 

Only  bank  to  be  established  during  its  continuance,  except 275,  308 

Duration 299 

Not  to  be  dissolved  by  failure  to  elect  directors 300 

Constitution 270,  301 

Bonus  to  be  paid  United  States  for  charter 308 

Name  may  be  used  after  charter  expires,  for  what 309 

Limitation  of  time  of  commencing  operations 309 

Violation  of  charter,  etc. ;  forfeiture 309 

Settlement  under  Pennsylvania  charter  for  stock  of  United  States 310 

(See  also  Business.) 

Examination.     (See  Inspection,  this  title.) 

Inspection  of,  may  be  made  by — 

Head  of  Treasury  Department 274 

Committees  of  Congress 309 

Interest  on  loans  not  to  exceed  more  than  6  per  cent  (see  also  Business, 
this  title) 272 

Loans.     (See  Business,  this  title.) 

Management — 

Officers,  clerks,  etc 270,  301 

Rules 270,  301 

Cashier  and  treasurer  to  give  bond 271,  303 

Number  of  managers  to  be  employed 306 

(See  also  President;  Cashier,  this  title.) 

Notes.     (See  Business,  this  title.) 

Officers.     (See  Management,  this  title.) 

Opening,  time  of,  and  where 270,  301 

Organization.     (See  Establishment,  this  title.) 

Payments.     (See  Business,  this  title.) 

Penalty- 
Counterfeiting,  forging,  etc 282,  286,  308,  628,  629 

Punishment  of  frauds  on,  extended  to  Louisiana 285 

Unlawfully  dealing  in  goods  or  making  loans 274,  307 

Bribery  of  officers 310 

President — 

To  be  chosen  from  directors 270,  300 

Compensation 271,  302 

Continuance  in  office 300,  306 

Vacancy,  how  filled 300,  302 

Time  of  service 301 

To  perform  duties  of  loan  commissioners 311 

Profits- 
Secretary  of  the  Treasury  to  receive  and  deposit 322,  323 

To  settle  claim  for  surplus 323 

Property — 

Limitation  of  real,  which  may  hold 271,  303 

All  kinds 299 

Public  debt,  bank  not  at  liberty  to  purchase 272 

Rules 270,  301 

Seal 270, 299 

Statement— 

Of  debts,  profits,  etc.,  to  be  made  to  stockholders 273,  305 

To  be  furnished  head  of  the  Treasury  Department 274,  306,  322 

Stock.     (See  Capital  stock,  this  title.) 

Stockholders — 

Subscribers 20 

Votes  to  be  in  proportion  to  amount  subscribed 270 

Certain,  may  vote  by  proxy 271 

Only  eligible  as  directors 271 

Meeting,  number  of,  entitled  to  call,  etc 271,  303 

To  supply  director  in  case  of  vacancy 300 

Must  be  a  citizen  to  vote  for  director 306 

Subscribers.     (See  Stockholders,  this  title.) 


INDEX.  735 

BANK  OF  THE  UNITED  STATES — Continued.  Page. 

Suits,  prevention  of  abatement  of 310 

Transferring  public  moneys.     (See  Business,  this  title.) 

Treasurer  to  give  bond 271,  303 

BANKS.     (See  also  National  banks;  Bank  of  the  United  States): 

Bank  of  Alexandria,  establishment  of 288 

Branch  at  Louisiana  Purchase  Exposition 451 

Building  associations 291 

Capital  of,  expired  or  converted 378 

Comptroller  to  take  possession  of  trust,  etc.,  banks  as  he  would  a  national 

bank 291 

District  of  Columbia  banks,  etc.,  acts  relating  to 288 

May  loan  to  United  States 75,  81, 84,  87, 94, 292, 293, 629 

Comptroller  may  examine 291,  374,  376 

Payment  expenses  of  examinations 291, 374,  376,  377 

Safe  deposit,  trust,  loan,  mortgage,  and  other  companies 291 

To  report  to  Comptroller 291 

Not  to  deal  in  funded  debt  of  the  United  States 101,  312 

Renewal  of  charters 308 

Incorporation  of 312 

Rules  affecting 312,  313 

No  circulation  less  than  $5 326,  633 

Report  of  examination 376 

Savings  banks,  etc.,  subject  to  national  banking  laws 428 

Duties  on  notes,  etc.,  during  war  of  1812 293 

Composition  with  bankers  in  lieu  of  duties 293 

Funded  debt  of  United  States,  not  to  buy  or  sell 288 

Indian  Territory,  banks  and  trust  companies  in 450 

Loan  to  United  States,  any  bank  incorporated  by  the  United  States  may. .       294 

Notes  for  less  than  $5,  not  to  issue 288,  289,  290 

None  less  than  $10 631,  634 

None  less  than  $20 631,  634 

Less  than  $1  prohibited 641 

Payments  in  bank,  below  par  prohibited 630 

Bills,   etc.,   issuance  of,    by  corporations  created  by   Congress,   but 

expired 326,  632 

Or  bills  of  banks  issuing  such  for  less  than  §5,  not  receivable  for  public 

debt 318,  325,  326,  632 

Suspended  until  October  1,  1838. 321,  632 

Public  moneys  (see  also  Designated  depositories) — 

Until  depositories  selected,  state  and  district  banks  to  continue 319 

To  be  withdrawn  from  former  depositories 324 

If  banks  refuse,  what 324 

Interest,  etc.,  to  be  charged 325 

Act  repealed 326 

Deposits  in  solvent  specie  paying  banks 327 

Withdrawal 327 

Receiving  and  paying  out  paper  currency  less  than  $5 

Treasury  notes,  chargeable  with  interest  when 77,  82,  85 

Redeeming  notes  of  $5  in  gold  and  silver 290 

Resuming  specie  payments 

Savings  banks  authorized 

To  report  to  Comptroller,  etc 

Existing,  capital 

Or  savings  and  trust  companies  to  make  reports  (o  Comptroller. . 

And  be  subject  to  banking  lawn 

Law  amended 

Spanish  Bank  of  Porto  Rico 

State  banks  may  (secure  circulating  notes,  how.. 

On  failure  to  redeem,  how  paid 

Forfeiture,  cancellation,  etc.,  of  .security 

Surplus  to  be  paid  bank 

How  may  become  national 

Comptroller  to  report  condition  annually  to  Congress.. 

Shareholders  liabilities -   335,386 

When  surplus  deficient 

Comptroller  may  close  when 


736  INDEX. 

BANKS — Continued. 

Tax,  10  per  cent,  on  fractional  notes 330 

On  banks  and  bankers 446 

notes  of,  or  persons 424 

Territories,  incorporating  in 435 

Acts  in  relation  to  banks  in 288 

Unchartered,  not  to  issue  notes 288 

BANKS  OF  DEPOSIT: 

Established » 315,  326 

BARK.     (See  Bullion.) 

BILLS  (see  Banks;  Loans;  Money;  Notes): 

United  States  not  to  emit,  unless  (Confederation) 1 

Of  banks  of  United  States  receivable  by  United  States 627,  628,  630 

Repealed 630 

Of  municipal  corporations  for  less  than  $10  prohibited 631 

Circulation  to  be  withdrawn 631 

Issue  of  by  defunct  corporations  prohibited 632 

Of  banks  issuing  such  for  less  than  $5  not  receivable  for  public  debt 632 

Suspended  until  October  1,  1838 632 

BILLS  OF  CREDIT: 

States  not  to  emit  (Constitution) 3 

To  be  received  from  subscribers  to  loan 9 

No  State  to  emit 473 

Pledge  of  United  States  for  (Confederation) 1 

Authority  to  emit  (Confederation) 1 

Not  to  be  emitted,  unless  (Confederation) 1 

BIMETALLISM.     (See  Gold  and  Silver.) 

BLIND,  AMERICAN  PRINTING  HOUSE  FOR  THE: 

Investment  of  4  per  cent  bonds  for  use  of 241 

Trust  fund  created,  etc 262 

BOISE  CITY.     (See  Assay  offices;  Assistant  Treasurer  of  the  United  States.) 

BOISE  CITY  ASSAY  OFFICE.     (See  Assay  offices.) 

BOND-AIDED    RAILROADS.     (See    Pacific    Railroads;    Union    Pacific    Railroad 

Company.) 
BONDS,  OFFICIAL: 

Of  Treasurer  of  the  United  States  and  other  depositaries 138 

BONUS  OF  THE  UNITED  STATES  (see  also  Stock  of  the  United  States): 

Act  of  December  23,  1857,  applied 164, 167, 178 

Alabama  claims,  issue  to  pay;  cancellation  of  certain 232 

Exchange  and  sale  to  pay 237 

Investment  of  amount  in  5  per  cent 209 

Amount  of  canceled  and  destroyed  to  be  deducteti  from  public  debt. . .  205,  219 

Of  5  per  cent,  may  be  increased 206 

Bonded  debt  not  to  be  increased 203 

"Bonds  of  the  United  States"  defined 331 

Cancellation  of,  held  to  secure  State  bank  circulation 329 

And  destruction  of  purchased 205,  219,  233 

Record  to  be  made 205,  219 

Certificates  of  deposit  may  be  converted  into  4  per  cent 240 

Commissions,  etc.,  none  to  be  allowed  for  exchange 231 

None  for  sale 249,  266 

Counterfeiting,  etc.     (Sec.  Penalty.) 

Coupon,  transferable  by  delivery 162 

Certain  to  be  valid' 187 

Coupons  to  bear  signature,  etc 186 

Rebate  of  interest  upon 220 

Denominations 161,  1(57,  175,  180,  183,  184,  190,  203,  232,  241, 

247,  249,  253,  256,  260,  265,  266,  4:53,  636,  642,  705 

Destroyed,  purchased  and  now  in  sinking  fund  to  be- 205,  219 

Record  to  be  made  of 205,  219 

Amount  to  be  deducted  from  public  debt, 205,  219 

Disposal  of 1 67,  1 69, 

175,  180,  184,  191,  192,  204,  232,  249,  260,  265,  636,  642,  649 

Disposit ion  of,  not  subscribed  for 249 

Duplicate.-  may  be  issued  in  lieu  of  those  destroyed  or  defaced  or  lost .   207.  220,  221 
Engraving,  printing,  etc ' 428,  661,  6>S7,  690,  703,  710 


INDEX.  737 

BONDS  OF  THE  UNITED  STATES — Continued.  Page. 

Exchange  of  registered  for  coupon 187,  221 

Five  per  cent  for  bonds  of  1858 231 

Allowance  of  interest 231 

Exchangeable  for  treasury  notes 160,  164, 

166, 167, 184, 185, 190, 191, 192, 642, 646, 648 

United  States  notes 166, 167, 177,  635,  639,  644 

Other  bonds 165,  185,  221,  231,  237,  338,  389,  433,  652,  661 

Other  obligations 191, 192,  642,  648 

Annual  interest  bearing  for  semiannual 185 

Five-twenties 204,  239 

Five  per  cent  and  6  per  cent  for  4  per  cent 239 

Three  and  one-half  per  cent  for  3  per  cent 241, 433 

Five  per  cent,  4  per  cent  and  3  per  cent  for  2  per  cent 256 

Four  per  cent  for  6  per  cent 239 

Valuation 256 

Expenses  of  issuing,  etc.,  appropriation 167,  180, 

187,  204,  206,  218,  249,  257,  260, 265, 428, 661, 690 

Five-twenties  may  be  disposed  of  where  and  for  what 167, 184, 189 

Redemption  of 204,  219,  235,  239 

Other  bonds  may  be  exchanged  for 204 

Form,  printing  thereon,  etc 167, 178, 

186,  190,  203,  232,  241,  249,  253,  256,  260,  265,  433,  636,  705 

Former,  made  valid 186 

Gold  certificates  may  be  received  in  payment  for 205 

Instructions  relative  receiving  and  preparing 187 

Interest,  coupons  to  be  signed,  etc 162, 186 

On  matured  and  called  to  cease  when 204,  220,  235,  257 

On  foreign  loan,  where  payable 163 

Payable  in  coin " 166, 180, 184,  219,  249,  642 

Payable  when 190,  206,  433,  705 

Rate  and  character  to  be  expressed  on 191 

On  issue  of  1858,  to  cease  when 230 

Payable  in  gold  coin 256,  260,  265,  705 

(See  also  Loans;  Interest.) 

Issue  of  (kind  not  stated) 164,190,191 

Six  per  cent  for  certain  7  per  cent 165 

Under  section  1,  act  March  3,  1863,  to  cease,  except 185 

Registered  in  lieu  of  coupon 187 

Of  any  description  authorized 191 

For  materials  or  supplies 191 

Two  per  cent  Isthmian  (/anal,  authority  repealed 266 

To  maintain  redemption  reserve  fund Gil 

Coupon 161,164,  165,  180,  187,  190.  191,  206,  231,  236,  242,  247 

Registered ' 187,  241,  433 

Coupon  or  registered HJ1 , 

166,  175,  180,  183,  185,  203,  232,  234,  249,  253, 
256, 257, 260,  265, 423, 635,  636, 639, 642, 686, 705 

To  Pacific  Railroads 171,194,  195 

Isthmian  Canal  bonds 260,  265,  266 

Two  per  cent,  rights,  privileges,  etc 261,  454 

Limitation  on  issue 161,  163,  166,  175,  180,  189,  206,  636,  646 

On  amount  outstanding 175,  185,  643 

Lost  called,  to  be  paid  instead  of  issuing  duplicates 207,  221 

Names  on  portraits 

Negotiating  in  foreign  country,  authorized 16:5,  1S4,  189,  192,  649 

Negotiation  to  market  value 177,  644 

"Obligation  or  other  security  of  the  United  States " -   223,  675 

Offer  at  less  than  par,  not  to  be  accepted l<)3 

Order  of  payment 1S7,  220,  223,  2  12,  257,  4:1-1,  <>75 

Pacific  Railroad,  denominations,  etc; .    171,  194,  195 

Not  paying  interest  on,  what ~(>8,  223 

Appropriation  to  pay  interest 

Investment  of  sinking  funds  in 

Par,  issue  at. .  -'<>!,  -'32,  257,  260,  205,  423 


738  INDEX. 

BONDS  OF  THE  UNITED  STATES— Continued.  Page. 
Payable—- 
In coin 175, 180, 204,  642,  652,  661 

In  gold 253,  256,  260,  265,  266,  705 

In  coin  or  lawful  money 190 

Or  its  equivalent  pledged 201,  218 

At  treasury 203 

Not  before  maturity,  unless 201,  219 

Payment  of  foreign  loan,  rate  of,  exchange,  etc 163 

Order  of 204, 434 

Of  coupon  of  1858,  time  of 230 

Appropriation  of  coin  therefor 231 

Popular  loan 249,  260, 265 

Portrait  of  living  person  on,  prohibited;  names 191,  211,  244,  658 

Printing  from  hand-roller  presses 250,  703 

Proceeds  of  sale  to  retire  notes,  redeem  bonds,  etc 192,  204,  253,  649,  706 

Proposals 163 

Purchase  of 639,  640,  644 

Coin  with 169,  220 

Redemption 184, 190 

May  be  in  coin 190 

In  coin 175,  180,  203,  230,  232,  241,  249,  256,  260,  433,  642,  661 

Of  five-twenties 204,  205,  219,  235,  239,  569 

When  lower  rates  bonds  can  be  sold 652,  661 

After  maturity 204,  661 

Of  issue  of  1858 230 

With  surplus 241 

Order  of 220,  242,  257,  434 

Five  per  cent  and  higher 239,  240 

\Vith  notes 253 

Act  July  12,  1862,  not  applicable 433 

Not  to  be  part  of  sinking  fund 241 

Not  affected  by  national  banks  withdrawing  bonds  deposited  as  secu- 
rity        714 

Of  3  per  cent  not  until  higher  rates  redeemed 434 

Before  maturity 202 

Registered,  may  be  transferred  on  Treasury  books 162 

In  lieu  of  coupon,  authorized 187,  221 

Report  to  Congress,  amount,  etc.,  borrowed 1 63 

All  transactions  relative 192 

Sale  of,  to  redeem  United  States  notes 423,  686 

At  not  less  than  par  in  coin 232,  234,  686 

Disposition  of  funds  from 253 

Signing,  sealing,  etc 162, 167, 178, 186,  636 

Subscriptions  of  individuals  first  accepted 249,  265 

For  lowest  amounts  first  allotted 219 

Taxation,  exempt  from  state 167, 

175, 180, 184, 191, 203,  220,  242,  249,  253,  256,  260,  265,  434,  636,  642,  706 

Interest  on,  to  be  exempt  from  state 203 

Exempt  from  United  States  taxes  or  duties 203,  249,  253,  256,  260,  265,  706 

Duty  levied  on 188 

Three  percent,  not  to  be  called  in  until  higher  rate  redeemed 242, 434 

Transferable,  how 162 

Treasury  notes  may  be  issued  in  lieu  of 184, 189 

Two  per  cent,  substitution  of,  by  national  banks  to  secure  circulation 447 

"United  States  bonds  "  defined 223,  331,  3S9 

Used  to  purchase  coin 220 

BORROWING  MONEYS.     (See  Loans.) 
BOSTON: 

Receiver-general  of  public  moneys,  appointment  and  duties 1 22 

Safe-keeping,  etc.,  of  public  moneys 136 

(See  also  Assistant  treasurers  of  United  States.) 
BOSTON  CUSTOM-HOUSE: 

Vaults,  etc.,  for  public  moneys 122 

BRANCH  MINTS,     (tiee  Mints.) 
BRONZE  COINS.     (»SVc  Coin.) 
BUILUINC   ASSOCIATIONS: 

Incorporation,  etc.,  in  District  of  Columbia 291 


INDEX.  739 

BULLION:  Page. 

Account  of  coiner 542,  562 

Advances  in  coin  on,  not  to  be  made,  except 514 

Assaying 477,495,503,529,557,563 

Certificate 539,  559 

And  stamping  at  New  Orleans 500 

Portion  for 557 

Bars,  casting  into 515,  536,  556 

For  payment  of  deposits 540,  560 

Fineness;  delivery  to  superintendent 540,  560 

Stamping  fineness  and  weight  on 515,  536 

Base  and  unsuitable,  to  be  refused 536,  556 

Certain,  not  to  be  received 484 

Charges — 

Assaying  and  certifying 495 

Casting  into  disks,  bars,  or  ingots 513,  601 

Depositor  to  pay  for  refining,  etc 511 

Coining 496,  503,  512 

Converting  into  coin,  bars,  etc 233,  537,  557,  574,  585 

Disposition  of  charges,  deductions,  etc 545,  565,  585 

Copper  alloy ." 537,  557 

Exchanging  of  bars  for  coin 596,  616 

Melting,  parting,  assaying,  and  stamping 547,  553,  557 

Refining  or  parting 512,  543,  557,  563,  577,  578,  582,  585,  601,  607 

Clippings,  etc. — 

Disposition  of 503,  542,  562 

Delivery  by  coiner  annually 542,  562 

Coiner  to  be  debited  and  credited 542,  562 

Coining 477,  503 

Certain,  on  special  deposit,  to  be  coined  and  placed  in  Treasury 527 

Copper — 

To  be  purchased 507 

Fund  to  purchase 507 

Planchets,  delivery  to  chief  coiner 507 

No  allowance  for  waste 507 

All  to  be  accounted  for 542,  562 

Delivery  of — 

Coins  for,  order 478 

Bars  to  superintendent 540,  560 

Deposits — 

Of  gold  received 178 

In  California,  United  States  not  responsible 510 

For  subsidiary  coinage 512 

To  be  adapted  to  coinage 514 

Speedy  returns  to  depositors 543,  563 

Value  of 557 

Certain  special,  to  be  coined 527 

Of  gold  for  coinage  or  bars 536 

Receipt,  memorandum,  certificate  given  depositor 178, 

478, 503, 515,  531, 537,  557,  582 

At  mints  and  assay  offices;  certificates  of  deposit 582,  583 

With  Treasurer  or  assistant  treasurers;  certificate  of  deposit 657 

Disks,  casting  into 515,  536,  556 

Stamping  weight  and  fineness  on 515,  536 

Exchange  of 478,  527 

Bars  for  coin 573,  586,  596,  616 

Bullion  for  coin 477,  586 

Crude  for  refined 527,  582 

Unrefined  and  imparted 529,  543,  550,  563,  582 

Fineness,  stamping  on 515,  536 

Certificate  of 495 

Fitness  of 537,  557 

Fund,  purchase  from 512,  517,  538,  558 

To  be  charged  with  wastage 538,  623 

Gold  and  silver  redemption  fund 434 

Ingots- 
Forming  into,  for  cokiage 503,  559 

Transfer  by  inelter  and  refiner  to  Treasurer 503 


740  INDEX. 

BULLION — Continued.  Page. 

Ingots — Continued. 

Deviation  from  standard 503,  559,  560 

Processes  to  make,  into  coins 504,  539,  540,  559,  560 

Assaying;  certificates 559 

Used  for  3-cent  piece;  deviation 511 

Use  of,  when  not  standard 540 

Casting  into  ingots,  bars,  and  disks 515,  536,  556 

Stamping  weight  and  fineness  011 515,  536 

Less  than  $100  to  be  refused 536,  556 

Melting  and  refining 539,  557 

Part  to  be  retained 484, 485,  488, 493, 494 

Mode  of  melting 537,  557 

No  unnecessary  delay  in  refining 484 

Not  for  coinage,  to  be  received  and  assayed 495 

Certificate  of  fineness 495 

Regulations 495 

Record  of 539 

Refining 527,  582 

Of  gold  in  private  establishments 514 

Refining  and  parting  to  be  carried  on,  where 577,  578,  582,  607 

Expense  of,  how  defrayed 577,  578,  582,  585,  607 

At  Helena 601 

Regulations 495 

Payment  for 505,  509 

In  five  days 496 

Without  delay 563,  582 

Deposit  of  money  or  bullion  in  mint,  etc.,  for 506,  509,  520,  543,  563 

Such  deposit  may  be  withdrawn 543,  563 

Interest  or  discount  on  such  payments 506,  509 

Of  deposits,  bars  for 540,  560 

Of  coins  or  bars  to  depositors 543,  563,  582 

Of  coin  certificates  to  depositors 583 

For  silver,  in  gold  deposits 556 

In  what  coin 563 

For  dust  and  bullion  at  Denver 520 

Carson  City 521 

Parting.     (Sec  Melting  and  refining,  this  title.) 

Preference  to  standard  of  the  United  States 484 

Property  of  the  United  States 506,  509,  543,  563 

Purchase  of — 

For  subsidiary  coinage 512,  576 

Price  and  amount 576 

Bullion  fund 512,  517,  538,  558 

For  cent  piece 517 

Silver  coinage 538,  558,  589,  591 

Metal  for  minor  coinage 538,  558,  622,  623 

For  standard  silver  dollars 579,  589,  591 

Appropriation 579,  590 

Amount 579,  589 

Subject  to  existing  laws,  value,  etc 591 

Discontinued 599 

For  Lafayette  souvenir  dollar 608 

Certain  contracts  for  purchase  of,  or  loan  on,  etc.,  unlawful 182 

Receipt  for,  memorandum 478,  515,  531,  537,  557 

By  superintendent  and  transfer 539,  559 

And  safekeeping  of 531 

Recoined  trade  dollars  not  standard  dollar  bullion 588 

Refining.     (See  Melting  and  refining,  this  title.) 

Reports  relat  i  ve  to 53 1 

Reserve  fund,  gold  bullion  to  be  coined 257 

Of  gold  coin  and  bullion  to  redeem  notes (ill,  614 

How  maintained 611 

Limit 611,614 

Return  of  unassayed  portion  to  superintendent 557 

Seniorage.     (See  Coinage.) 

Separating  gold  and  silver 557 


INDEX.  741 

BULLION — Continued.  Page. 
Silver- 
On  coinage  of,  treasury  notes  to  be  canceled 255 

For  bars  or  trade  dollars 536, 556 

And  for  no  other  coinage 536,  556 

Containing  proportion  of  gold 495 

Purchase  of,  discontinued 599 

In  Treasury  to  be  coined  into  standard  dollars 606 

For  subsidiary  coinage 255,  614 

Silver  profit  fund.     (See  Coinage.) 

Small  proportions,  no  allowance  for 536,  556 

Stamping  and  devices 536,  556 

At  New  Orleans 500 

Subsidiary  coinage,  purchase 512,  576 

Price  and  amount 576 

Deposits  not  to  be  received,  except 512 

Test,  expense  of 494 

Toughening 557 

Transfer — 

By  treasurer  to  melter  and  refiner 503 

Expense  of 545,  565 

For  coinage 515 

Gold  mint  bars  to  assistant  treasurer,  New  York,  to  redeem  certificates 

or  exchange  for  coins 573 

New  York  assay  office  to  Philadelphia  mint 545,  565 

Adjustment  of  accounts 545,  565 

Parcels  by  superintendent  to  melter  and  refiner 539,  559 

Record  to  be  kept 503,  504,  559 

Vouchers 531,  559 

Unparting 536,  556 

Value  of  deposits;  calculations 557 

To  be  computed 531 

Certificate  of,  net,  to  be  given 515 

Ascertaining 557 

Silver  bullion  for  standard  dollars 591 

Vouchers  upon  transfer  of 531 

Wastage,  no  allowance  for  copper 507 

Allowance 494,  542,  562 

Weighing,  etc 557 

Stamping  on 515,  536 

Determined  by  assay 529, 557,  563 

When  deposited  or  melted 537,  557 

BULLION  CERTIFICATES.     (See  Certificates.) 
BUREAU  OF  ENGRAVING  AND  PRINTING: 

Established 428 

No  work  to  be  done  for  private  parties 201 

"CAPITAL  OF  EXPIRED  OR  CONVERTED  STATE  BANKS,"  DEFINED 378 

CARSON  CITY: 

Assistant  treasurer  provided 137 

Mint  superintendent  to  be  Assistant  Treasurer  of  the  United  States;  duties.       211 

Mint  at,  to  be  depository  of  public  moneys 211 

(See  also  Mint.) 
CKNT.     (See.  Coin.) 
CENTRAL  PACIFIC  RAILROAD: 

Settlement  with 250 

Foreclosure 251 

(See  also  Pacific  railroads.; 
'  'I:KTIFICATES: 
Bullion — 

Issue  of 515,  521 ,  528,  531 

Receivable?  for  what 515 

Act  authorizing  certain,  repealed 240 

Clearing  house — 

Lawful  money  within  national  bank  act 400 

As  part  of  bank  reserves 668 

Coin  — 

Shall  be  given  for  deposit,  of  bullion 503 

May  be  issued;  purpose;  limit;  legal  tender 178 


742  INDEX. 

CERTIFICATES — Continued.  Page. 

Coin — Continued . 

Act  authorizing  certain,  repealed 240 

Redemption  of,  with  gold  bars 573 

Silver,  issue  of 580 

Receivable  for  what 580 

Redemption 580 

Reissue 580 

To  pay  depositors  of  bullion 582, 583 

Issue  of,  and  amount 657 

Currency — 

Accounts  and  reserve 612 

Debt,  purchase  of 639 

Denomination  of 254, 255 

Deposit — 

Convertible  into  bonds 174 

Four  per  cent  bonds? 240 

For  United  States  notes 166, 167, 168,  635,  637 

Convertible  into  bonds 166,  640 

May  be  part  of  national  bank  reserve 374, 400 

Provision  for  United  States  notes  as  part  national  bank  reserve  re- 
pealed        613 

For  gold  and  bullion,  issue  of 178 

For  coin  or  bullion,  not  to  be  paid  in  silver 579 

For  gold  coin  and  bullion 657 

Not  to  exceed  what 657 

Receivable  for  what 657 

For,  of  gold  coin 204 

In  aid  of  refunding  public  debt 240 

Included  in  words  "obligation  or  other  security  of  the  United  States  " .       187 

Interest  on " 637 

Authority  to  issue  certain,  to  national  banks  repealed 255 

Issued  to  national  banks  for  United  States  notes;  use  of 373,  668 

Redemption  of 669 

Issued  on  loan  of  notes;  when  payable;  interest 185 

For  treasury  notes  convertible  into  United  States  bonds 635 

Domestic  debt,  to  pay,  how  transferable 9, 10 

"Final  settlement."     (See  Loan  office,  this  title.) 
Gold- 
Issue  of 178, 204,  254,  434,  456,  586,  613 

Receivable  for  what 205,  254,  434, 456,  586,  613 

Reissue  of 254,  434,  456,  586,  613 

Receivable  in  settlement  of  clearing-house  balances 434,  587 

As  national-bank  reserve 254,  434,  587,  613 

Accounts  and  reserve 612 

Denomination  of 254,  255,  456,  457,  613 

Suspension 254,  255,  257,  434,  587,  613,  614 

Legal  tender 254 

Suspension  on  increase  of  silver  certificates 456 

Reduction  of  reserve  fund 456 

Not  to  be  held  as  collateral  by  banks 587 

Indebtedness — 

Convertible  into  bonds 174 

Authorized,  to  pay  audited  demands 169 

To  holders  of  checks ]  69 

Included  in  words  "obligation  or  other  security  of  the  United  States  " . .        187 

Issue  of ' 202,  266 

To  <  'herokee  Indians 247 

To  meet  war  expenses 248 

Counterfeiting,  etc.,  provisions  extended  to  (1898) 249,  266 

Hereafter  issued  payable  in  gold  coin 266 

Denominations  and  form 2fi6 

Not  to  exceed  $200,000,000 266 

Exempt  from  United  States  and  state  taxation 266 

Loan,  temporary,  issue  of 185 

To  redeem  compound-interest  notes,  issue  of 199,  200 

Principal  and  interest  payable  in  lawful  money  on  demand 199,200 


INDEX.  743 

CERTIFICATES — Continued.  Page. 

Loan  temporary,  may  be  held  by  national  banks  as  part  of  reserve 365 

Certain  3  per  cent  to  be  canceled 654 

Not  to  bear  interest  after 654 

Not  to  be  part  of  bank  reserve 654 

May  be  held  by  national  banks  as  a  part  of  reserve  fund 199,  200 

Loan  office,  to  be  exchanged 42 

"Loan  office"  or  "Final  settlements,"  to  be  exchanged 42 

Renewal  of  destroyed;  proceedings 29,  30 

Time  for  presentation  of,  and  indents  of  interest,  exchange,  discharge, 

etc 50 

Exchange,  discharge,  etc.,  of,  and  indents  of  interest 51 

Bar  upon  settlement  removed 102, 106, 114 

To  be  paid 107 

Miscellaneous — 

Descriptions  of 8 

To  be  received  in  payment  of  subscription  to  loan  on  what  terms 9, 10 

Certain,  to  draw  interest  must  be  exchanged 10, 11 

Issue  of,  to  pay  state  debts 12 

Issue  by  the  States,  receivable  in  payment  of  loan,  except 11, 12 

To  be  presented  for  exchange 42 

Issue  of,  authorized 46 

Issued  by  the  Register 46 

To  be  given  to  redeem  certain  stocks 68,  69 

On  which  interest  is  payable  abroad  may  be  exchanged 69 

To  be  reimbursed  to  be  designated;  preference;  priority  of  payment 70 

Received  by  United  States  to  be  canceled 100 

Issued  to  creditor  States,  transfer  of 104 

Issue  of,  to  pay  awards  under  treaty  with  Spain 109 

Circulation  as  currency  subject  to  state  taxation 247 

Issue  of  suspended,  when 254,  255,  257 

Mississippi  stock,  lost,  how  to  be  renewed 102 

Registered  or  refunded  debt,  issue  of,  prohibited 51 

Report  of  sales  of,  to  be  made  to  Congress 83,  85,  86 

Silver- 
Reissue  of 255 

Issue  of 254 

Denomination  of 255,  613 

Cancellation  and  substitution 255 

May  be  held  as  part  of  national-bank  reserve 434 

May  be  part  of  national-bank  reserve 587 

In  settlement  of  clearing-house  balances 587 

Accounts  and  reserve 612 

Issue  upon  retirement  of  Treasury  notes 612 

Redemption  and  substitution  of  certain  denominations 613 

Issue  of  $1,  $2,  and  $5 697 

Receivable,  redeemable,  payable 697 

Issue  and  exchange  for  larger 697 

Larger,  upon  exchange,  to  be  destroyed 697 

(Hawaiian  Islands),  redeniption  of 618 

Spanish  claims,  how  to  be  paid 116 

Stock,  issue  of 83,  85,  86, 103, 105,  110, 112,  128,  130,  148, 153,  155, 1 59 

Loan  of  1795,  .signed  by  Register 40 

Signed  by  Register,  in  favor  of  France 62 

Issue  of,  to  be  signed  by  Register  or  commissioner  of  loans 72,  74 

Signing  and  sealing 148, 153, 155 

May  be  exchanged 63 

Sealed  proposals  may  be  received 148 

Interest  on  canceled,  to  cease 100, 101 

Bona  fides,  purpose,  and  denomination 133 

Coupons  of  interest  may  be  attached 148 

How  reimbursable 148 

Exchanged  for  Treasury  notes,  transferable  and  reimbursable 145,  146 

How  transferable 130,  148, 155, 158 

May  be  exchanged  for  Treasury  notes 92 

Temporary,  to  issue  on  deposit  of  gold  coin 204 

Twenty-five  per  cent  of  deposit  to  be  hold  to  pay  certificates 204 


744  INDEX. 

CHARLESTON,  S.  C.:  Page. 

Custom-house,  vaults,  etc.,  for  public  moneys 122 

Receiver-general  of  public  moneys,  appointment  and  duties 122 

Assistant  treasurer  of  the  United  States — 

Appointment  and  duties 137 

Appointment  (sec.  3595,  R.  S.) 212 

Safe-keeping,  etc.,  of  public  moneys 136 

CHARLOTTE,  N.  C.     (See  Mint.) 

For  less  than  $1  prohibited 641,  659 

CHECKS: 

To  be  printed  from  hand-roller  presses 250 

CHEROKEE  INDIANS: 

Certificates  of  indebtedness  to  be  issued  to 247 

CHICAGO.     (See  Assistant  treasurer  United  States.) 
CHIEF  COINER  OF  MINT: 

Assistants  and  their  duties 501 

Bond 475 

Branches,  at 498 

Coins,  to  make 504 

Copper,  to  coin 507 

Director  of  Mint  to  prescribe  as  to  coinage 483 

Duties 474, 501 

Oath  of  office 475 

Provision  for 474,  500 

Salary 475 

Treasurer,  account  and  settlement  with 505 

To  deliver  clippings  to 505 

To  deliver  coins  to 505 

(See  Coiner  of  the  mint.) 

CINCINNATI.     (See  Assistant  treasurers  United  States.) 
CIRCULATION  (see  National  banks) : 

Of  notes,  etc.,  less  than  $1,  prohibited 641 

CLAIMS: 

War,  to  be  presented  within  a  certain  time 51 

CLEARING-HOUSE  CERTIFICATES.     (See  Certificates.) 
CLEARING  HOUSES: 

Not  receiving  gold  certificates  (see  also  National  banks) 587 

CLIPPINGS.     (See  Bullion.) 
COIN: 

Abrasion  of,  effect 535,  553,  555 

Acts  regulating,  extended  to  Territories 489 

Louisiana  purchase 65 

Former  repealed 508 

All  laws  to  apply  to  gold  dollar  and  double  eagle 508 

Act  1853,  chapter  79,  to  take  effect  when 514 

Extended  to  2-cent  piece 522 

When  act  of  1873  to  take  effect 549 

What  to  be  known  as  ' '  coinage  act " 550 

Alloy- 
Regulation  of 473, 502, 534,  535,  555 

Silver  and  copper  in  gold 476,  534,  555 

Report  relative,  of  gold 476 

Copper,  in  silver 477,  534,  555 

Annual  trial.     (See  Trial,  this  title.) 
Assay.     (Se.e  Assay.) 
Base  metal — 

Redemption  of 530 

Discontinuance  of 530 

Bronze — 

Redemption  of 530,  559 

Discontinuance  of 530,  559 

(Sec  also  Minor,  thin  title.) 

Bullion,  conversion  into,  charge  abolished 233 

Cent  (see  also  Copper,  this  title)-- 

Value  and  description 476,  481 ,  503,  5 17,  522,  523,  535,  555 

To  be  coined,  and  issued 480,  485,  487 

When  paid  into  Treasury  to  be  published 480 


INDEX.  745 

COIN— Conti  nued .  Page. 

Cent — Continued. 

Weight  may  be  reduced 484 

Mode  of  distribution 485 

Weight 503,  517,  522,  523,  535,  555 

Deviation  in  weight 517,  541,  560 

Mint  and  coinage  laws  extended  to 518 

May  be  paid  out  and  transmitted 518,  523 

Trials  of,  and  report  thereof 523 

Legal  tender 523,  525,  535 

Expenses  and  profits 523 

Redemption 530 

Discontinuance 530 

Figure  of  eagle  omitted 536, 556 

Certain,  on  special  deposit  to  be  paid  into  Treasury 527 

Certificates,  act  authorizing  certain,  repealed.     (Sec  also  Certificates) 240 

Clippings.     (See  Bullion.) 

Commissioner  to  test.     (See  Assay  commission.) 

Congress  shall  have  power  to,  money  (Constitution) 3 

Copper — 

Paid  into  Treasury,  when  to  be  published 480 

To  pass  current 480 

Certain,  not  to  pass 480 

Weight  may  be  reduced 484 

Mode  of  distribution 485 

Value  and  description 476, 481, 503 

Deviation  in  weight 504 

Coinage  of 507 

No  allowance  for  waste 507 

May  be  exchanged  for  other  money 507 

Transported  at  expense  of  mint 507 

Disposition  of  money  received  in  exchange  for 507 

Fund  to  pay  transportation 508 

Redemption 530,  559 

Discontinuance 530,  559 

(See  also  Minor,  this  title.) 

Counterfeiting,  to  provide  punishment  (Constitution)  (sec  also  Penalty) 3 

Counterfeits — 

Disposition  of 595 

Search  warrant 246,  595 

Forfeiture  of 595 

Decimal  system  established 567 

Delivery  to  superintendent.     (See  (Joiner;  Melter  and  refiner.) 

Denominations  not  provided 555 

In  paying  bullion  depositors 563 

Designs.     (See  Devices  and  legends,  this  title.) 

Debasing  (see  Penalty) 479 

Deviations  in 504,  507, 544,  564 

Devices  and  legends 476,  503,  508,  536, 556,  592 

"In  God  we  trust  " 525,  536 

Restored "624 

Eagle  omitted  on  certain 536,  556 

On  trade  dollar 536,  556 

On  silver  dollar 536 

On  rim 536 

On  standard  silver  dollar 579 

Diameter  of  coins  not  to  be  changed 592 

Dime- 
Authorized  233 

Value  and  description  of  d  ismcs 475,  502, 535, 555 

Legal  tender 502,  512,  535 

Deviation  in  weight 504,  540,  560 

Weight 512,  535,  555 

To  be  paid  out  for  gold  coins  at  par 512 

To  be  transmitted  to  assistant  treasurers,  etc 5 12 

Regulation  of  amount 512 

Figure  of  ca^Io  omitted 5;;^  556 

Coinage  of,  io  redeem  fractional  currency 574,  575 

15712—10 48 


746  INDEX. 

COIN — Continued.  Page. 

Dismes.    (See  Dime,  this  title.) 
Distribution.    (See  titles  of  particular  coins.) 
Dollar  (gold)— 

Coinage  of,  authorized ;  value,  etc 252, 508,  534,  555,  567,  610 

Legal  tender 508,  535 

All  laws  to  apply  to 508 

Deviation  in  weight 509,  540,  560 

Unit  of  value 534,  555,  610 

Reduction  by  abrasion 535 

Reduced  to  be  recoined 535 

Figure  of  eagle  omitted  from 536,  556 

Coinage  of,  prohibited 593 

Recoinage  into  other  denominations 593 

Standard  of  value 252,  610 

Louisiana  Purchase  Exposition 617 

Lewis  and  Clark  Exposition 620 

Parity  of  value  with,  to  be  maintained 252 

Dollar  (silver)— 

Value  and  description 475,  502,  567 

Legal  tender 253,  502,  579 

Deviation  in  weight 504,  540,  560 

(See  also  Trade  dollar,  this  title.) 

Standard,  to  be  coined 579,  590 

Weight  and  fineness 579 

Devices,  etc 579,  592 

Legal  tender 579 

Purchase  of  bullion  for 579,  589,  591,  599 

Monthly  amount  to  be  coined 579,  590,  591 

Seigniorage 579,  590 

May  be  deposit  3d  with  Treasurer  or  assistant  treasurers 580 

And  certificates  of  deposit  issued  therefor 580 

Coin  to  be  held  to  redeem  certificates 580 

Expense  of  transportation 589 

Coinage  from  trade  dollar  and  bullion 597 

Bullion  in  Treasury  to  be  coined  into 606 

And  to  retire  Treasury  notes 612 

Issue  of  silver  certificates 612 

Lafayette  souvenir 608 

Double  eagle — 

Coinage  authorized ;  value 508,  555 

Legal  tender 508,  535 

All  laws  to  apply  to 508 

Deviation  in  weight 509,  540,  560 

Provision  for 534 

Standard,  and  weight 534,  555 

Reduction  by  abrasion 535 

Reduced  to  be  recoined 535 

Duties  to  be  paid  in,  or  demand  notes 168 

And  fees  to  be  paid  in,  only,  at  what  rates 4 

Received  from,  to  be  set  apart  for  what  (sec.  3694,  R.  S.j 168,  219 

Residue  from,  to  be  paid  into  Treasury 168 

Eagle — 

Value  and  description 475,  534,  555 

Standard,  and  weight 496,  502,  534,  555 

Legal  tender 502,  535 

Deviation  in  weight 508,  540,  560 

Reduction  by  abrasion 535 

Reduced  to  be  recoined 535 

Emblem.     (Sec  Devices  and  legends,  this  title.) 

Exchange  of,  for  bullion 477,  574 

Order  of  delivering 477 

Undue  preference 478 

For  Treasury  notes 634 

(Sec  titles  for  particular  coins.) 

Exportation  of  specie  prohibited 491,  492 

Fifty-cent  piece.     (Sec  Half  dollar,  this  title.) 


INDEX.  747 

COIN— Continued.  Page. 

Fineness,  officers  responsible  for 497,  544 

Annual  test 544,  563 

Standard 555,  564 

Five-cent  piece  (nickel) — 

Authorized 525,  555 

Weight,  shape,  device,  etc 525,535,540,555,560,592 

Laws  applicable  to 525,  526 

Regulations 526 

Trials  and  report  thereof 526 

Legal  tender 526,  535 

Payment  and  exchange  of 526 

Expense  and  profits 526 

Redemption 527,  530 

Discontinuance 530 

Figure  of  eagle  omitted 536,  556 

Five-cent  piece,  silver.     (See  Half  dime,  this  title.) 

Foreign,  rates  of  established 481, 482,  490, 497,  517 

Legal  tender 481,  568 

When  cease  to  be  legal  tender  or  current,  except 482, 486, 487 

To  be  coined  anew 482,  567 

Acts  regulating,  extended  to  Territories 489 

Louisiana 65 

Annual  assays  to  be  made 490,  498 

And  result  reported  to  Congress 490,  498 

Melting,  refining,  etc.,  of 515 

Spanish  and  Mexican  coins  receivable  for  what 517,  568 

Not  to  be  paid  out  again 517,  568 

Recoinage  and  expense 568 

Acts  making,  currency  or  legal  tender  repealed 517 

Assays  of,  to  be  made,  and  reported 517 

All,  received  for  dues  to  be  coined  anew 518 

Value,  how  established 3,4,  567,  593 

Of,  in  money  of  United  States,  shall  be  that  of  pure  metal 209 

To  be  estimated  annually 209,  567 

Sovereign  or  pound  sterling 209,  567 

To  be  estimated  quarterly 593 

In  estimating  importations 593 

Power  to  regulate  (Constitution) 3 

Fractional  currency,  issue  of,  to  redeem 233 

Fractional  silver.     (See  Silver,  this  title.) 
Gold— 

Standard  for,  alloy 476,  555 

Silver  and  copper  alloy 476,  502 

Standard  and  weight 252, 496,  502,  534,  555 

Certain  foreign,  to  be  assayed 107 

Receivable  in  payment  for  lands 107 

Receivable  for  what,  according  to  weight,  fineness,  etc 496,  551 

Received  on  deposit,  how  applied 204 

A  tender  (Constitution) 3 

Legal  tender 502,  535,  568 

Bonds  and  certificates  of  indebtedness  hereafter  issued  payable  in. ...       266 

Deviation  in  weight 504,  508,  540,  560 

To  be  coined  at  Denver 519 

Subject  to  state  taxation 247 

Reduction  by  abrasion 535,  553,  555 

Reduced  to  be  recoined 535,  555 

Received  on  deposit 582 

Receivable  for  gold  bars 586,  596 

Charga  for  exchanging 596 

Deposits,  how  to  be  withdrawn 204 

Deposited  or  exchanged  for  gold  certificates 254,  586,  613 

To  be  held  for  redemption  of  certificates 25-1,  434,  456,  586,  613 

Preserve  fund  to  redeem  notes 611 

Limit 611,  613 

Received  on  deposit  and  certificates  issued  therefor i  78,  204,  434,  657 

Duties  to  be  paid  in 4 


748  INDEX. 

COIN — Continued.  Page. 

Gold  and  silver — 

A  tender  (Constitution) 3, 473, 478, 495,  535,  568 

Parity  between 476 

Conformable  to  standards 478 

Only  to  be  paid  by  United  States 125 

Only  receivable  for  duties,  etc 140 

Debasing  and  embezzling 479 

Standard  for 502,  534,  555 

Reduction  by  abrasion 535 

Reduced  to  be  recoined 535 

Commission  to  test.     (See  Assay  commission.) 

Motto  "In  God  we  trust "  restored 624 

Loan,  upon  pledge  of,  restrictions,  not  applicable  to  United  States 179 

Half  cent  (see  also  Copper,  this  title) — 

Value  and  description 476,  481,  502 

To  be  coined  and  issued 480,  485, 487 

When  paid  into  Treasury  to  be  published 480 

Weight  may  be  reduced 484 

Mode  of  distribution 485 

Coinage  of,  to  cease 517 

Redemption 530 

Discontinuance 530 

Half  dime — 

Value  and  description  of  half  dismes 475,  502 

Legal  tender 502,  512 

Deviation  in  weight 504 

Weight. 512 

To  be  paid  out  for  gold  coins  at  par 512 

To  be  transmitted  to  assistant  treasurers,  etc 512 

Regulation  of  amount 512 

Figure  of  eagle  omitted 536 

Half  dismes.     (See  Half  dime,  this  title.) 

Half  dollar- 
Value  and  description 475,  502,  535,  555 

Legal  tender 502,  512,  535 

Deviation  in  weight 504,  540,  560 

Weight 512,  535,  555 

To  be  paid  out  for  gold  coins  at  par 512 

To  be  transmitted  to  assistant  treasurers,  etc 512 

Coinage  of,  to  redeem  fractional  currency 574,  575 

Columbian,  coinage  of 598 

Authorized 233 

Half  eagle — 

Value  and  description 475,  534,  555 

Standard,  and  weight 4!)(i,  502,  534,  555 

Legal  tender 502,  535 

Deviation  in  weight 508,  540,  560 

Reduction  by  abrasion 535 

Reduced  to  be  recoined 535 

Hawaiian  silver — 

Receivable  for  government  dues 617 

To  be  recoined  into  subsidiary 617 

Expense  of  transportation 617,  619 

Exchange  for  United  States  coins 618 

Payment  for  mutilated 618 

Legal  tender 618 

Illustrations  of,  permitted 620 

"In  God  we  trust."     (Sec  Devices  and  legends,  this  title.) 

Inscription.     (See.  Devices  and  legends,  this  title.) 

Interest  payable  in 1  (id 

International,  conference  in  relation  to 589 

Issue  of,  none  except  as  provided 536,  556 

Lafayette  souvenir  dollar.     (See  Dollar,  this  title.) 

Lawful  tender.     (See  Legal  tender,  this  title.) 

Laws.     (See  Acts,  this  title.) 

Legal  tender 473,  478,  495,  502,  508,  523,  524,  535.  551 ,  5(,8,  575,  584,  612 

International..  589 


INDEX.  749 

COIN— Continued.  Page. 

Legends  and  devices  (see  Devices  and  legends,  this  title) 476,  53 

Lewis  and  Clark  Exposition,  gold  dollar 620 

Loans  on,  certain  contracts  for,  unlawful 179, 182 

Louisiana  Exposition,  gold  dollar 617 

Louisiana  Purchase,  acts  extended  to 65 

Metallic  currency,  to  promote  circulation  of 126 

Mexican  dollar — 

Value,  etc 517,  568 

Recoinage 568 

Expense,  etc 568 

Minor — 

Consists  of  what 535,  555 

Alloy 535,  555 

Weight 535,  555 

Legal  tender 535,  568 

Purchase  of  metal  for 538,  558,  622,  623 

Profit  fund 539,  558,  623 

Wastage,  cost  of  distribution,  etc 539,  559,  623 

Delivery  of,  in  cities 539,  559,  623 

Exchangeable  for  what 539,  559,  623 

Redeemable  in  what  sums 539,  559,  623 

Cessation  of  coinage 539,  559,  623 

Deviation  in  weight 540,  560 

Recoinage,  reissue,  and  transportation 603 

Money,  and  regulate  value  thereof 2,  3,  473 

No  State  shall 3,  473 

New,  designs,  etc 592 

Numismatic,  books,  illustrations  permitted 620 

Officers  responsible  for  deviations 544,  564 

One-cent  piece.     (See  Cent,  this  title.) 
One  dollar.     (See  Dollar,  this  title.) 

Order  of  delivering,  in  exchange  for  bullion 478 

Parity  between  gold  and  silver 476,  590,  600,  610 

(See  Monetary  Conference;  Gold  and  Silver.) 

Payment  of,  to  depositor  of  bullion 506,  509 

For  equivalent  in  other  money 506,  509 

To  United  States,  what  receivable 551 

By  United  States  in 125,  201,  630,  661 

Obligations  in,  faith  of  United  States  pledged  (sec.  3693,  R.  S.) 218 

Penalty.     (See  Penalty.) 
Porto  Rican — 

Redemption  of 615 

Recoinage  into  United  States  coins 615 

Legal  tender 615 

Payment  of  debts 616 

Proceedings  on  delivery  of,  by  coiner  to  superintendent 541 

Purchase  of,  with  bonds  or  notes 169,  220,  570 

Certain  contracts  unlawful 179,  182 

Quarter  dollar- 
Value  and  description 475,  502,  535,  555 

Authorized 233 

Legal  tender 502,  512,  535 

Deviation  in  weight 504,  540,  560 

Weight. 512,  535,  555 

To  be  paid  out  for  gold  coins  at  par 512 

To  be  transmitted  to  assistant  treasurers,  etc 512 

Regulation  of  amount 512 

Coinage  of,  to  redeem  fractional  currency 574,  575 

Coinage  of,  for  Columbian  Exposition 599 

Quarter  eagle- 
Value  and  description 475,  534,  555 

Standard,  and  weight 496,  502,  534,  555 

Legal  tender 502,  535 

Deviation  in  weight 508,  540,  560 

Reduction  by  abrasion 535 

Reduced  to  be  recoined.  .  535 


750  INDEX. 

COIN — Continued.  Page. 

Recoining— 

Not  of  legal  weight 505,  561 

Found  on  test  unsatisfactory 541,  561 

Reduced  by  abrasion 555 

Minor 603 

(See  title  of  Particular  coins.) 
Record  of — 

Kind,  number,  and  weight 505 

Trial  pieces 541,  561 

To  be  transmitted  to  Director  of  Mint 561 

Redemption — 

Of  5-cent  piece  (nickel) 527 

Copper  and  base  metal 530 

Minor 559 

Of  bonds  with  coin 205,  569 

Of  United  States  notes,  in,  pledged '. 202 

Refining.     (See  Melting  and  refining.) 

Remelting,  found  on  test  unsatisfactory 541,  561 

Report — 

Relative  alloy  of  gold 476 

Of  trials  of  small  coins 523,  524,  526 

Reserve  fund  of  gold  coin  and  bullion  to  redeem  United  States  and  Treasury 

notes 611 

How  maintained 611 

Limit 611,  614 

Reserve  pieces.     (See  Trial  pieces,  this  title.) 
Silver  (see  also  Names  of  coins) — 

Duties  to  be  paid  in 4 

Parity  between  gold  and 476 

Subject  to  state  taxation 247 

Standard  for;  alloy 477,  502,  534,  555 

Weight 502,  535,  555 

A  tender  (( 'onstitulion) 3 

Legal  tender 502,  535,  584,  612 

To  be  paid  out,  where  and  for  what 538,  558 

Transmitting  to  subtreasuries,  etc 538,  558,  585,  587 

Deviation  in  weight 540,  560 

What  receivable 551 

Coinage  of,  to  redeem  fractional  currency 574,  575 

Exchange  for  tegal-tender  notes 576 

Subsidiary — 

Amount  authorized 255,  576,  614 

Limitation  on  coinage  removed 619 

Redemption 584 

Exchange  for  lawful  money 584 

Legal  tender 584 

From  bullion  in  Treasury 614 

Profits  on 512 

Recoinage  of  worn,  etc 256,  614 

Free  transportation  of 585,  587 

Including  fractional 587 

By  mail  or  otherwise 587 

Reports  of  cost  to  Congress 588 

International,  conference  relative  to 589 

Recoinage  of  uncurrcnt  frurtioiuil 256,  597 

Of  uncurrent 256,  597 

Fifty-cent  piece  authorized 233 

Ten-cent  piece  authorized 233 

Twcnly-five-cent  piece  authorized 233 

Hawaiian,  receivable  for  government  dues (117 

Recoinage (i  1 7 

Expense  transportation (i!7,  618 

Exchange  for  United  States 618 

Mutilated,  payment  for (J18 

Legal  tender.'. 618 

Sovereign,  or  pound  sterling,  value 567 


INDEX.  751 

COIN— Continued.  Page. 

Spanish  milled  dollars,  legal  tender;  rates 482,  486,  568 

Recoinage,  expense,  etc 568 

Specie,  exportation  prohibited 491, 492 

Species  of  coins  to  be  struck 475 

Specimens,  appropriation  for 577 

Standard.     (See  Weight,  fineness,  etc.,  this  title.) 

States  shall  not,  money  (Constitution) 3 

Nor  make  anything  but  gold  and  silver  a  tender  (Constitution) 3 

Subsidiary — 

Profits  on 512 

Amount  authorized 255,  576,  614 

Legal  tender 584 

Limitation  on  coinage  removed 619 

From  bullion  in  Treasury 614 

Recoinage  of  worn,  etc 614 

Redemption 584 

Exchange  for  lawful  money 584 

Taxation,  subject  to  state 247,  442,  600 

Ten-cent  piece.     (See  Dime,  this  title.) 

Ten-dollar  piece.     (See  Eagle,  this  title.) 

Tender.     (See  Legal  tender,  this  title.) 

Three-cent  piece — 

To  be  coined 510,  523,  555 

Weight;  device,  etc 511,  513,  523,  524,  535,  555 

Legal  tender 511,  524,  535,  568 

Deviation  in  weight 511,  524,  541,  560 

Laws  applicable  to 524 

Regulations  relative  to 524 

Trials  and  reports  thereof 524 

May  be  paid  out,  exchanged,  and  transmitted 524 

Expenses  and  profits 524 

Redemption 530 

Discontinuance 530 

Figure  of  eagle  omitted 536,  556 

Coinage  of,  prohibited ;  recoinage 593 

Three-dollar  gold  coin — 

Coinage  of 513 

Laws  applicable  to 513 

Devices  and  shapes 513 

Provision  for 534,  555 

Standard,  and  weight 534,  540,  555,  560 

Legal  tender 535 

Reduction  by  abrasion 535 

Reduced  to  be  recoined 535 

Figure  of  eagle  omitted 536,  556 

Coinage  of,  prohibited 593 

Recoinage  into  other  denominations 593 

Trade  dollar- 
Provision  for 535,  555 

Legal  tender 535 

Weight  and  fineness  to  be  inscribed 535,  536,  540,  555,  556 

Bullion  received  for  coinage  of 536 

Not  to  be  paid  out,  when 538,  558 

Not  to  be  legal  tender 576 

Coinage  of,  may  be  limited 576 

Exchange  of 588 

To  be  recoined  into,  what 588 

Not  to  be  counted  as  certain  bullion 588 

Authority  to  coin,  repealed 588 

Trade  dollar  and  bullion,  coinage  of 597 

Transmission.     (See  titles  of  Particular  coins.) 

Transportation.     (See  titles  (if  Particular  coins.) 

Trial  pieces,  how  taken  and  preserved 505,  541,  561 

Annual  trial 494,  506,  54  I,  543,  561 

Commission 478,  506,  543 

Of  new,  by  superintendent 561 


752  INDEX. 

COIN— Continued.  Page. 

Twenty-cent  piece — 

Authorized 574 

Legal  tender 575 

Deviation  in  weight 575 

Existing  laws  applicable 575 

To  redeem  fractional  currency 575 

Coinage  prohibited 581 

Twenty-dollar  piece.     (See  Double  eagle,  this  title.) 

Twenty-five  cent  piece.     (See  Quarter  dollar,  this  title.) 

Two-and-a-half  dollar  piece.     (See  Quarter  eagle,  this  title.) 

Two-cent  piece — 

To  be  coined 522 

Composition,  weight,  etc 522,  523 

Deviation 522 

Shape,  devices,  etc 522 

Laws  extended  to 522 

Trials  of,  and  report  thereof 523 

Legal  tender 523,  525 

May  be  paid  out,  exchanged,  and  transmitted 523 

Expenses  and  profits 523 

Redemption 530 

Discontinuance 530 

Uniformity.     (See  Weight,  fineness,  etc.,  this  title.) 

Unit.     (See  Dollar,  this  title.) 

United  States  not  to,  money,  unless  (Constitution ; 1 

Value  of,  regulation  (Constitution) 2,  3, 4, 473, 567 

Not  to  be  regulated,  unless  (confederation) 1 

Proportional  between  gold  and  silver 476,  610 

Of  foreign,  how  ascertained,  etc 3,  4, .209, 567,  593 

Estimates  to  be  made  when 209,  567,  593 

(See  also  Coin.) 

Parity  of 252,  610 

Dollar,  standard  of 252 

Weights,  fixing  standard  of 473,  555,  563 

Brass,  troy  pound  to  be  standard 494,  544,  563 

.Series  of  standard ,  to  be  procured 494,  544,  563 

To  be  regulated  at  least  annually 494,  544,  563 

Coin  of  inferior,  who  responsible 497,  544,  564 

Uniformity  of  weight,  etc 499,519,521,544 

Record  of,  of  coins 505 

Separately  weighing  coins 505,  561 

Coins  not  of  legal 505,  556,  561 

Deviation  in  weight  of  gold 504,  509,  540,  560 

Deviation  in  silver 540,  560 

Minor 540,  560 

Annual  test 543,  563 

Reduced  by  abrasion 535 

COIXAC  K  : 

Act  of  1873,  when  to  go  into  effect 549 

Known  as  "Coinage;  act" 550 

Inconsistent  acts  repealed 550 

Repeal  not  to  affect  what 550 

Artists  to  be  engaged 513,  532,  554,  592 

Bullion  for  depositors,  of 477,  536,  556 

Required  to  be  adapted  to 514 

Charge  for,  provided 496,  5 12,  519,  557,  574,  5cS5 

Coins,  recoinage  of  Spanish  and  Mexican 517,  568 

Foreign 518 

Uneurrent  fractional  silver 597,  614 

Commenced 486 

Copper,  delivery  to  chief  coiner,  of 507 

No  allowance  for  waste 507 

And  base  metal,  redemption  of 51*7,  530,  559 

Discontinuance 530,  559 

Counterfeiting,  punishment  to  be  provided  (Constitution)  (sir  Penalty) 3 

Deductions,  charges,  etc.,  to  be  covered  into  Treasury 565 


INDEX.  753 

COINAGE — Continued.  Page. 

Denver,  at 500 

Designs,  new,  but  not  oftener  than  twenty-five  years 592 

For  dollar  and  5-cent  piece 592 

Diameter  of  coins,  no  change  in 592 

Dies,  molds,  etc.,  how  procured 513, 592 

Certain  to  be  destroyed 545, 564 

Duties  and  fees  to  be  paid  in  coin  only  at  what  rates 4 

Expense  and  profits,  1  and  2  cent  pieces 523 

Foreign  coin  and  currency — 

Rates  of 3 

Further  provisions 4 

Value  of 3 

Countries,  coinage  for  authorized 572 

Gold  bullion  held  in  reserve  fund,  of 614 

And  silver  coin  a  tender  (Constitution) 3 

Ingots,  what  deviation  allowed 503,  559,  560 

Not  standard,  from .' 540 

Lafayette  dollar 608 

Laws,  provision  for  (Constitution) 3 

Lewis  and  Clark  Exposition  gold  dollar 620 

Louisiana  Exposition  gold  dollar 617 

Minor — 

At  Philadelphia  only 538,  558 

Other  places 623 

Purchase  of  metal  for 538,  558,  622,  623 

By  advertisement 538,  558,  623 

Assay 538,  558,  623 

Profit  fund 539,  558,  623 

Charged  with  wastage,  etc 539,  569,  623 

Disposition  of  balance 539,  559,  623 

Cessation  of 539,  559,  623 

Recoinage  of 603 

Operations,  certain  work  not  to  interfere  with 565 

Power  to  coin  money  (Constitution) 3 

Money,  regulate  value  thereof  (Constitution) 3 

And  of  foreign  coin 3 

Processes 504,  540,  560 

Profit  on  subsidiary 512 

Cent  piece 517 

Silver 538 

Public  moneys  may  be  transferred  to  mint  for  supplying  metal 320 

Rates  of  foreign  coin  and  currency 3 

Further  provisions 4 

Remelted  and  recoined,  not  satisfactory,  to  be 541,  561 

Seniorage  from  subsidiary  coinago,  to  be  accounted  for 577 

From,  of  standard  silver  dollars  to  be  accounted  for 579,  590 

Minor 623 

Silver,  purchase  of  bullion  for 512,  538,  576,  590 

To  redeem  fractional  currency,  of 574 

From  bullion  in  Treasury 614 

Profit  fund  to  be  charged  with  waste,  etc 538,  558,  577,  597 

Balance  to  be  paid  into  Treasury 538,558,577 

Not,  for  transportation 589 

What  to  be  credited  to 558 

Standard  silver  dollars  from  bullion  in  Treasury 606 

States  not  to  coin  money  (Constitution) 3 

Nor  make  anything  but  gold  and  silver  coin  a  tender 3 

Subsidiary,  deposits  for,  not  to  be  received,  except 512 

Silver  coin 255 

Limit 255 

Limitation  removed 619 

Tender,  gold  and  silver  a  (Constitution) 3 

Three-cent  piece 524 

Trade  dollars  -recoinagc; 588,  597 

Trial  pieces.     (See  Coin.) 


754  INDEX. 

COINAGE — Continued.  Page. 

Uniformity 519,  522,  523, 544,  564 

United  States  not  to  coin  money,  unless  (Constitution) 1 

Nor  regulate  the  value,  unless 1 

Value  of  coin  not  to  be  regulated  by  United  States,  unless  (Constitution)..          1 

Foreign  coin  and  currency 3 

Further  provisions 4 

Weight  by  which  regulated 544, 564 

World's  Columbian  Exposition,  for 598,  599 

COIN  CERTIFICATES.     (See  Certificates,  coin.) 

COINER  OP  THE  MINT.     (See  also  Chief  coiner  of  the  mint.) 

Accounts  of,  annual  settlement 542, 562 

To  be  examined  by  the  superintendent 542 

Bond,  to  give 552 

Bullion,  responsible  for 554 

Coins,  clippings,  bullion,  etc.,  to  deliver  to  superintendent. .  541,  542,  560, 561,  562 

Accompanied  by  statements 542,  562 

Dies  of  a  national  character,  and  medals,  may  be  struck  by  the 545, 565 

To  destroy  certain 545,  564 

Duties 532, 554 

Ingots,  to  coin  from 540,  559 

Provision  for 531,  551 

Salaries 534 

Subordinates,  liable  for  acts  of 533 

Superintendent,  to  deliver  coins,  clippings,  bullion,  etc.,  to.  541,  542,  560,  561,  562 

Accompanied  by  statements 542,  562 

To  be  debited  and  credited  by 542,  562 

To  examine  accounts  of 542 

\Vaste,  allowance  for 562 

COINS.     (See  Coin.) 

COLLECTORS  OP  CUSTOMS: 

Charged  with  custody  of  public  moneys 122 

Duties  in  relation  to  public  moneys .' 138 

COLLECTORS  OP  PUBLIC  MONEYS.     (See  Public  moneys.) 

COLUMBIAN  EXPOSITION: 

Duplicate  medals  to  be  struck 598 

COLUMBIAN  HALF  DOLLARS.     (See  Coin.) 

COLUMBIAN  QUARTER  DOLLARS.     (See  Coin.) 

"COMMERCIAL  PAPER,"  defined 461 

COMMISSIONERS: 

To  conference  on  ratio  between  gold  and  silver 580,  586 

COMMISSIONERS  OP  LOANS: 

To  be  appointed  in  each  State 8, 10 

Duties 10, 11 

To  open  subscription  to  redeem  certain  stocks 68 

To  observe  regulations 71 

Duties  transferred  to  Bank  of  United  States 96 

Act  abolishing  office  repealed,  but  appointment  of,  not  authorized;  Secre- 
tary of  the  Treasury  to  perform  duties 115 

Duties  to  be  performed  by  Bank  of  United  States 311 

Transfer  of  records,  etc 311 

Office  abolished 312 

Art  transferring  duties  and  records  to  Bank  of  United  States  repealed 314 

Records  to  be  transferred  to  Secretary  of  the  Treasury 314 

Not  to  be  appointed 315 

COMMISSIONERS  OF  THE  SINKING  FUND.     (See  Sinking  fund.) 

COMMISSIONERS  OK  THE  SINKING  FUND  OF  THE  DISTRICT  OF  COLUMBIA.     (See 
Sinking  fund  of  the  District  of  Columbia.) 

COMMISSIONERS  TO  PURCHAHK  DKBT: 

Appointment 18 

Duties 18 

(See  alftn  Commissioners  of  the  sinking  fund.) 

COMMISSIONERS  TO  SETTLE  ACCOUNTS  BETWEEN  UNITED  STATES  AND  STATES: 

[established 15, 16 

Duties 16 

COMPOUND  INTEREST  NOTES: 

Redemption  of 199,  200 


INDEX.  755 

COMPTROLLER  OP  THE  CURRENCY:  Page. 

Bureau  of— 

Established 330 

Chief,  appointment,  term  of  office,  salary 330 

Under  general  direction  of  the  Secretary  of  the  Treasury 330 

Deputy,  appointment,  salary,  duties 330 

To  act  as  Comptroller,  when 330 

Oath  of,  bond  of 330 

Clerks,  employment,  appointment,  classification 330,  375 

Comptroller  to  take  oath  within  what  time 330 

To  give  bond 330 

Comptroller  and  deputy  comptroller  not  to  be  interested  in  national 

banks 331 

Seal  of  office 331 

Papers  under  such  seal  to  be  evidence 331,  378 

Impression  may  be  upon  paper 331,  378 

Force  and  expenses,  carrying  out  act  of  1874 235 

Suitable  rooms,  with  safe,  etc.,  vaults,  to  be  assigned  for  business 331 

Plates,  etc.,  to  be  kept  therein 331 

Furniture,  etc.,  to  be  furnished 331 

Capital — 

To  determine  maximum  and  minimum 336,  384 

To  determine  increase 384 

To  approve  reduction 385 

Certificate  to  do  business — 

May  withhold 336 

To  give 338,  392,  393 

Publication 338,  392,  393 

Organization ,  to  record  and  preserve 381 

To  safely  keep 332 

Charter  of  banks,  may  extend 452 

Circulating  notes — 

To  furnish 340,  364, 421,  467,  662,  666 

To  cause  to  be  printed 340,  393,  469,  663 

To  issue  new  for  worn-out  and  mutilated 341,  397,  666 

To  notify  holders  to  present  for  payment 354,  671 

To  make  statement  of,  in  each  State,  and  of  amount  to  be  retired ....  371,  664 

To  effect  equitable  distribution  of 372,  664,  682 

To  issue  new,  in  place  of  $55,000,000  withdrawn 421,  683 

To  prepare  additional 467 

Acts  in  relation  to  additional 468 

Charter  numbers  on  notes 682 

Commencing  business,  to  determine 338,  392 

Creditors,  to  notify,  of  defaulting  bank 356,  413 

Dies.     (See  Plates  and  dies,  this  title.) 

Discharge  of,  after  liquidation,  etc 426 

Examination  by,  of  national  banks  in  the  District,  of  Columbia 290 

Payment  of  expenses  other  than  national  banks 29L,  374,  376,  377 

Dies,  plates,  etc.,  annually;  list 376,  394 

Examiners,  may  appoint 357,  41 5 

May  examine  any  bank  in  the  District  of  Columbia 291,  374,  376 

Mutilated  and  worn-out  notes,  to  receive,  and  issue  new 341,  397,  666 

Name  of  bank,  to  approve 332 

To  certify  approval  of  change  of 437 

Oath  of  directors,  to  file  and  preserve 334 

Plates  and  dies,  to  cause  to  be  engraved 340,  393,  467,  663 

Remain  in  his  custody 349,  394,  603 

Print  circulating  notes  therefrom 340,  393,  467,  663 

Regulate  desl ruction,  of  closed  banks 37(5 

Shall  annually  examine 376,  394 

Possession,  may  take;,  of  trust,  etc.,  companies,  as  he  would  of  national 

banks 291 

Power  of  attorney,  to  give  associations  to  receive  intoivst  on  security.  . . .   342,  391 

Purchase;  of  property  at  execution  sales,  duty 43(5,  437 

Receiver 

May  appoint,  on  failure  of  reserve 316,  100,  608 

May  appoint 355,  413,  425,  673 

Disfharge  of -12(5 


756  INDEX. 

COMPTROLLER  OF  THE  CURRENCY — Continued.  Page. 

Redemption,  may  approve  associations  for 346,  668 

To  give  public  notice  of  such  association 346,  669 

Proceedings  by,  on  association  failing  to  redeem 346, 669 

To  appoint  agent  to  examine  on  failure  to  redeem 354,  411, 671 

Reports  by — 

To  Congress "..  359,377 

Annually  to  Congress  conditions  of  state  banks 374 

May,  to  Congress  examination  of  District  of  Columbia  banks 376 

Liquidation  expenses. 452 

Of  circulating  notes  to  Secretary  of  the  Treasury 653 

Reports  to — 

Savings  banks  or  savings  and  trust  companies  to  make  same  reports  as 

national  banks 290 

Law  amended 291 

Safe  deposit,  trust,  loan,  mortgage,  etc.,  companies  to  report  to 291 

Comptroller  to  prescribe  forms  for  national  banks 367 

May  require  proof  of  publication 367 

May  call  for  special,  from  national  banks 367 

May  assess  penalty  for  failure  to  make 367 

How,  may  collect  penalty 367 

Reserve  banks,  to  approve 345 

Cities,  may  approve  certain  southern  cities  as 346 

May  add  to 439 

Security  bonds — 

To  have  access  to 340,  390 

To  give  power  of  attorney  for  interest 342,  391 

May  require  additional 342,  391 

May  permit  an  exchange  of  bonds 342,  391 

May  return  bonds  upon  cancellation  of  notes 342,  391 

When  to  declare  forfeiture  of 354,  671 

To  cancel  bonds  on  payment  of  notes 354,  672 

May  sell,  on  failure  to  redeem  notes 355,  672 

To  give  receipt  for 390 

To  sell,  on  failure  of  banks  to  withdraw  circulation 420,  683 

Shareholders'  meeting  after  receiver  has  paid  debts,  to  call 426 

State  banks  to  receive  circulating  notes  from 328 

On  failure  to  redeem,  how  paid 329 

Comptroller  may  withhold  certificate 336 

To  report  condition  to  Congress  annually 374 

Suits,  to  bring,  to  determine  violations 357 

Transfer  of  security  bonds,  to  countersign  assignment  or 339,  340,  390 

To  keep  a  transfer  book 339,  340,  390 

To  not  ify  banks  when  made 339,  390 

To  have  access  to  treasurer's  transfer  books 340,  390 

To  have  access  to  bonds 340,  390 

Treasurer  to  have  access  to  comptroller's  transfer  books 390 

COMPTROLLER  OP  THE  TREASURY: 

Provision  for 5 

Not  to  be  concerned  in  what 6 

CONGRESS: 

To  have  power  to  lay  and  collect  taxes,  duties,  imposts,  and  excises  (Con- 
stitution)   3 

Coin  money,  regulate  the  value  thereof,  and  of  foreign  coin  (Constitu- 
tion)  " '. 3 

Report  to,  of  sale  of  stock SO,  S3,  S5,  86,  94 

Reports  of — 

Loans  or  sales  of  stock 43 

Sales  of  stock,  loans,  and  payments  to  be  made,  when (il 

Report  of  money  borrowed,  etc 131 

To,  of  redemption  of  stolen  Treasury  notes 142 

Of  Treasury  notes 147 

To  (loan  of  184S) J48 

Relative  to  loan  to  be  made 153, 155,  158,  163 

Discontinuance  of  a  designated  depository 319,  326 

Number  and  names  of  designated  depositories 319,  32I> 

To,  relative  assays  of  foreign  coins 498 


INDEX.  757 

CONGRESS — Continued.  Page. 

Report  of  expenditures  to  protect  commerce  and  seamen 65 

Relative  finances  by  Secretary  of  the  Treasury 57 

Expenditure  of  appropriation  for  foreign  intercourse  by  President 61 

Account  of  exchanges,  loans,  etc 649 

Reports  to,  as  to  issue  of  bonds,  etc 192 

Of  public  revenue  and  expenditures 210 

As  to  National  bank  matters.     (See  also  National  banks;  Money;  Coin- 
„      age;  Public  debts.) 
COPPER: 

Cents,  in — quality 478 

Coinage,  to  be  purchased  for 480, 485, 487, 507 

Silver,  in 477 

(See  also  Bullion.) 
COPPER  ALLOY.     (See  Alloy.) 
COPPER  COIN.     (See  Coin.) 
CONSTITUTION  OF  THE  UNITED  STATES: 
Power  to — 

Pay  debts,  etc 3 

Borrow  money 3 

Coin  money,  and  fix  values 3 

Punish  counterfeiting 3 

Make  laws 3 

Coin  money  and  regulate  the  value  thereof 473 

No  State  to  coin  money,  emit  bills,  or  make  anything  a  tender  except. ...          3 

Punishment  for  counterfeiting 473 

No  State  to  coin  money,  emit  bills  of  credit,  or  make  anything  but  gold 

and  silver  a  tender 473 

CONTRACTS: 

Certain,  for  purchase,   sale,  or  loan  on  coin  or  bullion 179 

CORPORATIONS: 

Expired  not  to  issue  notes,  bills,  etc 326 

COUNTERFEITING.     (See  Penalty.) 
COUPONS: 

May  be  attached 148, 153, 154, 155, 159 

Included  in  words  "obligation  or  other  security  of  the  United  States".. .       187 
CREDIT: 

Bills  of,  a  charge  against  the  United  States,  when  (Confederation) 1 

No  State  to  emit  (Constitution) 3 

To  be  received  from  subscribers  to  loan 9 

Of  United  States,  borrowing  money  and  emitting  bills,  on  (Confederation).  1 

Money  not  to  be  borrowed  on,  unless  (Confederation) 1 

Congress  shall  have  power  to  borrow  money  on  (Constitution) 3 

Plans  for  support  of  public 5 

CREDITORS: 

Of  United  States  not  subscribing  to  loan,  privilege  of 29,  31, 35 

(See  Debts;  Loans.) 
CREDITS: 

War  claims  to  be  presented  within  a  certain  time 51 

CREDITOR  STATES: 

Amount  due,  on  account  of  advances  to  be  retained 202 

CRIMES  AND  OFFENSES.     (See  Penalty.) 
CUBA: 

Designation  of  depositories  for  public  moneys 258 

CURRENCY: 

Fixing  value  of  foreign 3,4 

Fractional,  issue  of 177,  186,  644,  646,  658 

Denominations 525,  648,  649,  658 

Form 644,646,658 

Amouii  t 177,  1 86,  645,  646,  647,  658 

In  lieu  of  postage  and  revenue  stamps 177,  644 

Cancellation../. 525,  526,650,  658 

Destroying 659 

Engraving,  etc J  77,  644,  646,  658,  659 

Exchangeable  for  United  States  notes  or  legal  lender  notes. .    177,  576,  645,  658 

Expense  of  issue,  etc 659,  (561 

Included  in  "obligation  or  other  security  of  the  United  States" 187 


758  INDEX. 

CURRENCY — Continued.  Page. 

Fractional,  of  less  denomination  than  5  cents  to  be  canceled 525,  648 

Ten  cents  to  be  canceled 526,  649, 658 

Laws  applicable  to  postage,  etc.,  currency 647 

Legal  tender 177 , 186,  645, 646 

Mutilated,  etc 646,  658,  659 

Payable  for  what 177, 186,  645 

Portrait  or  likeness  of  living  person  on,  prohibited 191,  658 

Receivable  for  what 177, 186,  647,  658 

Redemption 177, 186, 233, 574, 575,  645,  646, 648,  649,  658, 693 

Redeemed  to  be  part  of  sinking  fund 576 

Retirement  and  destruction 575, 576 

Reserve,  payment  of  pensions  out  of 693 

Invoices  to  be  made  in  what •      4 

Limitation  on  expansion  or  contraction 669 

National,  making,  issuing,  etc 687,  688 

Reduction  of  the,  suspended 200, 651,  659 

CURRENCY  BUREAU.     (See  Comptroller  of  the  Currency.) 
CUSTOMS  DUTIES.     (See  Duties.) 
DAHLONEGA,  GA.     (See  Mint.) 
DEBT.     (See  Public  debt.) 
DEBTS  DUE  THE  UNITED  STATES: 

In  what  to  be  paid 125 

To  be  paid  in  gold  and  silver  coin  only 140 

In  what  currency  to  be  paid 210 

Bills  or  notes  of  Bank  of  United  States  receivable  for 275,  307 

Repealed 292,  315 

DEBTS  OP  THE  STATES: 

Loan  to  pay,  authorized 11 

DECIMAL  SYSTEM: 

Established 567 

DEFACED  BONDS: 

Duplicates  may  be  issued  for,  when 207 

DEMAND  NOTES: 

Authorized 161, 164, 165 

Receivable  for  what 166, 169 

DENVER,  COLO.     (See  Assistant  treasurer  United  States;  Mint.) 
DEPOSITARIES: 

To  make  returns  of  moneys  received  and  paid  (sec.  3644,  R.  S.) 216 

Examination  of,  to  be  made  (sec.  3694,  R.  S.) 216 

Custodians  of  public  moneys  to  be  examined  (sec.  3650,  R.  S.) 216 

(See  also  Designated  depositaries.) 
DEPOSITARY: 

In  case  of  absence,  etc.,  of  assistant  treasurer  or  depositary,  who  to  a^t. . . .       213 
DEPOSITORS  (OF  BULLION).     (See  Bullion.) 
DEPOSITS: 

Of  gold  coin,  how  applied 204 

Of  public  moneys  received  by  unauthorized  persons,  unlawful 194 

DESIGNATED  DEPOSITARIES: 

Compensation 150 

Banks  to  be  selected 315,  326 

Agencies  may  be  established  where  no  banks 315,  326 

At  least  one  such  bank  in  each  State  and  Territory 316,  326 

Deposits  in  proportion  to  capital  stock 316,  326 

Conditions 316,  317,  326 

Where  can  not  appoint  in  one  place  may  in  adjacent 316,  326 

Congress  reserves  right  to  change 316,  326 

Banks  to  furnish  certain  statements 317,  326 

Right  of  the  Secretary  of  the  Treasury  to  inspect  banks 317,  326 

To  credit  deposits  in  specie,  and  to  pay  in  specie 317,  326 

To  facilitate  transfer  of  public  funds 317,  326 

To  render  duties  and  services  performed  by  Bank  of  United  States 318,  326 

Bank  must  redeem  its  notes  and  bills  in  specie 318,  326 

Not  issue  notes  or  bills  for  less  than  ?5 318,  326 

A  contract  may  bo  entered  into 318,  326 

To  be  discontinued  only  for  cause 318,  326 

Discontinuance  to  be  reported  to  Congress 319,  326 

Another  bank  selected. .  -   319,  326 


INDEX.  759 

DESIGNATED  DEPOSITARIES — Continued.  Page. 

Until  banks  selected  the  present  depositaries  to  continue 319,  326 

May  be  required  to  deposit  security 318,  326 

Statement  of  number,  etc.,  of  depositaries  to  be  given  Congress 319,  326 

To  pay  interest,  when 263, 319,  326 

Transfers  of  public  moneys  except  for  disbursement,  etc. ,  illegal 320,  326 

To  be  made  to  nearest  safe  bank 320,  326 

May  be  made  from  banks  in  one  State  or  Territory  to  those  of  another.       323 
National  banks  ae — 

Duties  and  liabilities 181,  222, 259, 353,  387, 451,  457 

To  give  security 181,  222,  260,  353,  387, 452,  457 

To  receive  national  currency  bills 181,  260,  387,  452,  458 

To  receive,  what  currency  bills 223 

In  Cuba,  Porto  Rico,  and  Philippines 258,  261, 449 

Duties  in  Alaska  and  Hawaiian  Islands  may  be  deposited  in 451 

As  financial  agents  of  government 353,  387,  452,  457 

Statement  of  securities  req  uired 458 

Distribution  of  deposits 458 

Interest  on  special  deposits 263,  468 

Obligation  for  safekeeping  not  changed 263, 468 

Branch  mint  at — 

Denver 519 

Carson  City 521 

Assay  office  at  Boise  City 528 

Certain  mints  and  assay  offices 568 

Rate  on  deposits  to  be  uniform 263 

(See  also  Depositaries.) 

DEVICES  AND  LEGENDS  ON  COINS.     (See  Coin.) 
DIES  (see  also  Coinage;  National  banks): 

Of  a  national  character  may  be  made  at  mint 545,  565 

Private  medal  not  to  be  prepared 565 

DIME  PIECE.     (See  Coin.) 
DIRECTOR  OF  THE  MINT: 

Provision  for 474,  500,  501,  530,  550 

Duties 474,  500,  530,  551 

Appointment,  and  term  of  office 530,  550 

Oath  of  office 475 

Powers 530 

To  regulate  standard  for  gold  coins,  and  alloy 476 

To  report  to  Congress  touching  alloy 476 

Option  to  exchange  coin  for  bullion 477 

To  purchase  copper  for  coinage 480 

To  publish  when  copper  coin  paid  into  Treasury 480 

To  prescribe  quantities  to  be  coined 483 

To  control  delivery  of  ingots  to  coiner  or  treasurer 483 

To  direct  duties  of  melter  and  refiner 484 

To  procure  a  series  of  standard  weights 494,  544,  564 

To  approve  charges  for  testing  bullion 494 

To  employ  necessary  clerks,  workmen,  etc 495 

To  recei  ve  and  assay  bullion  not  for  coinage 495 

Issue  certain  certificates  of  fineness 495 

To  establish  charges  and  regulations 495 

At  Philadelphia— 

To  have  general  direction  of  branches 499 

To  prescribe  regulations 499 

To  require  returns 499 

Discriminating  the  coin 499 

Preserving  uniformity  of  weight,  etc 499 

Assays  and  tests  for  that  purpose 499 

To  control — 

Denver  branch,  etc 519 

Carson  City  branch,  etc 521 

Boise  City  assay  office 528 

To  establish  charges  and  regulations  at  Boise  City 528 

To  be  styled  superintendent 549 

To  report  annually  to — 

President  and  Secretary  of  the  Treasury 500,  51 8 

Secretary  of  the  Treasury 530,  551 


760  INDEX. 

DIRECTOR  OF  THE  MINT — Continued.  Page. 

Shall  appoint  assistants  and  clerks 501 

Duties  of  assistants  and  clerks 501 

To  fill  temporary  vacancies 501 

To  give  warrants  for  delivery  of  coin 501, 506 

To  direct  assays  of  coin 501 

To  employ  workmen  and  servants 502 

To  direct  melter  and  refiner  to  deliver  bullion  to  Treasurer 504 

To  prescribe  number  of  trial  pieces 505 

May  call  meeting  of  assay  or  trial  commissioners 507,  544,  564 

To  instruct  purchase  of  copper  bullion 507 

To  fix  charges  for  coining,  assaying,  refining,  stamping,  etc 511, 

521, 528,  557,  585,  602 

To  approve  purchase  of  silver  bullion 512,  558 

To  give  warrant  for  transfer  to  coinage  profit 512 

To  propose  regulations  as  to  exchanging  and  paying  out  of  coins 512 

To  engage  artists 513,  532,  554,  592 

To  regulate  operations  of  assay  office  at — 

New  York 516 

Boise  City 528 

To  cause  assays  of  foreign  coins,  and  make  report 517 

To  fix  shape  and  device  of  cent 517 

To  regulate  transfer  of  cents  to  depositaries 518 

Preserving  uniformity  of  weight,  etc.,  at  Carson  City 521 

To  determine  composition  of  the  cent 522 

To  fix  shape,  etc. ,  of  2-cent  coins 522 

To  secure  uniformity  of  alloy  in  such  coins 523 

To  order  trials  thereof 523 

To  make  regulations  in  relation  thereto 523 

To  determine  composition,  shape,  etc. ,  of  3-cent  piece 523 

To  make  regulations  in  relation  thereto 524 

To  cause  motto  "  In  God  we  trust"  on  certain  coins 525,  536 

To  determine  composition  of  5-cent  piece 525 

To  prescribe  regulations  in  relation  thereto 526 

To  submit  annual  estimates 530,  551 

To  have  general  supervision  of  mints  and  assays  office 530 

Superintendents  to  control  mints  subject  to  approval  of 531,  552 

Appointments  by  superintendents  may  be  disapproved  by 532,  553 

To  approve  temporary  appointments 533 

To  approve  bond  of  superintendent  and  others 533,  552 

Temporary  absence,  who  to  act 533 

Salary  and  expenses 534 

Salary 534 

To  determine  salaries  of  assistants  and  clerks 534 

To  approve  wages  of  workmen 534 

To  determine  composition  of  minor  coins 535,  555 

To  establish  value  of  silver  bullion  in  gold  deposits 536,  556 

To  approve  purchase  of  bullion  for  silver  coinage 538 

To  regulate  transfer  of  silver  coins  to  depositaries 538,  558 

To  prescribe  regulations  relative  to  payment  of  silver  coin  for  bullion 538 

To  approve  purchase  of  metal  for  minor  coinage 538,  558,  622,  623 

Direction  as  to  delivery  of  minor  coins 539,  559,  623 

May  prescribe  tests  of  coins 541,  561 

May  direct  settlement  of  coiner's  and  rnelter's  and  refiner's  accounts 542,  562 

To  compare  balance  sheet  with  liabilities 542,  562 

May  prescribe  conditions  an  to  exchange  of  imported  bullion  for  fine  bars.   543,  563 

Test,  etc.,  by  assay  commissioners  in  presence  of 544,  563 

Approval  of  dies  of  national  character 545,  565 

Assayer  to  employ  clerks  and  others  under  direction  of 546,  566 

Bonds  of  officers  and  clerks  in  assay  offices  to  satisfaction  of 5-16,  566 

To  have  direction  of  assay  offices;  prescribe  regulations,  returns  and  charges 

therefor 547 

Absence,  who  to  act 552 

To  approve  temporary  appointment 552 

To  prescribe  forms  of  superintendents'  reports 552 

May  require  engraver  to  prepare  dies,  etc 554,  592 

To  prescribe  regulations  relative  recoinage  of  Spanish  and  Mexican  coins. .       568 
To  fix  charges  for  foreign  coinage 572 


INDEX.  761 

DIRECTOR  OF  THE  MINT — Continued.  Page. 
To  estimate — 

Annually  value  of  foreign  coin 209,  567 

Quarterly  value  of  foreign  coin 593 

Power  to  cause  new  designs,  etc 592 

To  prescribe  devices,  etc. — 

Columbian  quarter  and  half  dollar 598,  599 

Lafayette  dollar 608 

DISBURSING  AGENTS  AND  OFFICERS: 

To  keep  public  moneys  where;  transfer,  etc 71, 214 

To  make  payments  in  gold  and  silver  only,  violations  to  be  reported 126 

To  exchange  funds  in  gold  and  silver  only,  unless 126, 141 

In  what  to  make  payments 140,  569 

To  deposit  moneys  with  Treasurer,  assistant  treasurers,  or  public  deposi- 
taries   151 

Depositing  moneys  where  there  is  no  Treasurer  or  assistant 193 

Deposit  of  and  withdrawal  of  public  moneys 193 

Not  to  loan,  deposit,  etc.,  moneys  except  as  authorized;  penalty 193 

Transfers  of  money  to,  to  be  by  draft  or  warrant 193 

Not  to  exchange  funds,  except 217,  569 

Penalty  for  unlawfully  depositing,  converting,  etc.,  public  moneys 229 

To  deposit  moneys  without  delay,  or  within  thirty  days 248 

Exchanging  or  paying  in  certain  funds  restricted 569 

Exchange  and  payment  of  funds  by 660 

Violation  of  this  provision 660 

DISKS.     (See  Bullion.) 

DISTINCTIVE  PAPER: 

Having,  etc.,  without  authority 225 

DISTRICT  OF  COLUMBIA: 

Loan  authorized  to  the  city  of  Washington 45 

Banks  in,  may  loan  to  United  States 75,  81,  84,  87,  94,  629 

Not  to  buy  or  sell  funded  debt  of  United  States,  except 101 

Incorporation  of  trust,  loan,  mortgage,  and  other  corporations 245 

Notes  and  bills  of  municipal  corporations,  denominations,  and  withdrawal. .  631 

Circulation  of  small  notes  in,  prohibited 633 

Bank;  circulation  of  notes.     (See  Banks.) 

Sinking  fund.     (See  Sinking  fund  of  the  District  of  Columbia.) 

DOLLAR.     (See  Coin.) 

DOMESTIC  DEBT: 

To  be  loaned  to  full  amount 8 

Time  to  subscribe  to  loan,  extended 25,  28,  31,  35 

(See  also  Public  debt.) 

DRAFTS: 

To  transfer  moneys  to  States  receivable  for  public  debt 119 

Not  to  be  thrown  into  circulation 216 

DUPLICATE  BONDS: 

May  be  issued,  when 207,  220,  221 

DUST.     (See  Bullion.) 

DUTCH  DEBT: 

Sums  to  pay,  may  be  borrowed 59 

Manner  of  paying 60 

DUTIES: 

Power  to  lay  and  collect  (Constitution) 3 

To  be  uniform  (Constitution) 3 

To  be  paid  in  coin  only  at  what  rate 4 

Pledged  to  pay  certain  loans 7 

Pledged  to  pay  interest  on  foreign  debt 7 

Interest  on — 

Loans  to  be  paid  from 7 

Foreign  debt  to  be  paid  out  of  excess 7 

Pledged  and  appropriated  to  pay  interest  on  loan 14 

Excess  of,  to  be  applied  to  purchase  of  debt 17 

Supplementary  act  as  to  payment  of  debt  out  of 19 

Pledged  to  pay  interest  on  loans 21 

Surplus  of — 

To  be  applied  on  debt,  unless,  and  how  long 22 

To  reimburse  loan 24 

To  repay  loan 27 

15712°— 10 49 


762  INDEX. 

DUTIES — Continued.  Page. 

Loan  to  be  repaid  from 29 

Pledged  to  pay  interest  on  balances  due  States 32 

Loan  of  $2,000,000  to  be  repaid  out  of 34 

(Internal)  appropriated  to  pay  loans  on  account  of  foreign  intercourse  act. .  36 

Loan  to  be  paid  from 36 

To  be  continued  to  be  collected  to  pay  loans  and  interest 37 

Appropriated  to  sinking  fund 38 

How  to  be  paid 125 

To  be  paid  in  gold  and  silver  coin  only 140 

Shall  be  paid  in  coin  or  demand  notes 168 

On  imposts  to  be  paid  in  what  (sec.  3473,  R.  S.) 210 

Coin  received  in  payment  to  be  set  apart  for  what 219 

On  banks,  bankers,  notes,  etc.  (war  of  1812) 293 

Composition  with  bankers  in  lieu  of 293 

Payable  in  coin  or  demand  notes 637 

(See  also  Revenue.) 

EAGLE.     (See  Coin.) 

ENGRAVER  (OF  THE  MINT): 

Provision  for 474,  500 

Duties 474,  501,  532.  592 

Oath  of  office 474,  554 

Assistants,  and  their  duties 501 

At  Philadelphia 531,  534,  551 

May  execute  dies  of  a  national  character 545,  565 

ENGRAVING,  PRINTING,  ETC.: 
Of  notes — 

In  Treasury  Department 639 

Bonds 646 

At  Washi  ngton 658 

Provision 658 

Expense  of 659 

No  extra  compensation  for 659 

(Sec  also  Penalty.) 

ESTIMATES: 

Of  value  of  foreign  coins  to  be  made — 

Annually 209,  567 

Quarterly 593 

Of  revenue  and  expenditures  to  be  made  to  Congress 2JO 

EXCHANGE  (.see  Notes;  Bonds;  Coin): 

( )f  Treasury  and  United  States  notes  of  1890 252 

EXCHANGE  OK  FUNDS.     (Sec  Disbursing  agents.) 

EXCISES: 

Power  to  lay  and  collect  (Constitution) 3 

To  be  uniform  (Constitution) 3 

EXECUTIVE  POWERS: 

Laws  in  relation  to  (Constitution) 3 

EXPENDITURES: 

Of  public:  moneys,  accounts  of,  to  be  kept  by  register 6 

Secretary  of  the  Treasury  to  report  to  ( 'ongress  estimates  of 57 

EXPENSES  (arc  the  different  notes  and  securities): 

Of  issuing  securities,  defining  and  limiting  appropriation 206 

EXPOSITIONS: 

Memorial  Coinage.     f.SVv  Coinage.) 

FAITH    OK    THE     r.MTKIl    STATES: 
Pledged  to 

Provide  permanent  funds  for  the  payment  of  interest 15 

Make  Ljood  a ny  deficiency  i n  a  eerlain  fund 21 

Pay  deficiency  interest,  due  States 152 

Provide  further  as  to  foreign  intercourse' 34 

Pay  loans  on  account  of  foreign  intercourse  act 36 

Apply  money  in  sin  kin;.;  fund  to  redemption  of  debt 39 

Repay  a  loan 50 

Provide  revenue  to  pay  loan  of  1798  and  interest 52 

Repay  loan 53 

Provide  for  interest  and  principal  of  debt 56,  73, 

71,  75,  81,  84,  88,  92,  148, 154,  155,  156,  158,  160,  163 


INDEX.  763 

FAITH  OF  THE  UNITED  STATES — Continued.  Page. 

Pledged  to — Continued. 

Pay  interest  and  debt  continues 60 

Pay  interest  and  principal  of  stock 62 

Reimbursement  of  Treasury  notes 118 

Pay  interest  and  redeem  stock 128 

Redeem  Treasury  notes 144 

The  payment  of  obligations  in  coin,  except 201 

Early  redemption  in  coin  of  United  States  notes 202 

Coin  payments 218 

Establish  Bank  of  United  States  only 275,  308 

Pay  in  coin  all  obligations 652,  661 

Redemption  of  United  States  notes  in  coin 661 

FIFTY-CENT  PIECE.     (See  Coin.) 

"FINAL  SETTLEMENTS"  CERTIFICATES.     (See  Certificates.) 

FINANCE: 

Secretary  of  the  Treasury  to  perform  services  relative  to 5 

Provision  for  debts  of  the  States 11, 15 

Secretary  of  the  Treasury  to  report  to  Congress  on 57 

Currency  not  to  be  expanded  or  contracted 374,  401 

(See  also  Loans;  Public  debts;  Monetary  Conference;  National  Monetary 

Commission.) 
FINANCIAL  AGENTS: 

National  Banks  may  be  employed  as 181 

Duties  as,  of  designated  national  banks 222 

National  banks  designated 259 

FINANCIAL  AGENTS  OF  THE  GOVERNMENT: 

National  banks  as 387,  452, 457 

National  banks — 

May  be  designated 353 

To  give  security 353 

FOREIGN  COIN.     (See  Coin.) 
FOREIGN  COUNTRIES: 

Coinage  for,  authorized 572 

FOREIGN  DEBT.     (See  Public  debt;  Loans.) 
FOREIGN  EXCHANGE: 

Certain  contracts  for  purchase,  etc. ,  unlawful 182 

FOREIGN  INTERCOURSE.     (See  Intercourse.) 
FOREIGN  LOAN.     (See  Loans) : 

$100,000,000  may  be  negotiated 163 

FOREIGN  OFFICERS: 

Debt  to,  to  be  discharged 25 

FORGERY.     (See  Penalty.) 
FRACTIONAL  CURRENCY.     (See  Currency.) 
FRACTIONAL  NOTES.     (See  Currency.) 
FRONTIER: 

Loan  for  protection  of 24 

FUNDING: 

Of  foreign  and  domestic  debt 7, 15 

FUNDS.     (See  Public  moneys.) 
GALLEYS: 

Loan  to  build 33 

GENEVA  AWARD.     (Sec  Alabama  claims.) 
GOLD: 

In  Treasury  not — 

Needed  for  interest  may  be  disposed  of 181 

Necessary  for  interest  may  be  disposed  of 220 

A  tender  in  payment  of  debts  by  the  Government 630 

A  legal  tender 631 

Manufacturers  of,   stamping   "United   States  assay,"   etc.,   on   forfeiture 

of 62 1,  622 

(See  also  Bullion;  Coin.) 
GOLD  AND  SILVER: 

International  conference  as  to  ratio  between 579,  586,  597,  602,  603.  604 

Call  for  conference 603 

Commissioners 5SO,  586,  597,  602,  603,  604 

To  make  report 580 

Compensation,  etc 580,  597,  603,  604 


764  INDEX. 

GOLD  AND  SILVER — Continued.  Page. 

Parity  and  ratio 252,  590,  597,  602,  603,  610 

Policy  of  United  States  to  be  for 600 

Ratio  to  be  maintained 600,  610 

Special  commissioner 603 

International  bimetallism  unhindered 614 

(See  also  Coin.) 

GOLD  BULLION.     (See  Bullion.) 

GOLD  CERTIFICATES.     (See  Certificates.) 

GOLD  COINS.     (See  Coin.) 

GOLD  DOLLAR.     (See  Coin.) 

GOLD  DUST: 

Adulterating,  etc.,  in  Alaska,  penalty. 610 

HALF  DOLLAR.     (See  Coin.) 

HAWAII: 

Public  debt  of,  to  be  assumed,  limit 251 

Silver  coins — 

Receivable  for  what 617 

Recoinage,  expense 617 

Exchange  for  United  States  coins 618 

Recoinage  of  mutilated 618 

Legal  tender 618 

Silver  certificates,  redemption 618 

Liability  of  United  States 618 

Coin  transportation  expenses 619 

HOLLAND: 

Loan  in,  declared  within  meaning  of  act  of  1790,  chapter  47 23 

ILLUSTRATIONS  OF  COINS: 

Permitted 620 

IMPORTATIONS: 

Invoices  to  be  made  in  what  currency 4 

IMPOSTS: 

Power  to  lay  and  collect  (Constitution) 3 

To  be  uniform  (Constitution) 3 

INDENTS  OF  INTEREST: 

To  be  received  in  payment  of  subscription  to  loan 9, 10 

To  be  exchanged : 42 

Time  for  presentation,  exchange,  discharge,  etc 50 

Bar  from  settlement  of,  suspended 102, 106,  1 1 4 

To  be  paid 107 

INDIAN  HOSTILITIES: 

Bonds  issued  to  pay  expenses  to  Territories 161 

"!N  GOD  WE  TRUST:" 

Upon  coins 525,  536 

Restored (j24 

INGOTS.     (See  Bullion.) 

INTERCOURSE: 

Loan  to  pay  expenses  of  international 27 

Interest  on  loan  to  promote  foreign,  to  be  paid 33 

Appropriation  to  carry  out  act 34 

Loan  for  purposes  of  foreign 35,  36 

Appropriation  arid  loan  for  foreign,  purposes 46 

$2,000,000  appropriated  for <;  I 

Expenditure  of  appropriation  to  be  reported  to  Congress fil 

INTEREST: 

Appropriation  to  pay 7,  70,  73,  74,  75,  79,  81,  84,  106,  147,  220 

Permanent,  annual  appropriation  for 218 

Appropriation  to  pay- 
On  foreign  loan  continued 37 

To  Bank  of  United  States 47 

Act  making  appropriation  for  payment  of,  on  funded  debt  repealed 98 

On  foreign  debt,  provision  to  pay 8 

On  loan  of  1790,  when  payable 10 

On  certain  certificates  not  to  be  paid  unless 10, 1 1 

Certain  certificates  to  draw,  must  be  exchanged 10 

Revenue  pledged  to  pay 14.  148 

p!c«lfred  to  pay 21,66, 131 


INDEX.  765 

INTEREST — Continued.  Page. 
Duties — 

On  imposts,  tonnage,  and  internal  revenue  appropriated  to  pay 36,  37 

To  be  continued  to  be  collected  to  pay 37 

And  interest  appropriated  to  pay 40 

Appropriation  of  duties,  etc.,  to  pay 47 

On  loan  of  1798,  appropriation  of  duties  and  revenues  to  pay 52 

Surplus  duties — 

Appropriated  to  pay 61 

Pledged  to  pay 56 

Duties  appropriated  to  pay 64 

Indents  of  interest,  issue  of 9 

On  certificates  received  in  payment  of  loan  to  fund  state  debts 13 

Pavable  to  States  on  loan  not  subscribed 13, 14 

Faith  of  United  States,  pledged  to  pay 15,  128, 154, 155, 156, 158, 160 

To  avoid  delay  in  payment  of,  on  debt  of  the  United  States 18 

On  certain  of  the  debt  pledged  to  redeem  what 25 

Rate  equal  to,  to  be  paid  nonsubscribing  creditors  to  loan  of  1790,  chap- 
ter 34  29 

To  be  paid  States  on  balances  due 31 

On  loan  from  Bank  of  United  States,  dividends  appropriated  to  pay 32 

On  loan  on  account  of  foreign  intercourse 33 

Loan  to  pay,  and  payment  of  loan 36 

Priorities  in  payment  of,  to  cease,  unless 42 

To  be  paid  to  nonsubscribers  to  domestic  debt  loan 44 

Creditors  of  unfunded  or  registered  debt  to  receive  stock  equal  to  interest.  51 

Appropriation  to  sinking  fund  to  pay 57 

Further  sum  placed  in  sinking  fund  to  pay 64 

To  foreign  residents,  how  to  be  paid 69 

Certificates  on  which,  is  payable  abroad,  may  be  exchanged 69 

Banks  chargeable  with,  on  Treasury  notes 82,  85,  93 

On  stock,  payment  of 92 

On  Treasury  notes  to  be  paid 95 

On  canceled  certificates  of  stock  to  cease 100, 101 

Payment  of,  shall  continue,  except 101 

Payable  in  coin  or  lawful  money 166, 190 

On  bonds  and  notes  of  United  States,  payment  in  coin 168,  635 

Payable  in  coin ." 175 

On  Treasury  notes,  certificates  of  indebtedness  and  deposit  payable  in 

lawful  money 176 

On  Treasury  notes  and  certificates  payable  in  lawful  money 643 

Rate  of,  upon  deposits  of  United  States  notes  with  depositaries 170 

Statement  of  accrued,  to  be  printed  on  notes 178 

May  be  anticipated 181,  220 

<  »n  bonds  and  notes,  when  payable 190 

( )n  gold  deposits  to  cease,  when 204 

On  matured  bonds  to  cease,  when 204 

Amount  equal  to,  on  bonds  in  sinking  fund,  to  be  applied  on  public  debt..  205 

On  certain  bonds  may  be  quarter  yearly 206 

Coin  from  duties  set  apart  to  pay  (sec.  3694,  R.  S.) 219 

On  bonds  in  sinking  fund  to  be  applied  on  debt  (sec.  3696,  R.  S.) 219 

Three  months  may  be  allowed  on  bonds  exchanged 239 

On  Hawaii  debt  to  be  paid 251 

On  called  bonds  to  cease 257 

On  public  moneys  in  designated  depositaries 319,  326 

Issue  of  coin  certificates  to  pay 657 

1  N  T  E  U  N  A  I  >    R  K  V  E  X  U  E  : 

Loan  to  be  paid  from 36 

Appropriated  to  sinking  fund 38 

Public.'  moneys  act  of  184(j  to  include,  ollicers 188 

(Sec  Taxation.; 

INTERNATIONAL  COIN.     (.S><;  Coin.) 

I NTEKXATioxAL  MoxETAKY  CoxFEKENCK.     (See  Monetary  conference.; 
INVOICES.     (Hue.  Importations.) 
ISSUE,  DIVISION  OF: 

Established,  in  Treasurer's  office 612 


766  INDEX. 

ISTHMIAN  CANAL:  Page. 

Loan 260 

Additional  loan 265 

Repeal  of  authority  for  first  loan 266 

Appropriation  to  be  reimbursed  from  sale  of  bonds 262 

Account  of  all  moneys  received  and  expended  required 262 

Bonds,  rights,  privileges,  etc.,  of 261, 454 

LAFAYETTE  MEMORIAL  COMMISSION: 

Souvenir  dollars  at  disposal  of 608 

LANDS: 

Proceeds  sale  of  western,  to  form  a  sinking  fund 15 

Proceeds  of  sales  appropriated  to  form  a  sinking  fund 39 

United  States  stock  receivable  for  western 49 

Acts  authorizing  receipt  of  evidences  of  public  debt  for,  repealed 66 

Certain  foreign  gold  coins  receivable  in  payment  for 107 

In  what  payments  for,  are  to  be  received 125 

Payment  for,  to  be  in  gold  and  silver  only 140 

Sales  pledged  for  payment  of  stock 146 

Stocks  of  United  States  receivable  for  western 627,  628 

"LAWFUL  MONEY:" 

Defined 371, 398,  667 

"LAWFUL  MONEY  OF  THE  UNITED  STATES:" 

Defined 371,  398,  667 

LEGAL  CURRENCY: 

Duties,  taxes,  debts,  etc.,  to  be  paid  in 95 

LEGAL  TENDER: 

Gold  and  silver  coin,  by  States  (Constitution) 3 

Not  to  be  affected " 253 

Treasury  notes,  when 380 

States  to  make  only  gold  and  silver  a  tender 473 

Gold  and  silver  a  tender 495 

Gold  and  silver  coins  a  tender 502 

Of  foreign  coins 517 

Treasury  notes  (bullion) 590 

Money 612 

Gold  and  silver  only  a  tender  in  payment  by  Government  of  debts 630 

Gold  and  silver  only 631 

United  States  notes  for  what 659 

Treasury  notes  for  what 635,  660 

(See  also  Coin,  Currency;  Treasury  notes;  United  States  notes.) 

LEGAL-TENDER  NOTES: 

No  further  issue  authorized 189 

Not  to  be  issued 191 

(See  Notes;  Treasury  notes;  United  States  notes.) 

LIMITATION: 

Upon  amount  of  deposits  of  United  States  notes  with  depositaries 170, 174 

LOAN  CERTIFICATES.     (See  Certificates.) 

LOAN  COMPANIES: 

Incorporation  of,  in  the  District  of  Columbia 291 

Comptroller  to  take  possession 291 

(Sec  also  District  of  Columbia.) 

LOAN-OFFICE  CERTIFICATES.     (See  Certificates.) 

LOAN  OFFICES: 

BOOKS  opened  for  subscription  for  exchange  of  stock 104 

LOANS: 

March,  26,  1790,  necessary  amount  to  pay  interest 7 

August  4,  1790,  6  per  cent  and  3  per  cent,  full  amount  of  domestic  debt 8 

August  4,  1790,  $12,000,000,  35  years,  for  payment  of  foreign  debt  and  in- 
terest   8 

August  4,  1790,  $21,500,000,  6  per  cent  and  3  per  cent,  to  pay  debts  of  the 

States 11,15 

August  12,  1790,  $2,000.000,  5  per  cent,  to  purchase  debt 18 

February  25,  1791,  $2,000,000  from  Bank  of  the  United  States  to  pay  certain 

debts.' 21 

March  3,  1791,  $312,086.20,  fi  per  rent,  for  military  purposes 

May  2,  1792,  $523.000,  5  per  cent,  for  protection  of  frontier 

May  8,  1792,  $50,000  to  pay  international  intercourse  expenses 27 


INDEX.  767 

LOANS — Continued.  Page. 

February  28, 1793,  $800,000,  5  per  cent,  for  support  of  Government 27 

March  20,  1794,  $1,000,000,  5  per  cent,  for  public  purposes 29 

June  5,  1794,  $80,000  to  build  vessels 33 

June  9,  1794,  $1,000,000  for  military,  naval,  and  other  purposes 33 

December  18,  1794,  $2,000,000,  5  per  cent,  for  public  purposes 34 

March  3,  1795,  $1,000,000  for  payment  of  interest  on  public  debt 36 

March  3,  1795,  in  exchange  for  foreign  debt 36 

March  3,  1795,  6  per  cent,  by  commissioners  of  the  sinking  fund,  to  pay 

public  debt 40 

May  30, 1796,  $324,539.06,  6  per  cent,  for  foreign  intercourse  purposes 46 

May  31,  1796,  $5,000,000,  6  per  cent,  1819,  to  pay  debt  to  banks  and  foreign 

debt 46 

June  1, 1796,  $650,000,  6  per  cent,  for  military  and  naval  purposes 48 

July  8,  1797,  $800,000,  6  per  cent,  5  years,  for  public  purposes 50 

July  16, 1798,  $5,000,000, 15  years,  for  military  and  other  purposes 52 

July  16,  1798,  $2,000,000,  6  per  cent,  for  military  and  other  purposes 53 

March  2,  1799,  $2,000,000,  15  years,  for  military  purposes 55 

May  7,  1800,  $3,500,000,  15  years,  for  military  and  general  purposes 56 

April  29,  1802,  5  per  cent,  6  years,  to  pay  Dutch  debt 59 

February  26,  1803,  $2,000,000,  6  per  cent,  for  foreign  intercourse 61 

November  10,  1803,  $11,250,000,  6  per  cent,  for  purchase  of  Louisiana 62 

November  10, 1803,  $1,750,000,  6  per  cent,  5  years,  to  pay  claims  on  France.  64 

March  26,  1804,  $1,000,000,  6  per  cent,  to  protect  commerce  and  seamen 65 

February  13,  1806,  $2,000,000,  6  per  cent,  for  foreign  intercourse 66 

May  1, 1810,  6  percent,  for  public  expenses 72 

March  2,  1811,  $5,000,000,  6  per  cent,  6  years,  for  public  expenses 73 

March  14,  1812,  $11,000,000,  6  per  cent,  12  years,  for  public  expenses 75 

June  30,  1812,  $5,000,000,  5g-  per  cent,  1-year  Treasury  notes,  for  debts,  sup- 
plies, etc 76 

July  6,  1812,  —  — ,6  per  cent,  1824,  to  redeem  old  stocks 79 

February  8,  1813,  $16,000,000,  12  years,  to  defray  expenses 80 

February  25,  1813,  $5,000,000,  5f  per  cent,  1-year  Treasury  notes,  for  gen- 
eral expenses 81 

February  25,  1813,  $5,000,000,  second  loan,  part  of  $16,000,000  authorized 

in  preceding  act 81 

August  2,  1813,  $7,500,000,  12  years,  to  defray  expenses 83 

March  4,  1814,  $5,000,000,  5|  per  cent,  1-year  Treasury  notes,  part  of  sub- 
sequent loan 84 

March  24,  1814,  $25,000,000,  12  years— 

To  defray  expenses 85 

Supplementary  act 89 

November  15,  1814,  $3,000,000,  12  years,  to  defray  expenses 86 

December  21,  1814,  $6,000,000,  6  per  cent,  to  maintain  public  credit 89 

January  9,  1815,  $6,000,000,  6  per  cent,  to  defray  expenses,  etc 91 

February  24,  1815,  $25,000,000,  Treasury  notes;   no  interest  on  denomina- 
tions less  than  $100;   5|  per  cent  on  $100  or  over 91 

March  3,  1815,  $18,450,800,  12  years,  to  defray  expenses 94 

April  10,  1816,  $7,000,000,  5  per  cent  in  stock,  subscription  to  Bank  of 

United  States 298 

May  15,  1820,  $3,000,000,  5  per  cent,  12  years,  6  per  cent  at  pleasure,  to 

defray  expenses 103 

March  3,  1821,  $5,000,000,  5  per  cent,  14  years,  to  defray  expenses 103 

April  20,  1822,  $12, 000,000-$14, 000,000,  5  per  cent,  12  years  and  at  pleas- 
ure, to  fund  6  per  cent  and  7  per  cent  debt 104 

May  24,  1824,  $5,000,000,  4£  per  cent,  12  years,  for  Spanish  treaty  awards. .  109 

May  26,  1824,  $5,000,000,  4\  per  cent,  7  years,  to  fund  6  per  cent  stocks. . .  110 
March  3,  1825,  $12,000,000,  4|  per  cent,  3  and  4  years,  to  fund  0  per  cent 

loan 112 

October  12,  1837,  $10,000,000,  not  over  6  per  cent,  1-year  Treasury  notes, 

in  payment  of  debts 118, 120,  120, 121 

February  15,   1841,  $5,000,000,  Treasury  notes,  act  October  12,  1837,  to 

apply  for  exigencies 127 

July  21,  J841,  $12,000,000,  6  per  cent,  3  years,  20  years,  or  on  0  months' 

notice,  for  redemption  of  Treasury  notes  and  exigencies 128, 130,  132 

January  31,  1842,  $5,000,000,  Treasury  notes,  for  exigencies  and  redemp- 
tion...                                               130 


768  INDEX. 

LOANS— Continued.  Page. 

April  15,  1842,  $5,000,000,  for  exigencies 131,132 

July  22,  1846,  -     — ,  6  per  cent,  10  years- 
Treasury  notes  or  stock  for  exigencies 134 

Extended 146 

January  28,  1847,  $23,000,000,  6  per  cent,  1  or  2  year  Treasury  notes,  for 
exigencies  of  Government 143 

March  31,  1848,  $16,000,000,  6  per  cent,  20  years 147 

September  9,  1850,  $10,000,000,  5  per  cent,  14  years,  payment  to  Texas. . .       149 

December  23,  1857,  $20,000,000,  6  per  cent,  1-year  Treasury  notes,  for 
exigencies 151, 164 

June  14,  1858,  $20,000,000,  5  percent,  15  years 153 

In  coupon  or  registered  stock 154 

Redemption  of 230 

June  22, 1860,  $21,000,000,  6  per  cent,  10-20  years,  for  exigencies  in  redemp- 
tion of  Treasury  notes 155 

December  17,  1860,  $10,000,000,  6  per  cent,  1-year  Treasury  notes,  for 
exigencies 156 

February  8,  1861,  $25,000,000,  6  per  cent,  10-20  years,  for  exigencies  and 
redemption  of  Treasury  notes 158 

March  2,  1861,  $10,000,000,  6  per  cent,  10-20  years,  for  exigencies  and  bal- 
ance of  Treasury  notes 159 

March  2,  1861, ,  6  per  cent,  20  years,  Territorial  Indian  hostility 

expenses 161 

July  17,  1861,  $250,000,000,  for  public  service,  may  issue  bonds  at  7  per 
cent,  20  years,  or  Treasury  notes  at  7^  per  cent,  3  years;  3r655<j  per  cent, 

1  year;  on  demand 161, 164 

Time  of  obtaining  loan  extended 174,  640 

February  25,  1862,  $150,000,000,  demand  Treasury  notes 165,  635 

February  25,  1862,  $500,000,000,  6  per  cent,  5-20  years—- 
To fund  Treasury  notes  and  floating  debt 166,  636 

Amount  that  may  be  issued  increased 180 

February  25,  1862,  $25,000,000,  5  per  cent,  10  days,  temporary  loan 167 

March  1,  1862,  6  per  cent,  1-year  certificates  of  indebtedness  to  pay  cred- 
itors    169 

March  17,  1862,  temporary  loan  of  February  25,  1862,  limitation  on  amount 
increased  to  $50,000,000 170 

July  1,  1862,  —     — ,  6  per  cent,  30  years,  for  construction  of  Union  Pacific 

Railroad 171 

July  11,  1862,  temporary  loan  of  February  25,  1862,  limitation  on  amount 
increased  to  $100,000,000 174 

March  3,  1863,  $300,000, 000-$600,000, 000,  6  per  cent,  10-40  years,  coupon 
or  registered  bonds,  for  support  of  the  Government 175, 185,  642 

March  3,  1863,  $400,000,000,  6  per  cent,  3-year  Treasury  notes 175 

March  3,  1863,  $150,000,000,  Treasury  notes  for  exchanges 176 

March  3,  1863,  $150,000,000,  noninterest  United  States  notes,  not  less  than 
$1,  to  pay  army  and  navy  and  other  creditors 176 

March  3,  1863,  $50,000,000,  fractional  currency 177 

March  3,  1864,  $200,000,000,  6  per  cent,  5-40  years,  coupon  and  registered 

bonds,  support  of  Government 180, 185 

June  30,  1864,  $400,000,000,  6  per  cent,  5-30-40  years,  coupon  and  regis- 
tered bonds  or  $200,000,000  in  Treasury  notes,  for  support  of  Govern- 
ment   183, 184 

Treasury  notes  may  be  issued  in  lieu  of  bonds 189 

June  30,  1864,  $150,000,000,  6  per  cent,  temporary  loan 186 

March  3,  1865,  $600,000,000,  6  per  cent  or  7  &  per  cent,  5-40  years,  bonds 
.  or  Treasury  notes;  for  support  of  Government 190 

March  2,  18t>7,  $50,000,000,  3  per  cent,  demand  temporary  loan  to  redeem 

compound-interest  notes 199 

July  25,  1868,  —  -,  3  per  cent,  demand,  temporary  loan  to  redeem  com- 
pound-interest notes 200 

July  8,  1870,  —     — ,  4  per  cent,  5-year  certificates  of  indebtedness,  to  pay 

interest  to  Massachusetts  on  account  of  war  of  1812 202 

July  II,  1870,  2i  per  cent  gold  certificates 204 

July  14,  1870,  $200,000,000,*  5  per  cent,  10  years;  $300,000,000,  4J  per  cent, 

15  years;  $100,000,000,  4  per  cent,  30  years,  for  refunding  the  debt 203 

*Iiicrcased  to  §.",00,000.000 206 

Total  not  to  be  increased.  .  206 


INDEX.  769 

LOANS — Continued.  Page. 

December  17,  1873,  5  per  cent,  to  exchange  for  loan  of  1858 231 

June  23,  1874,  5  per  cent,  10  years,  to  pay  Alabama  claim  judgments 232 

January  14, 1875,  same  as  authorized  July  14,  1870,  to  redeem  United  States 

notes 234 

March  3,  1875,  5  per  cent,  same  as  provided  in  act  of  July  14,  1870,  to  pay 

Eads  for  Mississippi  jetty  improvements 236 

January  25,  1879,  issue  of  4  per  cent  bonds  in  exchange  for  those  bearing 

higher  rates  of  interest 239 

July  12,  1882,  exchange  of  3  per  cent  for  3J  per  cent  bonds;  when  redeem- 
able   241 

July  12,  1882,  3  per  cent  bonds  to  exchange  for  3£  per  cent 241 

August  15,  1894,  $6,640,000,  4  per  cent  certificates  of  indebtedness,  to  pay 

Cherokee  Indians 247 

June  13,  1898,  $100,000,000,  3  per  cent,  I  year,  certificates  of  indebtedness, 

to  meet  public  expenditures 248 

Amount  increased 266 

June  13,  1898,  $400,000,000,  3  per  cent,  10-20  years,  to  meet  war  expendi- 
tures   249 

March  14, 1900,  3  per  cent,  1  year,  to  restore  and  maintain  gold  reserve  fund .  253 
March  14,  1900,  2  per  cent,  30  years,  to  be  exchanged  for  3  per  cent,  4  per 

cent,  and  5  per  cent  bonds 256 

June  28, 1902,  $130,000,000,  2  per  cent,  10-30  year  bonds,  to  defray  expenses 

Isthmian  Canal 260 

Repealed 266 

August  5, 1909,  $200,000,000,  3  per  cent,  1  year,  certificates  of  indebtedness, 

to  meet  public  expenditures 266 

August  5,  1909,  $290,000,000,  3  per  cent,  50  year  bonds,  to  defray  expenses 

Isthmian  Canal 265 

Pledge  for  moneys  borrowed  (Confederation) 

Authority  to  borrow  money  (Confederation) 

Emit  bills  (Confederation) 1 

Power  to  borrow  money  (Constitution) 3 

Duties  pledged  to  pay  interest 7 

Interest,  loan  to  pay 7 

Interest  of  foreign,  payable  from  excess  duties  and  tonnage 7 

Interest  on,  appropriation  to  pay 7 

Funding  debt 7, 15 

Principal,  payment  of 

Foreign,  duties  pledged  to  pay 

Commissioner  in  each  State  to  be  appointed 8 

Duties 10, 11 

Certificates  to  be  issued 9, 10 

Terms  of  payment 9 

Redemption  of  domestic  loan,  on  what  terms 9, 10 

Indents  of  interest  to  be  received  in  payment  of  subscription  to  loan 9 

Transfer  of  stock  (loan  certificates) 10 

Certificates,  certain  to  draw  interest  must  be  exchanged 10 

Rights  of  nonsubscriber  creditors  to  loan  of  1790  not  impaired 10 

Repayment  of  certain 19 

What,  declared  to  be  within  act  of  1790,  ch.  47 23 

In  Holland  declared  within  meaning  of  act  of  1790,  ch.  47 23 

Made  from  Bank  of  United  States  to  be  paid  off,  how 27,  28 

Power  of  commissioner  of  sinking  fund  to  borrow,  not  affected 60 

Preference  to  what  subscribers 72 

Acts  authorizing  loans  and  issue  of  certificates  of  stock  therefor,  repealed. .  97 

Secretary  of  the  Treasury  to  perform  duties  of  commissioners  of  loans 115 

$100,000,000,  of  July  17,  1861,  may  be  negotiated  abroad 163 

Upon  pledge  of  gold  or  silver  coin,  restrictions,  not  applicable  to  United 

States 179 

Banks  in  the  District  of  Columbia  may  loan  to  the  United  States 629 

Payment  of.     (See  Public  debts.) 
Interest  on.     (See  Interest.) 

Report  to  be  made  to  Congress  of.     (See  Congress.) 
Commissioner  of.     (See  Commissioner  of  loans.) 
LOST  BONDS: 

Duplicates  may  be  issued  for,  when ...... 207 


770  INDEX. 

LOST  TREASURY  NOTES:  Page- 
How  to  be  paid 102 

LOUISIANA: 

Payment  to  France  for 62 

Certain  acts  expended  to 65 

MACERATION  : 

Of  notes,  etc 684 

MANUFACTURING,  ETC.,  CORPORATIONS: 

Tax  on  circulation,  remission 424 

MASSACHUSETTS  : 

Payment  for  expenditures  in  war  of  1812 202 

MEDALS: 

May  be  made  at  mint 545,  565 

Charges,  etc.,  for  disposition  of 545,  565 

Duplicates,  Columbian  Exposition 598 

Medals,  Lewis  and  Clark  Exposition 621 

MEDITERRANEAN  FUND: 

To  protect  commerce  and  seamen 65 

MELTER: 

At  branch  mints 498 

At  assay  offices 546 

MELTER  AND  REFINER: 

Provision  for 483,  500,  531,  551 

Duties 483,  501,  532,  554 

Oath  of  office;  bond  and  salary 484,  552 

Temporary  appointment 484 

To  determine  expense  of  test  and  wastage 494 

At  branches 498 

Assistants,  and  their  duties 501 

Account  with  Treasurer 504 

To  form  ingots  from  bullion 503,  554 

Liable  for  acts  of  subordinates 533 

Salaries 534 

To  determine  mode  of  melting 537,  557 

To  give  receipt  for  bullion 539, 559 

To  form  ingots  for  coinage 539,  554,  559 

To  prepare  bars  and  deliver  to  superintendent 540,  560 

Annual  settlement  of  accounts 542,  562 

To  deliver  coins,  clippings,  etc 542,  562 

Accompanied  by  a  statement 542,  562 

Accounts  to  be  examined  by  superintendent 542,  562 

To  be  charged  with  all  copper  alloy 542, 562 

To  keep  record  of  transactions 554 

Responsible  for  bullion 554 

Allowance  for  wastage 562 

MELTING  AND  REFINING: 

Charge  for 484,  516 

Refining 485,  493,  494,  519,  539 

Parting'. 519 

Silver  bullion  containing  proportion  of  gold 495 

Bullion  and  foreign  coins  at  New  York 515 

Under  direction  of  Director  of  Mint 516 

MEXICAN  DOLLAR.     (See  Coin,  foreign.) 

MILITARY  ESTABLISHMENT: 

Loan  to  provide  additional  regiment 24 

Loan  for  protection  of  frontier 24 

MINING,  ETC.,  CORPORATIONS: 

Tax  on  circulation,  remission 424 

MINOR  COINAGE.     (See  Coinage.) 

MINOR  COINS.     (See  Coin.) 

MINT: 

Public  moneys  may  be  transferred  to,  and  branches,  to  supply  metal  for 

coinage 320 

Establishment  of 473,  474 

Artiste  to  be  engaged 474,  513,  532 

Apparatus  to  be  procured 

Officers ;  appointment;  duties 474,  500,  530,  551 


INDEX.  771 

MINT — Continued.  Page. 

Oaths  of  officers  and  clerks 475,  533,  551 

Salaries,  and  bonds 475,  533,  534,  552 

Settlement  of  accounts 475 

Making  reports 475 

Expenses  of,  fund  from  exchange  of  coin  and  bullion 477 

Debasing  the  coin,  etc.     (See  Penalty.) 
Embezzlement,  etc.     (See  Penalty.) 

To  continue,  at  Philadelphia 488,  488, 489, 492, 493, 494 

Laws  in  relation  to,  extended  to  Louisiana,  etc 65,  489 

Officers  held  for  inferiority  of  coins 497,  544,  564 

Branches  to  be  established 498 

Salaries  of  officers  and  clerks  at  branches 498,  534 

Oath  of  office  and  bond 499,  533,  551,  552 

Officers  and  salaries  at  branches 499,  530,  534,  552 

General  direction  of  branches  to  be  under  the  Director  of  the  Mint  at  Phil- 
adelphia        499 

Regulations  for  branches 499 

Returns 499 

Discriminating  the  coin 499 

Uniformity  of  weight,  etc 499,  544,  564 

Assays  and  tests 499,  544,  564 

Branches,  laws  extended  to 499 

Assistants  and  clerks — 

Appointment  of 501,  530 

Duties  of 501 

Oath,  bond,  salary 502,  552 

Vacancies,  temporary,  how  filled 501 

Employment  of  workmen  and  servants 502 

Deposit  of  public  money  or  bullion  in,  to  pay  depositors  of  bullion 506, 

543,  563,  582 

Transportation  of  copper  coins  at  expense  of 507 

Acts,  former  repealed 508 

Refining  to  be  reduced  and  excluded 514 

Accounts  between  assay  office,  assistant  treasurer  and 516 

And  branches  shall  continue  to  refund  bullion,  and  not  to  contract  to 

exchange 527 

Established  as  a  bureau  of  Treasury 530,  550 

Embracing  what " 530,  550 

Chief  officer  of 530,  550 

(See  Director  of  the  Mint.) 

Appointing  acting  officers  in 533,  552 

Principal  responsible  for  acting  officer 533,  552 

Officers  liable  for  acts  of  subordinates 533,  552 

Workmen,  wages  of 534 

Moneys  from  charges,  deductions,  etc. — 

Disposition  of 545,  585 

Not  to  pay  salaries,  etc 545,  585 

Superintendent.     (Sec  also  Superintendent  of  Mint;  and  under  name  of 

place,  this  title.) 
Officers.     (See  also  particular  titles.) 

Expenditures  to  be  paid  from  appropriations 545,  565 

Officers  and  employees  of  mints  to  continue;  bonds,  etc 549 

Director  at  Philadelphia  to  be  superintendent 549 

Duties  of  treasurers  to  devolve  upon  superintendents 549 

Treasurers  to  act  only  as  assistant  treasurers  of  the  United  States 549 

Names  of  the  different  mints 549,  551 

Unexpended  appropriations  of  certain  transferred 549 

Clerks,  Secretary  of  the  Treasury  to  appoint 551 

Acts  establishing,  list  of 551 

Oaths  of— 

Employees 551 

Officers  and  clerks  to  bo  transmitted  to  Secretary  of  the  Treasury 551 

nntment  of  acting  officers  to  be  reported  for  approval 552 

;lerk,  provision  for 553 

Appointments  in,  and  approval  of 553 


Appointrr 
Chief  cler 


772  INDEX. 

MINT— Continued.  Page- 

Refining  and  parting — 

To  be  carried  on  at 577,  578, 607 

Expenses;  payment 577,  578,  583,  585,  607 

Money  from  charges  and  by-products 607 

Payment  of  depositors  in  coin  certificates 583 

To  make  duplicate  Columbian  Exposition  medals 598 

May  exchange  gold  bars  for  coin 616 

(See  also  Chief  coiner;  Coiner;  Director  of  the  Mint;  Melter  and  refiner; 
Treasurer  of  mint,  etc.) 

California,  branch  established 500, 511 

Carson  City,  Nev.— 

Branch  established 500,  520 

Officers,  clerks,  etc 520 

Salaries,  etc 521,  534 

Under  control  of  Director  of  Mint 521 

Charges  for  parting,  assaying,  etc 521 

Preserving  weight,  etc 521 

Returns 521 

Depository  of  public  moneys 211,  521,  568 

Superintendent,  duties  of 521,  569 

How  to.  pay  for  dust  and  bullion 521 

Laws  respecting  mint  and  officers  applicable 521 

Appropriation  for 522 

If  not  operated  as  a  mint 607 

Charlotte,  N.  C.— - 

Branch  established 498 

Appropriation 498 

Officers,  salaries,  etc.     (See  Mint,  branches;  Mint,  assistants.) 
Dahlonega,  Ga. — 

Branch  established 498 

Appropriation 498 

Officers,  salaries,  etc.     (See  Mint,  branches;  Mint,  assistants.) 
Denver,  Colo. — 

Branch  established 500 

Coinage  at 500 

Established  for  coinage  of  gold 519 

Officers,  clerks,  etc. ;  salaries,  oaths,  bonds 519,  566,  601,  602 

Under  control  of  Director  of  Mint 519 

Regulations 519 

Charges  for  assaying,  coining,  etc 519 

Uniformity  in  coining 519 

Depository  of  public  moneys 170,  211,  519,  568 

Superintendent,  duties  of 170,  519 

How  to  pay  for  dust  and  bullion 520 

Laws  respecting  mint  and  officers  applicable 520,  601,  602 

To  be  carried  on  as  assay  office  only 520 

Business  as  an  assay  office 546,  566,  601 ,  602 

To  coin  gold  and  silver 601,  602 

Assay  office  to  continue  until  mint  established 601,  602 

Manila — 

Established 500 

New  Orleans,  La. — 

To  be  depository  of  public  moneys 12?,  136 

Treasurer  of,  at  New  Orleans,  to  have  custody,  etc.,  of  public  moneys. .       122 

Branch  established 498 

Appropriation 498 

Reopening  after  war 499 

Officers,  salaries,  etc.  (arc  also  Mint,  branches;  Mint,  assistants) 549 

Office;  of  treasurer  vacated 549 

Superintendent  to  act,  as  treasurer 549,  551 

Philadelphia.     f.SW  also  Mint.) 

To  be  depository  of  public  moneys J22,  136 

Treasurer  of,  at  Philadelphia,  to  have  custody,  etc.,  of  public  moneys.       122 

Salary  of  officers 534,  549 

Minor  coinage  at 538 

Transfer  to,  of  bullion  from  New  York  assay  office 545,  565 

Expense  thereof  and  accounts 545,  565 


INDEX.  773 

MINT— Continued.  Page. 
Philadelphia — Continued. 

Office  of  treasurer  vacated 549 

Superintendent  to  perform  duties  of  treasurer 549, 551 

San  Francisco — • 

Branch  established 500 

Cost  limited 529 

Salary  of  officers 534,  549 

Office  of  treasurer  vacated 549 

Superintendent  to  act  as  treasurer 549,  551 

MISSISSIPPI  JETTY  IMPROVEMENTS: 

Bonds  may  be  issued  to  Eads  in  payment 236 

MISSISSIPPI  STOCK: 

Lost,  how  to  be  renewed 102 

MONETARY  COMMISSION.     (See  National  Monetary  Commission.) 
MONETARY  CONFERENCE: 

International,  ratio  between  gold  and  silver 579,  586,  597,  602,  603,  604 

Commissioners 580,  586,  597,  602,  603,  604 

Compensation,  report 580,  597,  603,  604 

Call  for  conference 603 

Special  commissioner 603 

MONETARY  SYSTEM.     (See  National  Monetary  Commission.) 
MONEY: 

Authority  to  borrow  (Confederation) 1 

Emit  bills  (Confederation) 1 

United  States  not  to  coin,  unless  (Confederation) 1 

Nor  regulate  value  thereof  (Confederation) 1 

Nor  emit  bills  (Confederation) 1 

Nor  borrow  money  (Confederation ) 1 

Value  not  to  be  regulated  by  United  States,  unless  (Confederation) 1 

Pledge  for  moneys  borrowed,  debts,  and  bills  (Confederation) 1 

Power  to  coin  (Constitution) 3 

Regulate  value  thereof  (Constitution) 3 

Of  foreign  coin  (Constitution) 3 

Power  to  borrow  (Constitution) 3 

States  not  to  coin  (Constitution) 3 

Nor  emit  bills  of  credit  (Constitution) 3 

*Nor  make  anything  but  gold  and  silver  coin  a  tender  (Constitution). .  3 

Counterfeiting,  punishment  to  be  provided  (Constitution) 3 

Laws,  provision  for  (Constitution) 3 

Treasurer  to  keep  and  disburse  the  moneys  of  the  United  States 5 

Accounts  of  receipts  and  expenditures  to  be  kept  by  register 6 

Power  to  coin,  and  regulate  value  of 473 

To  be  expressed  in  dollars,  etc 479 

Charges,  deductions,  etc.,  in  mints  and  assay  offices,  disposition  of 545 

Use  of  bimetallic 579 

Ratio  between  gold  and  silver,  conference 579 

All  forms  to  be  maintained  at  a  parity v 610 

Note,  check,  etc.,  for  less  than  $1  prohibited 659 

Borrowing.     (Sec  Loans.) 
MONEY  ACCOUNT: 

Decimal  system  established 567 

OK  COMPANIES: 

Incorporation  of,  in  Ihe  District  of  Columbia 291 

Comptroller  to  take  possession 291. 

(See  District  of  Columbia.) 
MUTILATED  NOTES: 

May  be  replaced 170 

Destruction  of 170 

Replacing  arid  destroying 638 

Issue  of  new  notes  instead ;  destruction 238 

NATIONAL: 

Defined 416 

NATIONAL  HANK  ACT: 

1  h-fined 381 

NATIONAL  BANKING  ASSOCIATIONS: 

Defined-.  389 


774  INDEX. 

NATIONAL  BANKS  (see  also  Bank  of  the  United  States):  Page. 

Act.  (See  National  Bank  Act,  this  title.) 

Act  of  February  25,  1863,  repealed,  except 360 

Additional  or  emergency  circulation  (see  also  Circulation,  this  title) 458 

Administrators,  etc.,  may  act  in  choosing  shareholders'  agent 427 

Agent — 

To  ascertain  facts  of  failure  to  redeem  notes 354,  411 

To  report  to  comptroller 354,  411 

Of  shareholders.     (See  Shareholders,  this  title.) 
Amount  of  money  to  be  kept  on  hand.     (See  Reserve,  this  title.) 
Articles  of  association.     (See  Organization,  this  title.) 
Assignments.     (See  Insolvency,  this  title.) 

"Associations,"  applicable  to  what 389 

Attachment.     (See  Suite,  this  title.) 
Bad  debts.     (See  Business,  this  title.) 

"Bank "  defined 378 

"Banker "  denned 378 

Bonds  of  the  United  States.     (See  Circulation,  this  title.) 
Branch.     (See  Organization;  Conversion,  this  title.) 

Bureau  of  Engraving  and  Printing  established 428 

Business — 

To  commence,  when 333,  382,  392 

Power  to  carry  on  what 333,  382 

Where  to  be  transacted 333,  381,  399,  437 

How  to  be  conducted 333,  382 

Certificate  of  comptroller  before  commencing 339,  382,  392 

Comptroller  may  withhold  his  certificate  to  do 336,  392 

Certificate  to  be  published 338,  393 

To  deposit  bonds  before  commencing 337,  389 

May  purchase,  hold,  and  convey  certain  real  estate 343,  383 

Such  real  estate  not  to  be  held  more  than  five  years 344,  383 

Loans — 

Limitation  on 344,  403, 455,  668 

Certain  discounts  not  included 344,  403,  455 

Limitation  on  rate  of  interest 344,  402 

Exception 345, 402 

Penalty  for  taking  greater 344,  402 

Action  to  recover 344 

Not  to  make,  or  discounts  on  own  stock 347,  403 

Computing  interest 402 

Usurious  interest 344,  402 

Gold  certificates  not  receivable  as  security  for 434,  587 

Not  on  United  States  or  national  bank  notes 366,  405,  670 

Amount  of  money  to  be  kept  on  hand.     (See  Reserve,  this  title.) 

Reports  and  statements 347 

Indebtedness  not  to  exceed  capital  stock,  except .348, 403 

Not  to  hypothecate;  its  notes 348,  403 

"  Bad  debts,"  what 348,  404 

Real  estate  subject  to  state  taxation 351 

Not  1o  do  business,  except  when 353,  411,  671 

Not   to  withhold    from   use,    etc.,    United    States   or   national   bank 

notes 366,  405,  670 

Not  to  certify  check,  unless 368,  405 

Clearing-house;  balances,  what  in  settlement 374,434,668 

Manner  of  transferring  property 382 

To  receive  national  currency  bills  as  receiver  or  designated  depository.       387 

United  Stales  bonds  to  be  deposited  before  commencing 337,  389 

Not  to  purchase  own  slock,  except 347,  403 

If  purchased,  must  be  sold 348,403 

Not  to  pay  out  uncurrent  notes 405 

Any  certified  check  to  be  valid 405 

All  transfers  and  assignments  after  an  act  of  insolvency,  void 416 

Financial  agent  of  the  (iovernnienl 353,  387,  452,  457 

Depositories  of  public  moneys.     (Sec  Designated  depositaries.) 

Payment  of  interest  on  special  deposits  of  public  moneys 263,  468 

Gold-note  banks  to  receive  other  notes...  667 


INDEX.  775 

NATIONAL  BANKS — Continued.  Page. 

By-laws — 

What  to  provide 333, 382 

To  provide  for  transfer  of  stock 335,  382 

Capital  stock — 

Amount  to  be  not  less  than  what 333,  381,  383,  437,  446 

Increase  of 336,  384, 437 

Maximum  and  minimum 336, 384 

Increase  to  be  paid  in 336,  384 

Reduction  of 336,  349,  385,  404 

How  to  be  paid  in  and  proved 336,  383 

Failure  to  pay  installments;  sale 337,  384 

Must  be  increased  if  reduced  by  cancellation  of  delinquent's  stock. .  337,  384 

Manner  of  transferring 333,  382,  383 

Shares,  amount  of 335,  381,  383 

Deemed  personal  property,  transferable 335,  383 

Transfer  of,  not  to  impair  creditors'  rights 335 

Not  to  purchase  or  loan  on  own,  unless 347,  403 

If  purchased,  must  be  sold  or  receiver  appointed 348, 403 

Hypothecation  or  use  of  own  notes  to  secure,  prohibited 348 

Not  to  be  withdrawn,  in  dividends  or  otherwise 348,  404 

Return  of,  to  be  made  to  treasurer 350, 408 

Penalty  for  failure 350, 408 

How  assessed  when  return  not  made 350, 408 

Shares  not  exempt  from  state  taxation 350,  409 

Limitation 350,  409 

Shares  of  converted  bank,  amount 352,  388 

Converted  state  banks  not  to  have  a  less 352,  388 

Assignment  of,  between  mother  bank  and  branches 363 

What  considered  capital 363,  378 

Deficiency  or  impairment  to  be  made  up  by  assessment 375, 404 

Interest  on  security  to  be  withheld 375,  404 

Not  made  good,  receiver  to  be  appointed 375,  404 

Sale  of  stock 404,  427 

Sale  of,  of  shareholder  not  assenting  to  extension  of  corporate  existence .       431 
Cashier.     (See  Officers,  this  title.) 

Certificate  of  destruction  of  notes 666 

Certificates.     (See  Organization,  this  title.) 

Associations  to  give,  on  examination  of  bonds  deposited  with  treasurer.       342 

Of  deposit,  authority  to  issue,  repealed 255 

Certifying  checks.     (See  Business,  this  title.) 
Checks,  certified.     (See  also  Business,  this  title.) 

Good  and  valid  obligation 368 

Circulation — 

Additional,  may  be  issued  ($54,000,000) 369,420 

Additional  or  emergency  (act  1908) — 

National  currency  associations,  how  formed,  etc 458,  459 

Powers 459,  460 

Members 459 

Management,  officers 459 

Security  for 460 

To  be  deposited  with  association 460 

Application  for 460 

Secretary  may  direct  issue  of 460 

Amount  on  deposit  of  state,  etc.,  bonds 460 

Limi  t  as  to  commercial  paper 461 

"Commercial  paper  "  defined 461 

Liability  of  association  for  redemption 461 

Lien  created 461 

Liability  between  members 461 

Additional  security  or  exchange;  thereof 461 

Sale  of  securities  on  failure 461 

Deposit  of  proceeds 461 

Suit  if  sum  insufficient  to  redeem  notes 461 

Withdrawal  and  substitution  of  securities 461 

Action  if  members  fail  to  maintain  redemption  fund 461 

Use  of  funds  of  other  members...  462 


776  INDEX. 

NATIONAL  BANKS— Continued.  Page. 

Circulation — Continued. 

Additional  or  emergency — Continued. 

Additional  security  or  exchange  thereof,  association  to  sell  secu- 
rities of  defaulting  bank 462 

Deposit  of  proceeds  for  redemption  of  notes 462 

To  banks  on  bonds  other  than  United  States  bonds 462 

Application  to  Comptroller 462 

Approval  by  Secretary  of  the  Treasury 462 

Issue  on  deposit  of  bonds  with  Treasurer 462 

Amount 462 

Security,  what  bonds  acceptable 463 

Conditions  as  to  city,  etc.,  bonds 463 

Discretion  of  Treasurer 463 

Transfer  of  title  in  trust 463 

Receipt  from  Treasurer 463 

Assignments,  custody,  etc 463 

Sections  Revised  Statutes  applicable 463 

Status  of 464 

Limitation  of  issue  of  notes  by  banks 464 

Maximum  of  additional  notes 464 

Redemption  of  fund,  special 464 

Proportional  assignment  of  additional  circulation  to  States  . . .       464 

Emergency  assignments 464 

Information,  etc.,  as  to  acceptable  security : 465 

Tax  on  circulation 465 

Monthly  returns  of  circulation  on  other  than  United  States 

bonds 465 

Use  of  taxes  on  notes  secured  by  other  than  United  States 

bonds 466 

Retiring  circulation 466 

Withdrawal  of  notes 466 

Deposits  of  lawful  money 466 

Monthly  limit 466 

Retention  of  deposits  to  redeem  notes 466 

Additional  notes  to  be  prepared 467 

Amount 467 

Deposit  for  delivery  subject  to  order 467 

Present  form  not  for  additional  circulation 467 

Redemption  in  lawful  money 467 

Acts  and  orders  of  comptroller  and  treasurer 468 

Termination  of  act 469 

Apportionment  to  associations  according  to  population,  capital,  etc..  .      328, 

361,  364, 369, 371, 384,  395,  648,  664 

Assessment  for  cost  of  transportation  and  redemption 432 

Associations  not  to  pay  out  certain  notes 349, 405,  670 

Authorized  to  obtain,  issue,  and  circulate  notes 333 

Bureau  of  Engraving  and  Printing  established 428 

Cancellation  of,  on  payment  at  Treasury 413,  672 

Charter  n  umbers  on 419,  682 

Comptroller  to  notify  holders  of  notes  to  present  them  for  payment, 

when 354,  411 

Cancel  bonds  on  payment  of  notes 35-1,  411 

Counterfeiting,  etc.     (fire  Penalty.) 

Default  in  payment  of  notes,  not  to  do  business 411 

Delivery  of,  to  associations 340,  364,  369,  393,  433,  446,  467,  647,  662 

Denominations,  and  proportion 328, 

340,  341,  361,  364,  370, 393, 394,  397, 446,  447,  457,  467,  647,  662,  663,  666 
Designated  depositaries  shall  receive  national  currency  bills  at  par. . .       353 

Destruction  of  plates,  etc.,  of  closed  banks 376, 394 

Of  redeemed,  etc.,  notes  by  burning 397,  410,  431,  666 

Certificate  of  burning ." 397,  410,  666 

By  maceration 684 

Devices 34 1,  394,  431 ,  663 

Dies,  etc.,  to  be  examined  by  comptroller 376,  394 

Disposition  of  notes  of  banks  failing  to  withdraw  circulation 421,  422 

Evidence  of  payment  of  notes  redeemed 354, 412,  672 


INDEX.  777 

NATIONAL  BANKS — Continued.  Page. 

Circulation — Continued . 

Each  association  to  take  notes  of  others 346, 370, 371, 398, 401,  669 

Gold  not3  banks 401, 667, 669 

Entitled  to  receive 340, 421, 431, 433, 446,  647,  662 

Equitable  distribution,  how  to  be  secured 371, 395, 420, 422, 664,  682,  684 

Withdrawals  for  this  purpose 371 ,  395, 420, 421, 422,  664,  682 

Statement  of  circulation  and  amount  to  be  retired 371,  396,  664 

Process  of  redistribution 371, 396, 422, 664,  683,  684 

Failure  of  banks  to  consent  to  withdrawal 372, 396, 421, 422,  664,  683 

Not  to  be  withdrawn  until 372, 396,  420, 422 

Effect  of  removal  of  association  from  State 372,  396,  665 

Expenses  of  examination  and  destruction  of  dies,  etc 394 

Preparing,  etc 349, 394, 419, 431,  663 

Expired  bank,  when  permitted 228,  679 

To  express  what  on  face 340, 394, 433, 467,  663 

Fees  of  notary  for  protesting  notes 354, 411,  674 

Fees  for  protesting  notes,  etc.,  how  paid 357, 414,  674 

Form 394,  467,  663 

Gold  note  banks  subject  to  national  currency  act,  except 370,  423,  667 

Conversion  to  national  banks 429 

Gold  banks  receiving  notes  of  other  banks 401,  667,  669 

Limitation 667 

Hypothecation  of  own  notes,  prohibited 348, 403 

Increase  of,  when 433 

Interest-bearing  notes  not  legal  tender  for 185 

Issued  under  act  of  1863 360 

Issuing  authorized 667 

Issue  to  equal  par  value  of  bonds  deposited 446 

Less  than  $1  prohibited 641 

Lien  upon  assets  in  case  deficiency  of  security 355, 412 

Limitation  on  whole  amount 328,  340,  369, 371,  395,  398, 422,  663,  664 

Amount  to  each  association 329,  340, 

361, 364, 369, 370,  371, 395,  398,  422,  423, 
432, 433, 446, 447,  647,  662,  664,  667 

Withdrawals  of 421, 433,  684 

Liquidating  banks  to  deposit  lawful  money  for  outstanding 373,  410 

Certain  banks  exempt 373,  410 

Loan  of,  to  United  States 185 

Making  and  issuing 687 

Mutilated  and  worn-out,  replacing 341, 397,  666 

Destruction,  how  and  by  whom 341, 397,  666 

Certificate  of,  furnished  banks 341,  397,  666 

Mutilated  on  redemption 410 

Charged  to  redemption  account 410 

New,  to  issue  to  banks  extending  existence 431 

Banks  to  reimburse  for  plates 431 

In  place  of  $55,000,000  withdrawn 421 ,  684 

Payable  in  gold,  may  be  issued 370,397,423,666,667 

Penalty  for  unlawfully  countersigning  and  delivering 343,  398,  667 

Penalty.     (See  Penalty.) 

Plates  and  dies  to  be  engraved 340,  393,  467,  663 

To  be  kept  by  comptroller 349,  394,  663 

Post  notes,  etc.,  not  to  be  issued 341,  397,  666 

Printing  on  hand-roller  presses 703 

Receivable  for  what 341 ,  397,  398,  666 

Receivable  for  debts  of  the  United  States,  except 380 

By  designated  depositaries,  when 387 

Redemption,  money  deposited  for,  in  certain  cities. . . .  345,  346,  400,  667,  668 

Leaven  worth  struck  from  list  of,  cities 361 

Agencies  in  New  York 346, 401 ,  669 

Provision,  not  applicable  to  gold  note  banks  in  San  Francisco. . . .   376,  669 

At  par 346,  401,  669 

Comptroller  to  give  public  notice  of  agencies 340,  401,  669 

Proceedings  on  failure  to  select  agent 346,  40  L,  669 

By  association  of  its  own  notes 346,  401,  669 

On  bank  going  into  liquidation 351,  410,  432,  (583 

Notes  to  be  mutilated ,  etc 352,  410 

10-       •";() 


778  INDEX. 

NATIONAL  BANKS — Continued.  Page. 

Circulation — Continued. 

Redemption,  on  failure  to  redeem,  notes  may  be  protested 353, 410,  670 

Notice  of  protest  to  be  sent  comptroller 353, 410,  670 

Not  to  be  protested  in  certain  cases 354, 410,  671 

Comptroller  to  ascertain  facts 354, 410,  671 

Disposition  of  notes  and  evidence  of  payment 354, 412,  672 

Notes  to  be  canceled  on 354, 413,  672 

Security  may  be  sold  on  failure  to  redeem  notes 355, 412, 420,  672 

Association  denying  failure  may  apply  to  courts 356, 414,  673 

Converted  state  bank  and  branches 363, 388 

In  gold 370,  397 

San  Francisco  bank  notes  in  New  York 371 

Treasury  notes  not  a  legal  tender  in  redemption  of  bank  notes 380 

On  failure  to  redeem,  receiver  may  be  appointed 346, 401,  669,  673 

Security  to  be  forfeited 411,  671 

Not  to  do  business,  except 411,  671 

Five  per  cent  fund  to  be  deposited  with  treasurer 418,  681 

May  be  counted  as  lawful  reserve 418,  681 

By  treasurer,  provisions 418,  591,  681 

Of  mutilated,  etc.,  notes 418,681 

Cost  of,  treasury  to  be  reimbursed 419, 432,  681 

Agencies  in  cities  abolished 419 

Of  notes  of  banks  extending  existence 431 

Deposit  of  lawful  money  for 431 

Gam  from  failure  to  present  notes  for 431 

Charleston  and  Richmond  may  be  redemption  cities,  if 346 

Balances  with  treasurer  for,  to  be  covered  into  treasury 440,  591 

Not  to  apply  to  5  per  cent  fund 440,  591 

Treasurer  to  redeem  certain  notes  from  general  cash 440,  591 

Reimbursement  to  the  treasurer  from  national-bank  notes; 

redemption  account 440,  591 

Report  of  balance  of  deposits 441, 591 

Of  lost  or  stolen  notes 441 

Action  on  failure  of  members  of  national  currency  association  to 

maintain,  fund 461 

To  be  in  lawful  money 467 

In  United  States  notes 681 

Payment  of  notes  and  cancellation  of  security 672 

Paramount  lien  for,  not  secured 672 

Monthly  notice  to  bank  of 681 

Deposit  with  treasurer  for 681 

Notes  to  be  forwarded  to  banks 081 

Mutilated,  etc.,  to  be  destroyed 681 

Reimbursement  to  treasurer 681 

Where 682 

Destruction  of  notes  upon  withdrawal 682 

On  withdrawal  of,  to  effect  equitable  distribution 683 

Replacing  destroyed 397,  666 

Report  of,  by  Comptroller  to  Secretary 653 

Reserve.     (See  Reserve,  this  title.) 

Retiring,  circulation  and  withdrawing  bonds 419,  420,  421,  422,  432 

Return  of,  to  be  made  to  Treasurer 350,  408 

Penalty  for  failure 350,  408 

How  assessed  when  no  returns  made 350,  408 

Seal  on 340,  394,  467,  663 

Security  fur,  bonds,  amount,  etc 337,  389,  419,  432 

Increasing  and  diminishing 338,  389,  432 

Transfer  to  Treasurer,  etc 339,  389 

Assignment  or  transfer  to  be  countersigned  by  Comptroller 339,  390 

( 'omptrollcr  to  keep  transfer  book  and  notify  banks 339,  390 

To  have  access  to  Treasurer's  transfer  books 340,  390 

Treasurer  to  have  access  to  ( 'omptroller's  transfer  books 3 40,  390 

(.'omptrollcr  to  have  access  to  bonds 340,  390 

Associations  to  examine  bonds  annually,  time,  etc.,  and  certify 

accordingly 342,  390,  391 

To  be  held  exclusively  to  secure 342,  391 


INDEX.  779 

NATIONAL  BANKS — Continued.  Page. 

Circulation — Continued . 

Security  for,  provision  as  to  interest  on 342,  391 

Comptroller  may  permit  an  exchange 342,  391 

Require  additional  security 342,  391, 447 

May  be  returned  to  association  upon  cancellation  of  notes 342, 

391, 420, 432,  682 

Proviso..... 343, 391,  682 

Taking  up  on  liquidation 351, 410 

When  to  declare  securities  forfeited 354, 411 

To  be  canceled  on  payment  of  notes 354, 411, 412 

Lien  in  case  of  deficiency 355, 412 

May  be  sold  on  failure  to  redeem  notes 355, 412, 420 

What  bonds  to  secure  additional  circulation 369 

Surrender  of,  upon  deposit  of  lawful  money  by  liquidating  banks. .     373, 

432, 682 

By  banks  withdrawing  notes 683 

May  be  sold  of  liquidating  bank  fails  to  deposit  money.  .  . .  373,  410,  683 

Certain  banks  exempt 373, 410 

Exchange  of  coupon  bonds  for  registered 389 

Depreciation,  additional  security 343,  391, 447 

Transfer  and  retransfer  of 390,  410,  412,  432 

Retiring  circulation  and  withdrawing  bonds 419, 

420, 422, 432, 458,  466, 682 

Limit  of  deposit  for 419, 433,  458, 466,  682 

To  be  sold  on  failure  to  return  circulation 420, 422,  664 

Called  for  redemption,  consequence 433,  458 

Substitution  of  2  per  cent  bonds 447 

Signature  on 340,  394,  467,  663 

Stamping  fraudulent  notes 427 

Officers  liable  for  wrongfully 427 

State  banks  to  secure,  how 328 

On  failure  of  state  banks  to  redeem,  how  paid 329 

Cancellation,  etc . ,  of  bonds  held  as  security 329 

Surplus  to  be  paid  bank 329 

Tax  or  duty  on.     (See  Taxation,  this  title.) 

Use  of  own,  to  create  or  increase  capital  prohibited 348, 403 

When  may  be  circulated  as  money 341,  397,  665 

Withdrawal  of,  and  deposit  of  lawful  money  therefor 432, 

433,  447,  458,  466,  682 

Limit  to  such  deposit 432, 458, 466,  682 

Destruction  of  notes 682 

When  bonds  called  for  redemption 433,  458 

Limitation 684 

Clearing  houses — • 

Certificates  lawful  money  within  national  bank  act 400 

As  part  of  bank  reserve 345, 400,  668 

Of  deposit  received  in  settlement  of  balances 374,  669 

Not  receiving  gold  or  silver  certificates  in  settlement  of  balances .  . .  434,  587 

Limitation  on  issue  of,  certificates 669 

Member  of 587 

"Commercial  paper"  defined 461 

Consolidation — 

Winding  up  for  purposes  of 373 

Assets  and  liabilities  of  such  banks  to  be  reported 373,  410 

Conversion  of  gold  banks 429 

Conversion  of  state  banks — 

Into  national  banks 328,  352,  387,  388 

How  certificate,  etc.,  to  be  signed,  etc 328,  387 

Duties,  privileges,  etc 328,  352,  387 

Converted  bank  may  continue  to  hold  stock  in  other  banks 352,  388 

Capital 352,  388 

Preference  in  becoming  national 302 

May  retain  branches 303,  388 

Assignment  of  capital  between  mother  bank  and  branches 303,  388 

Redemption  at  each 303,  388 

Capital,  what  deemed 303,  378 


780  INDEX. 

NATIONAL  BANKS — Continued.  Page. 

Corporate  existence 333 

Powers.     (See  Organization,  this  title.) 

Corporation,  Association  becomes  a,  when  (see  Organization,  this  title) 333 

Creditors- 
Impairment  of  rights,  remedies,  or  security 383 

Crimes.     (See  Penalty.) 

Debts,  change  of  name  not  to  release 437 

Depositories.     (See  Designated  depositaries.) 

Deposits,  tax  on 350, 407 

Return  of,  to  be  made  to  Treasurer 350, 408 

Method  of  assessment,  when  return  not  made 408 

Designated  depositaries  of  public  moneys 259,  260,  353,  387, 451, 457 

To  give  security 260, 353,  387, 452, 457 

To  receive  national  currency  bills  at  par 260,  353, 458 

Payment  of  interest  on  deposits;  rate 263, 468 

Difference  between  acts  of  February  25,  1863,  and  June  3, 1864 361 

Dies.     (See  Circulation.) 
Directors — 

Election  or  appointment  of 333,  382,  385 

Power  of  board  of 333, 382 

Five  directors  to  manage  affairs 334, 385 

Qualifications  of 334,  385, 454 

Oath  of,  and  where  to  be  filed 334,  385 

Term  of  office 334,  385 

Elections 334,  385 

Vacancies  in  the  board,  how  filled 334,386 

Failure  to  elect  on  proper  day 334,  386 

Board  of,  may  fix  day  of  elections,  when 335,  386 

When  shareholders  may  fix  day  of  election 386 

Power  of,  to  convert  a  state  bank 352 

Of  converted  bank,  term 352 

Penalty  upon,  for  violation  of  act 357, 414 

Liable  in  personal  and  individual  capacity 357, 414 

How  violations  to  be  determined 357, 414 

To  make  by-laws 382 

President  of  the  board,  election  of 386 

To  sell  stock  of  delinquent  shareholders 40-1,  427 

Qualifications  of,  in  Oklahoma 440 

Dissolution  (see  also  Liquidation,  this  title) — 

By  act  of  shareholders 333,  382, 430 

By  violation  of  act 333,  382 

Failure  to  elect  directors  not  to  cause 334,  386 

Reduction  of  capital  may  cause  appointment  of  receiver 337,  384 

Receiver  may  be  appointed  on  refusal  to  pay  notes 355, 401, 413,  673 

Duties  and  bond  of 355,  413,  425,  673 

To  report  to  comptroller 356,  413,  673 

On  failure  to  make  good  deficiencies 375,  404 

May  be  appointed  on  failure  to  make  good  reserve 346,  400,  668 

To  select  redemption  agency 346,  401,  669 

To  redeem  notes 346,  401,  660,  673 

To  dispose  of  own  stock  purchased 403 

When 425,  442,  443 

Duty  when  property  of  bank  to  be  sold  under  execution 43(5 

Injunction  upon 673 

When  claims  to  be  presented 356,  413,  673 

Redeeming  note.-'  and  paying  dividends 356,  413,  673 

Balance  to  shareholders 356,  413,  445,  673 

Fees  of  receivership 414 

Proceedings  after  receiver  has  paid  debts -12(1,  443,  444,  445 

Discharge  of  comptroller  and  receiver 420 

After  term  of  existence -132 

Purchase  of  property  at  execution  sale 436 

Approval,  etc.,  to  be,  filed  with  Treasurer 437 

Trust  fund  to  be  used  for  such  purpose 436 

Winding  up  business 443, 444 


INDEX.  781 

NATIONAL  BANKS — Continued.  Page. 

Dissolution — Continued. 

Agent  to  wind  up  ar'i'airs 426, 427, 444 

Duties  and  powers 427 

Transfer  of  property  to 426, 444 

Distribution  of  assets 445 

Repayment  of  assessments 445 

Dividends — 

Not  to  be  paid  shareholders  of  state  banks  when  surplus  deficient...  336,  386 

Semiannual 347,  402 

No,  in  case  of  losses 348, 404 

No,  greater  than  net  profits 348,  404 

One-tenth  to  surplus  fund 402 

Payment  of,  by  receiver 356 

Not  to  be  paid  when  reserve  below  requirement 345, 400 

By  comptroller  to  creditors 413 

Duties.     (See  Officers.) 

Elections — 

When  to  be  held 334,  385 

Failure  to  hold 334,  386 

Directors  to  fix  day,  in  what  case 335,  386 

Shareholders  to  fix  day,  in  what  case 335,  386 

Voting  and  proxies 335,  385 

Who  not  to  act  as  proxy 335,  385 

Embezzlement.     (See  Penalty,  this  title.) 

Engraving  and  Printing — 

Bureau  established 428 

Evidence,  instruments,  and  papers  of  comptroller 378 

Seal 378 

Organization  certificate 332,  378 

Examination — 

No  other,  except 357,  358,  416 

In  District  of  Columbia 290 

Fees,  payment  of 414 

Expenses 674 

Examiners  (see  also  Fees,  this  title) — • 

May  be  appointed 357, 415 

Qualifications  and  duties 358,  415 

Report  to  comptroller 358, 415 

Compensation  and  mileage 358,  415 

Exchange  of  coupon  for  registered  bonds 389 

Existence.     (See  Organization,  this  title.) 

Expense  in  executing  laws 235,  663 

Fees  of  notary  for  protesting  notes 354, 411 , 414 

For  protesting  notes,  etc.,  how  paid 357, 414 

Examination 414,  415 

Receivership 414 

Financial  agents  of  the  Government  (see  also  Business,  this  title) .   353,  387,  452,  457 

Franchise.     (See  Organization,  this  title.) 

Hawaii — 

National  banking  laws  extended  to 448 

How  formed.     (See  Organization.) 

Indebtedness.     (See  Business,  this  title.) 

Indian  Territory,  national  banking  laws  extended  to 440 

Injunction.     (See  Dissolution;  Suits,  this  title.) 

Insolvency,  all  transfers,  assignments,  etc.,  in  contemplation  of,  void.  357,  416,  674 

Interest  on  loans  (see  Business,  this  title) — 

That  may  be  charged.     (See  Business,  this  title.) 

On  security  bonds 391 

On  special  deposits  of  public  moneys 408 

"Lawful  money"  construed 371,  398 

"Lawful  money  of  the  United  States"  construed 371,  398 

Liability  of  holders  of  stocks  as  executors,  etc 300 

Of  estates  as  stockholders 300 

Not  to  be  increased  until  reserve  made  good 345 

Of  persons  to  banks.     (See  Business;  Organization,  this  title.) 


782  INDEX. 

NATIONAL  BANKS — Continued.  Page. 

Liquidation  (see  also  Dissolution,  this  title) — 

How  may  go  into;  proceedings 351, 409 

Notice  to  be  given  comptroller 351, 409 

Taking  up  security  and  redeeming  notes 351, 409 

Deposit  of  lawful  money  for  outstanding  circulation 373, 409 

Whereupon  bonds  may  be  surrendered 373 

If  failure  to  so  deposit,  what 373 

Certain  banks  exempt 373, 410 

Loans.     (See  Business,  this  title.) 

Management.     (See  Directors  and  officers,  this  title.) 

Mutilation  of  notes,  etc.     (See  Penalty,  this  title.) 

Name,  approval  by  comptroller 332,  381 

"National,"  use  of  word  forbidden 361,  376, 416,  674 

National  bank  act — 

Carrying  act  into  effect 235 

What  to  be  known  as 381, 418 

New  associations  subject  to 421 

National  bank  currency,  "obligation  of  United  States" 675 

"National  banking  associations,"  applicable  to  what 389 

National  banking  laws  extended  to — 

Oklahoma 439 

Indian  Territory 440 

Porto  Rico 448 

Hawaii 448 

National  currency  associations — 

How  formed,  etc 458,459 

Corporate  powers 459 

Members 459 

Management 459 

Officers 459 

Powers 480 

National  currency  bills,  receivable  by  designated  depositaries,  when...  387,452 

Notes.     (See  Circulation,  this  title.) 

Offenses.     (See  Penalty,  this  title.) 

Officers — 

President,  appointment  of 333, 382 

Vice-president,  appointment  of 333,  382 

Cashier,  appointment  of 333,  382 

Other,  appointment  of 333,  382 

Duties 333,  382 

Bonds  of 333,  382 

Dismissal 333,  382 

Fill  vacancies 333,  382 

President  to  be  one  of  directors 334 

Manner  of  appointing 382 

And  certain  employees  not  to  act  as  proxies 385 

(See  also  Penalty,  this  title.) 

Oklahoma,  national  banking  laws  extended  to 439 

Organization,  how  formed 332,  381 

Certificate,  what  to  specify 332,  381 

Acknowledgment  of 332,  381 

To  be  recorded  and  preserved  by  comptroller 332,  381 

( 'ertain  copies  to  be  evidence 332,  378 

On  state  bank  becoming  a  national 352 

Name,  approval  of  comptroller 332,  381 

May  be  changed,  conditions 437 

Change  not  to  affect  debts,  liabilities,  rights,  powers,  etc 437 

When  to  be  a  corporation 333,  382 

When  to  commence!  business 333,  382 

What  business  to  carry  on 333,  382 

Seal ' 333,  382 

By-laws 333,  382 

Comptroller  to  give  certificate  to  commence  business 338,  382,  392 

May  withhold  certificate  to  do  business 33(5,  392 

Certificate  to  be  published 338,  393 

Comptroller  to  determine  if  can  commence  business. 338,  382,  392 


INDEX.  783 

NATIONAL  BANKS — Continued.  Pago. 

Organization,  articles  of  association  of  converted  bank,  execution  of 352 

Franchise,  etc.,  to  be  forfeited  for  violations  of  act 357, 430 

Violation,  how  to  be  determined 357 

Repeal  of  act  of  February  25,  1863,  not  to  affect  what 360 

Gold  note  banks 370,  397,  398,  423,  429,  666 

Subject  to  currency  act,  except 370, 423, 429 

Effect  of  removal  on  equalization  of  circulation 372 

Articles  of  association 381,431 

Powers  and  liabilities 382 

Upon  change  of  name 437 

Successor — corporate  existence 333,  382, 430, 431,  452 

(See  also  Dissolution,  this  title.) 

Manner  of  enjoying  privileges 382 

Articles  of  association,  change  of,  not  to  affect  creditors 383 

Converted  state  banks 387,  388 

Rights  and  duties  of  associations  organized  under  act  of  1863 388 

New  associations  subject  to  national  bank  act 421 

After  term  of  existence,  shall  be  wound  up 432 

Deemed  citizens  for  certain  purposes 438 

Branch  at  Columbian  Exposition 441 

(See  also  Capital.) 

Branch  at  Louisiana  Purchase  Exposition 451 

As  member  of  clearing  house  not  receiving  gold  certificates 587 

Laws  governing  new  associations 684 

Penally.     (See  Penalty.) 

"Place  where  the  bank  is  located  and  not  elsewhere,"  defined 305 

Plates.     (See  Circulation,  this  title.) 

Porto  Rico,  national  banking  laws  extended  to 448 

Post  notes.     (See  Circulation,  this  title.) 
Powers.     (See  Organization,  this  title.) 
Printing  notes.     (See  Circulation,  this  title.) 
President.     (See  Officers,  this  title.) 
Real  estate.     (See  Business,  this  title.) 
Receiver.     (See  Dissolution,  this  title.) 
Redemption.     (See  Circulation,  this  title.) 
Repeal — 

Section  5177,  Revised  Statutes 422 

Section  5185,  Revised  Statutes  (part ) 423 

Section  5171,  Revised  Statutes 433 

Section  5176,  Revised  Statutes 433 

Reports  to  comptroller  quarterly 347 

Contents " 347,  406 

Penalty  for  failure  to  make 347 

Comptroller  to  publish  abstracts 347 

Publication  and  proof 407 

Monthly  statement  to  comptroller 347 

Return  of  circulation,  deposits,  and  capital  stock  to  treasurer 350,  408 

Penalty  for  failure  to  make 350,  408 

Of  receiver  to  comptroller 356,  673 

Of  examiners  to  comptroller 358,  415 

Associations  to  make  not  less  than  five  annual  reports  to  comptroller.   367,  406 

How  verified  and  to  exhibit,  what 367,  406,  430 

To  be  sent  within  five  days  after  request 367,  406 

To  be  published ." 367,  407 

Proof  of  publication 367,  407 

Special  reports 367,  407 

Of  dividends  and  net  earnings 368,  407 

II ow  verified 368,  407 

Statement  of  circulation  in  each  State,  and  of  amount  to  be  retired..       371 

Assets  and  liabilities  of  consolidated  banks  to  be  reported 373,  410 

Monthly  returns  of  circulation,  deposits,  and  of  capital,  and  of  notes  of 

persons,  state  banks,  etc.,  paid  out 379,  424 

In  case  of  default ,  what 379,  421 

Of  converted  shite  hank 380 

Provisions  for  making  returns  not  to  apply  to  nat ional  hanks 

Statement  before  commencing  business 392 


784  INDEX. 

NATIONAL  BANKS — Continued.  Page. 

Reports  to  comptroller  quarterly,  of  protest  of  notes 411 

To  comptroller  by  savings  banks,  etc 428 

Of  liquidation  expenses 452 

Comptroller  to  Secretary,  of  circulation 653 

Of  failure  to  redeem  notes 671 

Reserve,  amount  to  be  kept  on  hand 345,  399, 439, 453, 667 

In  gold  and  silver  coin 370, 398,  667 

When  amount  falls  below  requirement 345, 399,  668 

Money  deposited  for  redemption  in  certain  cities  included 345, 400, 668 

Leavenworth  struck  from  list 361 

Clearing-house  certificates  may  be  part 345, 400,  668 

Charleston  and  Richmond  may  be  redemption  cities,  if 346 

If  association  fails  to  make  good,  what 346,  399,  668 

One-half  may  be  kept  in  New  York 346,669 

Except  gold  banks  of  San  Francisco 669 

Temporary  loan  certificates  may  be  part  of 199, 200,  365 

Certain  may  not  be  part  of 654 

Certificates  of  deposit  for  United  States  notes  may  be  part  of. .  374,400,  668 

Repealed 613 

United  States  notes  not  to  be  counted  as  part  of 374, 400,  668 

Repealed 255,  613 

On  circulation  abolished,  except  gold  banks 418,  680 

To  be  determined  by  deposits 418,  680 

Five  per  cent  redemption  fund  deposited  with  treasurer  may  be 

counted  as  part  of 418,  681 

Gold  and  silver  certificates  may  be  held  as  part  of 434,  456,  587,  613 

Additional  reserve  cities 438, 453 

Central  reserve  cities 439 

Not  to  apply  to  deposits  of  public  moneys 468 

Treasury  notes  (bullion)  as  part  of 590 

Three-fifths  may  be  kept  in  certain  cities 668 

Rights.     (See  Organization,  this  title.) 
Return.     (See  Report,  this  title.) 

Seal 333, 378, 382 

Security  bonds.     (See  Circulation,  this  title.) 
Shareholders — 

Power  to  dissolve  corporations 333,  3S2, 409 

\Vhen  may  fix  day  of  election 335 

Entitled  to  one  vote  at  elections  and  shareholders  meetings 335, 385 

May  vote  bv  proxies 335,  385 

Not  allowed  to  vote,  when 335, 385 

To  succeed  to  liabilities  and  rights  of  prior  holder 335,  383 

Individual  liability;  exception 335,  386 

Not  to  receive  dividend  from  state  banks  when  surplus  deficient. . .  336,  386 

Failing  to  pay  stock  instalments 337,  384 

Assessments 404,  427 

List  of,  to  be  kept  by  associations 349, 406 

Subject  to  inspection 349,406 

( lopy  to  be  sent  comptroller 349, 406 

Liable  to  state  taxation  on  shares 350, 409 

Limitations 350,  409 

Holders  of  stock  as  executors,  trustees,  etc.,  liability 360,  387 

Estates,  liability  of,  as  stockholders .' 360,  387 

Names  and  residences  in  organization  certificate 381 

Meetings — voting 3S5 

Liability,  how  to  be  enforced 425 

Meeting  of,  after  receiver  has  paid  debts 426 

Agent — 

Election  of 426,  427,  444,  445 

Duties  and  powers 427,  444,  445 

Bonds  for  payment  of  debts  of  bank 426,  444 

Transfer  of  properly  to -i26,  444 

Election  of  new 445 

Not  assenting  to  extension  corporate  existence,  what 431 

To  decide  whether  agent  or  receiver  wind  up  affairs 443 

Executors,  etc.,  may  vote 445 

Repayment  to,  of  assessments 445 


INDEX.  785 

NATIONAL  BANKS — Continued.  Page. 

Shares.     (See  Capital  stock,  this  title.) 

Stamping — 

Fraudulent  notes  to  be  stamped 427 

Officers  liable  for  wrongfully  stamping 427 

State  banking  associations- 
Liability  of  shareholder 335 

Comptroller  may  close,  when 336 

Withhold  certificate 336 

As  to  conversion.     (See  Conversion  of  state  banks,  this  title.) 

Capital  of,  expired  or  converted 378, 388 

Statements  (see  also  Report,  this  title) — 

Monthly  to  comptroller 347 

Stock.     (See  Capital  stock,  this  title.) 

Succession,  by  name  organized,  time 333, 382 

Suits,  district  attorneys  to  conduct  under  Solicitor  of  the  Treasury 358,  377 

Proceedings  for  injunction,  jurisdiction 359, 414,  673 

No  attachment,  injunction,  etc.,  before  judgment 375,  674 

Jurisdiction  of,  against  national  banks 358,  377,  378, 402 

To  enjoin  comptroller  or  receiver 378 

Of,  by  or  against  national  banks 438 

Associations  deemed  citizens  for  purposes  of  suits,  etc 437 

Surplus  fund,  how  provided 347,  402 

Taxation — 

Of  evidences  of  indebtedness 237 

Provisions  as  to  national  banks  not  affected 247 

On  circulation  based  on  Isthmian  Canal  bonds  deposited  to  secure 

circulation 262 

Ten  per  cent  on  fractional  notes 330 

Of  circulation 349,  362,  407,  442, 448, 454,  465 

On  deposits 350,  362,  407,  435 

On  capital  stock 350,  362,  408,  435 

Form,  etc.,  of  returns 350,  408,  424 

How  collected  if  not  paid  in  time 350,  408, 424 

Method  of  assessment  when  no  return  made 350, 408,  424 

Shares  of  stock  not  exempt  from  State 350 

Limitation 350,  366 

Real  estate  subject  to 351,  409 

On  state-bank  notes  paid  out,  or  used 362,  363 

None  on  circulation  when  below  5  per  cent  of  capital 363,  378 

On  circulation  of  converted  state  bunk 363 

State,  on  shares 365,  409 

Shares  of  nonresidents 366 

When  redeeming  circulation 379 

On  notes  of  persons  or  state  banks,  etc.,  paid  out  or  used  for  circu- 
lation     379, 424,  425 

Payment  of  taxes  of  converted  state  banks 380 

Provisions  for  tax  on  deposits,  capital,  and  circulation  not  to  apply  to 

national  banks 380,  435 

Refunding  excess  of  duties  paid 408 

Deposits  in  certain  savings  banks  exempt 417 

Certain  savings  banks  exempt 422 

( Circulation  subject  to  State 442,  600 

On  national  banking  association  not  changed 442,  600 

On  banks  and  bankers 446 

On  notes  of  cities,  etc.,  paid  out, 650 

Transfer.     (See  Capital  stock,  this  title.) 

Transfers.     (See  Insolvency,  this  title.) 

Usury  laws  in  the  District  of  Columbia  not  to  affect 362 

Vice-president.     (See  Officers,  this  title.) 

Violations.     (See  Penalty.) 

Visitorial  powers.     (See  Examinations,  this  title.) 
NATIONAL  CURRENCY: 

Included  in  the  words  "obligation  or  other  security  of  the  United  States". .       187 

Not  to  be  expanded  or  contracted 374,  401 

Receivable  by  designated  depositaries,  when 387 


786  INDEX. 

NATIONAL,  CURRENCY  ASSOCIATIONS.     (See  National  banks.)  Page. 

NATIONAL  DEBT.    (See  Public  debt.) 

NATIONAL  MONETARY  COMMISSION: 

Created 468 

Appointment 468 

To  inquire  into  changes  in  monetary  system,  etc 468 

Report  to  Congress 468 

Powers 469 

Appropriation 469 

Accounts 469 

Continued 469 

Compensation 470 

NEW  ORLEANS.     (See  Assistant  treasurer  United  States;  Mint.) 

NEW  YORK: 

Receiver-general  of  public  money,  appointment  and  duties 122 

NEW  YORK  CUSTOM-HOUSE: 

Vaults,  etc.,  for  public  moneys 122 

Safe-keeping,  etc.,  of  public  moneys 136 

(See  also  Assistant  treasurers  United  States;  Assay  offices.) 

NOTES: 

To  be  printed  from  hand-roller  presses 250 

Legal  tender,  exchange  of,  for  silver  coin 576 

To  be  kept  apart  in  Treasury 576 

Issue  upon  retirement  of  fractional  currency 576 

Of  Bank  of  United  States  receivable  by  United  States 627,  628,  630 

Repealed 630 

Of  municipal  corporations  for  less  than  $10  prohibited 631 

Circulation  to  be  withdrawn 631 

Bank,  denominations  under  $10  and  $20  not  to  be  offered 631 

Nor  unless  equivalent  to  specie 631 

Repealed 634 

Issue  of,  by  defunct  corporations  prohibited 632 

Of  banks  issuing  such  for  less  than  $5  not  receivable  for  public  debt 662 

Suspended  until  October  1,  1838 632 

Circulation  of,  in  the  District  of  Columbia,  less  than  $5  prohibited 633 

Mutilated,  worn-out,  etc.,  replacing  and  destruction 638 

For  less  than  $1  prohibited 641,  659 

(See  also  Bank  of  United  States;  Currency;  National  banks;  Treasury 
notes;  United  States  notes,  etc.) 

"OBLIGATION  ou  OTHER  SECURITY  OP  THE  UNITED  STATES"  defined 187 

OBLIGATIONS  OF  THE  UNITED  STATES: 

"Obligation  or  other  security  of  the  United  States"  defined 223,675 

Destruction  by  maceration 684 

Interest-bearing,  may  be  exchangeable  for  bonds 191 

Any,  may  be  exchangeable  for  bonds 1 92 

How,  where,  and  what  may  be  disposed  of 191 

Interest-bearing,  not  to  be  paid  before  maturity,  unless 202 

Names  on  portraits 244 

Not  to  bear  portrait  of  a  living  person 191 

(Section  3576,  Revised  Statutes) 211 

Payable  in  coin 201 

(Section  3693,  Revised  Statutes) 218 

Payable  in  coin 661 

Permanent  annual  appropriations  for  expenses  incident  to  (sec.  3689,  R.  S.).  218 

Premium  on  sale  of,  to  be  accounted  for  (sec.  3652,  R.  S.) 217 

Retirement,  proceeds  of  sale  of  bonds  for 192 

Counterfeiting,  etc.     (Scr,  Penalty.) 

Taxation  of.     (See,  Taxation.) 

To  be  printed  from  hand-roller  presses 250 

OFFENSES.     (See.  Penalty.) 

OFFICER.     (See  Public  officer.) 

OKLAHOMA: 

National  banking  laws  extended  to 439 

ONE-DOLLAR  PIECE.     (Sec  Coin.) 

PACIFIC  RAILROADS: 

Issue  of  bonds  to 171 

Amount  for  freight  to  offset  interest  and  earnings  due  United  States.  .  .    208,  223 


INDEX.  787 

PACIFIC  RAILROADS — Continued.  Pago. 

United  States  may  pay  prior  liens  and  be  subrogated 243 

Proceedings  to  protect  the  United  States 244 

Investment  of  sinking  funds 244 

Settlement  with  central  and  western  Pacific  railroads 250 

Foreclosure 251 

Settlement  with  Sioux  City  and  Pacific  Railroad 257 

PAR: 

National  banks  to  take  national  currency  at 260 

Isthmian  Canal  bonds  to  be  disposed  of  at  not  less  than 260 

PARITY: 

Of  value  (see  also  Gold  and  silver) 252 

PARTING.     (See  Melting  and  refining.) 
PAYMENTS: 

On  account  of  United  States  to  be  made  in  gold  and  silver 125 

By  disbursing  officers  in  certain  funds  restricted 569 

Gold  and  silver  only  a  tender  in  payment  by  Government  of  debts 630 

(See  Debts;  Public  debts.) 
PENALTY: 

Adulterating,  etc.,  gold  dust  in  Alaska 610 

Assistant  treasurers  to  receive  commissions,  etc.  (sec.  3597,  R.  S.) 212 

Bank  of  United  States  buying  or  selling  goods 274,  307 

Making  excessive  loans 20,  274,  307 

Penalty  for  fraud  on,  extended  to  Louisiana 284 

Bribery  of  officers  of 310 

Buying,  selling,  etc.,  forged  bonds,  notes,  etc 195,  225 

Circulating  notes,  etc.,  for  less  than  $1 641 

Claims  against  the  United  States,  carrying  away,  using,  etc.,  papers  bear- 
ing on 198 

Coins,  offering  to  pass,  etc.,  certain  copper 480 

For  debasing 479,  493,  507,  548,  571 

And  metals,  for  embezzling 479,  493,  548 

Exporting  specie 491,492 

Impairing,  falsifying,  etc 491,  548,  571,  605 

Importing  false 491,  571 

Laws — 

Applicable  to  2-cent  piece 522 

3-cent  piece 524 

5-cent  piece 526 

Extended  to  20-cent  piece 575 

Applicable  to  gold  dollar  and  double  eagle 508 

Making  1  and  2  cent  pieces 523 

Making,  passing,  etc.,  3-cent  pieces 525 

5-cent  piece 526 

Or  uttering,  cards,  etc.,  resembling  money 572,  578,  594,  620 

Devices  of  minor 572 

Molds,  hubs,  dies,  etc 594 

Procuring  or  assisting,  etc 594 

Mutilating,  defacing,  etc 605 

Passing,  etc.,  or  having  in  possession  mutilated,  etc 605 

Provisions  applicable  to  act  of  1873 550 

Taking  impression  of  dies,  tools,  etc 196,  223,  677 

Counterfeiting  money,  etc.  (Constitution) 3,  153,  157,  179, 187,  245,  246 

Bills,  notes,  etc.",  of  Bank  of  United  States 282,  286,  308,  628,  629 

Bonds  and  certificates  of  indebtedness 266 

Provisions  extended  to  certificates  of  indebtedness  (1898) 249 

Coin,  bars,  etc 473,  522,  523,  529,  547,  570,  578,  594,  609 

Having  in  possession  or  uttering  counterfeited,  etc.,  gold  or  silver  coin 

or  bars 547,  570,  578 

Minor  coinage 548,  570 

Gold  or  silver  bars 547,  570,  578 

Dealing  in  counterfeit  securities 226,  678 

Apparatus,  disposition  of 2  15,  246,  595 

Exposition  medals 621 

Foreign  notes,  bonds,  and  securities 242 

Forfeiture  of  apparatus,  etc 595 

Search  warrants 245,  246,  595 


788  INDEX. 

PENALTY — Continued.  Page. 

Counterfeiting  money,  national-bank  notes 223, 359, 398,  595, 675,  703,  704 

State-bank  notes 595 

Penalty  for,  to  be  printed  on  notes 178 

Or  forging  securities 178,  223, 225, 266, 675 

Buying,  selling,  etc.,  securities 195, 225 

Treasury  notes 78, 85, 90, 94 

and  bonds 168 

And  forging  Treasury  notes  and  other  securities Ill,  119, 145,  313 

Forgery,  etc.,  in  Alaska 609,  610,  ?03 

Defacing  weights  used  at  mints  or  assay  offices 548 

Disbursing  officers,  payments  in  unauthorized  moneys,  etc.,  by 140,  660 

Unauthorized,  loaning,  depositing,  etc.,  by,  to  be  embezzlement 193 

Unlawfully  depositing,  converting,  etc.,  public  moneys 229 

Exchanging  or  paying  in  certain  funds 569 

Distinctive  paper  without  authority,  having 225,  676 

Embezzling  metals,  medals,  etc 548 

Expired  banks,  circulating  bills  of 227 

Corporations,  issuance  of  bills,  notes,  etc.,  by  officers  of 326 

Issuing  bills,  notes,  etc.,  by 632 

False  demand ." 679 

On  fraudulent  power  of  attorney  (sec.  5436,  R.  S.) 227 

Falsely  personating  holder  of  public  stocks,  or  creditor  (sec.  5435) 227,  678 

Illustrations  for  numismatic  books,  etc 620 

Imitating  securities  or  printing  advertisements  thereon 196,  222,  662 

Impressions,  etc.,  having  unlawful  possession  of 197,  678 

Joining  parts  of  notes,  etc.,  in  Alaska 704 

Laws  applicable  to  mint,  officers  and  coinage  extended  to  branches. .  499,  522,  529 

Extended  to  assay  offices 547,  567 

Mining,  manufacturing,  etc.,  corporations  remitted,  certain  on 424 

National  banks,  buying,  selling,  etc.,  forged  note  of 195 

Unlawfully  countersigning  and  delivering  notes 343,  398 

Violation  of  act 357,  414 

For  embezzlement,  etc 358, 406 

For  issuing,  etc . ,  notes  without  authority 358 

False  entry,  etc 358,  406 

Mutilating,  etc.,  notes,  etc 359,  399 

Counterfeiting,  etc 223,  359,  398,  595,  675 

Aiding  and  abetting  embezzlement,  etc 361,  369, 406 

Construing  embezzlement  provision _ 362 

Loaning  on  certain  notes 366,  405,  670 

Withholding  them  from  use,  etc 366, 405,  670 

Failing  to  make  reports 367,  368,  407 

How  collected 367,  407 

To  be  paid  into  the  Treasury 367,  407 

Unlawfully  certifying  checks. 368,  405 

Use  word  "national" 376,  416,  674 

Failure  to  make  monthly  returns 379 

Imitating  notes  with  advertisements  thereon 398 

Taking  usurious  interest 344,  402 

Upon  directors 357,414 

How  violations  to  be  determined 357,  414 

Falsely  certifying  checks 434 

Corporations  contributing  for  political  elections 455 

Issuing  unauthorized  em-illation 667 

Circulating  bill  of  expired  banks 227,  679 

Forgery  and  counterfeiting  in  Alaska 703 

Joining  parts  of  notes  in  Alaska 701 

Testimony  as  lo  signatures  to  notes 704 

Obligations  of  United  States — 

Buying,  selling,  etc.,  any  forged 195 

Making,  etc.,  unauthorized  impressions,  tools,  etc.,  of 196 

Printing,  etc.,  any  business  card,  or  notice,  etc.,  upon JvJ6,  222 

For  having  in  possession  unauthorized  impressions,  tools,  et." 197 

For  carrying  u way,  secreting,  etc.,  tools,  material,  etc.,  used  in  print- 
ing  ." 197 

Using  plates  to  print,  without  authority,  etc.  (sec.  5430,  R.  S.,  codified 
1909) ". 224 


INDEX.  789 

PENALTY — Continued.  Page. 

Obligations  of  United  States — Continued. 

Making,  having,  etc.,  similitude  of  (sec.  5430,  R.  S.,  codified,  1909).  .       225 

Uttering,  etc.,  forged 225 

Making,  having,  etc.,  similitudes  of 225 

Having,  etc.,  unauthorized  impression  of  tool,  etc.,  used  in  making. . .       226 

Taking  impressions  of  tool,  etc.,  used  in  making 226 

Officer  charging  a  commission  for  services 141 

Perjury  in  claiming  redemption  of  stolen  Treasury  notes 142 

Public  moneys,  embezzlement  of 124, 139,  151 

Conversion  of 129 

Faihire  to  deposit  as  required 151,  230 

Unlawfully  receiving,  etc.,  on  deposit,  etc.  (sec.  5497,  R.  S.) 194,  230 

Failure  of  custodians  to  safely  keep  without  loaning,  etc 229 

Disbursing  officers  unlawfully  depositing,  converting,  etc 229 

Failure  of  officer  to  render  accounts,  etc 229 

Treasurer  to  safely  keep  (sec.  5489,  R.  S.) 229 

Unlawfully  receiving,  etc.,  on  deposit,  etc.  (sec.  5497,  R.  S.) 230 

Purchase,  etc.,  of  coin,  bullion,  etc.,  to  make  unlawful  contracts  for 183 

Savings  banks,  failure  of,  to  make  report  to  comptroller 407 

Failing  to  report 428 

And  trust  companies,  failure  to  report  to  comptroller 407 

Securities  of  the  United  States,  printing,  etc.,  any  business  card  or  notice, 

etc.,  on 196 

Making  or  using  cards,  circulars,  etc.,  in  similitude  of 196,  222 

Imitating  or  printing  advertisements  thereon 222 

Secreting,  carrying  away,  etc.,  tools,  etc.,  used  in  printing 197,  228 

Stamping  "United  States  assay,"  etc.,  on  gold,  silver,  or  manufactures  of.  621,  622 

Forfeiture  of 622 

State  banks,  etc.,  failure  to  make  returns  and  pay  taxes 424 

Testimony  as  to  signature  to  notes  in  Alaska .' 704 

Treasurer,  etc.,  failure  of,  to  safely  keep  public  moneys  (sec.  5489,  R.  S.).       229 

Treasury  notes,  etc.,  engraving 119 

Using  plates  to  print  notes,  etc.,  without  authority,  etc 224,  676 

Uttering  forged  obligations,  etc 677 

PENSIONS: 

Payment  of,  by  Bank  of  United  States 1 15 

Who  to  pay 1 23 

Requirement  that  Bank  of  United  States  pay,  repealed 310,  315 

Act  transferring  duties  of  commissioner  of  loans  to  Bank  of  United  States 

not  to  apply  to  military  pensions 312 

Secretary  of  War  to  direct  payment  of 315 

Payment  of  arrearages  from  fractional-currency  reserve 693 

PESO.     (See  Coins,  Porto  Rico.) 

PHILADELPHIA.     (See  Assistant  treasurer  United  States;  Mint;  Director  of  the 

Mint;  Superintendent  of  the  Mint,  etc.) 
PHILIPPINE  ISLANDS: 

Designation  of  depositories  for  public  moneys 261,  258 

Philippine  treasury  not  required  to  give  bonds,  etc 261 

"PLACK  WHERE  THE  BANK  is  LOCATED  AND  NOT  ELSEWHERE:" 

Defined 365 

POPULAR  LOAN: 

Subscriptions  to 24!) 

Isthmian  Canal  bonds 260,  265 

PORTO  Rico: 

Designation  of  depositories  for  public  moneys 258 


Spanish  Bank  may  amend  its  by-laws. 
Substitute  capital 

Powers  not  enlarged 

Federal  control  unabridged 
Redemption  of  coins  of 
Recoinage  by  United  Stal CH 

Legal  tender 

Payment  of  debts 

(As    to  banking,   sec    Banks;  National    banks;  DesiVnal'-d   dcposiuirics 
etc.) 


790  INDEX. 

PORTRAIT:  Page. 

Likeness  of  living  person  on  bonds,  notes,  etc.,  prohibited 191 

Section  3576,  Revised  Statutes 211 

Names  on 244 

Of  living  person,  not  to  be  on  bonds,  notes,  etc 658 

POSTAGE  CURRENCY: 

Fractional  currency  to  be  issued  in  lieu  of 177 

Notes  may  be  issued  in  lieu  of 644 

Limitation  on  issue 645 

Laws  applicable  to 647 

POSTAGE  STAMPS: 

Receivable  for  dues  to  United  States 641 

Exchange  of,  for  United  States  notes 641 

POSTAL  CURRENCY: 

Portrait  or  likeness  of  living  person  on,  prohibited 191 

POSTMASTERS: 

Charged  with  custody  of  public  moneys 122 

Duties  in  relation  to  public  moneys 138 

POUND  STERLING: 

Value  of 567 

PRESIDENT  OF  THE  UNITED  STATES: 

Authorized  to  borrow 7,  8,  48,  50,  52,  53,  55,  56,  61,  64,  65,  66,  72,  73,  75,  80, 

83,  85,  86,  90,  94, 103, 103,  110,  112,  128, 131,  147, 149, 153, 155, 158,  159 

To  cause  credit  to  be  given  States 54 

Authorized  to  deliver  stock  to  France  for  Louisiana  purchase 62 

To  designate  depositaries  in  which  army  and  navy  disbursing  agents  to 

keep  money 71 

To  report  to  Congress  sale  of  stock 80 

May  cause  a  subscription  to  stock  of  Bank  or  the  United  States 21 

Authorized  to  appoint  five  directors  of  Bank  of  the  United  States 301 

To  appoint  president  of  Bank  of  United  States  in  case  of  vacancy 301 

Power  to  remove  certain  directors  of  Bank  of  United  States 301 

Authorized  to  issue  Treasury  notes. ...  76,  81, 81, 84, 117, 127, 130, 134, 143, 151, 156 

Power  to  issue  Treasury  notes  to  cease 119, 147 

Authority  to  issue  and  reissue  Treasury  notes  revived 154 

May  reduce  weight  of  copper  coin 484 

(See  also  Loans;  Treasury  notes;  United  States  notes,  etc.) 

PRINTING: 

From  hand-roller  presses 703 

PRIORITIES: 

In  payment  of  interest  to  cease,  unless 42 

PROPOSALS  (see  also  Loans) : 

For  loan 131, 148, 155, 157, 158, 159, 163 

Need  not  be  accepted  unless 158 

May  be  readvertised 158, 160 

PUBLIC  ACCOUNTS.     (See  Accounts.) 

PUBLIC  DEBT: 

Accounts  of,  to  or  from  the  United  States  to  be  kept  by  register 6 

Alabama  claims  award  to  be  used  in  payment  of 208 

Amount  equal  to  interest  on  bonds  in  sinking  fund  to  be  applied  on 205 

Amount  of  bonds  destroyed  to  be  deducted  from 205 

Appropriation  and  payment  of 70,  79 

Bunk  of  t  nited  States  to  be  paid  off,  how 27,  28 

To  pay  into  the  Treasury  money  held  to  redeem 314 

And  Secretary  to  pay  over  to  persons  entitled  thereto 314 

Borrowing  money  to  pay.     (See  Loans.) 

Certificates  issued  to  creditor  States,  transfer  of 104 

Of  indebtedness  may  be  issued  to  pay  audited  demands  and  to  holders 

of  checks 169 

Coin  received  from  duties  to  create  a  sinking  fund KiS 

Creditors  not  subscribing  to  loan,  status  of 10 

Of  unfunded  or  registered,  to  receive  stock  equal  to  interest 51 

Demands  under  treaties,  etc.,  how  may  be  satisfied 59 

Direct  tax  appropriated  to  pay  loan 53 

Domestic,  loan  to  full  amount  authorized 8 

Drafts  for  transfer  of  moneys  to  the-  States  receivable  in  payment,  of 1 19 

Dutch,  manner  of  paying (iO 


INDEX.  791 

PUBLIC  DEBT — Continued.  Page. 

Duties  appropriated  to  pay,  to  the  Bank  of  the  United  States 48 

Surplus  appropriated  to  pay  loan  of  1798 52 

To  pay  certain 61 

Pledged  to  pay  loan  (1804) 65 

For  pay  of 131 

Surplus  pledged  to  pay  loan 55,  56 

To  be  applied  to  payment  of,  unless,  and  how  long 22 

Appropriated  to  pay  foreign 48 

And  tonnage  excess,  to  be  applied  to  purchase  of 17 

To  be  continued  to  be  collected  to  pay 37 

Evidences  of,  receivable  for  western  lands 627,  628 

Exchange  of  certificates  on  which  interest  is  payable  abroad 69 

Six  per  cent  and  7  per  cent  stock 104 

Six  per  cent  stocks 110, 112 

Six  per  cent  for  4  per  cent  bonds 239 

Faith  of  United  States  pledged  if  revenues  insufficient  to  pay  loan 50 

Pledged  to  provide  revenues  to  pay  loan  of  1798 52 

Pledged  payment,  continues 60 

To  pay  interest 128 

Payment  of  loan  and  interest 154, 155, 156, 158, 160 

Five-twenty  bonds  may  be  redeemed  or  exchanged 204 

Foreign,  provision  to  pay 8 

Foreign  agent  to  receive  subscriptions  to  certain  stocks 69 

Officers  to  be  discharged 25 

Funded  debt  of  the  United  States,  banks  in  the  District  of  Columbia  not  to 

buy  or  sell,  except 101 

Not  to  be  bought  or  sold  by  certain  banks 288 

Funds  pledged  for  payment  of 73,  74,  75,  81,  84,  85,  86,  87 

To  pay 105, 110 

To  pay,  shall  remain  as  pledged 70,  79 

Gold  and  silver  only  a  tender  in  payments  by  Government 630 

Hawaiian  assumed,  limit 251 

Increase  forbidden 192 

Of  bonded,  forbidden 203 

Forbidden 649 

Intercourse  acts  on  account  of,  to  be  paid  from  internal  revenue 36 

Interest,  payment  of  on  foreign 7 

Loan  to  pay,  authorized 36 

Upon  may  be  anticipated 181 

Bearing  not  to  be  paid  before  maturity,  unless 202 

Issue  of  registered  or  unfunded  certificates  prohibited 51 

Limitation  on  amount  of  bonds  and  notes  outstanding 175 

Loaning  to  full  amount 8 

Loan  of  1796  irredeemable  xmtil  1819 47 

"Loan  office"  certificates,  "final  settlements"  and  indents  of  interest  to  be 

exchanged 42 

Loan  office  and  final  settlement  certificates  and  indents  of  interest,  settle- 
ment suspended 102,  106, 114 

Loan  office  and  final  settlement  certificates  and  indents  of  interest  to  be 

paid 107 

Money  held  by  banks  to  redeem,  to  be  paid  into  Treasury 115 

Nonsubscribing  creditors  to  loan  of  1790,  ch.  34,  privilege 29,  31,  35 

Nonsubscribers  to  redemption  loan  not  to  be  affected 80 

Nonsubscribing  creditors  to  loan  (1807)  not  to  be  affected 71 

Notes   or   bills   of   banks   issuing  such   for   less   than  $5,  not  receivable, 

when .' 318,  321,  325 

Outstanding,  amount  of  bonds,  Treasury  and  United  States  notes (M3 

Payment  of  the,  power  to  make  (Constitution) 3 

Supplementary  act  as  to 19 

Of  installments  of  loan  from  Bank  of  United  States,  time 32 

To  Bank  of  United  States  of  second  installment  of  loan,  authorized. .  .         32 

Of  foreign,  due  in  1795,  authorized 34 

To  Bank  of  United  States  of  third  installment  of  loan  authorized 34 

Of  foreign,  and  third  installment  of  Bank  of  United  States  Inai!-; 34 

Of  foreign  loan,  authorized 36,  37 

Of,  bearing  6  per  cent  interest,  appropriation  to  the  sinking  fund 37,38 


792  INDEX. 

PUBLIC  DEBT — Continued.  Page. 
Payment  of  the,  what  sums  commissioners  of  sinking  fund  shall  pay  annu- 
ally    40 

Bearing  6  per  cent  interest 44, 45 

Secretary  of  the  Treasury  instead  of  sinking  fund  commissioners  to 

make 117 

Of,  further  sum  placed  in  sinking  fund 64 

Of,  shall  continue,  except 101 

Payable  in  coin  or  lawful  money 190 

Payment  of,  in  coin 201 

Permanent  annual  appropriation  for  payment  of,  refunding,  sinking  fund, 

expenses,  etc 218 

Pledge  for  debts,  etc.  (Confederation) 1 

Purchase  to  be  made  by  commissioners 25 

Future,  to  be  at  lowest  price 26 

At  market  rate 41 

Not  at  higher  rates  than 67 

Mode  and  time  of 67 

Of,  acts  making  appropriations  for,  funded,  repealed 98 

From  surplus  in  sinking  fund,  when 100 

Of  7  per  cent  stock 107 

Of  stock  from  surplus  fund,  provided 150 

Of  evidences  of 639 

Receivable  in  what 95 

Redemption  of,  moneys  in  sinking  fund  pledged 39 

Loan  of  1796,  appropriation 47 

Of,  commissioners  of  sinking  fund  to  continue 63 

Of  certain  of,  by  voluntary  subscription 68 

Of  certain  stocks,  credits  and  new  certificates  to  be  given 68,  69 

Appropriation  to  sinking  fund  for  payment  of 99 

Of  compound  interest  notes 199,  200 

Of  United  States  notes  in  coin  pledge,  early 202 

Reduction  by  retiring  United  States  notes  suspended 200 

Refunding 203,  240 

Reimbursement  of  part  of  the  principal 43 

Of  unfunded  or  registered 51 

To  be  under  superintendence  of  commissioners  of  sinking  fund 40 

Reimbursements  and  payments,  commissioners  of  sinking  fund  to  super- 
intend    59 

Powers  of  commissioners  of  sinking  fund  extended 71 

Of  certificates;  preference;  priority  of  payment 70 

And  purchase  ol  Treasury  notes 77 

Treasury  notes 82 

Renewal  of  destroyed  unsubscribed  debt  certificates;  proceedings 29,  30 

Repayment,  substitution  of  certain  duties 37 

Revenues,  additional,  provided  to  pay 87,  89 

To  pay,  appropriated  to  sinking  fund 98 

Pledged  to  pay  loan  and  interest  (1848) 148 

Sinking  fund  created 25 

Permanent  and  adequate,  to  be  established 87,  88 

Approprial  ion  to,  to  pay 57 

Additional  appropriation  to 113 

And  payment  of,  appropriation  of  certain  surplus  to,  repealed 114 

Statement,  amount  United  Stateanotes  to  appear 682 

Stock  of  1810,  how  transferable;  sale 72 

Subscribers  exchanging  stock,  preference  to 72 

Subscriptions  to  stork  of  Bank  of  United  States,  in  payment  of 2G9 

Surplus  of  appropriations  applicable  to  payment  of 60 

In  Treasury  appropriated  to  sinking  fund 99 

Temporary  war  certificates,  principal  and  interest  payable  in  lawful  money 

on  demand 199 

Tender  in  payment  of  (Constitution) 3 

Time  to  subscribe  to  loan  extended 25,  28,  31 ,  35 

Domestic,  loan  extended 25,  28,  31,  35,  43,  49 

Trail. -=f< -r  of  stock  issued  orr  account  of  Louisiana  purchase 78 

Treasury  notes  bearing  interest  payable  for 657 

War  claims  to  be  presented  within  certain  time 51 


INDEX.  793 

PUBLIC  DEPOSITARIES.     (See  Depositaries;  Designated  depositaries.)  Page. 

PUBLIC  EXPENDITURES: 

Reports  of,  to  be  made  to  Congress  (sec.  257,  R.  S.) 210 

PUBLIC  LANDS.    (See  Lands.) 
PUBLIC  MONEYS: 

Act  of  June  23,  1836,  except  sections  13  and  14,  repealed 326 

Accounts  to  be  kept  separate 123 

Of  expenditures  to  be  kept  by  register 6 

Accurate,  to  be  kept 124 

Officers  entrusted  with,  to  keep  accurate;  embezzlement 139 

Penalty  for  failure  of  officers  to  render  (sec.  5491,  R.  S.) 229 

Agencies  for  deposit  and  disbursement  may  be  established  where  no  banks. .  315 

Army  and  navy  disbursing  agents,  where  to  keep 71 

Collectors  and  receivers  of,  to  pay  over 123, 138 

Custodians  of,  duties  of;  bonds  of,  may  be  increased 215 

Accounts  to  be  examined 216 

Depositaries,  in  other,  to  be  withdrawn 124 

Examination  of 124, 138 

Compensation  to  designated 150 

Unauthorized,  receiving,  penalty 194 

Certain  mints  and  assay  offices  to  be 211 

Examination  of 216 

To  make  returns  of  moneys  received  and  paid 216 

National  banks  may  be  designated,  except 181 

Security  required 181 

Duties 181 

Designation  of,  in  the  Philippines 261 

Bank  to  be  selected  as 315 

To  be  deposited  in  public,  without  delay,  or  within  thirty  days 248 

Bank  of  United  States  to  be 307 

Reasons  to  be  given  Congress 307 

Of,  branch  mint  at  Denver 519 

Assay  office  at  Boise,  a 528 

Certain  mints  and  assay  offices 568 

Deposit — 

Place  of 136 

To  be  made  with  treasurer,  assistant  treasurers  or  depositaries,  by  all 

persons  having 151 

Of  public  moneys,  branch  mint  at  Denver  to  be  place  of 170 

Of,  to  be  without  deduction,  except 214 

As  required,  penalty  for  failure  to 230 

Of,  in  mint  and  branches  to  pay  depositors  of  bullion 506,  509 

Of,  branch  mint  at  Carson  City  place  of 521 

Depositing,  converting,  etc.,  penalty  for  unlawfully 229 

Deposits — 

In  solvent  specie-paying  banks  of  proceeds  of  loans,  withdrawal 165 

Specie-paying  banks,  authorized 327 

Withdrawal 327 

Among  banks,  distribution  of 458 

Designated  depositaries  in  Cuba,  Porto  Rico,  and  the  Philippines 258 

Difference  between  the  funds  receivable,  to  be  no 126 

Disbursing  officers — 

Payments  by,  in  gold  and  silver  or  treasury  notes;  violations  to  be 

reported 140 

To  deposit,  with  treasurer,  assistant  treasurers,  or  depositaries 151 

Deposit  and  withdrawal  by 193 

To  be  by  draft  or  warrant,  transfers  to 193 

Where  no  treasurer  or  assistant,  deposit  of 193 

Duties;  transfer  of  moneys  to;  where  to  keep,  etc 214 

Drafts  on  depositaries,  time  of  payment,  use  as  currency 126, 141 

Duties,  debts,  etc.,  how  to  be  paid 125 

Embezzlement  of 129 

What  declared  to  bo 1 24 

Exchange  funds  in  gold  and  silver  only,  unless  by  disbursing  officers. . . .   126, 141 

And  payment  of  funds  by  disbursing  officer 660 

Violation  of  this  provision 660 

Of,  by  disbursing  officers 560 

Of  funds  for  what 217 

15712°— 10 51 


794  INDEX. 

PUBLIC  MONEYS— Continued.  Page. 

In  default  of  designated  depositaries  to  receive,  Treasurer  of  the  United 

States  to  keep 319, 326 

Instructions,  Secretary  of  the  Treasury  to  issue 187 

Internal-revenue  officers,  act  of  1846  made  applicable  to 1£8 

Interest — 

On  drafta;  rate  uniform,  national  banks  to  pay 263 

On,  in  designated  depositaries 319, 326 

On  special  deposits  in  national  banks 468 

National  bank  depositaries,  designation  of 260 

Officers  charged  with  the  custody  of,  duties 122 

Paying  over,  by  collectors  and  receivers,  how  often  (sec.  3615,  R.  S.) 213 

Other  persons  (sec.  3616,  R.  S.) 214 

Paying  in  certain  funds,  restrictions  on 569 

Payments  on  account  of  the  United  States  to  be  made  in  gold  and  silver. .       125 

By  United  States  of  bank  notes 129 

To  the  United  States,  to  whom  to  be  made 124 

And  to  whom 139 

Postal  revenues  and  debts,  how  paid  into  Treasury 248 

Premiums  received  on  sale  of  securities,  officers  must  account  for  any 141 

On  sales  of,  to  be  accounted  for 217,  661 

Receipts  for  advance  payments  for  lands,  use  of 126 

Receiving  on  deposit,  unlawfully,  etc.  (sec.  5497,  R.  S.) 230 

Receivers-general.     (See  Receivers-general  of  public  moneys.) 

Regulations  for  presentment  of  drafts  (sec.  3645,  R.  S.) 216 

Repeal  of  acts  relating  to 129 

Safe  keeping,  etc 212 

Disbursing,  etc 136, 137 

Paying  out,  etc.,  and  by  what  officers 138 

Of,  by  whom ;  embezzlement 151 

Penalty  for  failure  of  treasurer,  etc 229 

Without  loaning,  etc.,  penalty  for  failure  of  custodians 229 

By  national  banks  not  modified 263 

Specie,  amount  of  at  depositaries  to  be  published 140 

Subject  to  draft  of  Treasurer  of  United  States  in  depositaries 123, 138 

Section  3593,  Revised  Statutes 211 

In  Treasury  and  depositaries 216 

Surplus  to  be  deposited  with  the  States 320 

Fourth  installment  of  deposits  postponed 323 

Prior  installments  to  remain  on  deposit 324 

Transfer  of,  from  one  depositary  to  another 123, 138 

From  one  depositary  to  another;  balance  subject  to  draft 139 

From  a  depositary  to  the  Treasury  or  to  another  depositary 215 

Without  charge,  bank  of  United  States  to 307 

Transfers,  except  for  disbursement,  etc.,  illegal 320,  326 

To  be  made  to  nearest  safe  bank 320,  320 

May  be  made  to  mint  or  branches  for  supplying  metal 320,  326 

From  banks  in  one  State  or  Territory  to  those  in  another 323 

Treasury  of  the  United  States,  what  to  constitute 121 

Vaults,  temporary  to  be  procured  until  permanent  constructed 124,  139 

And  rooms  of  assistant  treasurers 212 

Where  to  be  paid 215 

Withdrawal  from  former  deposit  banks 324 

Hanks  refusing,  suits  to  be  brought,  unless 324 

Interest,  etc.,  to  be  charged 325 

Withdrawal 327 

(See  also  Assay  offices;    Assistant   treasurers;    Designated   depositaries; 

Mint;  Moneys.) 
PUBMC  OFFICERS: 

Certain,  not,  to  be  concerned  in  trade,  etc 6 

To  account  for  premiums  of  sales  of  public  securities 661 

What,  to  keep  and  pay  out  public  moneys 138 

No  salaried,  to  receive  compensation  for  signing,  etc.,  treasury  notes 135 

Provision  for  acting  assistant  treasurers  or  depositaries 189 

PUBLISH.     (See  Advertise.) 
PURCHASE: 

Of  coin  with  United  States  bonds  or  notes  authorized 169 

Of  debt,  from  excess  duties 18 


INDEX.  795 

PURCHASE — Continued.  Page. 

Commissioners  appointed  to,  public  debt 25 

Future,  to  be  made  at  lowest  price 26 

Of  debt  to  be  made  at  market  rate 41 

Debt  not  to  be  purchased  at  higher  rates  than 67 

Mode  and  time  of,  of  debt,  acts  amended 67 

Of  debt,  appropriations  for T 99 

Of  debt.     (See  Public  debt.) 

Of  stock  authorized 75 

Of  stock  before  time  of  redemption 128 

Of  7  per  cent  stock  authorized 107 

Of  stock  when  surplus  in  Treasury 148 

May  be  made  from  surplus  funds,  provided 150 

Of  treasury  notes 82, 119 

QUARTER  DOLLAR.     (See  Coin.) 

QUARTER  EAGLE.     (See  Coin.) 

RAILROADS.     (See  Pacific  Railroads;   Union  Pacific  Railroad  Co.) 

RATES  OF  COIN.     (See  Coin;  Coinage;  Value.) 

RATIO  BETWEEN  GOLD  AND  SILVER: 

International  conference 579,  586,  597,  602,  603,  604 

Commissioners 580,  586,  597,  602,  603,  604 

Compensation,  report 580,  597,  603,  604 

Parity  to  be  maintained 590,  600,  602,  603,  610 

President  may  call  conference 604 

President  may  appoint  special  commissioners 604 

International  bimetalism  unhindered 614 

RECEIPTS: 

Of  public  moneys,  accounts  to  be  kept  by  Register 6 

RECEIVERS-GENERAL  OF  PUBLIC  MONEY: 

Appointment  and  duties  of,  at  New  York,  Boston,  Charleston,  and  St. 

Louis 122 

Charged  with  custody  of  public  moneys 122 

RECEIVERS  OF  PUBLIC  MONEYS: 

At  land  offices,  charged  with  custody  of  public  moneys 122 

Duties 138 

(See  also  Public  moneys.) 
RECOINAGE.     (See  Coinage.) 
REDEMPTION: 

Appropriations  for,  of  debt 99 

Bonds — 

Five-twenty 204,  235 

Gold  coin  deposits  applied  to 205 

Six  per  cent,  to  be  redeemed 219 

Redeemed  t o  be  destroyed 205 

Record  to  be  made 205 

Amount  to  be  deducted  from  public  debt 205 

To  be  canceled 219 

Of  1858 230 

Not  to  constitute  part  of  sinking  fund 241 

Surplus  to  be  applied  to  purchase 241 

Redemption  of  3  per  cent,  4  per  cent,  and  5  per  cent,  with  2  per  cunt. .  256 

Compound  interest  notes J99,  L'OO 

Copper  and  base  metal  coinage 530 

Domestic;  loan,  on  what  terms 9,  10 

Exchange  of  notes  of  1890  for  gold  coin 252 

Five-cent  piece  (nickel) 527 

Fractional  currency 233,  574,  575,  693 

Fund  of  gold  coin  and  bullion  to  redeem  United  States  and  Treasuiy  notes. .  61 1 

How  maintained 611 

Limit  of  reserve 611,  614 

Exchange  and  reissue  of  notes 611 

As  trust  fund 612 

Funds  for,  of  notes  and  certificates  to  bo  hold  as  trust  funds 254 

Accounts  transferred  to  divisions  of  issue  and  redemption 612 

Interest  bearing  obligations  not  to  be  redeemed  before  maturity,  unless. . . .  202 
Money  held  by  bank  of  Tnitod  States  for,  of  public  debt  to  be  paid  into 

Treasury 314 

Secretary  to  pay  over  to  person  entitled  thereto 314 


796  INDEX. 

REDEMPTION — Continued.  Page. 

Obligations  of  United  States  in  coin 201 

Public  debt,  what  pledged 105 

By  voluntary  subscription 68 

Reserve  fund  to  redeem  notes  of  1890 252 

Silver  certificates  of  certain  denominations  and  substitution  therefor 613 

Stocks,  of  old  6  per  cent  and  deferred ' 79 

Subsidiary  coins,  of 584 

Surplus  revenue  to  be  used 234 

Treasury  and  United  States  notes  of  1890  in  gold  coin 252 

Notes  (bullion) 590 

And  United  States  notes 610 

Notes  for  others  redeemed,  etc 633 

Notes,  of  certain  demand 635 

United  States  notes — 

In  coin 202,  219,  423,  661 

And  bonds 234 

In  excess  of  $300,000,000  at  what  ratio 234 

And  Treasury  notes 610 

Of  certain  denominations  and  substitution  therefor 613 

When  gold  in  reserve  fund  falls  below  $50,000,000 257 

As  to  national-bank  notes.     (See  National  banks.) 

(See  also  Bonds;  Coin;  National  banks;  Public  debt;  Treasury  notes; 

United  States  notes,  etc.) 
REDEMPTION  DIVISION: 

Established  in  Treasurer's  office 612 

REDUCTION  OF  THE  CURRENCY.     (See  Currency.) 

REFINER  AT  BRANCH  MINTS.     (See  also  Melter  and  refiner;  Mints.) 498 

REFINING.     (See  Bullion.) 
REFUNDING: 

National  debt 203,  240,  252 

Appropriations — permanent  annual,  for 218 

Exchange  of  higher  interest  bonds  for  lower 239 

Certificates  of  deposit  in  aid  of 240 

REGISTERED  STOCK: 

May  be  issued 154, 159 

REGISTER  OF  THE  TREASURY: 

Provision  for 5 

Duties 6 

Not  to  be  concerned  in  what 6 

To  keep  accounts  of  debts  to  or  from  the  United  States 6 

Receipts  and  expenditures  of  public  moneys 6 

Certificates  of  stock,  signed  by 40 

To  be  issued  by 1 46 

REGULATIONS: 

As  to  loan  of  1795 43 

To  carry  act  of  1796  into  effect 48 

REIMBURSEMENTS: 

Commissioners  of  sinking  fund  to  superintend 40 

Preference  given  to  whom 70 

Powers  of  the  commissioners  of  sinking  fund  extended 71 

Of  stock  exchanged  for  Treasury  notes 92 

REPEAL: 

Fifty-fifth  section  of  act  of  1789,  chapter  22 482 

Act  April  2,  1792,  chapter  l(j,  mint 481 

Act  1792,  chapter  16  (part),  mint 483 

Section  1,  act  February  9,  1793,  foreign  coins 490 

Act  of  June  27,  1798,  counterfeiting,  etc.,  notes,  etc.,  of  Bank  of  United 

States 629 

Act  April  14,  1836,  part  as  to  bank  notes 634 

Part  of  act  to  regulate  the  deposits  of  public  money,  June  23,  1836 326 

Partial,  section  15,  act  June  23,  1874,  Alabama  claims 238 

Act  June  19,  1878,  issue  of  coin  or  bullion  certificates 584 

Section  3524,  Revised  Statutes,  part 574 

Sections  3558,  3559,  3560,  3561,  Revised  Statutes,  as  affects  Denver  mint. .  601 

Section  5177,  Revised  Statutes 422 

Section  5193,  Revised  Statutes 255,  457,  613 


INDEX.  797 

REPEAL — Continued.  Page. 

Of  acts  authorizing  receipt  of  evidence  of  public  debt  for  land 66 

Relative  mode  and  time  of  purchasing  debt,  amended 67 

Authorizing  issue  of  Treasury  notes,  except 97 

Loans  and  issue  of  Treasury  notes 97 

Certificates  of  stock  therefor 97 

Reissue  of  Treasury  notes 98 

Making  appropriations  for  purchase,  etc.,  of  funded  debt 98 

Appropriation  of  certain  surplus  to  sinking  fund  and  payment  of  debt.  . . .  114 

Act  abolishing  office  of  commissioner  of  loans 115 

Of  acts  relating  to  public  moneys 129 

Part  of  acts  restricting  the  negotiation  of  bonds  ao  market  value 177 

Limitation  of  amount  of  national  bank  circulation 233 

National  bank  act  of  February  25,  1863 360 

Part  section  32  of  national  bank  act 681 

Permanent  appropriation  for  national  loan 231 

Authority  to  issue  certain  bullion  certificates 240 

First  Isthmian  Canal  bonds 266 

Section  10,  act  incorporating  Bank  of  United  States 292,  315 

Acts  requiring  Bank  of  United  States  to  pay  pensions 310,  315 

Transferring  duties  and  records  of  commissioner  of  loans  to  Bank  of 

United  States 314 

Certain  acts  relating  to  mints,  assay  offices,  and  coinage 550 

Coinage  of  trade  dollars 588 

REPORTS: 

Of  Isthmian  Canal  receipts  and  expenditures 262 

From  branches  to  Philadelphia  mint 499,  519,  521,  528 

Of  assays  of  foreign  coins 517 

Of  Director  of  the  Mint 518,  530 

Of  superintendent  of  mint 531,  552,  553,  562 

Of  cost  of  transportation  of  silver,  to  Congress 588 

To  Congress.     (See  Congress.) 

(See  also  different  offices  and  officers.) 
RESERVE  FUND: 

Of  national  banks.     (See  National  banks.) 

To  redeem  Treasury  and  United  States  notes  of  1890 252 

Maintenance  of 252 

For  redemption  of  notes  of  1890,  sale  of  bonds  to  preserve 253 

Limit 253 

To  be  held  as  a  trust  fund 254 

For  redemption  of  notes  of  1890,  if  can  not  be  maintained,  what 253 

When  gold  coin  falls  below  $100,000,000,  what 254 

$50,000,000 257 

Gold  coin  and  bullion  to  redeem  United  States  and  Treasury  notes 611,  614 

How  maintained 611 

Exchange  and  reissue  of  notes 611 

Limit  of  reserve 611,  614 

As  trust  fund 612 

RESUMPTION  OF  SPECIE  PAYMENTS: 

Silver  coins  for  redemption  of  fractional  currency 233 

RETURNS.     (See  Reports.) 
REVENUE: 

Pledged  and  appropriated  to  pay  interest  of  loan 14 

Surplus,  to  be  applied  on  debt  unless,  and  how  long 22 

Loan  to  be  reimbursed  out  of 33 

Interest  on  loan  to  be  reserved  out  of 33 

Appropriated  to  build  vessels 33 

Secretary  of  the  Treasury  to-  report  to  <  'ongress  estimate  of 57 

In  what  payable 95 

More  effectual  collection  of 95 

Appropriated  to  sinking  fund 98 

Reports  of,  to  be  made  to  Congress  by  Secretary  of  the  Treasury 210 

Secretary  of  the  Treasury  to  perform  all  services  relative  to  finances 210 

(See  also  Duties.) 
REVENUE-STAMP  CUKIIKNCY: 

Fractional  currency  to  be  issued  in  lieu  of 177 


798  INDEX. 

ST.  Louis:  Page. 

Receiver-general  of  public  moneys,  appointment 122 

Safekeeping,  etc.,  of  public  moneys 136 

(See  also  Assistant  Treasurer  United  States.) 
SAFE  DEPOSIT  COMPANIES: 

Incorporation  of,  in  District  of  Columbia 291 

Comptroller  to  take  possession 291 

(See  also  Banks;  Comptroller  of  the  Currency.) 
SAN  FRANCISCO.     (See  Assistant  Treasurer  United  States.) 
SAVINGS  AND  TRUST  COMPANIES: 

To  make  reports  to  the  comptroller 406, 407 

SAVINGS  BANKS: 

Organization 290 

To  report  to  the  Comptroller  of  the  Currency 290, 406, 407, 428 

Subject  to  banking  laws 291 

Certain,  exempt  from  internal  revenue  taxes 422 

Paid-in  capital  of  existing 428 

In  District  of  Columbia  subject  to  national  banking  laws 428 

SAVINGS  BANKS  (STATE): 

Comptroller  to  report  condition  to  Congress  annually 374 

(See  also  Banks;  Comptroller  of  the  Currency.) 
SAVINGS  COMPANIES: 

To  report  to  Comptroller  of  the  Currency 290 

Subject  to  banking  laws 291 

SEALED  PROPOSALS.     (See  Proposals.) 
SECRETARY  OF  THE  TREASURY: 

Provision  for 5 

Duties 5 

Not  to  be  concerned  in  what 5 

To  perform  services  relative  to  the  finances 5 

To  digest  and  prepare  plans  for  support  of  public  credit 5 

To  report  estimates  of  public  revenue  and  expenditures 5 

Assistant  provided 5 

Duties 6 

Not  to  be  concerned  in  what 6 

To  make  report  to  Congress  on  finance 57 

Appropriations  to  sinking  fund 58 

To  prescribe  regulations  for  agents  and  commissioners  of  loans 71 

To  perform  duties  of  commissioners  of  loans 115 

Duties,  powers,  and  records  of  sinking  fund  commissioners  transferred  to..  117 

To  issue  instructions  as  to  public  moneys 187 

May  delegate  an  assistant  secretary  to  sign  pay  warrants 199 

Duties  of  (sec.  248,  R.  S.) 210 

Reports  to  be  made  by,  to  Congress  (sec.  257,  R.  S.) 210 

To  maintain  parity  of  value 252 

To  be  furnished  statements  by  Bank  of  United  States 274 

Bank  of  United  States  to  make  reports  to 306 

May  inspect  general  accounts  of  Bank  of  United  States 306 

To  give  Congress  reason  if  public  moneys  deposited  with  other  than  Bank 

of  United  States 307 

To  act  as  agent  of  United  States  in  matters  relating  to  Bank  of  United 

States 310,  322 

Directors  to  furnish  him  statements 322 

Authorized  to  examine  bank 322 

To  receive  and  deposit  dividends,  capital  stock,  etc 322 

To  nettle  claim  for  surplus  profits 323 

To  notify  and  transfer  records  of  commissioners  of  loans  to  bank  of  United 

States" 311 

To  pay  over  to  persons  entitled  thereto  money  held  by  Hank  of  United 

States  to  redeem  public  debt 314 

Records  of  commissioners  of  loans  to  be  transferred  to 314 

To  withdraw  public  moneys  from  deposit  banks 324 

Approval  of  purchase  by  receiver  of  national  bank  property  at  execution 

sale -" 436 

Authority  of,  in  respect,  to  additional  national  bank  currency 468 

Duty  of,  relative  exchange  of  coin  for  bullion 477 

To  cause  assays  of  foreign  coins 490 

Report  to  Congress 498 


INDEX.  799 

SECRETARY  OF  THE  TREASURY — Continued.  Page. 

To  appoint  necessary  clerks  in  mint  bureau 551 

To  designate  Acting  Director  of  Mint 552 

May  deposit  public  moneys  or  bullion  to  pay  bullion  depositors 563 

May  purchase  coin  with  bonds  or  notes 570 

May  transfer  gold  bars  for  redemption  or  exchange  purposes 573 

To  report  to  Congress  amount  of  exchanges,  loans,  etc 649 

Power  to  make  reduction  of  currency  suspended 651,  659 

SECURITIES: 

Congress  to  provide  punishment  for  counterfeiting  (Constitution) 3 

Certain  officers  not  to  be  concerned  in  purchase  of  public 6 

SECURITY: 

May  be  required  of  designated  depositaries 318,  326 

SECURITY  OF  THE  UNITED  STATES.     (See  Obligations  of  the  United  States.) 

SEIGNIORAGE.     (See  Coinage.) 

SILVER: 

Or  manufactures  thereof,  stamping  wrongfully 621,  622 

Forfeiture  of ! 622 

A  legal  tender 631 

A  tender  in  payment  of  debts  by  the  Government 630 

(See  also  Coin.) 

SILVER  BARS.     (See  Bullion.) 

SILVER  BULLION.     (See  Bullion.) 

SILVER  CERTIFICATES.     (See  Certificates.) 

SILVER  COINS.     (See  Coin,  silver.) 

SILVER  DOLLAR.     (See  Coin.) 

SILVER  PROFIT  FUND 538 

Restriction  on  payment  from 589 

(See  also  Bullion;  Coin;  Coinage.) 

SINKING  FUND: 

Proceeds  of  sale  of  western  lands  to  form 15 

Created 25 

Accounts  of  to  be  rendered 25,  26 

Interest  on  certain  of  the  debt  to  establish  a  fund 25 

Appropriation  to 63 

Continuance  and  application  of 39 

To  pay  interest  and  principal  of  debt 57 

Secretary  of  the  Treasury  to  pay  certain  appropriation  to 59 

Further  sum  to  be  paid  to  by  Secretary  of  the  Treasury 64 

Permanent  and  adequate  to  be  established ". 87,  88 

Revenue  appropriated  to,  application  of 98 

Surplus  in  Treasury  appropriated  to 99 

Additional  appropriations  to,  for  payment  of  debt 99 

Congress  may  apply  surplus  in,  to  any  objects  in  case  of  war 100 

When  surplus,  what  debt  to  be  purchased 100 

Additional  appropriation  to 113 

Appropriation  of  certain  surplus  and  payment  of  debt  repealed 114 

Coin  received  from  duties  to  create 168 

Obligation  to  create,  not  to  be  impaired 181 

Record  to  be  made  of  bonds  destroyed 205 

Bonds  held  in ,  to  be  destroyed 205 

Coin  from  duties  set  apart  to  pay  1  per  cent  of  debt  (sec.  3694,  R.  S.) 219 

Addition  to,  of  interest  (sec.  3696,  R.  S.) 219 

Obligation  to  create,  not  to  be  impaired  (sec.  3699,  R.  S.) 220 

Appropriations,  permanent,  annual  for  (sec.  3689,  R.  S.) 218 

Redemption  of  five-twenty  bonds,  for  the 235 

Redeemed  bonds  not  to  constitute  part  of 2-11 

Payments  on  account  of 256 

Fractional  currency  to  be  part 576 

SINKING-FUND  COMMISSIONERS: 

Appointment  of,  and  duties 25 

To  purchase  debt  of  tin;  United  States 25 

Authorized  to  borrow  $1,000,000  to  pay  interest  on  public  debt 36 

To  have  management  of  funds 

To  superintend  reimbursement  of  debt -10 

Annual  sums  to  be  paid  by  the -10 

Duties,  etc.,  of,  under  act  of  1795,  extended  to  analogous  cases 43 


800  INDEX. 

SINKING-FUND  COMMISSIONERS — Continued.  Page, 

To  pay  debt  bearing  6  per  cent  interest 44, 45 

Authorized  to  issue  certificates  of  stock 40 

To  reimburse  unfunded  or  registered  debt 51 

When  to  pay  debts 58 

To  superintend  reimbursement  and  payments  of  loan  and  debts 59 

Specific  appropriations  to  be  applied  under  direction  of 59 

May  borrow  sums  to  pay  Dutch  debt 59 

How  to  pay  Dutch  debt 60 

Power  to  borrow  money,  or  sell  bank  stock  not  affected 60 

Former  regulations,  etc.,  shall  apply  to,  under  act  of  1802 60 

To  report  to  Congress  sale  of  stock,  loans,  and  payments,  when 61 

To  continue  to  redeem  the  stock  and  debt 63 

Authority  as  to  mode  and  time  of  purchasing  debt,  amended 67 

Not  to  purchase  debt  at  higher  rates  than 67 

To  pay  interest  and  debt 70 

73,  74,  75,  79, 81,  82,  84, 85, 86, 86,  94, 103, 103, 105, 110, 113, 113 

Authorized  to  purchase  stock 75, 81,  84, 85,  86,  94 

To  reimburse  and  purchase  treasury  notes 77, 82 

To  be  given  funds  to  pay  treasury  notes 83 

To  purchase  7  per  cent  stock 107 

Duties,  powers,  and  records  of,  transferred  to  Secretary  of  the  Treasury.  .  117 

Additional  appropriation  of  duties,  etc.,  to 37 

SINKING  FUND  OF  THE  DISTRICT  OP  COLUMBIA: 

Offices  abolished;  duties  transferred  to  Treasurer  of  United  States 239 

Sioux  CITY  AND  PACIFIC  RAILROAD  COMPANY: 

Settlement  with 257 

SOVEREIGN  (see  also  Coin): 

Value  of 567 

SPAIN: 

Issue  of  stock  to  pay  awards  under  treaty  with 109 

SPANISH  BANK  OF  PORTO  Rico: 

May  amend  its  by-laws 258 

Substitute  capital 259 

Powers  not  enlarged 259 

Federal  control  unabridged 259, 450 

Amendment  of  by-laws 449 

Powers  not  enlarged 450 

SPANISH  CLAIMS: 

Receipt  of  money  and  payment 116 

SPANISH  MILLED  DOLLARS.     (See  Coin.) 

SPECIE: 

Designated  depositaries  to  pay  government  checks,  warrants,  etc.,  in ...  317, 326 

Their  own  notes  and  bills 318,  326 

To  credit  as,  all  government  deposits 317,  326 

To  keep  in  vaults  as  required 318,  326 

(See  also  Coin.) 

SPECIE  PAYMENTS: 

Faith  of  United  States  pledged  to 201 

Section  3693,  Revised  Statutes ' 218 

Silver  coins  for  redemption  of  fractional  currency 233 

STAMP  CURRENCY: 

Fractional  notes  may  be  issued  in  lieu  of 644 

Limitation  on  issue 645 

Laws  applicable  to 647 

Limitation  on  amount 658 

STAMP  DUTIES: 

During  war  of  1812  on  banks,  bankers,  notes,  etc 293 

Composition  with  bankers  in  lieu  of 293 

STAMPING  (.we  Bullion): 

Fraudulent  notes  to  be  stamped 427 

( Mlicers  liable  for  wrongfully  stamping 427 

STAMPS: 

Included  in  words  "obligation  or  other  security  of  the  United  States". . . .  187 

Receivable  for  dues  to  United  States 641 

Exchange  of,  for  United  States  notes 641 

STATE  BANKS.     (See  Hanks.) 

STATE  DEBTS.     (Sec  States.) 


INDEX.  801 

STATEMENT:  Page. 

Monthly,  of  treasury  notes  issued  or  redeemed 119 

STATEMENTS.     (See  Reports.) 
STATES: 

Not  to  coin  money  (Constitution),  emit  bills  of  credit,  nor  make  anything 

but  gold  and  silver  coin  a  tender 3, 473 

Commissioner  of  loans  to  be  appointed  in  each  State 8 

Debts  of,  to  amount  of  $21,500,000  assumed,  and  loan  proposed 11 

Chargeable  with  amount  subscribed  to  loan 14 

Settlement  of  accounts  between  United  States  and 15, 17 

Time  of  settlement  extended 17 

Balances  due,  to  bear  interest 31 

Duties  pledged  to  pay  the  interest 32 

May  transfer  interest  credits 32 

Transfer  of  credit  stock,  conditions 42 

Debtor  may  obtain  a  discharge 54 

Certificates  issued  to  creditor,  transfer  of 104 

Transfer  drafts,  settlement  of 119 

Owing  United  States  on  account  of  advances  not  to  be  paid 202 

Payment  to  Massachusetts  for  expenditures  in  war  of  1812 202 

Retention  of  money  due,  in  default  (see.  3481,  R.  S.) 211 

Surplus  in  the  Treasury  to  be  deposited  with 320 

Fourth  installment  of  deposits  postponed 323 

Prior  installments  to  remain  on  deposit 324 

STOCK: 

Agents  authorized  to  sell 76 

May  be  appointed  to  sell 80,  81,  84,  85,  86,  86,  94, 128 

Certificates  of,  signed  by  register  in  favor  of  France 62 

New  certificates  to  be  given  in  redemption  of  certain 68,  69 

Certificates  received  by  the  United  States  to  be  canceled 100 

Lost  or  destroyed  certificates,  how  certain  to  be  paid  and  renewed 102 

Duties  of  commissioners  of  loans  transferred 96 

Exchange  of  6  per  cent  and  7  per  cent  debt 104 

Six  per  cent  debt 110 

Exchanged  for  Treasury  notes  shall  be  transferrable  and  reimbursable ....  145, 146 

Exempt  from  state  taxation 636 

Faith  of  United  States  pledged  to  payment 128 

False  demand  on  fraudulent  power  of  attorney  (sec.  5436,  R.  S.) 227 

Falsely  personating  holder  (sec.  5435,  R.  S.) 227 

How  to  be  disposed  of;  advertising;  proposals 1 30 

Issue  of,  to  pay  awards  under  treaty  with  Spain 1 09 

Issue  for  bona  fide  purposes;  and  denominations 133 

Issued  to  pay  Texas,  to  be 149 

Loan  of  June  14,  1858,  may  be  in  coupon  or  registered 154 

May  be  issued  in  lieu  of  Treasury  notes 134, 135 

Instead  of  Treasury  notes 146 

But  at  not  less  than  par 146 

Purchased,  7  per  cent  to  be 1 07 

Purchase  of 128 

Purchased  when  surplus  in  the  Treasury,  may  be 148 

From  surplus  funds,  provided,  may  be 150 

Receivable  for  western  lands  of  United  States 49,  627,  628 

Redemption  of  certain,  after,  what 58 

Ola  6  per  cent  and  deferred 79 

Report  of  sale  of,  to  be  made  to  Congress 80,  83,  85,  86,  94 

Sale  of,  what  part  under  par 47 

Sales  of  public  lands  pledged  for  payment  of 116 

Subscription  to  redeem  certain 68 

To  Bank  of  United  States  may  be  paid  in 298 

Transfer  of,  standing  to  credit  of  a  State 4'J 

Issued  on  account  of  Louisiana  purchase 78 

Transfer  of !'2 

Troa-sury  notes  may  be  converted  into  funded 93 

Treasury  notes  may  be  issued  instead  of 160 

(See  also  Bonds  of  the  United  States;  Certificates;  Loans.) 
STOLEN  TREASURY  XOTK.H: 

Officers  receiving,  to  have  credit,  when  (sec.  3707,  It.  S.) 222 


802  INDEX. 

SUBSCRIPTIONS:  Page. 

To  domestic  loan,  how  to  be  made 8 

What  subscribers  entitled  to. 9, 10 

Rights  of  nonsubscribing  creditors  to  loan  of  1790  not  impaired 10 

To  loan  for  funding  state  debts 11, 15 

To  loans  to  pay  domestic  and  state  debts,  time  extended 15 

To  domestic  loan,  time  extended 25,  28, 31, 35, 43, 49 

Privileges  of  nonsubscribing  creditors 29,  31,  35 

To  the  full  amount  of  certain  stocks 68 

Nonsubscribing  creditors  to  loan  (1807)  not  to  be  affected 71 

Preference  given 72 

To  redeem  old  6  per  cent  and  deferred  stocks 79 

Nonsubscribers  to  redemption  loan  not  to  be  affected 80 

To  exchange  stock 104, 110, 112 

Nonsubscribing  creditors  unaffected 106, 110, 113 

To  be  opened  for  Treasury  notes 162 

Individual,  to  be  received — popular  loan 249 

Isthmian  Canal  loan  open  to  citizens 260,  265 

To  stock  of  the  Bank  of  the  United  States.     (See  Bank  of  the  United  States.) 

SUBSIDIARY  SILVER  COIN.     (See  Coin.) 

SUBTREASURIES.     (See  Assistant  treasurers.) 

SUITS: 

Repeal  provisions  of  coinage  act  of  1873  not  to  affect 550 

SUPERINTENDENT  OP  MINT: 

At  branches 498, 519 

To  employ  clerks,  workmen,  etc 498,  531 

Bond ;  renewal;  increase 509,  552 

To  pay  profits  into  Treasury 514 

To  render  quarterly  account 514,  553 

Appointment  of 531,  551 

Powers,  etc 531 

Duties 531,  552,  553 

Reports 531,  552 

Expenses,  statements  of 531,  553 

Shall  receive  and  safely  keep  moneys  and  bullion 531,  553 

To  deliver  coins  to  persons  to  whom  payable 531,  553 

To  compute  value  of  deposits,  charges,  and  deductions 531,  553,  557 

To  give  memorandum  and  certificate  to  depositor 531,  553,  557 

To  give  and  receive  vouchers  on  transfer  of  coin  or  bullion 531,  553 

To  appoint  assistants,  clerks,  workmen,  etc 531,  532,  553 

Not  in  assay  offices 532,  553 

To  appoint  acting  officers 533 

Temporary  absence  of,  chief  clerk  to  act 533,  552 

Liable  for  acts  of  subordinates 533 

Increase  of  bonds 533 

Salaries 534 

To  weigh  bullion  and  give  receipt  to  depositor 537,  557 

To  deliver  portion  of  bullion  for  assay  to  assayer 537,  557 

To  purchase  metal  for  minor  coinage 538 

To  receipt  for  ingots 539,  559 

To  receipt  for  bars 540 

To  deliver  ingots  for  coinage 540,  559 

To  keep  record  thereof,  etc 540,  559 

To  receipt  for  coins  and  keep  record  thereof 54 1,  5(10 

To  test  coins,  and  if  not  satisfactory,  etc 541,  561 

Proceedings  on  receipt  of  coins  from  coiner 54 1 ,  561 

To  receipt  for  and  keep  record  of  clippings  and  bullion 542,  562 

To  debit  and  credit  coiner 542,  562 

To  examine  accounts  of  coiner  and  inelter  and  refiner 542,  562 

To  be  satisfied  as  to  wastage 542,  562 

To  forward  balance  sheet  to  Director 542,  562 

Statement  of  expense  account 54?,  562 

To  regulate  standard  weights 544,  564 

Regulations  as  to  dies  and  medals 515,  565 

To  be  present  when  coiner  destroys  obverse  working  dies 545,  564 

To  act,  as  treasurers 549 

May  require  oath  from  employees 552 


INDEX.  803 

SUPERINTENDENT  OP  MINT— Continued.  Page. 

Liable  for  acts  of  subordinates 552 

To  appoint  acting  officer 552 

To  report  names,  etc. ,  of  persons  appointed 553 

To  purchase^bullion  for  silver  coinage 538,  558 

To  transfer  parcels  of  bullion  to  melter  and  refiner 559 

To  keep  record  thereof 559 

Voucher  to  be  taken 559 

To  deliver  coins  or  bars  to  depositors  of  bullion 563 

Payment  to  depositors,  in  what  coin 563 

May  be  constituted  an  assistant  treasurer  to  receive  gold  coin  and  bullion.  582 

May  exchange  gold  bars  for  coin 616 

(See  also  Mint,  for  duties  of  superintendents  at  particular  places,  etc.) 
SURPLUS  FUND: 

Unexpended  appropriations  to  be  carried  to  the 42, 58, 149 

Balance  of  census  appropriation  to  be  passed  to 114 

Not  to  be  applied  to  other  purposes 150 

SURVEYORS  OP  CUSTOMS: 

Charged  with  custody  of  public  moneys 122 

Duties  in  relation  to  public  moneys 138 

TAXATION: 

Ten  per  cent  per  annum  on  bank  notes  for  less  than  one  dollar 179 

On  capital  and  deposits  of  banks,  etc.,  repealed 435 

Bonds  or  other  obligations  exempt  from  State 191 

Treasury  notes  exempt  from  State 175 

Treasury  notes,  etc.,  exempt  from  State,  municipal,  or  local 220 

To  be  exempt  from  United  States  and  State — 

Issue  of  1870 203 

1898 249 

1900 253 

Isthmian  Canal 260,  265 

And  other  securities  of  the  United  States  exempt  from  State 167 

Stocks,  etc.,  of  United  States  exempt  from  State 636,  642 

Banks  and  bankers 446 

Brokers  and  bankers  on  sales  of  bullion  and  coin,  duty  on 188 

Certificates  of  indebtedness  exempt  from  United  States  and  State 266 

Of  United  States  subject  to  State 247,  600 

Coin.     (See  Coin.) 

Ten  per  cent  on  fractional  bank  notes 330 

Gold,  silver,  and  coin  subject  to  State 247,  600 

Incomes,  including  interest  on  notes,  bonds,  etc 188 

Mining,  etc.,  corporations,  certain  taxes  on,  to  be  adjusted 237 

Mining,  manufacturing,  etc.,  corporations,  remission,  on  circulation  of. ...  424 

National  banks  on  evidences  of  indebtedness,  taxing 237 

Banking  associations  not  affected,  provisions  relative 247 

Bank  circulation  based  on  Isthmian  Canal  bond  deposit 262 

Bank,  United  States  notes,  etc.,  and  coin  subject  to  State 247 

Bank  notes  subject  to  State 600 

Banks.     (See  National  banks.) 

Notes  of  persons  or  banks  other  than  national,  etc 424 

And  coin,  State 442 

Of  cities,  etc.,  paid  out  by  banks,  etc 650 

Obligations  of  United  States  exempt  from  State 184,191,220,636 

Savings  banks,  deposits  in  certain  exempt 417 

Certain  exempt  from  internal  revenue 422 

Securities  of  United  States  exempt  from  State 167 

Stamp  duties  on  banks,  notes,  etc.,  during  war  of  1812 293 

Composition  with  bankers  in  lieu  of 293 

Stocks,  etc.,  exempt  from  State 220,  (536,  642 

Treasury  notes  exempt  from  State 175, 18!),  220 

Subject  to 247 

United  States  and  national  bank  notes  subject  to  State 247,  600 

(See  also  National  batiks.) 
TAXES: 

Power  to  lay  and  collect  (Constitution) 3 

Due  United  States  in  what  to  be  paid 125 

To  bo  paid  in  gold  and  silver  coin  only 140 

(See  also  Revenue.) 


804  INDEX. 

TEMPORARY  LOANS:  Page. 

Provision  for 204, 167 

Aggregate  not  to  exceed 167, 170, 174 

TENDER.    (See  Legal  tender.) 

TEXAS:  , 

Stock  to  be  issued  to  pay  claims 149 

THREE-DOLLAR  PIECE.    (See  Coin.) 

TONNAGE: 

Duties  pledged  to  pay  loan 7 

Interest  on  foreign  debt  to  be  paid  out  of  excess 7 

Excess  of  duties  on  to  be  applied  to  purchase  of  debt 17 

Surplus  to  repay  loan 27 

To  be  applied  to  repay  loan 29 

Pledged  to  pay  interest  on  balances  due  States 32 

Loan  of  $2,000,000  to  be  repaid  out  of 34 

(See  also  Revenue;  Duties.) 

TRADE  DOLLAR.     (See  Coin.) 

TRANSFER: 

Of  loan  stock  (loan  certificates) 10 

Of  public  money  between  treasury  and  depositaries 215 

TREASURER  OF  MINT: 

Provision  for 474,  500 

Duties 122, 138, 474, 483, 500 

Oath  of  office 475 

Bond 475,483 

Renewal  or  increase  of 509 

Salary 475 

To  set  apart  pieces  for  assay 478 

To  retain  part  of  bullion  as  charge  for  melting  and  refining 484 

Not  obliged  to  receive  certain  bullion 484 

To  account  for  refining  charges 485, 488, 493, 494 

At  branches 122, 138, 498 

To  report  quarterly  to  Treasury  Department 501 

Clerks,  appointment  and  duties 501 

Account  with  melter  and  refiner 504 

To  transfer  bullion  to  melter  and  refiner 503 

To  keep  record  of  ingots  received 503 

To  deliver  ingots  to  chief  coiner 504 

Duty  on  receiving  coins  from  chief  coiner 505 

To  preserve  trial  pieces 505 

To  keep  record  of  clippings 505 

Account  with  chief  coiner 505 

To  deliver  copper  planchets  to  chief  coiner 507 

To  exchange  copper  coins  for  other  money 507 

To  purchase  bullion  for  subsidiary  coins 512 

Charges  and  credits  on  account  thereof 512 

To  purchase  bullion  for  cent  piece 517 

Offices  in  Philadelphia,  San  Francisco,  and  New  Orleans,  vacated 549 

Duties  to  devolve  upon  superintendents 549 

To  act  as  assistant  treasurers  of  United  States 549 

(See  also  Mint  for  duties  of  treasurers  at  particular  places,  etc.) 

TREASURER  OP  THE  UNITED  STATES: 

To  keep  and  disburse  the  moneys  of  the  United  States 5 

Provision  for 5 

Duties 5. 138,  254 

To  give  bond 6, 138 

Not  to  be  concerned  in  what 6 

Charged  with  custody  of  public  moneys 122 

Public  moneys  in  depositaries  subject  to  draft  of  (sec.  3593,  R.  S.) 211 

To  perform  duties  of  commissioners  of  Districtof  Columbia  sinking  fund. .  239 

Assistant  treasurer  provided 242 

Divisions  of  issue  and  redemption  established 253 

Reimbursement  for  loss  on  recoinage  uncurrent  silver  coins 25(J 

To  keep  public  moneys  on  default  of  designated  deposatories  to  receive. .  319 

Duties  relative  redemption  of  national  bank  circulation 351 

Act  and  order  of,  as  to  additional  national  bank  currency 468 

To  coin  certain  bullion  and  pay  into  the  Treasury 527 


INDEX.  805 

TREASURER  OF  THE  UNITED  STATES — Continued.  Page. 

To  redeem  certain  bank  notes  from  general  cash 591 

Divisions  of  issue  and  redemption  established 612 

Assistant  treasurers.     (See  Assistant  treasurers  of  the  United  States.) 
TREASURY  DEPARTMENT: 

Established 5 

Act  establishing  the,  extended  to  territory  of  Louisiana 65 

Bureau  of  the  Mint-provided 550 

Divisions  of  Issue  and  Redemption  established 612 

TREASURY  NOTES  (see  also  United  States  notes): 

Accounts  of,  to  be  kept 118, 152, 156 

Act  of  December  23,  1857,  revived 164, 167, 178 

Acts  of  October  12,  1837,  etc.,  renewed 121 

Agents  to  sell;  commissions 82,  85,  90 

Bonds  of  United  States  may  be  disposed  of  for 167, 180, 184 

Borrowed  on,  money  may  be 77,  93, 118, 121, 144, 152 

Canceled  or  destroyed,  when  received  by  United  States,  to  be 98, 119 

Cancellation,  etc 145, 152, 157, 163,  639,  643,  646 

And  destruction 98, 119, 120, 121, 127, 176, 177, 184,  646 

For  silver  dollars  coined 254,  707 

On  silver  coinage 255,  614,  708 

Of  equal  amount  of  silver  dollars  coined 612 

Certificates  of  deposit  may  be  given  for  United  States  notes 167,  635 

Collectors,  etc.,  shall,  on  receiving,  take  a  receipt 145 

Convertible  into  bonds 184, 190, 191,  645 

Convertible  into  stock 93, 145, 146 

Counterfeiting.     (See  Penalty). 

Crediting  collectors  and  other  receivers  of  public  money  with 93, 118 

Credit  for  principal  and  interest  to  be  given  when  received  in  payment  of 

debts  due  the  United  States 118, 144, 152,  210 

Custody  and  disposal  of,  received 152, 157 

Demand,  payable  where 162, 164 

To  be  taken  up 166,  635 

Shall  be  lawful  money  and  legal  tender  like  United  States  notes 660 

Not  to  redeem  national-bank  notes 660 

Denominations 77,  91, 

117, 120, 121, 127, 130, 143, 151, 156, 160, 162, 166, 190, 590, 643, 698 

Not  less  than  $10 162, 176, 184,  634,  643 

Not  less  than  $5 164,  635 

How  disposed  of 176,  ]  77 

Destroying 638,  646,  659 

Disposal  of,  how 184, 191,  643 

For  what  may  be 189 

Due  and  unpaid  to  bear  interest 95,  1 32, 134 

Engraving  and  preparation 428,  658,  659,  661,  687,  688,  690,  703,  710 

Exchangeable  for  specie 152, 154 

Stock  or  bonds 158,  1.60 

Interest-bearing  bonds 191 

For  any  bonds 192,  646,  648 

For  6  per  cent  bonds 185 

For  other  notes 162 

For  United  States  notes 1 76,  643 

Notes  of  ]  890  for  gold  coin 252,  253,  611,  706 

For  coin 162,  163 

Expense  of  issue,  etc; 90,  94,  1 1 9,  120, 

154, 157,  158, 160,  164, 167, 187,  201,  206, 218,  428,  590,  661, 687, 690, 698 

Form  of 90,  178,  187,  190,  590,  639,  698 

Statement  of  accrued  interest,  character,  and  penalty  for  counterfeit- 
ing to  be  printed  thereon 1 78 

Fraudulent ,  to  be  stamped 427,  689 

Officers  for  wrongfully  stamping 427,  689 

Funding  of 92,  1 06,  145, 146,  1 66,  636 

Instructions  relative  to  receiving  or  preparing I S7 

Interest  on 76,77,82,85,91,93,  117,  UK,  119,  120,  121,  127,  132, 

134,  135,  143, 152,  154, 156, 157,  159,  160,  161,  162, 163, 175,  184, 190, 643 

Not  to  bear 9 1 ,  92,  1 62,  634 

Due  to  be  paid 95 

Payable  when 190 


806  INDEX. 

TREASURY  NOTES — Continued.  Page. 

Interest  payable  in  coin 166, 190, 219 

In  lawful  money 176,  643 

After  maturity,  payable  in  lawful  money .• 185 

To  cease  after  notice  or  call 143, 152, 156, 161 

Rate  and  character  to  be  expressed 191 

(See  also  Interest.) 

Issue  of  76,81,84,89,90,91,117,120,121,127,130,132,133,134,143 

146, 151, 152, 156, 161, 162,  163, 165, 175, 184, 190,  590,  633,  635,  643,  645 

Noninterest  bearing 91,  92, 162,  634 

Acts  authorizing  issue  repealed 97 

Power  of  President  to  issue  to  cease 119, 147, 153, 157, 163 

Authority  of  President  revived 154 

In  place  of  canceled 120, 121, 163 

When  stock  can  not  be  sold  at  par 132 

Stock  in  lieu  of,  authorized 134, 135, 146, 160 

Other  notes  for  those  redeemed 130, 133, 134, 145, 152, 157, 176,  633,  643 

Instead  of  stock 89, 160 

In  lieu  of  certain  bonds 184, 189 

Demand  notes 165,  636 

United  States  notes 636 

For  supplies  and  materials 191 

After  1862  forbidden 160 

To  purchase  silver  bullion 590,  698 

In  exchange  for  coin 634 

Additional 635 

Larger  denominations  in  lieu  of  smaller  retired 710 

Legal  tender 77,  82,  85, 

93,  118,  144,  157,  160,  176, 177, 184, 211, 590, 635,  643,  645,  657,  660,  698 

To  same  extent  as  United  States  notes 169, 176,  380,  643,  645,  660 

Demand  (United  States) 166, 169,  635 

Demand  (Treasury) 660 

Not  for  payment  of  national-bank  circulation,  when 185,  380,  646,  660 

Notes  authorized,  no  further  issue  of 189 

Not  to  be  issued  (March  3,  1865) 191 

Limitation  on  issue 77,  81,  84,  89,  91, 117, 121, 127, 

130, 132, 133, 134, 143, 146, 151, ]52, 153, 156, 157,  162,  163, 185, 189, 590 

'SYhole  amount 127, 145,  146, 163,  166, 175,  635,  643,  646,  698 

Upon  deposits  of  United  States  notes  with  depositaries 170, 174 

Lost  or  stolen,  how  to  be  paid 102 

Mutilated  or  injured  may  be  replaced 170 

Destruction  of 170 

Cancellation,  redemption,  replacing,  etc 238,  638,  658,  659 

Not  legal  tender  in  redemption  of  bank  notes 380 

Not  to  be  received,  paid  or  funded,  except  at  the  Treasury 106 

' '  Obligation  or  other  security  of  the  United  States, ' '  included  in  the  words.  187,  223 

Officers  receiving,  etc.,  stolen  uncanceled,  to  have  credit  for 142 

Outstanding  not  to  exceed  $5,000,000  (1840) 121 

\Vhat 185,  646 

Volume  of  certain 590 

Paid  out  for  public  dues,  etc.,  amount  to  be 162 

Par,  not  to  be  issued  under 77,  93 

Part  nut  ional-bank  reserve 590 

(Sfc  also  National  banks.) 

Payable  to  public  creditors  at  par 76,  93,  144, 152,  157, 160, 176,  21 1,  615,  657 

On  demand  authorized 162,  164,  165,  635 

For  what 76,  77,  82,  90,  93,  117, 120,  127,  157,  1(50,  162,  163,  176,  184 

Only  at  the  Treasury 106 

At  other  places 164 

In  coin  or  lawful  money 190 

Or  its  equivalent  pledged 201 ,  21 8,  652,  661 

Not  before  maturity,  unless 201,  219,  652 

For  debts  due  the  United  States 210,  657 

Payment  of  duties  in  demand  notes 210 

Penalty  for  counterfeiting,  forging,  etc 78, 

83, 85, 90, 94.  Ill,  119, 121, 127, 145, 153, 157, 168, 187, 195, 196, 
197,  222,  223,  224,  225,  226,  228,  245,  246,  313,  640,  700,  703, 704 
(See  also  Penalty.) 


INDEX.  807 

TREASURY  NOTES — Continued.  Page. 

Portrait  or  likeness  of  living  person  on,  prohibited 191,  211,  658 

Name 244 

Premium  on  sale  of,  to  be  accounted  for  (sec.  3652,  R.  S.) 217 

Printing  from  hand-roller  presses 250,  703 

Public  officer  receiving,  what  to  be  credited  and  charged  with.  77,  82,  85,  93, 118 

Purchase  of,  at  par 78,82,119,145 

Coin  with 169,  220 

Purloined.     (See  Stolen,  this  title.) 

Receipt  of,  except  at  Treasury,  prohibited 106 

To  be  taken  on  payment  of 145, 152 

Receivable  in  payment  of  loans,  certain 86 

In  payment  of  loan 94, 175 

For  public  dues,  $50 165 

For  what 76,  77,  82,  85,  86,  90,  93,  94, 

95,  118,  120, 127, 140, 144, 152, 157, 160, 165, 166, 169, 171, 175, 590, 635, 698 

Redemption 76,  82, 84,  90, 117, 119, 121, 

128, 130,143, 145, 152, 155, 156, 157, 158, 159, 160, 184, 190,590,643,  646,646 

And  purchase  of 119 

Of  within  a  year  if 121 

By  issue  of  stock 128, 134 

Of  stolen  uncanceled,  put  into  circulation;  evidence  required 142 

Amount  to  be  published 147 

Money  received  under  act  of  June  22,  1860 157 

Residue  of  loan  of  June  22,  1860,  to  be  applied  to 158 

Out  of  surplus  revenue  (United  States)  to  be 234 

At  what  ratio  (United  States)  in  excess  of  $300,000,000 234 

Before  maturity 202,  219 

Of  (United  States  notes),  in  coin  and  bonds 234 

In  gold  coin  (1890) 252,  705 

In  gold 610 

Of  certain  demand 166,  635 

Fund  of  gold  coin  and  bullion 252,  253,  705 

Maintenance  of 252,  253,  705 

Limit 706 

Funds  to  be  used  for  no  other  purpose 254 

In  coin 590,  698 

Secretary  shall  make  regulations  respecting  mutilated  or  defaced 658 

Reimbursement  of 77,  82,  84,  90, 117, 119, 143, 144, 145 

Reissue  of 92, 121, 130, 133, 133, 134, 145. 152, 154, 163, 177,  238,  590,  611,  698 

Power  to,  to  cease 119, 120, 153, 163 

Power  of  President  to,  revived 154 

Of,  act  repealed 97 

Of  new  in  place  of  worn-out,  etc 170 

Of  notes  for  $50  or  less 163 

Replacing  in  the  Treasury 155,  158 

Report  to  be  made  to  Congress 147,  163,  1 92 

Reserve  fund  for  redeeming,  of  1890 252,  253 

Maintenance  of 252,  253 

Addition  to 721 

Retirement,  proceeds  of  sale  of  bond  for;  amount 192,  649 

(United  States  notes)  prohibited ;  reissue,  further 238 

Rules  and  regulations  as  to  receipt  of M9 

Sale  and  redemption 1 52 

Or  pledge  of 82,  85,  93,  144,  152 

Of,  to  pay  Alabama  claims 237 

Seal  of  department  on,  not  required 164 

To  be  issued  under 1 62 

Signing  and  countersigning 76,  82,  85,  90,  91, 117, 143, 144,  152, 156, 162,  178 

No  salaried  officer  to  receive  compensation  for 135 

Sold,  pledged,  etc.,  for  less  than  principal  and  interest,  not  to  be 144 

Signing  by  Treasurer  and  Register,  and  imprint  of  Treasury  seal,  to  bear 

written  or  engraved 1 78 

And  sealing 187 

By  Treasurer,  or  some  one  for  him;  countersigning  by  Register,  or  fur 
him,  and  sealing 164 


808  INDEX. 

TREASURY  NOTES — Continued.  Page. 

Statement  to  be  published,  of  issued  or  redeemed 119, 147 

Issued  in  relation  to,  monthly 157 

Of  interest,  etc.,  on 178, 187 

Stock  may  be  issued  instead,  but  at  not  less  than  par 146 

Stolen,  officers  receiving  to  have  credit,  when 222 

To  reimburse  officers  for 135 

To  give  officer  credit  for 142 

Redemption  of 142 

Statement  of  payments  for 142 

Subscription  for,  to  be  opened 162 

Substituted  for  Treasury  or  United  States,  may  be 184,  646 

Substitution  of  United  States  notes  for 166, 635, 646 

Treasury  notes  for 646 

Taxation,  exempt  from  state 175, 184, 189,  220, 642 

Subject  to  state 247, 442,  600,  703 

Circulating  as  currency  subject  to  state 247 

Duty  levied  on 188 

Transferable,  how 77,  82,  85,  90,  91, 118, 130, 144, 152, 157 

United  States  notes  may  be  used  to  purchase  coin 169 

Worn-out,  replacing  and  destroying 170,  638 

TREASURY  OF  THE  UNITED  STATES: 

Sums  borrowed  (1798)  to  be  paid  into 53 

Books  opened  for  subscriptions  for  exchange  of  stock 104 

What  constituted  and  declared  to  be 121, 136 

What  shall  be  (sec.  3591,  R.  S.). 211 

Division  of  Issue  and  Redemption  in  Treasurer's  office  established 253 

Duties 254 

Surplus  in,  to  be  deposited  with  States 320 

Establishment  of  the  Currency  Bureau.     (See  Comptroller  of  the  Currency.) 
TREASURY,  SECRETARY  OF.     (See  Secretary  of  the  Treasury.) 
TRIAL  PIECES.     (See  Coinage.) 
TRUST  COMPANIES: 

To  report  to  the  Comptroller  of  the  Currency 290 

Subject  to  banking  laws 290 

Incorporation  of,  in  the  District  of  Columbia 291 

Comptroller  to  take  possession 291 

To  make  report  to  comptroller 406,  407 

To  report  to  comptroller 428 

In  Indian  Territory 450 

Branch  at  Louisiana  Purchase  Exposition 451 

(See  also  District  of  Columbia.) 
TRUST  FUNDS: 

Held  by  United  States,  investment  of 218 

TWO-CENT  PIECE.     (See  Coin.) 
UNIFORMITY.     (Sec  Coins;  Mints;  Weights.) 
UNION  PACIFIC  RAILROAD  COMPANY: 

Incorporation  of 171 

Government  bonds  to  aid  construction 171 

Lien  of  United  States 171 

Bonds,  when  and  how  paid 172 

Difficult  parts  of  the  road,  in  what  amounts  bonded 172 

Congress  may  compel  speedy  completion  of  road 173 

Amounts  to  be  reserved  until  completion 173, 174 

Forfeiture 174 

To  designate  general  route  of  road 194 

Lands  along  entire  line  to  be  reserved 194 

Amount  of  bonds  entitled  to,  if 194 

Bonds  issued  to,  may  be  of  larger  denominations  than  $1 ,000 195 

Amount  for  freight  to  offset  interest  and  earnings  due  United  States 208,  223 

United  States  may  pay  prior  liens  and  be  subrogatcd 243 

Proceedings  to  protect  the  United  States 244 

Investment  of  sinking  funds 244 

Settlement  with  Central  and  Western  Pacific  railroads 250 

Foreclosure 251 

(Sec  also  Pacific  railroads.) 


INDEX.  809 

UNITED  STATES:  Page. 

Authority  to  borrow  money  (Confederation) 1 

Emit  bills  (Confederation) 1 

Not  to  coin  money,  unless  (Confederation) 1 

Nor  regulate  the  value  thereof,  unless  (Confederation) 1 

Nor  emit  bills,  unless  (Confederation) 1 

Nor  borrow  money,  unless  (Confederation) 1 

Pledge  for  bills,  money  borrowed,  and  debts  (Confederation) 1 

To  transmit  to  States  an  account  of  money  borrowed  or  emitted  (Confedera- 
tion)    1 

Congress  to  make  laws  relating  to  loans,  coinage,  etc 3 

Appropriations  for  support  of  (see  also  Appropriation) 7 

Redemption  of  domestic  loan,  on  what  terms 9, 10 

Debt  of,  to  be  purchased  (see  also  Public  debt) 17 

Settlement  of  accounts  between,  and  States 15, 17 

Time  of  settlement  extended 17 

To  subscribe  to  stock  of  Bank  of  United  States 21 

States  indebted  to,  may  obtain  a  discharge 54 

Payments  to,  to  what  officers 139 

All  dues  to,  shall  be  paid  in  gold  and  silver  coin  only 140 

Trust  funds  held  by,  to  be  invested 218 

To  subscribe  to  stock  of  Bank  of  United  States 275, 298 

Stock  of,  in  Bank  of  United  States — settlement 310 

Bonds  of,  in  Bank  of  United  States — sale  of 310 

Secretary  of  Treasury  to  act  as  agent  of,  in  matters  relating  to  bank  of 

United  States 310 

Not  to  be  liable  in  assaying  gold  in  California 510 

Liability  to  redeem  Hawaiian  money 618 

Banks  in  the  District  of  Columbia  may  loan  to  the  United  States 629 

(See  also  Faith  of  the  United  States;  Loans;  Banks,  etc.) 
"UNITED  STATES  BONDS:" 

Defined  (see  Bonds  of  United  States) 223,  331,  389 

UNITED  STATES  NOTES: 

Act  of  December  23,  1857,  ch.  1,  revived 164,167,178,637 

Bonds  of  United  States  to  be  issued  on  deposit  of 166,  635 

May  be  disposed  of  for 166,  635,  636 

Exchanged  for 639 

Cancellation 184, 192,  200,  238,  639,  646,  649,  651,  659,  692,  708 

And  substitution 255,  457,  708 

Of,  suspended 651 ,  659,  692 

Of,  prohibited 238 

Certificates  of  deposit  to  be  issued  for 166, 167, 185,  373,  400,  635,  637,  639 

May  be  accepted  in  settlement  of  clearing-house  balances 373,  400,  669 

Coin  may  be  purchased  with 169,  220 

Convertible  into  bonds 1 66, 191 

Coin 202,  219 

Counterfeiting,  etc.    (See  Penalty.) 

Denominations 165,  1 77,  457,  635,  638,  642,  644,  657 

Small 638 

Deposits  of,  may  be  received 166,  167,  1 85,  635,  637,  639,  646,  668 

Withdrawal  of 168,  174,  637,  640 

Limitation  on  amount  modified 170 

Repealed 1 74,  639 

Aggregate  of 168, 186,  637 

Reserve  to  pay 174,  186,  MO,  616 

Interest  to  determine  at  pleasure  of  Secretary 168,  637 

To  redeem  certu in  certificates 37  1,  401,  669 

Interest  on,  may  be  increased  or  diminished 186 

Destroying 170,  184,  638,  613,  646,  659 

By  maceration 681 

Engraving  and  preparation 428,  658,  659,  661,  687,  688,  690,  703,  710 

And  printing  of,  in  Treasury  Department 42S,  639,  658,  687,  688,  690,  710 

Exchange  of,  for  postage  stamps 64 1 

Treasury  notes 1 76,  643,  (ill 

Certificates  convertible  into  bonds 16(5,  639 

Bonds 1 77,  1 92,  639,  644 

15712°— 10 52 


810  INDEX. 

UNITED  STATES  NOTES — Continued.  Page. 

Exchange  of,  fractional  notes 177, 645, 658,  689 

Coin 252,253,576,661,689,705 

And  reissue 611 

Expense  of  issue,  etc 167, 187, 206, 218,  640,  659,  661,  687,  690 

Form 167, 177, 178, 187,  636,  639,  642,  644,  657 

Fractional  notes  exchangeable  for  (see  also  Currency) 645,  658 

Fraudulent  to  be  stamped 427, 689 

Officers  liable  for  wrongfully  stamping 427,  689 

Included  in  "obligations  or  other  security  of  the  United  States" 187,223 

Instructions  relative  receiving  or  preparing 187 

Interest  on 168,  637 

Payable  in  coin 166,  219 

Interest,  not  to  bear  (see  also  Interest) 165, 177,  635,  638, 642,  644,  657 

Issue  of 165,  176, 186,  635,  638,  642,  643,  644,  646 

For  exchanges 176,  643 

In  lieu  of  notes  canceled 177,  639,  644 

In  lieu  of  demand  treasury  notes 166,  635,  644 

No  further,  of  legal  tender  authorized 189,  191 

When  deficiency  in  small  silver  certificates 457,  713 

To  exchange  for  treasury  notes 176,  643,  644 

To  Union  Pacific  Railroad  Company 171 

When  deficiency  in  small  silver  certificates 457 

Not  for  fractional  part  of  a  dollar 638 

Larger  denominations  in  lieu  of  small  retired 697,  710 

Lawful  money.     (See  Legal  tender,  this  title.) 

Legal  tender 166, 177,  635,  638,  642,  644,  646,  657,  659 

Legal  tender  notes,  further  retirement  prohibited 238,  691 

To  be  paid  out  again 238, 691 

To  be  redeemed 423 

Subject  to  state  taxation 442,  600 

Exchange  of  coin  for 252,  253,  576,  661,  689 

Held  as  a  special  fund  for  retirement  of  fractional  currency 576,  689,  693 

To  be  paid  out  for  pensions 693 

Reissue  upon  retirement  of  fractional  currency 576 

Limitation  on  amounts 166,  175, 176,  635,  643,  646,  682 

Never  to  exceed  $450.000.000 185 

Amount  with  depositaries 170, 174 

Maximum  of  outstand ing 234,  420,  422,  457,  6S2,  684,  713 

To  appear  in  public  debt  statement 420,  6S2 

Mutilated,  replacing,  canceling,  and  destroying..  170,200,  238,  G3S,  (i51,  65S,  059,  692 

To  be  canceled  and  new  notes  issued  instead 238 

Or  injured  may  be  replaced 170 

Destruction  of 170 

National  banks  not  to  loan  on  or  withhold  from  use 366,  670,  405,  651 

Noninterest  bearing,  issue 1 65,  ]  77,  635,  638,  642,  657 

Penalty.     (See  Penalty.) 

Portrait  of  living  person  on,  prohibited 191,  211,  658 

Name 244 

Payable  to  bearer 635,  657 

In  coin 201,  639,  652,  661 

For  gold  coin  or  bullion 182 

Not  before  maturity  unless 201,  219 

Payment  in  coin  or  its  equivalent  pledged 201,  218,  652,  661 

Of  dues  to  United  States  in 210 

Printing  from  hand-roller  presses 250,  703 

Provisions  of  act  of  February  25,  18G2,  applicable  to  act  of  July  11,  1862..   4-10,640 

Receivable  for  what  taxes,  etc 166,  635,  637,  638 

On  loan 185 

In  payment  of  loans 166,  636 

On  deposit  from  national  banks 373,  100,  613,  668 

Redemption ] 84,  646,  652,  058,  661 

In  coin 202,  218,  219,  23 1,  423,  43<\  686 

A  fter  to  be  reissued 692 

In  gold  coin  (1890) 252,  703 

In  gold 610 


INDEX.  811 

UNITED  STATES  NOTES — Continued.  Page. 

Redemption  out  of  surplus  revenue 234 

Of  excess  of  $300,000,000;  ratio 234,  685 

Sale  of  bonds  to  provide  means  to  redeem  in  coin 234,  686 

Fund  of  gold  coin  and  bullion 252, 253,  705 

Maintenance  of 252,  253,  705 

To  be  reissued 253 

On  increase  of  national-bank  circulation 422 

Of  national-bank  notes  with 418 

When  bullion  fund  below  $100,000,000 434 

Of  certificates  issued  to  national  banks  with 374,  400, 401 

Before  maturity 202,  219,  661 

Funds  to  be  used  for  no  other  purpose 254 

Regulations  respecting  mutilated  and  defaced 658 

Reissue  of 177,  238,  253,  255,  611,  636,  638,  639,  644,  659,  692 

Redeemed 238,  253 

Exchanged 639 

In  place  of  worn-out,  mutilated,  etc 170,  238 

To  be  held  in  reserve  fund 253,  706 

Upon  retirement  of  fractional  currency 576 

Replacing  from  sales  of  Treasury  notes. 176,  644 

Mutilated,  etc ." 200,  238,  659 

Reserve,  not  to  be  held  as  part  of 682 

To  pay  temporary  loan 186,  646 

Not  to  be  held  as  a 420 

Fund  for  redeeming,  of  1890 252,  253,  705 

Maintenance 252,  253,  705 

Limit 706 

Additions  to • 721 

Retirement,  with  proceeds  of  bonds 192,  649,  651,  659,  708 

Prohibited 238,  692,  722 

Suspended 200,  659 

Limitation  on 192 

And  substitution 613 

Of  higher  denominations 457,  713 

Seal 1 67, 178, 187,  636 

Signing,  countersigning,  sealing 167, 178, 187,  636 

Stamps  receivable  in  exchange  for 641 

Statement  of  what  to  be  printed  on 178, 187 

Substitution  for  Treasury  notes 166, 184,  635,  646 

United  States  notes 184,  646 

Taxation,  exempt  from  state 1 75, 184,  220,  6-12 

Subject  to  state 247,  442,  600,  702 

Duty  levied  on 188 

Worn-out,  replacing  and  destroying 638 

UNITED  STATES  TREASURY.     (See  Treasury  of  the  United  States.) 
VALUE  (see  also  Coin): 

Of  coin,  regulating  the 473,567 

Not  to  regulate,  unless  (confederation) 1 

Dollar,  the  standard  of,  and  parity  to  be  maintained 252 

Of  money,  regulating  the 473,  610 

Of  certificates  receivable  from  subscribers  to  domestic  loan 9, 10 

Foreign  coin,  how  ascertained 3,  4,  209,  567 

To  be  estimated  annually 209,  567 

To  be  estimated  quarterly 593 

Fixing,  of  foreign  currency  (Constitution)  (sec  Coin) 3 

Power  to  regulate,  of  coins  (Constitution) 3 

Foreign  (<  'onstitution) 3 

Sovereign  or  pound  sterling 567 

United  States  not  to  regulate,  of  money  unless  (confederation) 1 

VESSELS: 

Loan  to  build 33 

WARRANTS: 

For  payment  of  money,  Assistant  Secretary  of  the  Treasury  may  be  dele- 
gated to  sign .' ' .' 199 

WASHINGTON,  CITY  or.     (Xr<:  District  of  Columbia.) 


812  INDEX. 

WASTAGE  (IN  MINT):  Pago. 

Allowance  for 504 

No  allowance  in  copper  coinage 507 

Bullion  fund  to  be  charged  with 53§ 

What  allowable  as  necessary 542, 562 

WEIGHTS  AND  MEASURES  (sec  also  Coins): 

Fixing  standard  of 473, 544,  564 

Brass  troy  pound  to  be  standard 494, 544, 564 

A  series  of  standard  weights  to  be  procured 494,  544,  564 

To  be  regulated  at  least  annually 494, 544 

Power  to  fix  standards  of  (Constitution) 3 

WESTERN  PACIFIC  RAILROAD: 

Settlement  with 250 

Foreclosure 251 

o 


61sT  CONGRESS  "I  Qi?v  A  TF  r  DOCUMENT  580 

fd  Session      }  SENATE  Parfc  2 


NATIONAL  MONETARY  COMMISSION 


TABLE  OF  CONTENTS 

LAWS  OF  THE 

UNITED  STATES  CONCERNING 

MONEY,  BANKING,  AND 

LOANS,  1778-1909 


Washington  :  Government  Printing  Office  :  1910 


TABLE  OF  OO^TEFTS. 


FINANCE. 

Page. 

Articles  of  Confederation 1 

Constitution 3 

ACTS  OF  CONGRESS. 

1789,  July    31. — Collection  of  duties — Rates  of  coins 3 

Sept.     2.— Treasury  Department  established 4 

1790,  Mar.    26. — Payment  of  interest,  appropriation  for 6 

Aug.      4. — Payment  of  the  public  debt;  commissioners 7 

Aug.     5. — Settling  accounts  with  States 15 

Aug.    12. — Reduction  of  public  debt 17 

Dec.    27. — Payment  of  the  public  debt 19 

1791,  Feb.    25.— Bank  of  the  United  States  incorporated 20 

Mar.      3. — Revenues  pledged  for  interest  and  debt 21 

Mar.      3. — Reduction  of  the  public  debt 23 

Mar.      3. — Loan  for  protection  of  frontiers 24 

1792,  May      2. — Loan  for  protection  of  frontiers 24 

May      8. — Supplementary  provision  for  payment  of  the  debt 25 

May      8.— Appropriation  for  foreign  intercourse 27 

1793,  Feb.     28.— Authorizing  a  loan 27 

Mar.      2. — Loan  from  Bank  of  United  States,  payment  on 28 

Mar.      2. — Extending  time  for  subscriptions  by  public  creditors 28 

1794,  Mar.    20.— Authorizing  a  loan  of  $1,000,000 29 

Apr.    21. — Claims  for  destroyed  certificates 29 

May    30. — Extending  time  for  subscriptions  by  public  creditors 31 

May    31 . — Interest  on  balances  due  to  States 31 

June     4. — Loan  from  Bank  of  United  States,  payment  on 32 

June     5. — Appropriation  for  vessels 33 

June     9. — Authorizing  a  loan :   Foreign  intercourse 33 

Dec.    18.— Authorizing  a  loan  of  $2,000,000 34 

1795,  Jan.       8. — Payment  of  foreign  debts  and  loan  from  Bank  of  the  United 

States 34 

Jan.     28. — Extending  time  for  subscriptions  by  public  creditors 35 

Feb.    21. — Reimbursement  of  a  loan  from  revenue 35 

Mar.       3.— Further  provision  for  credit  and  redemption  of  debt 36 

1796,  Feb.    19. — Extending  time  for  subscriptions  by  public  creditors 43 

Apr.    28. — Further  provision  for  credit  and  redemption  of  debt 44 

May      6. — Authorizing  a  loan  for  city  of  Washington 45 

May    30. — Additional  loan  for  foreign  intercourse 46 

May    31  .—Provision  for  payment  of  certain  public  debtfi 46 

June     1. — Loan  for  military  and  naval  establishments 48 

HI 


IV  NATIONAL  MONETARY   COMMISSION.                       FINANCE. 

Page. 

1797,  Mar.      3. — Appropriation  of  duties  to  pay  debt 48 

Mar.      3. — Receipt  of  stock  in  payment  for  lands  authorized 49 

Mar.      3. — Extending  time  for  subscriptions  by  public  creditors 49 

July      8.— Authorizing  a  loan  of  $800,000 50 

1798,  June  12. — Respecting  loan  office  and  final  settlement  certificates,  indents 

of  interest,  and  the  unfunded  or  registered  debt 50 

July      9. — Time  of  presenting  claims  against  the  United  States 51 

July    16.— Enabling  the  President  to  borrow  $5,000,000 52 

July    16. — Authorizing  loan  to  anticipate  direct  tax 53 

1799,  Feb.    15. — Respecting  balances  due  by  States 54 

Mar.      2. — Appropriation  for  augmenting  the  army 55 

1800,  May      7.— Enabling  the  President  to  borrow  $3,500,000 56 

May     10. — Duties  of  the  Secretary  of  the  Treasury 57 

1802,  Apr.    29. — Providing  for  redemption  of  whole  of  public  debt 57 

1803,  Feb.    26. — Additional  loan  for  foreign  intercourse 61 

Nov.    10. — Creating  stock  for  Louisiana  purchase 62 

Nov.    10. — Provision  for  payment  of  French  spoliation  claims 64 

1804,  Feb.    24. — Extending  certain  acts  to  the  Territories 65 

Mar.  26. — Authorizing  loan  to  protect  American  commerce  and  seamen 

against  the  Barbary  powers 65 

1806,  Feb.    13. — Additional  loan  for  foreign  intercourse 66 

Apr.    18. — Discontinuing  receipt  of  public  debt  for  land 66 

1807,  Feb.    11.- — Providing  for  exchange  of  stock 68 

1809,  Mar.  3.— Requiring  disbursing  agents  to  keep  public  moneys  in  bank. .  71 
June  28. — Extending  powers  of  sinking  fund  to  all  cases  of  reimburse- 
ment   71 

1810,  May      1. — Authorizing  a  loan  for  a  sinking  fund 72 

1811,  Mar.      2.— Authorizing  a  loan  of  $5,000,000 73 

1812,  Mar.    14.— Authorizing  a  loan  of  $11,000,000 75 

June    30. — Authorizing  Treasury  notes 76 

July      1 . — Making  Louisiana  purchase  stock  transferable 78 

July      6. — Subscription  and  exchange  of  stock 79 

July      6.— Authorizing  agents  for  $11,000,000  loan 80 

1813,  Feb.      8.— Authorizing  a  loan  of  $16,000,000 80 

Feb.    25. — Authorizing  Treasury  notes 81 

Aug.      2.— Authorizing  a  loan  of  $7,500,000 83 

1814,  Mar.      4.  —Authorizing  Treasury  notes 84 

Mar.    24.— Authorizing  a  loan  of  $25,000,000 85 

Nov.    15.— Authorizing  a  loan  of  $3,000,000 86 

Dec.    15. — Pledging  revenues  for  sinking  fund 87 

Dec.    21. — Authorizing  loan  in  anticipation  of  duties 89 

Dec.    26. — Authorizing  Treasury  notes 89 

1815,  Jan.       9.— Authorizing  a  loan  to  anticipate  direct  tax 90 

Feb.    24. — Authorizing  Treasury  notes 91 

Mar.      3.— Authorizing  a  loan  of  $18,452,800 94 

]81fi,  Apr.    30. — Resolution:  Use  of  legal  currency 95 

1817,  Mar.  3. — Duties  of  commissioners  of  loans  transferred  to  Bank  of  the 

United  States 95 

Mar.      3. — Terminating  authority  for  loans  and  Treasury  notes 97 

1817,  Mar.      3. — Providing  for  redemption  of  debt 98 

Mar.      3. — Restrictions  on  banks  in  District  of  Columbia 101 

1818,  Apr.  13. — Extending  time  for  loan  office  and  final  settlement  certificates  102 

1819,  Fob.      4.— Payment  of  lost  Treasury  notes 102 


FIKAKCB.  LAWS  CONCEKNING   MONEY,  BANKING,  AND  LOANS.  V 

Page. 

1820,  May  15.— Authorizing  a  loan  of  $3,000,000 103 

1821,  Mar.      3.— Authorizing  a  loan  of  $5,000,000 103 

1822,  Feb.  19.— Enabling  States  to  transfer  stock 104 

Apr.  20. — Authorizing  exchange  of  stocks 104 

May      3. — Limiting  receipt  of  Treasury  notes 106 

May      7. — Extending  time  for  loan  office  and  final  settlement  certificates.  106 

1823,  Mar.      3. — Making  foreign  gold  coins  receivable  for  lands 107 

1824,  Jan.  22. — Authorizing  purchase  of  7  per  cent  stock 107 

May  24. — Authorizing  stock  for  settlement  of  Spanish  claims 109 

May  26. — Authorizing  exchange  of  stocks 110 

1825,  Mar.      3. — Providing  punishment  for  counterfeiting,  etc Ill 

Mar.      3. — Authorizing  a  loan  or  exchange  of  stock  of  1813 112 

1830,  Apr.  24. — Authorizing  redemption  or  purchase  of  debt 113 

1832,  July  14. — Extending  time  for  loan  office  and  final  settlement  certificates  114 

1836,  Apr.  11. — Repealing  transfer  of  duties  of  commissioners  of  loans 115 

June      7. — Payment  of  Spanish  claims 116 

July      4. — Suspending  the  sinking  fund 117 

1837,  Oct.  12.— Authorizing  Treasury  notes 117 

Oct.  16. — Settling  drafts  transferring  deposits  to  States 119 

1838,  May  21.— Authorizing  Treasury  notes 120 

1839,  Mar.      2. — Authorizing  Treasury  notes 120 

1840,  Mar.  31. — Authorizing  Treasury  notes 121 

July      4. — Establishing  the  Independent  Treasury 121 

1841,  Feb.  15. — Authorizing  Treasury  notes 127 

July  21.— Authorizing  loan  of  $12,000,000 128 

Aug.  13. — Repealing  the  Independent  Treasury  act 129 

1842,  Jan.  31.— Authorizing  Treasury  notes 129 

Apr.  15. — Extending  the  loan  act  of  1841 130 

Aug.  31. — Concerning  sale  of  stock  and  authorizing  Treasury  notes 132 

1843,  Mar.      3. — Reissue  and  funding  of  Treasury  notes 133 

1846,  July  22.— Authorizing  Treasury  notes  and  a  loan,  in  all  $10,000,000 134 

Aug.      6. — Better  organization  of  the  Treasury 136 

Aug.  10. — Payment  of  lost  or  stolen  Treasury  notes Ill 

1847,  Jan.  28.— Authorizing  Treasury  notes  and  a  loan,  in  all  $23,000,000 143 

Feb.  9. — Payment  of  interest  on  public  debt 147 

1848,  Mar.  31.— Authorizing  a  loan  of  $16,000,000 147 

1850,  Sept,  9.— Payment  of  $10,000,000  to  Texas  in  stock 149 

1852,  Aug.  31. — Disposition  of  unexpended  appropriations 149 

1853,  Mar.      2. — Compensation  for  designated  depositaries 150 

Mar.  3. — Authorizing  payment  of  market  price  for  stock 150 

1857,  Mar.  3. — Safe-keeping  of  public  moneys 151 

Dec.  23. — Authorizing  Treasury  notes 151 

1858,  June  14.— Authorizing  a  loan  of  $20,000,000 153 

1859,  Mar.  3. — Continuing  issue  of  Treasury  notes 154 

1860,  June  22.— Authorizing  a  loan  of  $21,000,000  to  fund  Tn  usury  notes 155 

Dec.  17. — Authorizing  Treasury  notes 156 

1861,  Feb.  8.— Authorizing  a  loan  of  $25,000, 000 158 

Mar.  2.- — Authorizing  a  loan  of  $10,000,000  and   payment   or  issue  of 

Treasury  notes  or  certificates 159 

Mar.  2. — Payment  on  account  of  Indian  hostilities 161 

July  17. — Authorizing  a  loan  of  $250,000,000;  issue  of  bonds  or  Treasury 

notes. .  161 


VI  NATIONAL   MONETARY   COMMISSION.  FINANCE. 

Pags. 

1861,  Aug.      5. — Exchange  of  bonds  for  Treasury  notes;  supplementary  to  pre- 

ceding act 164 

1862,  Feb.  25. — Authorizing  United  States  notes  and  redemption,  and  funding 

the  floating  debt 165 

Mar.      1. — Authorizing  certificates  of  indebtedness 168 

Mar.    17. — Authorizing  the  purchase  of  coin 169 

Apr.    21. — Establishing  a  branch  mint  at  Denver 170 

July      1. — Aiding  construction  of  Pacific  railroads 171 

July    11. — Authorizing  United  States  notes 174 

1863,  Mar.      3.— Authorizing  a  loan  of  $900,000,000  and  third  issue  of  legal- 

tender  notes 175 

Mar.      3. — Coin  or  bullion  contracts,  and  tax  thereon 179 

1864,  Mar.      3.— Supplementary  to  loan  act  of  March  3,  1863 180 

Mar.    17. — Resolution:  Interest  on  public  debt  may  be  anticipated 181 

June      3. — Providing  a  national  currency,  secured  by  bonds 181 

June    17. — Prohibiting  certain  sales  of  gold  and  foreign  exchange 182 

June    30.— Authorizing  a  loan  of  $400,000,000 183 

June    30. — Safekeeping  of  internal-revenue  moneys;  taxes 188 

1865,  Jan.     28. — Issue  of  Treasury  notes  instead  of  bonds 188 

Feb.    13. — Providing  for  acting  assistant  treasurers 189 

Mar.      3.— Authorizing  a  loan  of  $600,000,000 190 

1866,  Apr.      7. — Prohibiting  portrait  on  securities 191 

Apr.    12. — Exchanging  Treasury  notes  for  bonds 192 

June    14. — Safekeeping  of  public  money  intrusted  to  disbursing  officers..  193 

July      3. — Amending  Pacific  Railway  act 194 

July    26. — Authorizing  bonds  in  denominations  greater  than  $1,000 195 

1867,  Feb.      5. — Punishing  forgery,  counterfeiting,  etc 195 

Mar.      2. — Authorizing  Assistant  Secretary  of  the  Treasury  to  sign  war- 
rants    199 

Mar.      2. — Authorizing    temporary    loan    certificates;    redemption    com- 
pound-interest notes 199 

1868,  Feb.      4. — Suspending  further  reduction  of  the  currency 200 

July    25. — Authorizing  further  temporary  loan  certificates;  redemption 

compound-interest  notes 200 

1869,  Mar.      3. — Prohibiting  work  for  private  parties  in  Engraving  and  Printing 

Bureau 201 

Mar.    18. — Strengthening  the  public  credit;  specie  payments  201 

1870,  Mar.    25.— Withholding  money  from  States  in  default 202 

July      8. — Refunding  interest  paid  by  Massachusetts  on  account  of  war. .  202 

July     14. — Authorizing  the  refunding  of  the  national  debt 203 

1871,  Jan.     20. — Amending  act  authorizing  refunding  of  the  national  debt 206 

1872,  May     23. — Limiting  the  appropriation  for  preparation  of  securities 206 

June      1. — Providing  for  the  issue  of  bonds  in  lieu  of  those  destroyed  <>r 

defaced 207 

1873,  Mar.      3. — Withholding  payments  to  Pacific  railroads  for  freight 208 

Mar.      3. — Use  of  money  received  on  account  of  Geneva  award 208 

Mar.      3. — Fixing  the  value  of  the  English  sovereign  or  pound  sterling.  .  209 

REVISED  STATUTES. 
Sec. 

248.  General  duties  of  the  Secretary  of  the  Treasury 210 

257.  Annual  reports  to  Congress 210 

3473.  Duties  and  other  debts,  in  what  currency  to  In-  paid 210 


FINANCE.        LAWS   CONCERNING    MONEY,  BANKING,   AND   LOANS.  VII 

Sec.  Page. 

3476.  Treasury  notes  payable  for  debts  of  the  United  States 211 

3481.  Retention  of  money  due  States  in  default 211 

3576.  Portrait  on  securities 211 

3591.  Treasury  of  the  United  States 211 

3592.  Certain  mints  and  assay  offices  to  be  depositaries 211 

3593.  Public  moneys  subject  to  draft  of  the  Treasurer 211 

3594.  Mint  and  assay  officers  as  assistant  treasurers 211 

3595.  Assistant  treasurers 212 

3596.  Salaries  of  assistant  treasurers 212 

3597.  Receipt  of  commissions  and  perquisites  by  assistant  treasurers,  forbidden.  212 

3598.  Rooms  for  use  of  assistant  treasurers 212 

3599.  Their  care  and  use  of  the  rooms 212 

3600-1.  Bonds  of  assistant  treasurers  and  subordinates 213 

3602.  Deputy  assistant  treasurer  at  New  York 213 

3603-12.  Authorize  the  employment  of  subordinate  officers,  etc.,  at  sub  treas- 
uries   213 

3613.  Deputies  in  case  of  sickness  or  absence 213 

3615.  Collectors  of  public  moneys  to  pay  over 213 

3616.  How  marshals  and  district  attorneys  may  pay  into  the  Treasury 214 

3617.  Moneys  to  be  deposited  without  deduction 214 

3620.  Duty  of  disbursing  officers 214 

3621.  Deposit  of  moneys  required 215 

Duties  of  officers  as  custodians  of  public  moneys 215 

Transfer  of  moneys  from  depositaries  to  Treasury 215 

Transfer  of  postal  deposits 215 

Public  moneys  in  Treasury  and  depositaries  subject  to  draft  of  Treasurer.  216 

3645.  Regulations  for  presentment  of  drafts 216 

3649.  Examination  of  depositaries 216 

3650.  Examination  of  accounts  of  custodians  of  public  moneys 216 

3651.  Exchange  of  funds  restricted 217 

3652.  Premium  on  sales  of  public  moneys  to  be  accounted  for 217 

3659.  Investment  of  trust  funds 218 

3689.  Permanent  annual  appropriations 218 

3693.  Payment  in  coin 218 

3694.  Application  of  coin  paid  for  duties 219 

3695.  Cancellation  of  bonds  redeemed  or  paid 219 

3696.  Addition  to  sinking  fund 219 

3697.  Redemption  of  6  per  cent  bonds 219 

3698.  Payment  of  interest 220 

3699.  Anticipation  of  interest 220 

3700.  Purchase  of  coin 220 

3701 .  Exemption  from  taxation 220 

3702.  Duplicate  for  bonds  destroyed 220 

3703.  Indemnity  for  destroyed  bonds 221 

3704 .  Duplicate  of  lost  registered  bond  may  be  issued 221 

3705.  Indemnity  for  missing  bond 221 

3706.  Exchange  of  registered  for  coupon  bonds 221 

3707.  Credit  to  officers  for  stolen  notes 222 

3708.  Imitating  securities  or  printing  advertisements  thereon 222 

5153.  Duties  and  liabilities  of  national-bank  depositaries 222 

5158.  United  States  bonds  defined 223 

5260.  Withholding  payments  to  certain  railroads 223 

5413.  Obligation  or  other  security  of  the  United  States  defined  . .  223 


VIII  NATIONAL  MONETARY  COMMISSION.  FINANCE. 

Sec.  Page. 

5414.  Forging  or  counterfeiting  securities 223 

5415.  Counterfeiting  national-bank  notes 223 

5430.  Using  plates  to  print  notes,  without  authority,  etc 224 

5431.  Uttering,  etc.,  forged  obligations 225 

5432.  Taking  impressions  of  tools,  implements,  etc 226 

5433.  Having  unlawful  possession  of  impressions 226 

5434.  Dealing  in  counterfeit  securities 226 

5435.  False  personation  of  holder  of  public  stocks 227 

5436.  False  demand  on  fraudulent  power  of  attorney 227 

5437.  Circulating  bills  of  expired  banks 227 

5453.  Secreting  or  embezzling  tools  or  materials  for  printing  securities 228 

5488.  Disbursing  officer  unlawfully  disposing  of  public  moneys 229 

5489.  Failure  of  treasurer,  etc.,  to  safely  keep  public  moneys 229 

5490.  Custodians  of  public  money  failing  to  safely  keep  without  loaning,  etc . .  229 

5491.  Failure  of  officer  to  render  accounts,  etc 229 

5492.  Failure  to  deposit  as  required 230 

5497.  Unlawfully  receiving,  to  be  embezzlement 230 

ACTS  SUBSEQUENT  TO  THE  REVISED  STATUTES. 

1873,  Dec.    17.— Providing  for  the  redemption  of  the  loan  of  1858 230 

1874,  June    20. — Repeal  of  permanent  appropriations  for  national  loan 231 

June   23. — Payment  of  Alabama  claims;  issue  of  bonds 232 

1875,  Jan.     14. — Providing  for  the  resumption  of  specie  payments 233 

Mar.      3. — Force  to  be  employed  in  carrying  out  act  of  1874;  redemption 

of  bonds 235 

Mar.  3.— Payment  for  Mississippi  River  improvements  to  be  in  money 

or  bonds 236 

Mar.  3. — Adjustment  of  taxes  and  penalties  due  from  mining  and  other 

corporations 237 

1876,  Apr.     11. — Payment  of  Alabama  claims;  issue  of  bonds 237 

1878,  May     31. — Forbidding  the  further  retirement  of  United  States  legal-tender 

notes 238 

June  8. — Superintendents  of  mints  and  assayers  may  be  constituted 

assistant  treasurers 238 

June  11. — Sinking  fund  abolished  and  transferred 239 

1879,  Jan.     25. — Facilitating  the  refunding  of  the  national  debt 239 

Feb.    26. — Authorizing  the  issue  of  certificates  of  deposit  in  aid  of  the 

refunding  of  the  public  debt 240 

Mar.      3. — Bullion  certificates  repealed 240 

Mar.      3. — Appropriation  for  the  blind 241 

1881,  Mar.      3. — Surplus  in  Treasury  to  purchase  bonds 241 

1882,  July    12. — Exchange  of  3£  per  cent  for  3  per  cent  bonds 241 

1884,  May     16. — To  prevent  and  punish  counterfeiting 242 

1886,  Mar.    31. — Authorizing  the  temporary  appointment  of  an  acting  assistant 

treasurer 242 

1887,  Mar.      3. — Investigation  of  Pacific  railroads 243 

1889,  Mar.      2. — Names  on  portraits 244 

1890,  Oct.       1. — Incorporation   of  trust,   loan,   mortgage,   and   other  corpora- 

tions within  the  District  of  Columbia 245 

1891,  Feb.    10. — To  prevent  counterfeiting,  etc 245 

1894,  Aug.    13. — State  taxation  of  national-bank  and  Treasury  notes 247 

Aug.    15. — Bonds  to  be  issued  for  paying  Cherokee  Nation 247 


FINANCE. 
BANKING. 


LAWS  CONCERNING   MONEY,  BANKING,  AND  LOANS. 


IX 


Page. 

1896,  May    28. — Moneys  to  be  deposited  in  public  depositories 248 

1898,  June    13. — Ways  and  means  to  meet  war  expenditures;  certificates  of 

indebtedness,  bonds 248 

July      1. — Hand-roller  presses 250 

July      7.— Settlement  with  Pacific  railroads 250 

July      7.— Joint  resolution:  Annexing  the  Hawaiian   Islands;  assump- 
tion of  debt 251 

1900,  Mar.    14. — To  define  and  fix  the  standard  of  value,  and  maintain  the 

parity  of  money,  to  refund  the  debt,  etc 252 

June  6. — Settlement  with  Pacific  railroads 257 

June  6. — Safe-keeping  and  disbursement  of  moneys  in  the  Philippines, 

Cuba,  and  Porto  Rico 258 

June  6. — Joint  resolution:  Authorizing  the  Banco  Espanol  de  Puerto 

Rico  to  amend  by-laws 258 

1901,  Mar.      3. — Amending  section  5153,  Revised  Statutes;  national-bank  de- 

positaries   259 

1902,  June    28.— Isthmian  Canal  loan 260 

July      1.— Depositaries  of  public  money  in  the  Philippines 261 

1905,  Dec.    21.— Supplemental  to  Isthmian  Canal  act 261 

1906,  June    25. — Modifying  appropriation  for  the  blind 262 

1908,  May    30. — Amending  the  national  banking  law  (Aldrich-Vreeland  Act)  .  263 

1909,  Mar.      4. — National  monetary  commission  continued 264 

Aug.      5. — Isthmian  Canal;  additional  issue  of  bonds;  certificates  of  in- 
debtedness    265 

1910,  Feb.      4. — Bonds  and  certificates  of  indebtedness;  conditions  of  issue 266 

BANKING. 

ACTS  OF  CONGRESS. 

1791,  Feb.    25.— Incorporating  the  Bank  of  the  United  States 269 

Mar.      2. — Supplementary  to  the  bank  act 276 

1793,  Feb.    28. — Loan  from  the  bank;  how  to  be  paid 277 

Mar.      2. — Payment  of  first  installment  on  a  loan  due  the  bank 278 

1794,  June     4. — Payment  of  second  installment  on  a  loan  due  the  bank 278 

June     5. — Loan  authorized;  how  to  be  paid 279 

June     9. — Loan  authorized;  how  to  be  paid 279 

1795,  Jan.  -8. — Payment  of  foreign  debts,  and  third  installment  on  a  loan  due 

to  the  bank 280 

Feb.    21. — Reimbursement  of  a  loan  authorized  at  last  session 280 

1796,  June      1. — Loan  authorized;  how  to  be  paid 281 

1798,  June    27.— Penalty  on  forging  or  counterfeiting  bills,  etc.,  of  the  bank. . .       282 
July     16. — Obtaining  a  loan  on  credit  of  the  direct  tax 28? 

1799,  Mar.      2. — Loan  from  the  bank;  how  to  be  paid , . . .       282 

1802,  Apr.    29.— Provision  for  the  redemption  of  the  whole  of  the  public  debt ; 

employment  of  the  bank 

1803,  Feb.    26.— Loan  from  the  bank 

1804,  Feb.    24. — Acts  concerning  the  bank  extended  to  Louisiana 

Mar.    23. — Bank  authorized  to  establish  offices  of  discount  and  deposit. . 
Mar.    26. — Loan  from  the  bank;  how  to  be  paid 

180G,  Feb.    13.— Loan  from  the  bank;  how  to  be  paid 

1807,  Feb.    24.— Punishment  of  frauds  committed  on  the  bank 

1809,  June    28. — Loans  from  the  bank  authorized 

15712— S.  Doc.  580,  pt  2,  61-2 2 


X  NATIONAL  MONETARY   COMMISSION.  BANKING. 

Page. 

1811,  Feb.    15. — Acts  concerning  banks  in  the  District  of  Columbia  and  Terri- 

tories   288 

1812,  Mar.    14. — Loans  from  banks  in  the  District  of  Columbia 292 

Mar.    19. — Repealing  tenth  section  of  the  bank  act 292 

1813,  Feb.      8. — Loans  from  the  banks  in  the  District  of  Columbia 292 

Aug.     2. — Loans  from  the  banks  in  the  District  of  Columbia 292 

Aug.      2. — Laying  duties  on  notes  of  banks,  etc 293 

1814,  Nov.    15. — Loan  from  the  banks  in  the  District  of  Columbia 293 

Dec.    10. — Supplementary  to  act  laying  duties  on  notes  of  banks,  etc 293 

Dec.    21. — Loan  in  anticipation  of  a  direct  tax 294 

1815,  Jan.       9. — Loan  from  United  States  Bank  in  anticipation  of  taxes 294 

1816,  Apr.    10. — Incorporating  the  Bank  of  the  United  States 295 

1817,  Mar.      3. — Transferring  duties  of  commissioners  of  loans  to  the  bank 311 

Mar.      3. — Concerning  banks  in  Washington,  Georgetown,  and  Alexan- 
dria   312 

1825,  Mar.      3. — Forgery  of  Treasury  notes  or  other  public  securities 313 

1836,  Apr.    11. — Repealing  transfer  of  duties  of  commissioners  of  loans 314 

June   15. — Repealing  fourteenth  section  of  the  United  States  Bank  act ..  315 

June   23. — Regulating  deposits  of  public  money 315 

June   23. — Respecting  government  stock  in  the  United  States  Bank  ....  322 
July      4.— Supplementary  to  act  regulating  deposits  of  public  money; 

transfers 323 

1837,  Oct.       2.— Postponing  further  deposits  with  the  States 323 

Oct.     16. — Adjusting  claims  upon  deposit  banks 324 

1838,  July      5. — As  to  receipt  of  bank  notes 325 

July      7. — Forbidding  issue  of  notes  of  expired  corporations 326 

July      7. — Restraining  small  notes  in  the  District  of  Columbia 326 

1841,  Aug.    13.— Deposit  act  of  1836  repealed,  except 326 

1861,  Aug.      5. — Deposits  in  solvent  specie-paying  banks 327 

1863,  Feb.    25. — Providing  a  national-bank  currency 327 

Mar.      3. — Tax  on  fractional  notes  of  banks,  etc 329 

1864,  June     3. — Providing  a  national-bank  currency 330 

June    30. — Duty    on    deposits,    capital,    and   circulation   of  banks   and 

bankers 362 

1865,  Mar.      3. — Taxation  and  conversion  of  banks 362 

Mar.      3. — Amending  national-bank  act;  circulation 364 

1867,  Mar.      2. — Temporary  loan  certificates  issued  to  redeem  compound  inter- 

est notes;  part  of  bank  reserve 365 

1868,  Feb.    10. — In  relation  to  taxing  shares  in  national  banks 365 

1869,  Feb.    19.— Forbidding  banks  to  lend  upon  United  Stales  notes 366 

Mar.      3. — Providing  for  reports  by  banks 367 

Mar.      3. — In  reference  to  certifying  checks  by  national  banks 368 

Mar.      3. — Penalty  for  violating  bank  laws 368 

1870,  July    12. — Redemption  of  3  per  cent  temporary  loan  certificates  and  in- 

crease of  bank  notes  (and  gold  banks) 369 

July     14. — Retirement  of  notes  by  banks  in  liquidation 372 

J872,  June     8. — Receipt  of  United  States  notes  on  deposit;  certificates  there- 
for; reserve 373 

1873,  Jan.     20. — Examination  of  banks  in  District  of  Columbia 374 

Feb.    19. — Condition  of  banks  organized  under  state  laws 374 

Mar.      3. — Banks  to  restore  capital  when  impaired,  and  amending  na- 
tional currency  act 375 


BANKING.      LAWS  CONCERNING   MONEY,  BANKING,  AND   LOANS.  XI 

REVISED  STATUTES. 

COMPTROLLER  OF  THE  CURRENCY. 

Sec.  Page. 

332.  Examination  of  banks  in  District  of  Columbia 376 

333.  Comptroller  to  report  annually  to  Congress 377 

SUITS,  JURISDICTION,  AND    EVIDENCE. 

380.  Solicitor  to  supervise  suits  under  banking  laws 377 

563.  Jurisdiction  of  suits 377 

629.  Jurisdiction  of  suits 377 

884.  Papers  of  Comptroller  as  evidence 378 

885.  Organization  certificates  as  evidence 378 

BANKS    AND    BANKERS. 

3407.  Definition  of  words  "bank,"  "banker"' 378 

TAX    ON    CIRCULATION,   ETC. 

3410.  Capital  of  banks  expired  or  converted 378 

3411.  Circulation,  when  exempted  from  tax 378 

3412.  Tax  on  notes  of  persons  or  state  banks 379 

3413.  Tax  on  notes  of  cities,  etc 379 

3414.  Returns  of  notes  of  persons,  cities,  state  banks,  etc.,  paid  out 379 

3415.  In  default  of  returns,  what 379 

3416.  Converted  bank  to  make  returns  and  pay  tax 380 

3417.  Tax  on  deposits,  capital,  and  circulation 380 

DEBTS    DUE    I5Y    Oil    TO    THE    UNITED    STATES. 

3475.  National  bank  notes,  receivable  for  what 380 

LEGAL    TENDER. 

3590.  Interest-bearing  notes,  legal  tender 380 

ORGANIZATION    AND    POWERS    OF    NATIONAL    HANKS. 

5133.  Formation  of  national  banks 381 

5134.  Requisites  of  organization  certificate 381 

5135.  Acknowledging  and  filling  certificate 381 

5136.  Corporate  powers  of  associations 382 

5137.  Power  to  hold  real  property 383 

5138.  Capital  required 383 

5139.  Shares  of  stock  and  transfers 3S3 

5140.  How  payment  of  stock  must  be  made  and  proved 383 

5141 .  If  shareholder  fails  to  pay  installments 384 

5142.  Increase  of  Capital  stock ' 38-1 

5143.  Reduction  of  capital  stock 384 

5144.  Right  of  shareholders  to  vote ;JS5 

5145.  Election  of  directors 385 

5146.  Qualifications  of  directors 385 

5147.  Oath  required  from  directors 

5148.  Eillirig  vacancies 

5149.  Where  no  election  is  held  on  (lie  proper  day.. 

5150.  Election  of  president  of  board 38(5 

5151.  Individual  liability  of  shareholders .  3S(J 


XII  NATIONAL   MONETARY   COMMISSION.  BANKING. 

Sec.  Page. 

5152.  Executors,  trustees,  etc.,  not  personally  liable 387 

5153.  Banks  as  designated  depositaries  for  public  moneys 387 

5154.  Conversion  of  state  banks  into  national 387 

5155.  State  banks  having  branches 388 

5156.  Rights  of  associations  organized  under  act  of  1863 388 

OBTAINING   AND   ISSUING    CIRCULATING    NOTES. 

5157.  Provisions  applicable  to  associations 389 

5158.  United  States  bonds  denned 389 

5159.  United  States  bonds  to  be  deposited  before  commencing  business 389 

5160.  Bonds  to  be  increased  or  diminished  according  to  capital 389 

5161.  Exchange  of  coupon  for  registered  bonds 389 

5162.  Manner  of  making  transfers  of  bonds 389 

5163.  Registry  of  transfers 390 

5164.  Notice  of  transfer  to  be  given  to  association 390 

5165.  Examination  of  registry  and  bonds 390 

5166.  Annual  examination  of  bonds  by  associations 390 

5167.  Bonds  to  be  held  to  secure  circulation;  interest;  increase;  exchange;  with- 

drawal    391 

5168.  Comptroller  to  determine  if  associations  can  commence  business 392 

5169.  Certificate  of  authority  to  commence  business 392 

5170.  Publication  of  certificate 393 

5171.  Delivery  of  circulating  notes  to  associations 393 

5172.  Form,  denominations,  and  printing  of  circulating  notes 393 

5173.  Control  of  plates  and  dies  and  expenses  of  Bureau 394 

5174.  Annual  examination  of  plates,  dies,  etc 394 

51 75.  Issue  of  notes  under  $5  limited 394 

5176.  Circulation  of  certain  banks  limited  to  $500,000 395 

5177.  Aggregate  amount  of  circulating  notes 395 

5178.  Apportionment  of  circulating  notes 395 

5179.  Equalizing  the  distribution  of  circulating  notes 395 

5180.  Method  of  procedure  in  withdrawing  excess  of  circulation 396 

5181.  Removal  of  associations  from  State  having  an  excess  of  circulation  to  one 

having  a  deficiency 396 

5182.  Circulating  notes,  when  may  be  issued  by  association 397 

5183.  Issue  of  other  notes  prohibited 397 

5184.  Destroying  and  replacing  worn-out  and  mutilated  notes 397 

5185.  Organization  of  association  for  issuing  gold  notes 397 

5186.  Gold  bank  reserve;  to  be  received  at  par;  "Lawful  money" 398 

5187.  Penalty  for  unlawfully  countersigning  or  delivering  circulating  notes. . .  398 

5188.  Imitating  national-bank  notes  with  advertisements  thereon 398 

5189.  Mutilating,  etc.,  national-bank  notes 399 

REGULATION    OF   THE    HANKING    BUSINESS. 

f>  190.  Place  of  business 399 

5191.  Requirements  as  to  lawful  money  reserve 399 

5192.  Redemption  cites;  reserve  which  may  be  kept ;  clearing-house  certificates.  400 

5193.  United  States  certificates  of  deposit  may  be  issued,  and  count  as  reserve.  400 

5194.  Limitation  upon  the  issue  of  certificates  of  deposit 401 

5195.  Agents  for  redemption  of  circulating  notes  to  be  designated 401 

5190.  National  banks  to  receive  notes  of  all  oilier  national  banks 401 

5197    Limitation  upon  rate  of  interest 402 

5 1  •*;.•.   Usurious  interest. .                                                                                         402 


BANKING.     LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.  XIII 

Sec.  Page. 

5199.  Dividends  and  surplus  fund 402 

5200.  Limit  of  liabilities  to  an  association  of  any  person,  firm,  etc 403 

5201.  Association  not  to  loan  upon  or  purchase  their  own  stock 403 

5202.  Limit  of  indebtedness  of  associations 403 

5203.  Circulating  notes  not  to  be  hypothecated 403 

5204.  Withdrawal  of  capital  prohibited 404 

5205.  Enforcing  payment  of  deficiency  in  capital  stock 404 

5206.  Associations  not  to  pay  out  uncurrent  notes 405 

5207.  Penalty  for  offering  or  receiving  United  States  or  national-bank  notes  as 

security  for  loans,  etc 405 

5208.  Penalty  for  falsely  certifying  checks 405 

5209.  Embezzlement 406 

5210.  List  of  shareholders  to  be  kept  subject  to  inspection 406 

5211.  Reports  of  associations  to  Comptroller 406 

5212.  Dividends  and  earnings,  reports  of 407 

5213.  Penalty  for  failure  to  make  reports 407 

5214.  Duty  on  circulation,  deposits,  etc 407 

5215.  Semiannual  returns  of  circulation,  deposits,  and  capital  stock 408 

5216.  Method  of  assessment  if  return  is  not  made 408 

5217.  How  tax  may  be  collected  if  association  fails  to  pay 408 

5218.  Refunding  excess  of  duties  paid 408 

5219.  State  taxation 409 

DISSOLUTION   AND   RECEIVERSHIP. 

5220.  Voluntary  liquidation 409 

5221.  Notice  of  intent  to  dissolve 409 

5222.  Deposit  of  lawful  money  to  redeem  circulation 409 

5223.  Consolidating  banks  need  not  deposit  lawful  money 410 

5224.  Reassignment  of  bonds  to  closed  banks 410 

5225.  Destruction  of  redeemed  notes 410 

5226.  Mode  of  protesting  notes 410 

5227.  Examination  by  special  agents,  after  notice  of  protest 411 

5228.  Association  not  to  do  business  after  notice  of  protest 411 

5229.  Notice  to  noteholders 411 

5230.  Sale  of  bonds  at  auction 412 

5231.  Sale  of  bonds  at  private  sale 412 

5232.  Disposition  to  be  made  of  notes  redeemed 412 

5233.  Cancellation  of  notes 413 

5234.  Receiver,  appointment  and  duties  of 413 

5235.  Notice  by  Comptroller  to  creditors 413 

5236.  Dividends  by  Comptroller  to  creditors 413 

5237.  Injunction  upon  receivership 414 

5238.  Fees  and  expenses  of  protest  and  receivership -114 

5239.  Penalty  for  violation  of  this  title 414 

5240.  Bank  examiners,  appointment,  powers,  etc 415 

5241.  Limitation  of  visitorial  powers 416 

5242.  Transfers,  assignments,  etc.,  after  an  act  of  insolvency,  void 416 

5243.  Use  of  the  title  "national" 416 

ACTS  SUBSEQUENT  TO  THK  RKVISFD  STATCTKS. 

1874,  June    18. — Deposits  in  certain  savings  banks  to  be  exempt  from  taxation.  417 
June    20. — Fixing  the  amount  of  United  States  notes,  redistribution  of 

national-bank  currency,  etc ...  418 

June    22. — Certain  savings  banks  exempt  from  internal-revenue  tax 422 


XIV  NATIONAL   MONETARY   COMMISSION.  BANKING. 

Page. 

1875,  Jan.     14. — Providing  for  the  resumption  of  specie  payments 422 

Jan.     19. — To  remove  the  limitation  restricting  the  circulation  of  bank- 
ing associations  issuing  notes  payable  in  gold 423 

Feb.      8. — A  tax  on  notes;  returns  to  Commissioner  of  Internal  Revenue.  424 

Mar.      3. — Taxes  and  penalties  due  from  mining  and  other  corporations.  424 

1876,  June    30. — Authorizing  the  appointment  of  receivers  of  national  banks, 

etc 425 

1877,  Mar.      3. — Expenses  of  engraving  and  printing 428 

1880,  Feb.    14. — Authorizing  the  conversion  of  national  gold  banks 429 

1881,  Feb.    26. — Denning  the  verification  of  returns  of  national  banks 430 

1882,  July    12. — To  enable  national-banking  associations  to  extend  their  cor- 

porate existence,  etc 430 

1883,  Mar.      3. — Internal-revenue  taxes  on  banks,  etc.,  repealed 435 

1885,  Mar.      3. — Banks  in  Territories  authorized 435 

1886,  Mar.    29.— Additional  to  the  national  currency  act  of  June  3,  1864 436 

May      1. — Increase  of  capital  stock,  and  change  of  name  or  location 437 

1887,  Mar.      3. — Jurisdiction  of  banks  by  the  courts 438 

Mar.      3. — Amending  sections  5191  and  5192,  Revised  Statutes;  reserve 

cities 438 

1890,  May      2. — Effect  of  national-banking  laws  in  Oklahoma 439 

July    14. — Directing  the  purchase  of  silver  bullion  and   the  issue  of 

treasury  notes  thereon;  redemption  of  bank  notes 440 

1892,  May    12. — Branch  bank  at  the  World's  Columbian  Exposition,  authorized .  441 
July    28. — Amending  act  for    the    redemption  of  national-bank  notes 

stolen  or  lost 441 

Aug.      3. — Amending  an  act  authorizing  appointment  of  receivers 442 

1894,  Aug.    13. — State  taxation  of  national  bank  and  United  States  notes 442 

1897,  Mar.      2. — Amending  an  act  authorizing  appointment  of  receivers  of 

national  banks,  etc 442 

1898,  June    13. — Annual  tax  upon  banks  and  bankers  imposed 446 

1900,  Mar.    14. — To  define  and  fix  the  standard  of  value,  maintain  the  parity  of 

money,   refund  the  public  debt;  provisions  applicable  to 

national  banks 446 

Apr.    12. — Federal  laws  applicable  to  Porto  Rico 448 

Apr.    30. — Federal  laws  applicable  to  Hawaii 448 

June     6. — Safekeeping  and  disbursement  of  public  moneys  in  the  Phil- 
ippines, Cuba,  and  Porto  Rico 449 

June     6. — Joint  resolution:  To  authorize  and  empower  the  Banco  Espanol 

de  Puerto  Rico  to  amend  by-laws 449 

1901,  Feb.    18. — Banks  and  trust  companies  in  the  Indian  Territory 450 

Mar.      3. — Branch  bank  at  the  Louisiana  Purchase  Exposition 451 

Mar.      3. — Amending  section  5153,  Revised  Statutes;  public  depositaries.  451 

1902,  Apr.    12. — Extension  of  charters  of  national  banks 452 

Apr.    28. — Report  of  liquidation  expenses 452 

1903,  Mar.      3. — Amendment   of  sections  5191   and   5192,    Revised    Statutes; 

reserve  cities,  etc 453 

1905,  Feb.    28. — Amending  section  5146,    Revised  Statutes;  qualifications  of 

directors  of  national  banking  associations 453 

Dec.    21. — Isthmian  Canal  bonds,  rights,  etc 454 

1906,  June    22. — Amending  section  5200,   Revised  Statutes;    indebtedness  to 

banks 455 

1907,  Jan.     20.— Corporations  contributing  for  political  elections 455 

Mar.      4. — Amending  the  national  banking  act 456 

1908,  May     30.— Amending  the  national  banking  laws  (Aldrich-Vreeland  act)..  458 

1909,  Mar.      4. — National  monetary  commission 469 


COINAGE.       LAWS  CONCERNING   MONEY,  BANKING,  AND  LOANS.  XV 

COINAGE. 

Page. 

Articles  of  Confederation 473 

Constitution 473 

ACTS  OP  CONT.  ;ESS. 

1791,  Mar.      3. — Resolution:  Mint  established 473 

1792,  Apr.      2. — Establishing  a  mint  and  regulating  the  coinage 474 

May      8. — Providing  for  copper  coinage 480 

1793,  Jan.     14. — Amending  act  establishing  a  mint  and  regulating  the  coinage. .  481 
Feb.      9. — Regulating  foreign  coins 481 

1794,  Mar.      3. — Alteration  of  the  act  establishing  a  mint  and  regulating  the 

coinage 483 

1795,  Mar.      3. — Supplementary  to  the  act  establishing  a  mint  and  regulating 

the  coinage 483 

1796,  May    27. — Respecting  the  mint 485 

1797,  July    22. — Proclamation  that  the  mint  is  open 486 

1798,  Feb.      1. — Supplementary  to  the  act  regulating  foreign  coins 487 

1800,  Apr.    24.— Respecting  the  mint 487 

May     14. — Supplementary  to  the  act  establishing  the  mint  and  regulating 

the  coinage 488 

1801,  Mar.      3.— Concerning  the  mint 488 

1804,  Feb.    24. — Coinage  acts  extended  to  the  Louisiana  Purchase 489 

1806,  Apr.    10. — Regulating  foreign  coins 490 

Apr.    21. — Counterfeiting  the  current  coin 491 

1812,  Apr.    14. — Prohibiting  the  exportation  of  specie,  etc.,  for  a  limited  time. .  491 

1818,  Jan.     14. — Continuance  of  the  mint  at  Philadelphia 492 

1823,  Mar.      3. — Continuance  of  the  mint  at  Philadelphia 493 

1825,  Mar.      3. — Counterfeiting,  embezzling,  etc 493 

1828,  May     19. — Continuance  of  the  mint  at  Philadelphia,  etc 494 

1834,  June    27. — Gold  and  silver  a  tender 495 

June    28. — Concerning  the  gold  coins  of  the  United  States 496 

June    28. — Regulating  certain  foreign  gold  coins 497 

1835,  Mar.      3. — Establishing  branches  of  the  mint 498 

1837,  Jan.     18. — Supplementary  to  the  act  establishing  the  Mint  and  regulat- 
ing the  coinage 500 

1849,  Mar.      3. — Coinage  of  gold  dollars  and  double  eagles 508 

1850,  May    23. — Providing  for  advances  of  coin  for  bullion 509 

Sept.  30. — Assaying  and  stamping  gold  in  California 510 

1851,  Mar.      3. — Coinage  of  3-cent  piece 510 

1852,  July      3. — Branch  mint  in  California  established,  etc 511 

1853,  Feb.    21. — Amendment  relative  to  half  dollar,  quarter  dollar,  dime,  and 

half  dime 511 

Mar.      3. — Assaying;  mint  officers,  and  coinage 513 

Mar.      3.   -Assaying  and  coinage 514 

1857,  Feb.    21. — Relating  to  foreign  coins;  coinage  of  cents,  etc 517 

1862,  Apr.     21.  —Branch  mint  at  Denver  established 518 

1863,  Mar.      3.-  Branch  mint  at  Carson  City  established 520 

1864,  Apr.     22. — Amending  act  relating  to  foreign  coins  and   the  coinage  of 

centa 522 

June      8. — Counterfeiting  coins 523 

1865,  Mar.      3. — Coinage  of  3-cent  pieces,  etc 523 

1866,  May     16. — Five-cent  pieces  authorized 525 

1867,  Mar.     22. — Joint  resolution:  Coin  and  bullion  on  special  deposit  in  the 

Treasury 527 


XVT  NATIONAL  MONETARY   COMMISSION.  COINAGE. 

Page. 

1868,  July    20. — Refining  gold  and  silver  bullion;  exchange  for  refined  bars. . .  527 

1869, 1 eb.    19. — Assay  office  at  Boise  City  established 527 

1870,  July    15. — Exchange  of  bullion,  weight,  etc 529 

1871,  Mar.      3. — Redemption  of  copper  and  other  token  coins 529 

1873,  Feb.    12. — Revising  and  amending  the  laws  relative  to  the  mints,  assay 

offices,  and  coinage 530 

REVISKD  STATUTES. 
Sec. 

343.  Bureau  of  the  Mint  established 550 

345.  Powers  and  reports  by  directors 551 

3474.  What  coin  receivable 551 

3495.  Enumeration  of  mints  and  assay  offices 551 

3496.  Officers  of  mints 551 

3497.  Superintendent  of  certain  mints  to  perform  duties  of  treasurer  551 

3500.  Oath  of  office  of  officers,  assistants,  and  clerks 551 

3501.  Bonds  of  officers,  assistants,  and  clerks 552 

3502.  Who  to  act  in  absence  of  director,  superintendent,  etc 552 

3503.  General  duties  of  superintendents  of  mints 552 

3504.  Ibid 553 

3505.  Coins  reduced  in  weight  by  abrasion 553 

3506.  Duties  of  superintendents  in  respect  to  coins  and  bullion 553 

3507.  Duties  of  assayers 554 

3508.  Duties  of  melters  and  refiners 554 

3509.  Duties  of  coiners 554 

3510.  Duties  of  engravers 554 

3511.  Gold  coins  of  the  United  States  and  their  weight 555 

3512.  Gold  coins,  recoinage  of 555 

3513.  Silver  coins  and  their  weight 555 

3514.  Standard  for  gold  and  silver  coins 555 

3515.  Minor  coins,  their  weight  and  alloy 555 

3516.  Issue  of  other  coins  prohibited 556 

3517.  Inscriptions  upon  coins 556 

3518.  Gold  and  silver  bars 556 

3519.  Coining  gold  bullion;  deposits  may  be  refused 556 

3520.  Silver  bullion  may  be  received  for  forming  into  bars  or  trade  dollars.  .  . .  556 

3521 .  Bullion,  weighing  and  ascertaining  its  value 557 

3522.  Bullion,  assay  of 557 

3523.  Bullion,  assayed,  assayer  to  report  to  superintendent,  quality  of 557 

3524.  Bullion,  etc.,  charges  for  converting  into  coin 557 

3525.  Assayer  to  verify  calculations  of  value  of  deposits 557 

3526.  Bullion,  purchase  of,  for  silver  coinage;  the  silver-profit  fund 558 

3527.  Paying  out  silver  coins  for  gold  coins  authorized 558 

3528.  Metal  for  minor  coinage,  purchase  of;  minor-coinage  profit  fund 558 

3529.  Minor  coins,  delivery  and  redemption  of 559 

3530.  Bullion,  transfer  of,  for  making  into  ingots 559 

3531.  Ingots  to  be  assayed  and  receipted  for 559 

3532.  Ingots,  delivery  of,  to  coiner 559 

3533.  Ingots  used  for  coinage,  standard  of 560 

3534.  Preparation  and  stamping  of  bars  for  payment  of  deposits 560 

3535.  Deviations  allowed  in  adjusting  weights  of  gold  coins 560 

3536.  Deviations  allowed  in  adjusting  weights  of  silver  coins 560 

3537.  Deviations  allowed  in  adjusting  weights  of  minor  coins 560 

3538.  Delivery  of  coins  by  coiner  and  trial  of  pieces 560 


COINAGE.      LAWS  CONCERNING  MONEY,  BANKING,  AND  LOANS.  XVIl 

Sec.  Page. 

3539.  Trial  pieces  to  be  sealed  up  and  transmitted  quarterly  to  the  mint  at 

Philadelphia 561 

3540.  Disposal  of  clippings,  etc 561 

3541.  Yearly  settlement  of  accounts  of  coiner  and  of  melter  and  refiner 562 

3542 .  Allowance  for  wastage 562 

3543.  Statement  of  balance  sheet  to  be  forwarded  by  superintendent  to  director  562 

3544.  Delivery  of  coin  or  bars  to  depositor 563 

3545.  Payment  in  money  to  depositors  when  value  ascertained. 563 

3546.  Exchange  of  unparted  bullion  for  fine  bars 563 

3547.  Appointment  and  meeting  of  assay  commissioners 563 

3548.  Standard  troy  pound  for  the  regulation  of  coinage 564 

3549.  Standard  weights  for  mints  and  assay  offices 564 

3550.  Yearly  destruction  of  obverse  working  dies 564 

3551.  National  and  other  medals  may  be  struck  at  the  mint  at  Philadelphia.  . .  565 

3552.  Money  arising  from  charges  to  be  covered  into  the  Treasury 565 

3553.  Business  of  assay  office  at  New  York 565 

3554.  Appointment  of  officers  at  New  York 565 

3555.  Duties,  etc..  of  officers  at  New  York 565 

3557.  Appointment  and  salaries  of  assistants  and  employees  at  New  York 566 

3558.  Business  of  mint  at  Denver  and  assay  offices,  Boise  City  and  Charlotte. . .  566 

3559.  Appointment  of  officers  at  Denver,  Boise  City,  and  Charlotte 566 

3560.  Powers  and  duties  of  assayers  at  assay  offices 566 

3561.  Bond  and  oath  of  officer  and  clerk 566 

3562.  Laws  relating  to  mints  extended  to  assay  offices 567 

3563.  Decimal  system  established 567 

3564.  Value  of  foreign  coins,  how  ascertained 567 

3565.  Value  of  the  sovereign  or  pound  sterling 567 

3566.  Recoinage  of  foreign  coins 567 

3567.  Spanish  and  Mexican  coins 568 

3568.  Their  transmission  for  recoinage 568 

3584.  Foreign  coins,  legal  tender 568 

3585.  Gold  coins  of  the  United  States 568 

3586.  Silver  coins  of  the  United  States 568 

3587 .  Minor  coins 568 

3592.  Certain  mints  and  assay  offices  to  be  depositaries 568 

3594.  Certain  superintendents  to  be  assistant  treasurers 569 

3651.  Disbursing  officers  exchanging  funds  for  gold  or  silver;  payments  in  coin.  569 

3697.  Redemption  of  6  per  cent  bonds  in  coins 569 

3700.  Purchase  of  coin 570 

5457.  Counterfeiting  gold  or  silver  coins  or  bars 570 

5458.  Counterfeiting  minor  coins 570 

5459.  Falsifying,  mutilating,  or  lightening  coins 571 

5460.  Debasing  coins  by  officers  of  the  mint 571 

5461 .  Making  or  uttering  coins  resembling  money 572 

5462.  Making  or  uttering  devises  of  minor  coins 572 

ACTS  SUBSEQUENT  TO  THE  REVISED  STATUTES. 

1874,  Jan.     29. — Coinage  at  the  mint  for  foreign  countries 572 

May     12. — To  establish  an  assay  office  at  Helena 573 

June    22. — Transfer  of  gold  mint  bars  from  the  assay  office  to  the  assistant 

treasurer  at  New  York 573 

1875,  Jan.     14. — To  provide  for  the  resumption  of  specie  payments 574 

Mar.      3. — Authorizing  the  coinage  of  a  20-cent  piece 574 


XVIII  NATIONAL  MONETARY  COMMISSION.  COINAGE. 

Page. 

1876,  Apr.    17. — Issue  of  silver  coins  in  redemption  of  fractional  currency 575 

July    22. — Joint  resolution:  Issue  of  silver  coin 576 

Aug.    15. — Refining  and  parting  bullion 577 

1877,  Jan.     16. — Amending  section  5457,  Revised  Statutes;  counterfeiting 577 

Mar.      3. — Refining  and  parting  bullion 578 

1878,  Feb.    28. — To  authorize  the  coinage  of  the  standard  silver  dollar  and  to 

restore  its  legal-tender  character 579 

May      2. — To  prohibit  the  coinage  of  the  20-cent  piece 581 

June     8. — To  constitute  superintendents  of  mints  or  assayers,  assistant 

treasurers 581 

June    19. — Refining  and  parting  bullion;  payment  to  depositors;  coin  cer- 
tificates; charges  to  pay  expenses 582 

1879,  Mar.      3.— Bullion  certificates 583 

June     9. — Exchange  of  subsidiary  coins  for  lawful  money;  legal  tender. .  584 

1881,  Mar.      1. — To  amend  section  3524,  Revised  Statutes;  charge  for  melting 

or  refining  bullion 584 

Mar.      3. — Parting  and  refining  bullion 585 

Mar.      3. — Free  transportation  of  silver  coin 585 

1882,  May    26. — Receipt  of  United  States  gold  coin  in  exchange  for  gold  bars. .  586 

July    12.— Gold  certificates 586 

Aug.     7. — Free  transportation  of  silver  coin 587 

1886,  Aug.      4 . — Free  transportation  of  silver  coin 587 

1887,  Mar.      3. — Retirement  and  recoinage  of  the  trade  dollar 588 

1888,  May    24. — Authorizing  a  conference  with  Mexico  and  other  countries  as 

to  a  common  silver  coin 589 

1889,  Mar.      2.— Silver-profit  fund,  use  of 589 

1890,  July    14. — Purchase  of  silver  bullion  and   the  issue  of  treasury  notes 

thereon 589 

Sept.  26. — To  amend  section  3510,  Revised  Statutes,  and  to  provide  for 

new  designs  of  authorized  devices  of  coins 592 

Sept.  26. — To  discontinue  the  coinage  of  the  $3  and  $1  gold  pieces  and  3- 

cent  nickel  piece 593 

Oct.  1. — Value  of  foreign  coins;  estimated  quarterly 593 

1891,  Feb.    10.— Counterfeiting,  etc 594 

Mar.      3. — Issuance  of  gold  bars  in  exchange  for  gold  coin 596 

Mar.      3. — Recoinage  silver  coins,  trade  dollars,  etc.,  into  standard 597 

1892,  Aug.      5. — International  monetary  conference 597 

Aug.      5. — Coinage  of  souvenir  half  dollars  for  the  World's  Columbian 

Exposition 598 

1893,  Mar.      3, — Authorizing  coinage  of  souvenir  quarter  dollars  for  the  World's 

Columbian  Exposition 599 

Nov.      1. — Discontinues  purchases  of  silver  bullion 599 

1894,  Aug.    13.— State  taxation  of  coin 600 

1895,  Feb.    20. — Coinage  at  the  branch  mint  at  Denver 601 

Mar.      2. — Assay  office  at  Denver  to  continue;  refinery  of  gold  and  silver.  601 

Mar.      2. — International  monetary  conference 602 

1896,  June    11. — Minor  coins,  recoinage,  etc 603 

1897,  Feb.    19. — Assay  office  at  Denver,  rents,  expenses,  etc 603 

Mar.      3. — International  monetary  conference 604 

Mar.      3. — To  amend  section  5459,  Revised  Statutes;  mutilating  coins, 

etc 605 

1898,  May    21.— Assay  office  at  Seattle  established 606 

June  13. — Coinage  of  silver  dollars  authorized 606 

July      7. — Refining  of  bullion,  etc.,  at  coinage  minta,  etc 607 


PAPEKGMONEY.     LAWS  CONCERNING   MONEY,  BANKING,  AND  LOANS.  XIX 

Page. 

1899,  Feb.    24. — Mint  at  Carson,  appropriation 607 

Mar.      3. — Lafayette  souvenir  dollars 608 

Mar.      3. — Counterfeiting,  etc.,  in  Alaska 609 

1900,  Mar.    14. — To  define  and  fix  the  standard  of  value,  to  maintain  the  par- 

ity, to  refund  the  public  debt,  etc 610 

Apr.    12. — Redemption,  etc.,  of  Porto  Rican  coins 615 

1901,  Mar.      3. — Amendment  in  relation  to  receipt  of  gold  coin  in  exchange 

for  gold  bars 616 

1902,  June    28. — Louisiana  Exposition  gold  dollar 616 

1903,  Jan.     14. — Hawaiian  silver  coinage  and  silver  certificates 617 

Mar.      3.— Subsidiary  coinage,  limitation  removed 619 

Mar.      3. — Counterfeiting,  etc 619 

1904,  Apr.    13. — Lewis  and  Clark  Exposition  gold  dollar 620 

1905,  Feb.    21. — Use  of  devices  calculated  to  convey  the  impression  that  the 

United  States  certifies  to  the  quality  of  gold  or  silver  used 

in  arts 621 

1906,  Apr.    24.— Purchase  of  metal  and  the  coinage  of  minor  coins,  and  the 

distribution  and  redemption  of  said  coins 622 

1908,  May     18.— Restoration  of  the  motto  "In  God  we  trust " 624 

PAPER  MONEY. 

ACTS    OF   CONGRESS. 

1791,  Feb.    25. — Bank  of  the  United  States;  bills  or  notes  receivable  by  the 

United  States 627 

1797,  Mar.      3. — Receipt  of  evidences  of  the  public  debt  in  payment  for  lands.  627 

1798,  June    27. — Forging  or  uttering  counterfeit  bills,  etc.,  on  the  Bank  of  the 

United  States 628 

1807,  Feb .    24 .—To  punish  frauds  on  the  Bank  of  the  United  States 628 

1812,  Mar.    14. — Loans  from  banks  in  the  District  of  Columbia 629 

Mar.    19. — Repealing  the  tenth  section  of  the  act  to  incorporate  the 

Bank  of  the  United  States 630 

1816,  Apr.    10. — Bills  or  notes  of  the  Bank  of  the  United  States,  receivable  for 

what 630 

1834,  June    27. — Payments  not  to  be  made  in  bank  notes  below  par 630 

June    30. — Certain  banks  not  to  issue  promissory  notes  for  less  than  $10. .  G31 

1836,  Apr.     14. — Denominations  of  bank  notes 631 

1838,  July      5. — Modifying  the  last  clause  of  section  5  of  the  deposite  act  of  June 

23,  1836 631 

July      7. — Bills,  notes,  etc.,  of  expired  corporations  prohibited 632 

July      7. — To  restrain  the  circulation  of  small  notes  in  the  District  of 

Columbia 633 

1840,  Mar.    31. — Additional  to  the  act  on  the  subject  of  Treasury  notes 633 

1841.  Aug.    13. — Denominations  of  bank  notes 634 

1861,  July     17. — To  authorize  a  national  loan 634 

1862,  Feb.    25. — To  authorize  the  issue  of  United   States  notes,   and  for  the 

redemption  or  funding  thereof 635 

Mar.     J  7. — Demand  notes  may  be  legal  tender;  new  notes  in  place  of  worn- 
out 637 

July     11. — Additional  issue  of  United  States  notes 638 

July     17. — To  authorize  payments  in  stamps  and  to  prohibit  notes  of  less 

than  $1 04 1 

1863,  Jan.     17.  — Joint  resolution:  Issue  of  United  States  notes  for  one  hundred 

millions. . .                                                                                  ....  641 


XX  NATIONAL  MONETARY  COMMISSION.  PAPEBMONKY. 

Page. 

1863,  Mar.      3. — Issue  of  Treasury  notes  for  four  hundred  millions 642 

1864,  June     3. — Issue  of  national-bank  notes 645 

June  30. — Interest-bearing  Treasury  notes,  issue,  legal  tender,  etc.;  frac- 
tional currency 645 

1865,  Mar.      3. — To  amend  act  to  provide  a  national  currency 647 

Mar.      3. — No  fractional  note  to  be  issued  under  5  cents 648 

1866,  Apr.    12. — Treasury  notes  exchangeable  for  bonds 648 

May    16. — No  fractional  currency  of  less  than  10  cents 649 

1867,  Feb.     5.— Counterfeiting,  etc 650 

Mar.    26. — Notes  of  towns,  cities,  or  municipalities  taxable 650 

1868,  Feb.      4. — Further  reduction  of  the  currency  suspended 651 

1869,  Feb.    19. — To  prevent  loaning  money  upon  United  States  notes 651 

Mar.    18.— To  strengthen  the  public  credit;  notes  payable  in  coin 652 

1870,  July    12. — Redemption  of  temporary  loan  certificates  and  increase  of  bank 

notes 653 

REVISED  STATUTES. 
Sec. 

254.  Gold  certificates,  issue  of 657 

3475.  Legal-tender  quality  of  national-bank  notes 657 

3476.  Treasury  notes  payable  for  all  debts  of  the  United  States 657 

3571.  United  States  notes 657 

3572.  Amount  of  fractional  currency  authorized 658 

3573.  No  fractional  currency  less  than  10  cents 658 

3574.  Form  and  redemption  of  fractional  notes 658 

3575.  Regulations  for  the  issue  and  redemption  of  notes 658 

3576.  No  portrait  of  living  person  to  be  placed  on  securities 658 

3577.  Engraving  and  printing  notes 658 

3578.  Expenses  of  issuing  notes 659 

3579.  Reissue  of  United  States  notes 659 

3580.  Replacing  mutilated  notes 659 

3581.  Destruction  of  notes 659 

3582.  Reduction  of  the  currency  suspended 659 

3583.  Restriction  on  notes  less  than  $1 659 

3588.  Legal-tender  qualities  of  United  States  notes 659 

3589.  Legal-tender  qualities  of  demand  Treasury  notes 660 

3590.  Legal-tender  qualities  of  interest-bearing  notes 660 

3G51.  Exchange  of  funds  restricted 660 

3652.  Premium  on  sales  of  public  moneys  to  be  accounted  for 661 

3689.  Permanent  annual  appropriations;  expenses  of  issue,  redemption,  etc.. 

paper  money •- 661 

3693.  Payment  in  coin  of  all  obligations  of  the  United  States 661 

3708.  Imitating  securities  or  printing  advertisements  thereon 662 

5171.  Delivery  of  circulating  notes  to  banks 662 

5172.  Form,  denomination,  and  printing  of  bank  notes 663 

5173.  Control  of  plates  and  dies  and  expenses  of  bureau 663 

5175.  Issue  of  notes  under  $5  limited 663 

5177.  Limit  to  aggregate  amount  of  circulating  notes 663 

5178.  Apportionment  of  aggregate  amount  of  circulating  notes 664 

5179.  Equalizing  the  apportionment  of  circulating  notes 664 

5180.  Withdrawal  of  notes 664 

5181.  Removal  of  bank  to  another  place 665 

5182.  For  what  demands  national-bank  notes  may  be  received 665 


PAPEBMONEY.     LAWS  CONCERNING   MONEY,  BANKING,  AND   LOANS.  XXI 

s 

Sec.  Page. 

5183.  Issue  of  other  notes  prohibited 666 

5184.  Destroying  and  replacing  worn-out  and  mutilated  notes 666 

5185.  Gold-note  banks 666 

5186.  Bank  reserve,  and  receiving  notes  of  other  banks 667 

5187.  Penalty  of  issuing  notes  to  unauthorized  banks 667 

5191.  Lawful  money  reserve  of  national  banks 667 

5192.  What  may  be  counted  lawful  money  reserve ;  redemption  cities 668 

5193.  Certain  certificates  of  deposit  may  be  counted  as  reserve 668 

5194.  Limitation  upon  the  issue  of  certificates  of  deposit 669 

5195.  Agents  for  redemption  of  circulating  notes 669 

5196.  National  banks  to  receive  notes  of  other  national  banks 669 

5206.  Associations  not  to  pay  out  uncurrent  notes 670 

5207.  United  States  or  national-bank  notes  not  to  be  held  as  collateral 670 

5226.  Mode  of  protesting  notes 670 

5227.  Examination  of  banks  which  fail  to  redeem  their  notes 671 

5228.  Continuing  business  after  default 671 

5229.  Notice  to  holders;  redemption;  cancellation  of  bonds 671 

5230.  Sale  of  bonds  of  defaulting  bank  at  auction 672 

5231.  Sale  of  bonds  of  defaulting  bank  at  private  sale 672 

5232.  Disposal  of  protested  notes 672 

5233.  Cancellation  of  national-bank  notes 672 

5234.  Appointment  of  receivers  for  national  banks 673 

5236.  Dividends  after  bank  defaults (573 

5237.  Injunction  upon  receivership 673 

5238.  Fees  and  expenses  of  receivership,  etc 674 

5242.  Transfers  of  notes,  etc.,  after  insolvency,  void 674 

5243.  Use  of  the  title  "national " 674 

5413.  "Obligation  or  other  security  of  the  United  States  "  defined 675 

5414.  Forging  or  counterfeiting  United  States  securities 675 

5415.  Counterfeiting  national-bank  notes 675 

5430.  Using  plates  to  print  obligations  of  the  United  States  without  authority, 

etc 676 

5431.  Uttering,  etc.,  forged  obligations 677 

5432.  Taking  impressions  of  tools,  implements,  etc 677 

5433.  Having  unlawful  possession  of  impressions 678 

5434.  Dealing  in  counterfeit  securities 678 

5435.  False  personation  of  holder  of  public  stock 678 

5436.  False  demand  on  fraudulent  power  of  attorney 679 

5437.  Circulating  bills  of  expired  banks 679 

5453.  Secreting  or  embezzling  tools  and  materials  for  printing  securities 679 

ACTS    SUBSEQUENT    TO    THE    REVISED    STATUTES. 

1874,  June    20. — Fixing  the  amount  of  the  United  States  notes,  redistribution 

of  the  national-bank  currency 680 

June    23. — Notes  to  be  destroyed  by  macerat  ion 684 

1875,  Jan       14.— Resumption  of  specie  payments 685 

Jan.     1!>. — Limit  to  circulation  of  gold  banks  removed 686 

Feb.      8. — Tax  on  circulation  of  other  than  national  banks,  etc 687 

Mar.      3. — Making  and  issuing  currency 687 

1876,  Apr.    17. — Redemption  of  fractional  currency 688 

June    30. — Fraudulent  notes  to  be  stamped  as  "counterfeit  " G89 

July    22.— Joint  resolution:  lasue  of  silver  coin  for  legal-tender  notes G89 


XXII  NATIONAL.  MONETABY  COMMISSION.  PAPEBMONBY. 


1877,  Mar.      3. — Engraving  and  Printing  Bureau,  appropriation  for 690 

1878,  Feb.    28. — Issue  of  certificates  of  deposit  for  silver  dollars 691 

May    31. — Further  retirement  of  United  States  legal-tender  notes  for- 
bidden    691 

June     8. — Superintendents  of  mints  or  assayers  may  be  assistant  treas- 
urers    692 

1879,  Mar.      3.— Bullion  certificates 692 

June   21. — Fractional  currency  reserve 693 

1882,  July    12. — To  enable  national  banking  associations  to  extend  their  cor- 
porate existence,  etc 693 

1886,  Aug.     4. — Silver  certificates  to  be  issued;  printing  large  denominations 

in  lieu  of  small 697 

1887,  Mar.      3. — Legal-tender  notes  may  be  redeemed  at  San  Francisco 697 

1890,  July    14. — Purchase  of  silver  bullion  and  the  issue  of  Treasury  notes 

thereon 698 

1891,  Feb.    10. — Counterfeiting,  etc.,  United  States  obligations 700 

1892,  July    28. — Redemption  of  national-bank  notes  stolen  or  lost 701 

1893,  Nov.     1. — To  repeal  a  part  of  the  act  directing  the  purchase  of  silver  bul- 

lion and  the  issue  of  Treasury  notes  thereon 702 

1894,  Aug.    13. — State  taxation  of  national  banks  and  United  States  Treasury 

notes 702 

1898,  July      1. — Printing  from  hand-roller  presses 703 

1899,  Mar.      3. — Counterfeiting,  etc.,  in  Alaska 703 

1900,  Mar.    14. — To  define  and  fix  the  standard  of  value,  to  maintain  the  parity, 

to  refund  the  public  debt 704 

Apr.    23. — Printing  notes  of  larger  denomination 710 

1901,  Mar.      3. — To  amend  section  5153,  Revised  Statutes;  national-bank  de- 

positaries   711 

1907,  Mar.      4. — To  amend  the  national  banking  act 711 

1908,  May     30. — To  amend  the  national  banking  laws  (Aldrich-Vreeland  act). .  714 

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